Stay informed with Beeontrade's Freight Market Update on September 20, 2023. Subscribe for exclusive tips on freight forwarding in this 8-minute read.

September 20, 2023.png

<div class="raw-html-embed"><h2>From the Editor’s Desk</h2>

Greetings!

Our objective is to make your shipping experience easier by offering you the latest and most informative details and insights regarding the freight market. We aim to provide accurate and relevant content that brings benefits to your business.

We highly value your feedback as we continuously strive to improve the quality of our weekly market updates. We value your thoughts on our current content and encourage you to suggest specific topics that you would like us to cover in more depth.

Moreover, we are open to adjusting the style of our updates to better align with your preferences. If there are any ports or regions that we haven't addressed yet but you're interested in, please let us know.

We wish to create the most informative newsletter possible. We appreciate your continued readership and subscription, and we thank you for taking the time to provide us with your valuable feedback, which will help us enhance our future performance.

<h2> 
Key takeaways for the US</h2>

<ul>
	<li>U.S. ports imported 2,196,268 twenty-foot equivalent units (TEU) in August.</li>
	<li>The Port of Los Angeles experienced its first monthly year-over-year increase in 13 months in August.</li>
	<li>Carriers have increased the number of blank sailings in preparation for the approaching Golden Week holiday.</li>
	<li>The Vietnamese government has given the green light to a $1.7 billion plan for the development of inland container depots (ICD).</li>
	<li>During the first half of 2023, major container ports in both Europe and the United States faced substantial declines in throughput, with decreases ranging from 5% to 25%.</li>
</ul>

Read on for more in-depth updates. 
&nbsp;

<h2>Ocean Freight Market Updates</h2>

<h3>Asia → North America</h3>

<h4>US/CA</h4>

<h3>Transpacific Trends and Market Updates</h3>

<ul>
	<li>Descartes reported that U.S. ports imported 2,196,268 twenty-foot equivalent units (TEU) in August.</li>
	<li>This figure was an increase of 0.4% compared to July and a 5.5% increase compared to June.</li>
	<li>August's import volumes were also 2.5% higher than those recorded in August 2019, before the COVID-19 pandemic.</li>
	<li>Chris Jones, executive vice president of industry and services at Descartes Systems Group, mentioned in the monthly import report that August imports resembled the typical rise seen during peak seasons in non-pandemic years.</li>
	<li>He also observed that U.S. import volumes remained consistent with the results from 2019.</li>
	<li>The Global Port Tracker report, published by the National Retail Federation (NRF) and consultancy Hackett Associates, revealed that August saw a 5% increase in imports compared to July.</li>
	<li>The report predicts that total imports will surpass 2 million TEUs per month for three consecutive months, from August through October.</li>
	<li>Jonathan Gold, NRF vice president for supply chain and customs policy, expressed optimism about these numbers, indicating that retailers are importing goods they believe they can sell for the upcoming holiday season.</li>
	<li>According to Global Port Tracker's projections, the ports it covers are expected to handle 22.3 million TEUs in full-year 2023, representing a 2% increase compared to 2018 and a 3% increase compared to 2019, pre-pandemic levels.</li>
	<li>Carriers have increased the number of blank sailings in preparation for the approaching Golden Week holiday.</li>
	<li>Specifically, 29 blank sailings have been added on the Trans-Pacific route, and an additional 18 on the Asia-Europe route.</li>
	<li>The Golden Week holiday, which occurs in early October, typically sees a slowdown in manufacturing activity, as factories close, leading to reduced demand for container shipping to and from Asia.</li>
</ul>

An analyst's report indicates significant scheduled capacity reductions on various shipping routes:

<ol>
	<li>Asia-North America West Coast: Capacity reductions have risen from 3.7% to 14.1%.</li>
	<li>Asia-North America East Coast: Capacity reductions have increased from 2.2% to 16.1%.</li>
	<li>Asia-North Europe: Capacity reductions have gone up from 6.8% to 19.9%.</li>
	<li>Asia-Mediterranean: Capacity reductions have seen an increase from 7.7% to 21%.</li>
</ol>

<ul>
	<li>The Vietnamese government has given the green light to a $1.7 billion plan for the development of inland container depots (ICD).</li>
	<li>The ICD development plan is set to be completed by 2030 and is expected to significantly enhance Vietnam's logistics infrastructure.</li>
	<li>The overall capacity of the Vietnamese depot system is projected to range from 11.9 million to 17.1 million twenty-foot equivalent units (TEUs) annually.</li>
	<li>Deputy Prime Minister Tran Hong Ha approved this plan with the goals of meeting transportation demands for imports and exports, reducing logistics expenses, shortening cargo storage durations at ports, enhancing port handling capacity, and ensuring cargo safety.</li>
	<li>The plan anticipates that by 2030, ICDs in Vietnam will have the capacity to handle 17.1 million TEUs annually, addressing approximately 25% to 35% of the demand for export and import container shipping.</li>
	<li>Vietnam has experienced substantial growth as a result of the "China-plus-one" strategy, capturing 10% of manufacturing activities due to its favorable business environment and cost-effectiveness.</li>
</ul>

<h3>Conclusions</h3>

Rates -&nbsp;The rates will remain soft on most origin-destination combinations.

Space -&nbsp;Space open, no issues with equipment.

Recommendations -&nbsp;We recommend blank sailings to continue. Book at least two weeks before the date your vessel gets ready to depart. 
&nbsp;

<h3>Turkey → North America</h3>

<ul>
	<li>The Port of Los Angeles experienced its first monthly year-over-year increase in 13 months in August.</li>
	<li>Cargo volumes at the port grew by 3% compared to the same month the previous year.</li>
	<li>Loaded imports saw a notable increase of 7%, while loaded exports surged by 22%.</li>
	<li>Conversely, the number of empty containers declined by 10% during this period.</li>
	<li>Gene Seroka, the executive director of the Port of Los Angeles, described August as a strong month for the port, with growth evident in both import and export activities.</li>
	<li>He also noted that global trade has shown signs of easing throughout the year, a trend expected to continue in the coming months.</li>
	<li>Seroka highlighted the significance of the recent ratification of a six-year contract between the International Longshore and Warehouse Union and the Pacific Maritime Association.</li>
	<li>He emphasized that this contract, in effect through 2028, provides stability and confidence for customers, ensuring the uninterrupted flow of cargo through the nation's busiest port.</li>
</ul>

<h3>Conclusions</h3>

Rates -&nbsp;The rates will remain soft on most origin-destination combinations.

Space for capacity -&nbsp;No capacity issues or issues with space.

Space for equipment -&nbsp;No issues with equipment. 
&nbsp;

<h3>North America → Turkey</h3>

<ul>
	<li>During the first half of 2023, major container ports in both Europe and the United States faced substantial declines in throughput, with decreases ranging from 5% to 25%.</li>
	<li>The impacted ports included Los Angeles/Long Beach, New York/New Jersey, Savannah, Rotterdam, Antwerp-Bruges, and Hamburg.</li>
	<li>These declines were primarily linked to the economic slowdown taking place in Western countries.</li>
	<li>Los Angeles/Long Beach, for instance, experienced a sharp 25% reduction in volume, resulting in a net loss of 2.6 million twenty-foot equivalent units (TEUs) compared to the same period in 2022.</li>
	<li>The recent ratification of a new labor agreement for US West Coast dockworkers is expected to potentially assist Los Angeles/Long Beach in recovering some of its lost business to East Coast ports.</li>
	<li>Meanwhile, US East Coast ports such as New York/New Jersey and Savannah also reported significant declines of 24% and 18%, respectively, during this period.</li>
	<li>According to data from Sea-Intelligence, the inventory trends in the United States show a decrease in wholesalers' inventories, an increase in retailers' inventories, and relatively stable inventories for manufacturers.</li>
	<li>This information is based on data from July 2023 provided by the US Census Bureau.</li>
	<li>Overall, the total level of inventories in the United States has remained relatively consistent since the beginning of 2023, indicating the absence of a significant inventory correction.</li>
	<li>The juxtaposition of rising retailer inventories and declining wholesaler inventories suggests that wholesalers may be effectively managing their inventory, which could potentially lead to a decrease in imports by retailers.</li>
	<li>In contrast, both wholesalers and manufacturers currently maintain inventory levels significantly higher than what pre-pandemic trends would have indicated.</li>
	<li>These observations point to the absence of a substantial inventory correction in the United States, and there may be indications of an impending market contraction, particularly affecting wholesalers and manufacturers.</li>
</ul>

<h3>Conclusions</h3>

Rates -&nbsp;Stable rates over the last week.

