Asia-Europe spot freight rates temporarily rose after 15 weeks of decline as carriers implemented general rate increases (GRIs) on ex-Asia shipments. Drewry’s World Container Index (WCI) showed an 8% rate jump on Shanghai-Rotterdam routes and an 11% rise on Shanghai-Genoa routes. Despite this uptick, industry experts are seeing the increases as temporary. Market feedback suggests
Canadian ports face potential disruptions as labor tensions rise on the East and West coasts. Port employer B.C. Maritime Employers Association (BCMEA) in British Columbia received a 72-hour strike notice from the International Longshore and Warehouse Union (ILWU) Local 514, representing approximately 700 foremen. In response, the BCMEA has issued a lockout notice that will
The U.S. government is awarding US$3 billion in investments to strengthen the country’s port infrastructure, boost jobs, and reduce pollution at 55 ports across 27 states and territories. The US$3 billion investment will fund “… battery-electric and hydrogen-powered human-operated and human-maintained equipment, including over 1,500 units of cargo handling equipment, 1,000 drayage trucks, 10 locomotives,
Global maritime trade rose 2.4% in 2023 to 12.3 billion tons. According to the Review of Maritime Transport 2024 released by the United Nations Trade and Development (UNCTAD), shipping volumes are forecasted to grow 2% in 2024, with annual increases averaging 2.4% expected through 2029. However, the report warned that high freight costs and geopolitical
Schedule disruptions on the North-South trade lane have resulted in port delays, which are spreading across South America’s East Coast. Vessels arriving late from the U.S. are causing delays for cargo leaving ports in Brazil, Argentina, and Uruguay. JOC analyst and CEO of Vespucci Maritime, Lars Jensen, previously warned that the ripple effects from the
As dock workers announced a 24-hour strike starting Sunday, 27 October at 7 am, Montreal’s port faces another wave of disruption. The Maritime Employers Association (MEA) has warned that the strike’s impact will extend beyond the one-day stoppage. “We recall that the strike called on 30 September by the union paralyzed operations for three days
Airlines are increasing capacity on Asia Pacific-North America routes as the disruptions from China’s Golden Week eases and preparations for the Christmas rush begin. The U.S. National Retail Federation (NRF) expects holiday spending to rise between 2.5% and 3.5% compared to last year, with e-commerce projected to grow between 8% and 9%, reaching $297.9 billion.
Drewry reports that three million TEUs of new shipping capacity expected in 2025 will not ease the challenges shippers face as disruptions and rising costs are expected to keep freight rates high. Drewry analyzed scenarios with and without potential U.S. East Coast port strikes in January. In both cases, rates are expected to climb. Philip
According to Lars Jensen, CEO of Vespucci Maritime, the U.S. East and Gulf Coast port strike that took place in early October, will reduce capacity on certain trade routes and could disrupt cargo frontloading ahead of another potential work stoppage in January. Although the strike was brief, Jensen warned that its ripple effects will continue
The Port of Montreal has warned shippers that an overtime strike by union dockworkers at the Port of Montreal could shut down cargo operations across its four main international terminals. Canada’s Labor Minister, Steve MacKinnon, has proposed appointing a special mediator to restart negotiations and implementing a 90-day cooling-off period during which the longshore union,
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