The global freight forwarding market faced a downturn in 2023. According to the Global Freight Forwarding 2024 Report from Ti insight, market performance contracted by -1.3%, in real terms. The decline was brought on by a global economic slowdown, changes in consumer behavior, and oversupply. The market’s weak performance was evidenced by a -2.1% decline
Local 13 of the International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA), which represents terminal operators and shipping lines, have come to an agreement involving manning requirements for cargo-handling equipment at conventional container terminals in Los Angeles-Long Beach, sources report. With this development, a major hurdle has been overcome as it
lobal supply chains are still dealing with a turbulent and difficult operating environment. A softening in the demand for imports is expected for major economies in the coming months. Spending capacities in Europe and in the U.S. have weakened. In China, strict COVID restrictions spanning the country’s key ports continue to have a ripple effect
Political tensions between the U.S. and China are contributing to lower container shipments between the world’s two largest economies, on top of an already-underway reshaping of global trade, according to a major shipping industry boss. “We are seeing a de-leveraging of trade between the U.S. and China,” Jeremy Nixon, chief executive officer of Ocean Network
Stephen Lyons, the White House’s supply chain envoy involved in the talks between West Coast unions and employers, expressed optimism that a tentative deal is within reach. “The reflections I’m getting from both sides are positive, meaning we should see tentative agreements soon,” Lyons, a retired Army general, said in an email on May 10.
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