Space for capacity -&nbsp;No major capacity or space issue.

Space for equipment -&nbsp;Equipment issues have started owing to low levels of import.

&nbsp;

<h2>Terminal Updates</h2>

<ul>
	<li>Vessels heading to North America via the North Atlantic Sea are expected to have a change in schedule due to severe weather conditions.</li>
</ul>

&nbsp;

<h3>New York:</h3>

<ul>
	<li>No waiting time is expected for a berth at Global Container Terminals Bayonne and APM Terminals.</li>
	<li>No more waiting time at Maher Terminals LLC.</li>
	<li>Average gate turn times: 45 minutes for single transactions, and 70 minutes for double transactions.</li>
</ul>

&nbsp;

<h3>Norfolk:</h3>

<ul>
	<li>Berth for large vessels is congested due to previous multi-day periods of severe weather.</li>
	<li>Vessels are waiting for 2 days for a berth.</li>
	<li>Average gate turn times are 30 / 43 minutes for single and double transactions respectively.</li>
	<li>One crane is out of service.</li>
</ul>

&nbsp;

<h3>Charleston Terminal:</h3>

<ul>
	<li>1 day waiting time for vessel berthing at Wando Welch Terminal.</li>
	<li>0.5 days waiting time expected at North Charleston Terminal.</li>
	<li>Average truck turn times: 21 minutes at Wando Welch Terminal, and 17 minutes at North Charleston Terminal.</li>
</ul>

&nbsp;

<h3>Savannah:</h3>

<ul>
	<li>Waiting time for vessel berth at the terminal is up to 4 days, depending on the size of the vessel.</li>
	<li>Average gate turn times are 36 / 52 minutes for single and double transactions respectively.</li>
</ul>

&nbsp;

<h3>Houston:</h3>

<ul>
	<li>Barbours Cut Terminal has up to 1 day waiting time for vessel berthing.</li>
	<li>Due to vessel bunching the yard is facing congestion impacting the discharge productivity and extending port stays.</li>
	<li>The average gate turn time is 42 minutes.</li>
</ul>

&nbsp;

<h3>Oakland:</h3>

<ul>
	<li>Average wait time of up to 2 days at Oakland Int’l Container Terminal (OICT) and up to 3 days at TraPac.</li>
	<li>Average import deliveries can take up to 5.3 days at TraPac and 4 days at OICT.</li>
	<li>Average gate turn times are 52 / 65 minutes for OICT and TraPac respectively.</li>
</ul>

&nbsp;

<h3>Seattle-Tacoma:</h3>

<ul>
	<li>Wait time of up to 3 days at Tacoma and 3 days at Seattle.</li>
	<li>Import deliveries are 3.4 days at HUSKY – due to EB/WB railcar imbalance, 3-5 days at Washington United Terminal, and 1-3 days at T18.</li>
	<li>Availability of rail cars in Union Pacific Rail and BNSF Rail continues to fluctuate weekly.</li>
	<li>Average gate turn times are 27 / 33 / 42 minutes for T18, Washington United Terminal, and HUSKY respectively.</li>
	<li>T18 will be closed on September 22 and 29, 2023.</li>
	<li>Husky will have Saturday gates on September 16, 2023.</li>
	<li>WUT has received 2 new Post Panamax Cranes.</li>
	<li>WUT has commenced commissioning both, operational by the mid/end of September.</li>
</ul>

&nbsp;

<h3>Los Angeles/Long Beach:</h3>

<ul>
	<li>All terminal gates are running as published and in line with the Pier Pass program.</li>
	<li>Port of Los Angeles dwell time for local import cargo is 3.3 days, on-dock rail dwell is 4.5 days, and import units on the street are averaging at 4.3 /5.5 days for 20 ft and 40+ ft containers respectively.</li>
	<li>Port of Long Beach dwell times for local imports are stable, and the average terminal gate turn time is between 23-70 minutes, depending on the terminal.</li>
</ul>

&nbsp;

Chassis Pools: All pools are operating as normal except:

<ol>
	<li>
	Minneapolis / St. Paul – Constrained on 20’, Deficit on 40’ and 45’ chassis.
	</li>
	<li>
	Chicago – Constrained on 20’ and 40’ chassis.
	</li>
	<li>
	El Paso – Deficit on 40’ Chassis.
	</li>
</ol>

&nbsp;

Intermodal Operations:&nbsp;Truck power can be secured within 1-3 days for the majority of locations, including marine terminals, rail ramps, and depots.

<h3>Port Status</h3>

<table>
	<tbody>
		<tr>
			<td>
			Range
			</td>
			<td>
			Port
			</td>
			<td>
			Vessels at Anchor
			</td>
			<td>
			Vs Last Week
			</td>
			<td>
			Waiting Time
			</td>
			<td>
			Vs Last Week
			</td>
		</tr>
		<tr>
			<td>
			PNW
			</td>
			<td>
			<h4>Vancouver</h4>
			</td>
			<td>
			0
			</td>
			<td>
			-
			</td>
			<td>
			0
			</td>
			<td>
			-
			</td>
		</tr>
		<tr>
			<td>
			PNW
			</td>
			<td>
			<h4>Seattle</h4>
			</td>
			<td>
			0
			</td>
			<td>
			-
			</td>
			<td>
			0
			</td>
			<td>
			-
			</td>
		</tr>
		<tr>
			<td>
			PSW
			</td>
			<td>
			<h4>Oakland</h4>
			</td>
			<td>
			0
			</td>
			<td>
			-
			</td>
			<td>
			1
			</td>
			<td>
			-
			</td>
		</tr>
		<tr>
			<td>
			PSW
			</td>
			<td>
			<h4>LA/LB</h4>
			</td>
			<td>
			0
			</td>
			<td>
			-
			</td>
			<td>
			0
			</td>
			<td>
			-
			</td>
		</tr>
		<tr>
			<td>
			USEC
			</td>
			<td>
			<h4>New York</h4>
			</td>
			<td>
			0
			</td>
			<td>
			-
			</td>
			<td>
			0
			</td>
			<td>
			-
			</td>
		</tr>
		<tr>
			<td>
			USEC
			</td>
			<td>
			<h4>Norfolk</h4>
			</td>
			<td>
			3
			</td>
			<td>
			-
			</td>
			<td>
			1
			</td>
			<td>
			-
			</td>
		</tr>
		<tr>
			<td>
			USEC
			</td>
			<td>
			<h4>Charleston</h4>
			</td>
			<td>
			0
			</td>
			<td>
			-
			</td>
			<td>
			0
			</td>
			<td>
			-
			</td>
		</tr>
		<tr>
			<td>
			USEC
			</td>
			<td>
			<h4>Savannah</h4>
			</td>
			<td>
			14
			</td>
			<td>
			-
			</td>
			<td>
			3
			</td>
			<td>
			-1
			</td>
		</tr>
		<tr>
			<td>
			USGC
			</td>
			<td>
			<h4>Miami</h4>
			</td>
			<td>
			0
			</td>
			<td>
			-
			</td>
			<td>
			0
			</td>
			<td>
			-
			</td>
		</tr>
		<tr>
			<td>
			USGC
			</td>
			<td>
			<h4>Houston</h4>
			</td>
			<td>
			2
			</td>
			<td>
			-6
			</td>
			<td>
			4
			</td>
			<td>
			-1
			</td>
		</tr>
	</tbody>
</table>

<h2>Final Thoughts</h2>

In light of the latest updates and trends, it is evident that the market is currently in the course of demonstrating robust performance and is equipped with ample capacity and resources.

Individuals and businesses involved in import/export activities must stay well-informed about market dynamics and strategies to make informed decisions. To ensure a smooth and hassle-free experience with your import/export operations, it is recommended to seek guidance from industry experts.

Conduct thorough research on ports that offer available space and suitable equipment despite the ongoing conditions. By doing so, you can minimize complications, facilitate shipments, and maximize efficiency.

Taking proactive measures and staying proactive in your approach will help you navigate the market effectively. We greatly appreciate your continued readership and encourage you to subscribe to our weekly market updates to stay abreast of the latest developments and insights.</div>

Freight market update - 20 September 2023

Stay updated on the latest in the freight market with Beeontrade's comprehensive market update on September 13, 2023. Subscribe for exclusive tips and insights in this 8-minute read.

