The Year of the Dragon: Promise of Prosperity for Carriers or Shippers in 2024?

Panama Canal

The authority stated they will maintain 24 authorized transits per day until April. If rains arrive in May as expected, the canal plans to progressively increase daily slots, aiming to return to about 36 vessels per day, its normal number during the rainy season. If rains are short of expectations, the authority could apply further restrictions to either daily passage or draft, a vessel’s maximum depth.

Suez Canal

Due to conflict in Red Sea, we may start to see some disruption to equipment across the globe especially in Europe.

Asia to North America

There may be a Post-Lunar New Year rush, but not enough to warrant rate increases. While carriers will do their best to keep rates elevated using a blank sailing program (cutting 30% of sailings) we anticipate the market will soften from the Feb highs.

To mitigate the disruption of operational challenges (sailing schedule adjustment, vessel downsized, equipment shortages, rollover, etc.), shippers can explore premium services offered by liners with higher cost to get guaranteed space and equipment and to shorten delays.

Europe to North America

Rates have increased to their highest level since June 2023

Asia to North America

Air freight rates remain elevated.

Expect significant blank sailings in February.

For time sensitive cargo:

• East Coast: we recommend shipping to West Coast and either transload or connect to rail option if available
• Use Premium Services offered by carriers to guarantee space and equipment and reduce delays.

MILLION

Projected container imports into major U.S. ports in February, in 20-foot equivalent units, up 2.8% from January’s estimated imports and 20.4% ahead of February 2023.
Source: Global Port Tracker.

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