Shippers worried about not being able to secure capacity for the upcoming peak season are rushing to book space and equipment on the Trans-Pacific container market. Container spot rates from Asia to the U.S. West and East coasts have steadily increased since April. Year-over-year, U.S. imports from Asia are up 18.2% through May 2024, according
With freight costs rising due to supply chain volatility, managing freight spend is a key concern for shippers and forwarders, according to a Xeneta poll. In the company’s mid-year update, CEO Patrik Berglund described the volatility in 2024, pointing out an initial spike in spot rates on key Far East trades at the beginning of
Water levels at the Panama Canal are close to normal, allowing more large ships to pass through and carry more cargo. Starting in August, the Panama Canal Authority (ACP) will let nine neo-Panamax ships and nineteen super-Panamax ships transit daily. The canal will be handling 35 ships per day, up from 24 in May. The
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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