September 13, 2023.png

Greetings!Our objective is to make your shipping experience easier by offering you the latest and most informative details and insights regarding the freight market. We aim to provide accurate and relevant content that brings benefits to your business.We highly value your feedback as we continuously strive to improve the quality of our weekly market updates. We value your thoughts on our current content and encourage you to suggest specific topics that you would like us to cover in more depth.Moreover, we are open to adjusting the style of our updates to better align with your preferences. If there are any ports or regions that we haven't addressed yet but you're interested in, please let us know.We wish to create the most informative newsletter possible. We appreciate your continued readership and subscription, and we thank you for taking the time to provide us with your valuable feedback, which will help us enhance our future performance.

From the Editor’s Desk

<ul style="margin-bottom:0;margin-top:0;padding-inline-start:48px;"><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Recent months have seen a narrowing of volume declines in the airfreight industry.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Chinese ports are experiencing robust container activity despite a decline in exports to the U.S.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Rates to major U.S. East Coast ports have seen substantial increases.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Container port volumes in China reached 176.2 million TEU between January and July 2023, representing a 4.5% year-on-year growth.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">U.S. President Joe Biden is planning a shift in shipping routes from India to Europe.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">U.S. West Coast ports saw an increase in their market share in August compared to the previous month.</li></ul>Read on for more in-depth updates.

Key takeaways for the US

Ocean Freight Market Updates

Freight market update - 13 September 2023

Explore the intricacies of freight forwarding with Beeontrade's comprehensive guide. Learn the essentials of international shipping in this 8-minute read, covering key stages, common misconceptions, and valuable tips.

12 Things You Need to Know About Freight Forwarding

Freight forwarding is a crucial aspect of international trade, and it can be quite complicated. The process involves the transportation of goods from one country to another, and it requires a lot of coordination and expertise. In this blog, we will explore 12 things you need to know about freight forwarding basics to make the shipping process as smooth as possible.

Freight forwarding basics

A freight forwarder is a company that specializes in arranging the transportation of goods from one location to another. They act as intermediaries between shippers and carriers, handling all aspects of the logistics process.

They help their clients manage the entire shipping process seamlessly. This includes the entire process from the moment the cargo leaves the warehouse until it reaches its final destination.


What is a freight forwarder?

Freight forwarding involves several stages, and it is essential to understand each one to ensure that your cargo arrives at its destination on time and in good condition. These six stages are:

Export Haulage:

Export haulage is the transportation of cargo from the shipper's location to the port of departure. This stage is critical in ensuring that your cargo is transported safely and securely. It involves selecting the right mode of transportation, such as a truck or a train, and ensuring that the cargo is properly packed and labeled.

For example, if you are shipping perishable goods, you may need to use a refrigerated truck to keep the cargo at the right temperature. A freight forwarder can help you arrange for the most appropriate mode of transportation, and can also handle the necessary documentation, such as booking confirmation and transport contracts.

Export Customs Clearance:

Export customs clearance is the process of obtaining the necessary documentation and approvals from the customs authorities to allow your cargo to leave the country. This stage involves submitting the appropriate paperwork, such as the bill of lading and the commercial invoice, and paying any necessary fees and taxes.

A freight forwarder can act as your customs broker, handling all the relevant paperwork and fees involved in clearing your cargo through customs. They can help you navigate any customs regulations or restrictions that may apply to your shipment.

Origin Handling:

Origin handling involves the processing and preparation of your cargo for loading onto the vessel. This stage includes tasks such as inspecting the cargo for damage, verifying the accuracy of the documentation, and ensuring that the cargo is properly packaged and labeled.

The company you invest in will help you arrange for any necessary inspections, and can also provide packaging and labeling services to ensure that your cargo is properly prepared for transportation.

Ocean Freight:

Ocean freight is the transportation of cargo across the ocean to the port of arrival. This stage involves selecting the right carrier and mode of transportation, such as a container ship or a roll-on/roll-off vessel, and arranging for the necessary documentation and approvals from the authorities.

This includes helping you select the most appropriate carrier and mode of transportation based on the nature of your cargo and your budget. They can also handle the necessary documentation, such as the bill of lading and ocean freight contract.

Destination Handling:

Destination handling involves the unloading and processing of your cargo at the port of arrival. This stage includes tasks such as inspecting the cargo for damage, verifying the accuracy of the documentation, and arranging for any necessary storage or transport to the final destination.

They will help you arrange for the storage or transportation of your cargo from the port of arrival to its final destination. They can also provide warehousing and storage services if needed.

Import Customs Clearance:

Import customs clearance is the process of obtaining the necessary documentation and approvals from the customs authorities to allow your cargo to enter the country. This stage involves submitting the appropriate paperwork, such as the import declaration and customs bond, and paying any applicable fees and taxes.


There are six key stages of freight forwarding

Freight forwarding can be a complicated process, especially for those who are not familiar with it. An experienced freight forwarder will simplify the process, making it easier for you to ship your goods.

They will handle all the necessary paperwork, arrange transportation, and ensure that your cargo arrives at its destination on time. They can also advise you on the most efficient and cost-effective way to ship your cargo based on the destination, the type of goods, and the size of the shipment.


An experienced freight forwarder will simplify the shipping process

It is essential to understand that freight forwarders are not responsible for shipping delays. While they will do their best to ensure that your cargo arrives at its destination on time, several factors are outside of their control.

For example, bad weather, port congestion, or delays at customs can all cause shipping delays. However, a reliable freight forwarder will have contingency plans in place to deal with such situations and keep you informed about any delays.


Forwarders are not responsible for shipping delays

The paperwork required for international shipping can be complex. It is your responsibility to make sure that all your paperwork is up-to-date and meets the requirements of the countries involved in the shipment.

Failure to do so can result in your cargo being delayed or even seized by customs. A freight forwarder can help you navigate the maze of documentation and ensure that your cargo is shipped in compliance with all the relevant laws and regulations.


Make sure your paperwork is up-to-date

Each country has its regulations and restrictions when it comes to shipping goods. It is essential to be aware of these restrictions to avoid any issues with customs. For example, certain items, such as weapons, chemicals, or hazardous materials, may be subject to strict regulations, and shipping them may require special permits or licenses.

A freight forwarder can help you navigate these regulations with ease. They will ensure that your cargo is shipped in compliance with all the relevant laws and regulations. Be sure to inform the company about your origin and destination specifically to prevent any miscommunication or inaccurate predictions.


Shipping restrictions you should be aware of

Freight forwarders offer a range of additional services that can make the shipping process even more comfortable. These services can include:&nbsp;1. Customs Brokerage: A freight forwarder can act as a customs broker, handling all the necessary paperwork and fees involved in clearing your cargo through customs.&nbsp;2. Insurance: Freight forwarders can provide cargo insurance to protect your goods against loss, damage, or theft during transit.&nbsp;3. Warehousing and Storage: Freight forwarders can arrange for the storage of your cargo at their facilities or a warehouse near the port of departure or arrival.4. Packaging and Labeling: Freight forwarders can provide packaging and labeling services to ensure that your cargo is properly packed and labeled for transportation.&nbsp;5. Door-to-Door Delivery: Freight forwarders can arrange for the transportation of your cargo from the point of origin to the final destination.

Extra services offered

Now that you know the freight forwarding basics, it is time to choose the right freight forwarder. This step is crucial to the success of your shipping operation. You need a shipping partner you can trust, one that has the experience, knowledge, and resources to handle your cargo with care and efficiency.

Look for a freight forwarder like Beeontrade that has a proven track record of success, who has established relationships with carriers and customs officials, and who is committed to providing excellent customer service.

With the additional services offered by our experts and by choosing the right shipping services we provide, you can make the shipping process even more comfortable and stress-free. The best part is how customizable the entire process is and how our team is always available to clear your queries!


Partner with a shipping partner you can trust

Stay informed about the latest trends and updates in the freight market with Beeontrade's comprehensive weekly report. Dive into detailed analyses, key takeaways, and terminal updates to make informed decisions for your import/export operations.

September 06, 2023.png

<ul style="margin-bottom:0;margin-top:0;padding-inline-start:48px;"><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Sea-Intelligence conducted an analysis of post-pandemic schedule reliability on Asia-Europe trade routes.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">This included 2M, Ocean, and THEA alliances.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Ningbo Zhoushan Port, located in East China's Zhejiang province, has achieved a top-ranking position among China's ports.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">After more than a year of negotiations and uncertainty surrounding West Coast ports, members of the International Longshore and Warehouse Union (ILWU) have voted in favor of a new six-year contract.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Air cargo capacity in the second quarter of 2023 exceeded pre-pandemic levels, as reported by IATA's Q2 market report.</li></ul>Read on for more in-depth updates.

