Americas
Panama Canal
Starting this November, the Panama Canal Authority will reduce daily transits from 36 to 31, potentially introducing delays of 2-3 days for container services. However, even with these delays, it remains a quicker route for most Asia ports than the Suez Canal. For time-sensitive and heavy cargo, consider alternative routes via the U.S. or Canadian West Coast or explore rail and trucking options.
Sea Freight
Europe → North America
Market rates are lower than pre-pandemic market as carriers try to implement blank sailing strategy.
Asian + Indian Subcontinent
Carriers continue to flex their blank sailing muscle to manage capacity and rates. Carrier discipline will determine how effective the Nov GRI is and how long it will stick. Creating artificial demand has not proven to be a successful strategy for the carriers.
Air Freight
Asia + Indian Subcontinent
TAC Index data shows rates out of China to the US up 6%, and up 4.6% to Europe, in the past month – but, out of Hong Kong, rates grew 14% to North America, and 9.7% to Europe.
Freightos’ FAX shows bigger jumps: rates from South Asia to North America have jumped 12.5% since the start of October; and there was a hefty 21% rise from South Asia to Europe – in the 100kg to 300kg category.
Need Help Navigating the Current Freight Market? Contact our Procurement Team
In Other News…
- De minimis Demise on the Horizon for China’s e-commerce firms – Discount retailers Shein and Temu attract American shoppers at a rapid clip while shipping tax-free with little customs scrutiny
– Read More -
Multistory warehouse for final mile – A growing number of multistory warehouses are likely to pop up in cities across the US in the coming decade as logistics providers seek to expedite the final-mile delivery of goods in congested urban areas, according to a major industrial real estate developer.
– Read More -
Retailers flex on their inventory management skills – Going into Q3, many major players cleaned up their inventories after last year’s surge in stock levels, with benefits to margins. Not everyone fared equally, however.
– Read More - The Details of the UPS 2024 GRI – Airfreight rates are beginning to “soar”, according to one Chinese forwarder, and airfreight indices have shown decent growth since 1 October.
– Read More
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