Weekly market updates for ocean rates and trends in the US Market.

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From Editor's Desk

Freight Market Update - 2 August 2023

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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><li>U.S. freight forwarders warned about potential strike action at UPS and Yellow Freight.</li><li>Past UPS strike in 1997 caused supply chain chaos, and the current strike could have more severe consequences due to added air cargo security requirements.</li><li>Carriers on the Asia-North Europe route use blank sailings and inducement-only port calls to manage soft trade demand.</li><li>Freight rates from China to North Europe are under pressure due to oversupply, with a significant decline from last year.</li><li>ILWU Canada withdraws the July 22 strike notice.</li><li>Carriers achieved almost full success on the August 1st General Rate Increase (GRI).</li></ul>Read on for more in-depth updates.

Key takeaways for the US

Asia → North AmericaUS/CATranspacific Trends and Market Updates<ul><li>U.S. freight forwarders warned about potential strike action at UPS and Yellow Freight.</li><li>Airforwarders Association (AfA) executive director describes it as a "perfect storm" with potential disruptions to goods flow.</li><li>Forwarders are advised to validate with the Known Shipper Program, contact shippers using UPS or Yellow Freight, and anticipate delays.</li><li>Contract negotiations between UPS and unions have broken down, and the contract is set to expire on July 31.</li><li>Workers authorize strike action and will not work beyond the contract's expiration.</li><li>Yellow Freight (YRC Worldwide) negotiating with unions amid restructuring efforts after receiving a reprieve from lenders.</li><li>The company is trying to refinance debts, including a large federal government emergency COVID loan.</li><li>Freight rates from China to North Europe are under pressure due to oversupply, with a significant decline from last year.</li><li>Carriers do not expect a traditional peak season, leading to downward revisions in full-year earnings predictions.The U.S. trucking industry saw growth in revenue and tonnage in 2022, despite a freight recession expected to continue into 2024.</li><li>Trucks moved 11.46 billion tons of freight, generating $940.8 billion in revenue.</li><li>Trucking employed 8.4 million people, including 3.54 million professional truck drivers, with an increasing number of female drivers.</li><li>Most trucking fleets are small businesses operating ten or fewer trucks.</li><li>Trucks accounted for a significant portion of U.S. trade with Canada and Mexico, transporting goods worth $947.92 billion.</li><li>Carriers achieved almost full success on the August 1st General Rate Increase (GRI).</li><li>Spot rates have been rising for three consecutive weeks, reaching USWC $1,900 to $2,000/40’HC, USEC $3,000 to $3,100/40’HC, and GULF $3,200 to $3,400/40’HC.</li><li>To manage capacity, carriers reduced Asia-USWC capacity by 15% compared to June and Asia-USEC capacity by 10%.</li><li>Blank sailings will continue in August, with OA increasing blank sailings to USEC/GULF, and THEA increasing blank sailings to PNW and USEC.</li><li>Pre-booking 4 weeks with carriers is necessary to secure space, and for some low-price services, pre-booking up to 6 weeks is recommended for safety.</li><li>Despite some recent increases on specific lanes, overall shipping rates remain significantly lower compared to a year ago.</li><li>Carriers are using large blank sailing programs to balance supply and demand and prevent further rate erosion.</li><li>The trend of blank sailings is expected to intensify with the arrival of 2.4 million TEU of additional capacity by Q1 2024.</li></ul>&nbsp;ConclusionsRates -&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.

Ocean Freight Market Updates

<ul><li>ILWU Canada withdraws the July 22 strike notice.The union had initially rejected a tentative wage deal recommended by federal mediators and resumed their strike.</li><li>The Canada Industrial Relations Board declared the strike unlawful and ordered the union to cease the work stoppage.</li><li>A new strike notice was served for July 22 but was revoked a few hours later.</li><li>The British Columbia Maritime Employers Association states that the situation remains fluid and unpredictable.</li></ul>&nbsp;ConclusionsRates -&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.

Turkey → North America

North America → Turkey

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.&nbsp;

Final Thoughts

Freight Market Update - 26 July 2023

Weekly market updates for ocean rates and trends in the US Market

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From the Editor's Desk

Key Takeaways for the USA

Ocean and Freight Market Updates

Market Updates Volume 1 - 5 July 2023

Weekly updates on ocean and air freight rates, market trends, and news from the U.S., China, and Turkey. Covering topics like terminal statuses, equipment availability, and trucking market trends.

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