<div class="raw-html-embed"><h2>Asia → North America</h2>

<h3>US/CA</h3>

<h3>&nbsp;Transpacific Trends and Market Updates</h3>

<ul>
	<li>The analysis focused on three major carrier alliances: The 2M, Ocean Alliance, and THE Alliance.</li>
	<li>Sea-Intelligence conducted a comprehensive analysis of post-pandemic schedule reliability on Asia-Europe trade routes.</li>
	<li>It aimed to assess their ability to return to pre-pandemic schedule adherence levels after the COVID-19 pandemic.</li>
	<li>The analysis revealed varying recovery capabilities among these carrier alliances following the pandemic's disruptive impact.</li>
	<li>The 2M alliance displayed rapid improvements in schedule reliability after hitting its lowest point during the pandemic.</li>
	<li>While they continued to make significant progress on the Asia – North Europe route, their recovery rate slowed down on the Asia-Mediterranean lane.</li>
	<li>The Ocean Alliance consistently maintained improvements in schedule reliability.</li>
	<li>THE Alliance had a relatively slower rate of recovery on the Asia-North Europe route, although there has been recent improvement in this regard.</li>
	<li>Ningbo Zhoushan Port, located in East China's Zhejiang province, has achieved a top-ranking position among China's ports.</li>
	<li>During the first seven months, the port recorded a cargo throughput of 789.52 million metric tons, marking a 5% annual increase.</li>
	<li>In terms of container throughput, the port handled 20.86 million TEUs, securing the second position in the country.</li>
	<li>This success can be attributed to the implementation of 20 measures by Ningbo Customs, which have improved the business environment and facilitated cross-border trade, significantly contributing to the port's growth.</li>
	<li>Currently, Ningbo Zhoushan Port boasts a network of 301 container shipping routes, comprising 249 international routes and 125 routes connected to countries and regions involved in the Belt and Road Initiative.</li>
	<li>After more than a year of negotiations and uncertainty surrounding West Coast ports, members of the International Longshore and Warehouse Union (ILWU) have voted in favor of a new six-year contract.</li>
	<li>The contract was approved with a significant majority, as 75% of ILWU members supported it.</li>
	<li>This agreement is between the ILWU and their employers, represented by the Pacific Maritime Association (PMA).</li>
	<li>The new contract is retroactive, commencing from July 1, 2022, and is set to remain in effect until July 1, 2028.</li>
	<li>Key elements of the contract include a substantial 32% pay increase over the course of the six-year agreement and a one-time bonus for the workers who continued to labor during the early days of the COVID-19 pandemic.</li>
	<li>Schedule reliability for ocean carriers remained steady at 64.2% in July 2023, showing no significant change compared to June but lower than the peak in May.</li>
	<li>However, when viewed on a year-on-year basis, there was a substantial improvement, with schedule reliability increasing by 23.8 percentage points.</li>
	<li>Six carriers, including Maersk and Hamburg Süd, achieved schedule reliability in the range of 60%-70%, while the remaining seven carriers had schedule reliability in the range of 50%-60%.</li>
	<li>Yang Ming was identified as the least reliable carrier, with a scheduled reliability rating of 51.3%.</li>
	<li>Notably, in July 2023, nine of the top 14 carriers recorded a month-over-month increase in schedule reliability, and when assessed on a year-on-year level, all 14 carriers demonstrated double-digit improvements.</li>
	<li>Reports suggesting China's decline as the world's leading manufacturer are considered by James Hookham, the director of the Global Shippers Forum, to be "greatly exaggerated" and receiving excessive media attention.</li>
	<li>Hookham acknowledges that there is some movement away from China in manufacturing, but it is marginal and driven primarily by contingency concerns rather than a wholesale replacement of China as a manufacturing hub.</li>
	<li>China continues to be a dominant manufacturing powerhouse due to its size, manufacturing capabilities, and a history of producing high-quality products, as stated by Hookham.</li>
	<li>The discussions about decoupling and reshoring are often associated with concerns regarding potential tensions with Taiwan. However, Hookham points out that China is unlikely to escalate tensions to the extent of harming its export economy, considering the potential consequences, such as disrupting merchant shipping access to the South China Sea, a critical global export corridor.</li>
	<li>Supply chain analysis from Trade Data Service (TDS) supports the perspective that there is no significant global shift in manufacturing away from China. However, there are indications that the United States and Europe are exploring alternative sourcing options as part of their supply chain strategies.</li>
</ul>

<h3>Conclusions</h3>

<h4>Rates -&nbsp;The rates will remain soft on most origin-destination combinations.</h4>

<h4>Space -&nbsp;Space open, no issues with equipment.</h4>

Recommendations -&nbsp;We recommend blank sailings to continue. Book at least two weeks before the date your vessel gets ready to depart.

<h2>Turkey → North America</h2>

<ul>
	<li>Air cargo capacity in the second quarter of 2023 exceeded pre-pandemic levels, as reported by IATA's Q2 market report.</li>
	<li>This increase in capacity, measured in available cargo tonne kilometers (ACTKs), was driven by a rise in bellyhold capacity and an uptick in passenger travel as COVID-19 restrictions were eased.</li>
	<li>Q2 2023 saw available cargo capacity reach 264.7 billion ACTKs, marking a year-over-year increase of 9.9%.</li>
	<li>The report highlighted a trend toward a balanced 50-50 split between dedicated freighters and belly capacity in total international capacity during Q2 2023.</li>
	<li>Notably, for the first time in two and a half years, there were no passenger freighters (preighters) scheduled globally in Q2, a role they played significantly during the pandemic.</li>
	<li>However, air cargo demand, measured in cargo tonne kilometers (CTK), has decreased, with IATA forecasting a slowdown in world trade growth from 2.7% in 2022 to 1.7% in 2023.</li>
	<li>This slowdown was reflected in year-on-year contractions observed during Q2 2023.</li>
	<li>Despite the overall decline, e-commerce continued to drive demand for air cargo in sectors such as automotive, technology, and healthcare, according to a global freight forwarder's air freight industry report.</li>
	<li>Air cargo load factors (CLFs) decreased in Q2, mainly due to the significant growth in cargo capacity and declining demand, according to the IATA report.</li>
	<li>Major trade lanes, including Asia Pacific-Europe and North America-Asia Pacific, had CLFs well above the industry average of 48.6%, standing at 66.9% and 64.2% in June, respectively.</li>
</ul>

<h3>Conclusions</h3>

Rates -&nbsp;The rates will remain soft on most origin-destination combinations.

Space for capacity -&nbsp;No capacity issues or issues with space.

Space for equipment -&nbsp;No issues with equipment.

<h2>North America → Turkey</h2>

<ul>
	<li>The contract was ratified by 75% of ILWU members and is retroactive to July 1, 2022, with a validity period until July 1, 2028.</li>
	<li>A new collective labor agreement was recently approved between US West Coast dock workers, represented by the ILWU, and terminal employers, represented by the Pacific Maritime Association (PMA).</li>
	<li>This new agreement is expected to enhance the efficiency of handling capacity growth and maintain the competitiveness of West Coast ports in the United States.</li>
	<li>In contrast, the International Longshoremen's Association (ILA), which represents over 80,000 dock workers in East and Gulf Coast ports, is preparing for negotiations with the US Maritime Alliance (USMX) for their collective bargaining agreement, set to expire on September 30, 2024.</li>
</ul>

Conclusions

Rates -&nbsp;Stable rates over the last week.

Space for capacity -&nbsp;No major capacity or space issue.

Space for equipment -&nbsp;Equipment issues have started owing to low levels of import.

