The intra-Asia shipping market is experiencing a vessel shortage with smaller container ships being reassigned to more profitable long-haul routes. Consequently, it has increased freight rates significantly. Data from the Shanghai Containerized Freight Index shows that Shanghai-Southeast Asia rates have increased from $756 per TEU on July 12. According to the Korea Ocean Business Corp’s
Europe’s two biggest ports, Rotterdam and Antwerp-Bruges, saw increased freight volumes in the first half of 2024. Rotterdam handled 6.8 million TEUs, up 2.2% from last year, while Antwerp-Bruges handled 6.6 million TEUs, a 4.1% increase year-over-year. Rotterdam Port Authority CEO Boudewijn Siemons attributed the port’s growth to higher demand for consumer goods and an
The Port of Long Beach is expanding its rail yard in a $1.5 billion project called “America’s Green Gateway”. The project will triple the port’s rail cargo capacity, connecting it to 30 major rail hubs across the U.S. By improving rail operations and decreasing reliance on cargo trucks, the expansion aims to reduce environmental impacts,
A potential Canada-wide rail strike has caused some intermodal rail freight to shift to the U.S., according to Canadian National Railway (CN). CN CEO Tracy A. Robinson reported a significant drop in intermodal volume since late May, with a -17% decrease from May 12 to July 14. Overall rail volume dropped -8% in the same
Container shipping capacity has increased by 1.6 million TEU since the beginning of 2024, marking an 11% year-over-year increase to 29.5 million TEU. According to Niels Rasmussen, chief shipping analyst at BIMCO, this is the fastest growth in 15 years. The 12,000-17,000 TEU ship segment has expanded the most, making up 22% of the container
Hapag-Lloyd CEO Rolf Habben Jansen has raised concerns about the growing likelihood of a longshore strike that could close ports along the U.S. East and Gulf coasts, noting that the risk has increased since earlier in the year. Shippers have already responded by frontloading cargo in anticipation of possible disruptions. The potential strike revolves around
US retailers do not anticipate a slowdown in imports for the second half of 2024, driven by a near-record surge in August as retailers fast-track shipments ahead of potential longshore labor strikes at East and Gulf Coast ports. Despite earlier predictions that imports would taper off due to front-loading of cargo earlier this year, the
Ocean carriers on the trans-Atlantic route have announced peak season surcharges (PSSs) set for September 1, 2024, in an effort to reverse the ongoing decline in westbound rate levels, despite a 7% increase in US import volume from North Europe during the first half of the year. This marks the first rate increase attempt since
According to the “State of Logistics” report by the Council of Supply Chain Management Professionals (CSCMP), U.S. logistics costs dropped 11% in 2023 to $2.4 trillion. Despite the reduction, U.S. business spending on logistics is still high, following a 22.4% increase in 2021 and a nearly 20% rise in 2022. Many logistics companies recognize supply
According to the United Nations Conference on Trade and Development’s (UNCTAD) July trade update, global trade rose in Q1 2024 with goods up by 1% and services by 1.5%. This increase could add $200 billion to the goods trade and $100 billion to the services trade. The world economy is expected to grow 3% in
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