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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.

For First Time in Two Decades, U.S. Buys More From Mexico Than China
The United States bought more goods from Mexico than China in 2023 for the first time in 20 years, evidence of how much global trade patterns have shifted.
– Read More

Exclusive: Panama Canal does not plan transit restrictions at least until April
The Panama Canal sees no need for further vessel transit restrictions until at least April, when its authority will evaluate water levels at the end of the dry season, Deputy Administrator Ilya Espino told Reuters.
– Read More

ILA gives chapters mid-May deadline to reach agreement on local issues
The International Longshoremen’s Association (ILA) is looking to kickstart stalled negotiations for a new labor deal by giving its local unions a mid-May deadline to complete port-level bargaining talks, the preliminary step toward a contract that would cover all ports along the East and Gulf coasts.
– Read More

Ships diverted from Red Sea pump out more emissions in bid to speed up
Emissions from container ships, car carriers and dry bulk ships diverting from the Red Sea are set to increase as much as 70 per cent as vessel operators increase speeds to compensate for the longer route around the Cape of Good Hope.
– Read More

Wan Hai to replace Hapag in THEA? Its fleet is too small, says analyst
Wan Hai Lines could fill the gap in THE Alliance left by Hapag-Lloyd’s departure, according to Yang Ming’s ex-chairman Bronson Hsieh.
– Read More

Victory for US truckers, who can now choose their own chassis provider
The US Federal Maritime Commission (FMC) has ruled in favour of the American Trucking Association (ATA), upholding a decision allowing US truckers to choose their own chassis provider.
– Read More

Questions? All you have to do is contact us.

#makingtheworldsmaller

 

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