<h2>Terminal Updates</h2>

<ul>
	<li>Vessels heading to North America via the North Atlantic Sea are expected to have a change in schedule due to severe weather conditions.</li>
</ul>

<h3>New York:</h3>

<ul>
	<li>No waiting time is expected for a berth at Global Container Terminals Bayonne and APM Terminals.</li>
	<li>No more waiting time at Maher Terminals LLC.</li>
	<li>Average gate turn times: 55 minutes for single transactions, and 78 minutes for double transactions.</li>
</ul>

<h3>Norfolk:</h3>

<ul>
	<li>Berth for large vessels is congested due to previous multi-day periods of severe weather.</li>
	<li>Vessels are waiting for 2 days for a berth.</li>
	<li>Average gate turn times are 31 / 43 minutes for single and double transactions respectively.</li>
	<li>All cranes are up and running again.</li>
</ul>

<h3>Charleston Terminal:</h3>

<ul>
	<li>2.5 days waiting time for vessel berthing at Wando Welch Terminal.</li>
	<li>1.5 days waiting time expected at North Charleston Terminal.</li>
	<li>Average truck turn times: 21 minutes at Wando Welch Terminal, and 19 minutes at North Charleston Terminal.</li>
</ul>

<h3>Savannah:</h3>

<ul>
	<li>Waiting time for vessel berth at the terminal is up to 4 days, depending on the size of the vessel.</li>
	<li>Average gate turn times are 33 / 50 minutes for single and double transactions respectively.</li>
</ul>

<h3>Houston:</h3>

<ul>
	<li>Barbours Cut Terminal has up to 1 day waiting time for vessel berthing.</li>
	<li>Due to vessel bunching the yard is facing congestion impacting the discharge productivity and extending port stays.</li>
	<li>The average gate turn time is 44 minutes.</li>
</ul>

<h3>Oakland:</h3>

<ul>
	<li>Average wait time of up to 2 days at Oakland Int’l Container Terminal (OICT) and up to 3 days at TraPac.</li>
	<li>Average import deliveries can take up to 3.5 days at TraPac and 4 days at OICT.</li>
	<li>Average gate turn times are 52 / 61 minutes for OICT and TraPac respectively.</li>
</ul>

<h3>Seattle-Tacoma:</h3>

<ul>
	<li>Wait time of up to 1 day at Tacoma and 3 days at Seattle.</li>
	<li>Import deliveries are 3.3 days at HUSKY – due to EB/WB railcar imbalance, 1-5 days at Washington United Terminal, and 1-3 days at T18.</li>
	<li>Availability of rail cars in Union Pacific Rail and BNSF Rail continues to fluctuate weekly.</li>
	<li>Average gate turn times are 25 / 29 / 36 minutes for T18, Washington United Terminal, and HUSKY respectively.</li>
	<li>T18 will be closed on September 1 and 4, 2023.</li>
	<li>Washington United Terminal and HUSKY will be closed on September 4, 2023.</li>
	<li>WUT has received 2 new Post Panamax Cranes.</li>
	<li>WUT will commence commissioning both at same time in the next 2 weeks, operational by end of August.</li>
</ul>

<h3>Los Angeles/Long Beach:</h3>

<ul>
	<li>All terminal gates are running as published and in line with the Pier Pass program.</li>
	<li>Port of Los Angeles dwell time for local import cargo is 3.2 days, on-dock rail dwell is 3.5 days, and import units on the street are averaging at 4.5 /5.9 days for 20 ft and 40+ ft containers respectively.</li>
	<li>Port of Long Beach dwell times for local imports are stable, and the average terminal gate turn time is between 21-67 minutes, depending on the terminal.</li>
	<li>Chassis Pools: All pools are operating as normal.</li>
	<li>Intermodal Operations: Truck power can be secured within 1-3 days for the majority of locations, including marine terminals, rail ramps, and depots.</li>
</ul>

<h2>Final Thoughts</h2>

In light of the latest updates and trends, it is evident that the market is currently in the course of demonstrating robust performance and is equipped with ample capacity and resources. 
Individuals and businesses involved in import/export activities must stay well-informed about market dynamics and strategies to make informed decisions. To ensure a smooth and hassle-free experience with your import/export operations, it is recommended to seek guidance from industry experts.

Conduct thorough research on ports that offer available space and suitable equipment despite the ongoing conditions. By doing so, you can minimize complications, facilitate shipments, and maximize efficiency.

Taking proactive measures and staying proactive in your approach will help you navigate the market effectively. We greatly appreciate your continued readership and encourage you to subscribe to our weekly market updates to stay abreast of the latest developments and insights.

&nbsp;
</div>

Freight market update - 06 September 2023

Explore comprehensive strategies to enhance flexibility and resilience in the global supply chain. Beeontrade's guide provides practical steps, proven techniques, and insights to navigate challenges effectively.

Beeontrade's Global Supply Chain Resilience Guide

Global Supply Chain.png

In today's fast-paced and dynamic business world, a resilient supply chain is essential to ensure the smooth flow of goods and services across the globe. Resilient supply chains can help companies mitigate risks, reduce costs, and increase customer satisfaction.

Supply chain resilience refers to the ability of a supply chain to withstand and recover from unexpected disruptions such as natural disasters, pandemics, economic downturns, and geopolitical tensions. A resilient supply chain can quickly adapt to changing circumstances and recover from any adverse impact on operations, production, and delivery.

Decoding Supply Chain Resilience: Definition and Significance

Building good resilient supply chain management requires a comprehensive and integrated approach that involves multiple factors such as visibility and tracking, flexibility, relationships and collaboration, and management.

Proven Strategies for Building Resilience in the Global Supply Chain

One of the critical factors in building resilient supply chains is visibility and tracking. Supply chain visibility refers to the ability to track the movement of goods and materials from the supplier to the end customer. It helps companies to identify potential disruptions and take proactive measures to mitigate risks.

To improve visibility in the supply chain, companies can leverage advanced technologies such as IoT sensors, RFID tags, and blockchain. These technologies can provide end-to-end visibility in the resilience supply chain, from the supplier to the end customer. They can help companies track the movement of goods, monitor inventory levels, and identify potential disruptions.


The Cornerstone of a Resilient Supply Chain

Flexibility is another core factor in building resilient supply chain management. A flexible supply chain can quickly adapt to changing market conditions, customer demands, and supply chain disruptions. It can help companies to reduce costs, increase efficiency, and improve customer satisfaction.

To build a flexible supply chain, companies can focus on several aspects such as supplier diversification, production flexibility, and inventory management. Supplier diversification involves sourcing materials and components from multiple suppliers to mitigate risks and reduce dependence on a single supplier. Production flexibility refers to the ability to quickly adapt to changing production requirements, such as changing product specifications or demand. Effective inventory management can help companies to optimize inventory levels and reduce the impact of supply chain disruptions.


Flexibility is Important

Building strong relationships and collaboration with suppliers, customers, and other stakeholders is crucial for building resilience in the supply chain. It can help companies to share information, resources, and expertise to mitigate risks and respond to supply chain disruptions.

To foster relationships and collaboration, companies can implement a supplier relationship management program, establish a supplier code of conduct, and engage in regular communication with suppliers and customers. They can also collaborate with other stakeholders, such as industry associations, governments, and NGOs, to address common supply chain challenges and promote sustainability.


Relationships and Collaboration

Effective supply chain management is critical for building resilience in the supply chain. It involves planning, organizing, and controlling the flow of goods, services, and information across the supply chain. Effective supply chain management can help companies to optimize costs, improve efficiency, and mitigate risks.

To improve supply chain management, companies can implement a supply chain risk management program, conduct regular risk assessments, and develop contingency plans for potential disruptions. They can also leverage data analytics and other advanced technologies to improve supply chain visibility, optimize inventory levels, and enhance supply chain performance.


Management

Improving global supply chain resiliency requires a coordinated and collaborative effort from all stakeholders involved in the supply chain. Companies can take several steps to improve the resilient global supply chain, such as:

Practical Steps to Enhance Flexibility and Resilience in the Global Supply Chain

1.Develop a global supply chain risk management program that involves all stakeholders in the supply chain.&nbsp;2.Build strong relationships and collaboration with suppliers, customers, and other stakeholders to share information, resources, and expertise.&nbsp;3.Ensure end-to-end visibility in the supply chain by leveraging advanced technologies such as IoT sensors, RFID tags, and blockchain.&nbsp;4.Diversify suppliers and establish alternative sourcing options to reduce dependence on a single supplier and mitigate risks.&nbsp;5.Develop contingency plans for potential disruptions and regularly review and update them.&nbsp;6.Regularly assess supply chain risks and identify potential vulnerabilities.&nbsp;7.Establish a supplier code of conduct that outlines ethical and sustainable practices and holds suppliers accountable.&nbsp;8.Leverage data analytics and other advanced technologies to optimize inventory levels, reduce costs, and improve supply chain performance.&nbsp;9.Monitor and evaluate supplier performance regularly to ensure compliance with ethical and sustainable practices.&nbsp;10.Continuously improve supply chain processes, systems, and practices to enhance the resilience of supply and adapt to changing market conditions.

FAQs

-	Supplier dependency: Dependence on a single supplier can increase the risk of disruption, especially if that supplier experiences a problem.
-	Demand volatility: Changes in demand can have a significant impact on the supply chain, making it difficult to plan and manage inventory levels.
-	Geographic location: Supply chains that span multiple regions or countries are more vulnerable to disruptions related to political instability, natural disasters, or other regional challenges.
-	Lack of visibility: Limited visibility into the supply chain can make it difficult to identify potential disruptions and respond quickly.
-	Quality issues: Problems with product quality can lead to recalls or other disruptions that can impact the supply chain.


What are the factors which influence supply chain resilience?

-	Developing a comprehensive risk management strategy that identifies potential disruptions and outlines mitigation plans.
-	Leveraging technology to improve visibility and tracking of goods and services throughout the supply chain.
-	Establishing relationships and collaboration with suppliers and other stakeholders to build trust and foster communication.
-	Implementing flexible supply chain processes and systems that can adapt to changing market conditions and customer demands.
-	Diversifying suppliers and establishing alternative sourcing options to reduce dependency on a single supplier.
-	Investing in data analytics and other advanced technologies to optimize supply chain performance and improve decision-making.


How can the global supply chain be improved?

-	Regularly assessing the supply chain for potential vulnerabilities and taking steps to address them.
-	Establishing clear communication channels with suppliers and other stakeholders to enable fast and effective responses to disruptions.
-	Investing in technology and data analytics to improve supply chain visibility and optimize performance.
-	Building strong relationships and collaboration with suppliers and other partners to foster trust and enable effective problem-solving.
-	Developing contingency plans for potential disruptions and regularly reviewing and updating them to ensure ongoing relevance.
-	Prioritizing ethical and sustainable practices in the supply chain and holding suppliers accountable for meeting these standards.


How do you keep the supply chain resilient?

How to Increase Flexibility and Resilience in the Global Supply Chain

Stay informed about the latest trends and updates in the global freight market with Beeontrade's comprehensive report for August and September 2023. From key takeaways to regional market insights, this 8-minute read is your guide to navigating the dynamic world of freight forwarding.

Beeontrade's Global Freight Market Update

August 30, 2023.png

<div class="raw-html-embed">&nbsp;

<h2>From the Editor’s Desk</h2>

Greetings!&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Our objective is to make your shipping experience easier by offering you the latest and most informative details and insights regarding the freight market. We aim to provide accurate and relevant content that brings benefits to your business.

We highly value your feedback as we continuously strive to improve the quality of our weekly market updates. We value your thoughts on our current content and encourage you to suggest specific topics that you would like us to cover in more depth.

Moreover, we are open to adjusting the style of our updates to better align with your preferences. If there are any ports or regions that we haven't addressed yet but you're interested in, please let us know.

We wish to create the most informative newsletter possible. We appreciate your continued readership and subscription, and we thank you for taking the time to provide us with your valuable feedback, which will help us enhance our future performance. 
&nbsp;

<h2>Key takeaways for the US</h2>

<ul>
	<li>China's trade within BRICS nations saw a 19% year-on-year growth, reaching about $331 billion, accounting for around 10% of its overall foreign trade.</li>
	<li>Golden Week is approaching in 5 weeks.</li>
	<li>Sea-Intelligence reports that 2-4% of capacity is blanked on the Transpacific route and 6-8% on the Asia-Europe route.</li>
	<li>Trial operations have started on the Yangtze-Huaihe Grand Canal, which connects two major rivers in China.</li>
	<li>The Panama Canal Authority has established a maximum allowable depth, known as draft, of 44 feet for ships passing through the Neopanamax Locks.</li>
</ul>

Read on for more in-depth updates. 
&nbsp;

<h2>Ocean Freight Market Updates</h2>

<h2>Asia → North America</h2>

<h4>US/CA</h4>

<h2>Transpacific Trends and Market Updates</h2>

<ul>
	<li>This holiday leads to the closure of factories and a slowdown in production in China.</li>
	<li>Golden Week, a national holiday celebrated in China, is approaching in 5 weeks.</li>
	<li>The demand for container shipping to and from Asia significantly decreases during this time.</li>
	<li>To balance supply, shipping carriers usually increase blank sailings, where ships skip certain voyages.</li>
	<li>However, due to the absence of a traditional peak season in 2023 and low freight rates, carriers must make more significant capacity adjustments.</li>
	<li>Sea-Intelligence reports that 2-4% of capacity is blanked on the Transpacific route and 6-8% on the Asia-Europe route.</li>
	<li>These percentages are lower than the levels before the pandemic.</li>
	<li>To reach levels similar to those in 2019, 10-13 extra blank sailings are required on the Transpacific route and 6-10 on the Asia-Europe trade.</li>
	<li>With Golden Week just 5 weeks away, carriers have limited time to announce additional blank sailings.</li>
	<li>Last-minute blank sailings would give shippers less time to plan for potential disruptions to their cargo.</li>
	<li>Trial operations have started on the Yangtze-Huaihe Grand Canal, which connects two major rivers in China.</li>
	<li>This canal spans a length of 723 km and serves as a link between the Yangtze and Huaihe Rivers.</li>
	<li>The Yangtze River covers 400 km through southern Anhui province, while the Huaihe River passes through the northern part of the province.</li>
	<li>The construction of this canal, which began in December 2016, incurred a total cost of $12.5 billion.</li>
	<li>China is also working on another significant canal project called the Pinglu Canal.</li>
	<li>The Pinglu Canal is being constructed to connect Nanning, the capital of Guangxi Zhuang autonomous region, to the Beibu Gulf.</li>
	<li>Once completed, the Pinglu Canal will have a length of 134.2 km.</li>
	<li>Expected to be operational by the end of 2026, the Pinglu Canal will enable ships to travel from inland areas to the Beibu Gulf, located near the border with Vietnam, through the Qin Jiang River.</li>
	<li>Amid decreasing demand, the BRICS trade bloc, composed of Brazil, Russia, India, China, and South Africa, is broadening its market presence.</li>
	<li>During a recent summit in Johannesburg, the BRICS group, consisting of these five emerging economies, made a decision to include Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the UAE as new members.</li>
	<li>China and India, due to their substantial trade volumes, have played significant roles in BRICS trade activities.</li>
	<li>China's trade within BRICS nations saw a 19% year-on-year growth, reaching about $331 billion, accounting for around 10% of its overall foreign trade.</li>
	<li>India's trade with BRICS member countries exceeded $100 billion in the previous year.</li>
	<li>The addition of new members to BRICS is expected to increase demand for logistics services across various regions as trade volumes rise.</li>
	<li>Observers in the transportation industry predict that the expansion of BRICS could lead to greater growth and substantial influence in global trade routes and logistics policies, potentially transforming it into a dominant economic bloc by 2050.</li>
	<li>In recent months, shipping companies have extended connections between the Middle East and India and focused on developing intra-Asia networks, reflecting the ongoing diversification of trade within the continent.</li>
	<li>Air cargo capacity between the United Arab Emirates (UAE) and China is undergoing significant expansion to strengthen trade and investment ties.</li>
	<li>An agreement between Beijing Daxing International Airport and the Dubai Multi Commodities Centre (DMCC) aims to create a global model for free-trade zones.</li>
	<li>This move is anticipated to increase commercial opportunities and potentially drive bilateral trade to $200 billion by 2030.</li>
	<li>According to the UN COMTRADE international trade database, Chinese exports to the UAE reached $53.86 billion in the previous year.</li>
	<li>Etihad Cargo recently introduced a service to Ezhou Huahu Airport, a cargo-focused gateway that started operating in July the year before.</li>
	<li>Ezhou Huahu Airport's plan involves establishing 40 domestic freight routes and four international cargo routes by the end of the current year.</li>
	<li>The airport has long-term goals of up to ten international cargo routes and 50 domestic routes by 2025, with an annual cargo and mail throughput of 2.45 million tonnes.</li>
	<li>The UAE holds a crucial role in China's Belt and Road Initiative (BRI), an effort to connect Asia, Africa, and Europe through both land and maritime networks.</li>
</ul>

&nbsp;

<h3>Conclusions</h3>

Rates - The rates will remain soft on most origin-destination combinations.

Space - Space open, no issues with equipment.

Recommendations - We recommend blank sailings to continue. Book at least two weeks before the date your vessel gets ready to depart.

&nbsp;

<h2>Turkey → North America</h2>

<ul>
	<li>The Panama Canal Authority has established a maximum allowable depth, known as draft, of 44 feet for ships passing through the Neopanamax Locks.</li>
	<li>Due to an extended period of dry weather causing low water levels, operational changes were made.</li>
	<li>These adjustments have had an effect on the movement of larger ships destined for the United States.</li>
	<li>The situation has resulted in more than 200 ships being stuck on both ends of the Panama Canal.</li>
	<li>This congestion at the canal has exceeded all historical records in terms of the number of ships affected. 
	&nbsp;</li>
</ul>

<h3>Conclusions</h3>

Rates - The rates will remain soft on most origin-destination combinations.

Space for capacity - No capacity issues or issues with space.

Space for equipment - No issues with equipment. 
&nbsp;

<h2>North America → Turkey</h2>

<ul>
	<li>The Port of Savannah has received four new Super Post-Panamax ship-to-shore (STS) container cranes, as announced by the Georgia Ports Authority.</li>
	<li>These additions bring the total crane fleet at the port to 34.</li>
	<li>The introduction of these cranes aligns with the completion of the Berth 1 improvement project and is expected to contribute to quicker turnaround times for ocean carrier customers.</li>
	<li>This is particularly for the largest vessels visiting the U.S. East Coast.</li>
	<li>Among the four cranes, two have a height of 295 feet, while the other two stand at 306 feet at their highest points.</li>
	<li>They are designed to handle 22 and 24 containers across, respectively.</li>
	<li>The taller cranes will be positioned at Berth 1, while the remaining two will be stationed at Berth 9, located in the upriver section of the terminal.</li>
	<li>These crane installations, in combination with enhancements to the dock infrastructure, are anticipated to augment the annual capacity of the Garden City Terminal by 1.5 million twenty-foot equivalent units (TEUs) of containerized cargo.</li>
	<li>This equipment expansion is part of the port authority's broader infrastructure improvement plan, which has a budget of $1.9 billion and aims to ensure readiness for future supply chain requirements.</li>
</ul>

<h3>Conclusions</h3>

Rates - Stable rates over the last week.

Space for capacity - No major capacity or space issue.

Space for equipment - Equipment issues have started owing to low levels of import.

&nbsp;

<h2>Terminal Updates</h2>

<ul>
	<li>Vessels heading to North America via the North Atlantic Sea are expected to have a change in schedule due to severe weather conditions. 
	&nbsp;</li>
</ul>

<h3>New York:</h3>

<ul>
	<li>No waiting time is expected for a berth at Global Container Terminals Bayonne and APM Terminals.</li>
	<li>No more waiting time at Maher Terminals LLC.</li>
	<li>Delivery of 2 new cranes at APMT have limited the use of berths. These cranes are capable of reaching 8 high on deck. 2 vessels at anchorage are waiting for berth and the expected waiting time is 3-4 days.</li>
	<li>Average gate turn times: 42 minutes for single transactions, and 78 minutes for double transactions.</li>
</ul>

&nbsp;

<h3>Norfolk:</h3>

<ul>
	<li>Berth for large vessels is congested due to previous multi-day periods of severe weather.</li>
	<li>Vessels are waiting for 2 days for a berth.</li>
	<li>Average gate turn times are 30 / 44 minutes for single and double transactions respectively.</li>
	<li>All cranes are up and running again.</li>
</ul>

&nbsp;

<h3>Charleston Terminal:</h3>

<ul>
	<li>1 day waiting time for vessel berthing at Wando Welch Terminal.</li>
	<li>No waiting time expected at North Charleston Terminal.</li>
	<li>Average truck turn times: 23 minutes at Wando Welch Terminal, and 19 minutes at North Charleston Terminal.</li>
</ul>

&nbsp;

<h3>Savannah:</h3>

<ul>
	<li>Waiting time for vessel berth at the terminal is up to 4 days, depending on the size of the vessel.</li>
	<li>Average gate turn times are 39 / 56 minutes for single and double transactions respectively.</li>
	<li>Starting Sunday, July 9, 2023 GPA no longer offers a Sunday gate.</li>
	<li>Monday-Saturday gate hours remain the same.</li>
</ul>

<h3>&nbsp;</h3>

<h3>Houston:</h3>

<ul>
	<li>Barbours Cut Terminal has up to 1 day waiting time for vessel berthing.</li>
	<li>The average gate turn time is 53 minutes.</li>
</ul>

&nbsp;

<h3>Oakland:</h3>

<ul>
	<li>Average wait time of up to 2 days at Oakland Int’l Container Terminal (OICT) and up to 3 days at TraPac.</li>
	<li>Average import deliveries can take up to 5 days at TraPac and 4 days at OICT.</li>
	<li>Average gate turn times are 61 / 60 minutes for OICT and TraPac respectively.</li>
</ul>

&nbsp;

<h3>Seattle-Tacoma:</h3>

<ul>
	<li>Wait time of up to 2 days at Tacoma and 3 days at Seattle.</li>
	<li>Import deliveries are 3 days at HUSKY – due to EB/WB railcar imbalance, 1-5 days at Washington United Terminal, and 1-3 days at T18.</li>
	<li>Availability of rail cars in Union Pacific Rail and BNSF Rail continues to fluctuate weekly.</li>
	<li>Average gate turn times are 43 / 33 / 40 minutes for T18, Washington United Terminal, and HUSKY respectively.</li>
	<li>T18 will be closed on August 25 and September 1, 2023.</li>
	<li>Washington United Terminals will be closed on August 25, 2023.</li>
	<li>Starting June, SSA Terminals T18 (Seattle), will offer a fee-based weekend gate.</li>
	<li>WUT has received 2 new Post Panamax Cranes.</li>
	<li>WUT will commence commissioning both at same time in the next 2 weeks, operational by end of August.</li>
</ul>

&nbsp;

<h3>Los Angeles/Long Beach:</h3>

<ul>
	<li>All terminal gates are running as published and in line with the Pier Pass program.</li>
	<li>Port of Los Angeles dwell time for local import cargo is 3.3 days, on-dock rail dwell is 3.0 days, and import units on the street are averaging at 4.5 /6.1 days for 20 ft and 40+ ft containers respectively.</li>
	<li>Port of Long Beach dwell times for local imports are stable, and the average terminal gate turn time is between 23-56 minutes, depending on the terminal.</li>
	<li>Chassis Pools: All pools are operating as normal.</li>
	<li>Intermodal Operations: Truck power can be secured within 1-3 days for the majority of locations, including marine terminals, rail ramps, and depots.</li>
</ul>

&nbsp;

<h2>Port Status</h2>

<table cellspacing="0">
	<tbody>
		<tr>
			<td style="width:66px">
			Range
			</td>
			<td style="width:80px">
			Port
			</td>
			<td style="width:91px">
			Vessels at Anchor
			</td>
			<td>
			Vs Last Week
			</td>
			<td>
			Waiting Time
			</td>
			<td>
			Vs Last Week
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			PNW
			</td>
			<td style="width:80px">
			<h4>Vancouver</h4>
			</td>
			<td style="width:91px">
			3
			</td>
			<td>
			+1
			</td>
			<td>
			7
			</td>
			<td>
			-1
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			PNW
			</td>
			<td style="width:80px">
			<h4>Seattle</h4>
			</td>
			<td style="width:91px">
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			PSW
			</td>
			<td style="width:80px">
			<h4>Oakland</h4>
			</td>
			<td style="width:91px">
			2
			</td>
			<td>
			0
			</td>
			<td>
			3
			</td>
			<td>
			0
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			PSW
			</td>
			<td style="width:80px">
			<h4>LA/LB</h4>
			</td>
			<td style="width:91px">
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			USEC
			</td>
			<td style="width:80px">
			<h4>New York</h4>
			</td>
			<td style="width:91px">
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			USEC
			</td>
			<td style="width:80px">
			<h4>Norfolk</h4>
			</td>
			<td style="width:91px">
			2
			</td>
			<td>
			+1
			</td>
			<td>
			1
			</td>
			<td>
			0
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			USEC
			</td>
			<td style="width:80px">
			<h4>Charleston</h4>
			</td>
			<td style="width:91px">
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			USEC
			</td>
			<td style="width:80px">
			<h4>Savannah</h4>
			</td>
			<td style="width:91px">
			11
			</td>
			<td>
			+4
			</td>
			<td>
			4
			</td>
			<td>
			+1
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			USGC
			</td>
			<td style="width:80px">
			<h4>Miami</h4>
			</td>
			<td style="width:91px">
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
		</tr>
		<tr>
			<td style="width:66px">
			USGC
			</td>
			<td style="width:80px">
			<h4>Houston</h4>
			</td>
			<td style="width:91px">
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
			<td>
			0
			</td>
		</tr>
	</tbody>
</table>

&nbsp;

<h2>Final Thoughts</h2>

In light of the latest updates and trends, it is evident that the market is currently in the course of demonstrating robust performance and is equipped with ample capacity and resources.

Individuals and businesses involved in import/export activities must stay well-informed about market dynamics and strategies to make informed decisions. To ensure a smooth and hassle-free experience with your import/export operations, it is recommended to seek guidance from industry experts.

Conduct thorough research on ports that offer available space and suitable equipment despite the ongoing conditions. By doing so, you can minimize complications, facilitate shipments, and maximize efficiency.

Taking proactive measures and staying proactive in your approach will help you navigate the market effectively. We greatly appreciate your continued readership and encourage you to subscribe to our weekly market updates to stay abreast of the latest developments and insights.

&nbsp;</div>

Freight market update - 30 August 2023

Master the intricacies of ocean freight charges with Beeontrade's comprehensive guide. From understanding key factors to a step-by-step calculation process, gain insights and real-life examples for effective international shipping budgeting.

Beeontrade's Guide to Ocean Freight Charges

premium_photo-1661962333264-a95ce320cc48.avif

How to Calculate Ocean Freight Charges: Factors, Formulas, and Real-Life Examples

Stay ahead in the freight market with Beeontrade's comprehensive update. Explore key insights, market trends, and port status for informed import/export decisions.

Beeontrade's Freight Market Update - Key trends, strategies, and port status for import/export decisions.

August 23, 2023.png

Greetings!Our objective is to make your shipping experience easier by offering you the latest and most informative details and insights regarding the freight market. We aim to provide accurate and relevant content that brings benefits to your business.We highly value your feedback as we continuously strive to improve the quality of our weekly market updates. We value your thoughts on our current content and encourage you to suggest specific topics that you would like us to cover in more depth.Moreover, we are open to adjusting the style of our updates to better align with your preferences. If there are any ports or regions that we haven't addressed yet but you're interested in, please let us know.We wish to create the most informative newsletter possible. We appreciate your continued readership and subscription, and we thank you for taking the time to provide us with your valuable feedback, which will help us enhance our future performance.

Asia → North AmericaUS/CATranspacific Trends and Market Updates<ul style="margin-bottom:0;margin-top:0;padding-inline-start:48px;"><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The expansion of TSA's Certified Cargo Screening Program allows more cargo shippers to join the secure supply chain, enhancing shipment speed and security.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">John Beckius, TSA's executive director for air cargo, emphasized that the Certified Cargo Screening Program speeds up and secures air cargo movement in the supply chain.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The TSA will collaborate with interested participants in the cargo supply chain for an expanded program, requiring a TSA-approved security plan and adherence to strict chain-of-custody rules.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">This expansion empowers certified participants to prepare and ship secure air cargo, reducing the need for additional screening later in the supply chain.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">For air cargo originating in the US and traveling beyond US borders, TSA mandates screening and securing before loading onto aircraft to meet international standards and address potential threats.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Entities like manufacturing facilities, assembly facilities, shippers, warehouses, and distribution centers can become Certified Cargo Screening Facilities, eliminating the need for extra screening when certified by TSA.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Certified Cargo Screening Facilities are authorized by TSA to securely assemble, pack, and tender air cargo, ensuring safe transport.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The US Federal Maritime Commission (FMC) is modifying its approach to rulemaking concerning the refusal of service by container lines to shippers.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The FMC's draft, which is still under consideration, proposes to prohibit container lines from refusing shipments based on economic reasons.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">This potential shift in policy is causing concern among carriers due to its potential impact on their network operations and their ability to reject less profitable bookings.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The proposed change is a response to input from agricultural exporters and other shippers.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The revised draft from the FMC emphasizes that profit and business considerations can be part of negotiations but should be weighed alongside other factors when deciding on service refusals.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The aim is to align with the objectives of the Ocean Shipping Reform Act of 2022.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The Agriculture Transportation Coalition (AgTC) supports the FMC's updated approach as it addresses concerns about potential loopholes in carrier profitability.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The World Shipping Council (WSC), which represents major carriers, has expressed worries about the lack of clarity in the proposed measures, fearing they might lead to legal disputes and industry uncertainty.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The FMC's approach to rulemaking will impact the balance between ensuring carriers fulfill their shipping law obligations and avoiding excessive regulatory constraints.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The final version of these rules will demonstrate the FMC's stance in the context of the post-Ocean Shipping Reform Act of 2022 environment.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Recent increases in trans-Pacific freight rates are attributed to ocean carriers effectively adjusting vessel supply through schedule changes and canceled sailings.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The introduction of new vessels could disrupt this balance and pose a risk to ocean freight rates, warn industry experts.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Blank sailings, where scheduled sailings are canceled, have contributed to the rise in freight rates recently.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">In July, 21.7% of capacity was blanked in the trans-Pacific trade, up from 14.7% in June, marking a significant increase compared to the previous year.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Despite capacity management success, concerns arise due to the impending delivery of new vessels to ocean carriers.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The coming months will bring a wave of new supply, potentially leading to a weakening of ocean freight rates for the remainder of 2023 and into 2024.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Carriers face the challenge of handling this surge in capacity while maintaining favorable rates.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Experts suggest that carriers might need to adopt a more aggressive blanking program to avert a rate crash in light of the surplus capacity.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The next months are expected to witness substantial growth in vessel supply, requiring carriers to take strategic measures to ensure rate stability.</li></ul>

Rates -&nbsp;The rates will remain soft on most origin-destination combinations.Space -&nbsp;Space open, no issues with equipment.Recommendations -&nbsp;We recommend blank sailings to continue. Book at least two weeks before the date your vessel gets ready to depart.

Conclusions

<ul style="margin-bottom:0;margin-top:0;padding-inline-start:48px;"><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Trade at the Port of Long Beach experienced a moderate increase during the peak season.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">In July, the port's trade volume declined by more than 25% due to adjusted shipping routes, congested warehouses, and changing consumer travel habits.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The port managed 578,249 twenty-foot equivalent units (TEUs) in July, marking a 26.4% drop compared to the busy July of the previous year.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Specifically, imports saw a decrease of 27.9% with 271,086 TEUs, exports were down by 17.6% with 90,134 TEUs, and the transit of empty containers decreased by 27.7% to 217,030 TEUs.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The overall performance for the first seven months of 2023 displayed a 25.6% decrease when compared to the same period in the previous year.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">This decline brought the port's activity closer to the levels seen in 2019, before the pandemic.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The peak season is expected to be somewhat restrained due to decreased consumer spending on items like school supplies and holiday gifts.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The latest data from the National Retail Federation forecasts that U.S. container imports will hit a yearly high of over 2 million TEUs in the current month, as part of winter holiday preparations.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">The Federation's projection model estimates that total U.S. container imports for 2023 will amount to 22.3 million TEUs, indicating a 12.8% decrease from the imports recorded in 2022.</li></ul>

Turkey → North America

Rates -&nbsp;The rates will remain soft on most origin-destination combinations.Space for capacity -&nbsp;No capacity issues or issues with space.Space for equipment -&nbsp;No issues with equipment.

<ul style="margin-bottom:0;margin-top:0;padding-inline-start:48px;"><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Container imports into the US experienced a rise in July.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Import numbers for July increased by over 5% compared to June, totaling just under 2.2 million TEU.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">This growth is more in line with a subdued pre-pandemic peak season increase; however, it represents a 13.6% decrease when compared to July 2022.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Congestion issues across the US have been showing improvement, leading to smoother overall operations.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">On the West Coast, there are currently no ships in line waiting to dock.</li><li style="background-color:transparent;color:#0e101a;font-family:Georgia,serif;font-size:12pt;font-style:normal;font-variant:normal;font-weight:400;list-style-type:disc;text-decoration:none;vertical-align:baseline;white-space:pre;" dir="ltr" aria-level="1">Conversely, on the East Coast, specifically in Norfolk, the backlog of vessels waiting to berth, which had reached as many as 19 in recent weeks due to vessel bunching, has now been reduced to zero.</li></ul>

North America → Turkey

Rates -&nbsp;Stable rates over the last week.Space for capacity -&nbsp;No major capacity or space issue.Space for equipment -&nbsp;Equipment issues have started owing to low levels of import.

Terminal Updates

Port Status

In light of the latest updates and trends, it is evident that the market is currently in the course of demonstrating robust performance and is equipped with ample capacity and resources.Individuals and businesses involved in import/export activities must stay well-informed about market dynamics and strategies to make informed decisions. To ensure a smooth and hassle-free experience with your import/export operations, it is recommended to seek guidance from industry experts.Conduct thorough research on ports that offer available space and suitable equipment despite the ongoing conditions. By doing so, you can minimize complications, facilitate shipments, and maximize efficiency.Taking proactive measures and staying proactive in your approach will help you navigate the market effectively. We greatly appreciate your continued readership and encourage you to subscribe to our weekly market updates to stay abreast of the latest developments and insights.

Beeontrade Blog

Blogs about trading

Trading Blogs

Beeontrade Blog Page

Blogs

Daily Blogs About Trading