Freight Rates in the US and EC: The freight rates in the US and EC (European Community) remain low and have not significantly recovered since the general reductions in Q4. Rates vary, with some carriers offering less than $1,000 per 40-foot container. However, Hapag Lloyd, after a General Rate Increase (GRI) on November 15th, raised…
The shipping industry, particularly concerning spot rates and their implications for 2024 contracts, presents a complex and evolving scenario. In the last weeks of 2023, container lines’ financial outcomes for 2024 hinge significantly on their ability to increase spot rates. A failure to do so would result in considerably lower annual contract rates compared to…
The Indo-Pacific Economic Framework for Prosperity (IPEF), a U.S.-led initiative launched in May 2022, has made significant strides in fostering economic collaboration across the Indo-Pacific region. The recent developments in the IPEF, particularly in three of its four key pillars, mark a notable advancement in regional economic cooperation and sustainability. Recent Developments In November…
As the world of freight and logistics continues to evolve, understanding the latest strategies is ever more crucial for businesses to stay ahead. A comprehensive study released by Freight Waves with a focus on North American supply chains offers vital insights into the industry as we approach 2024. Here are some of the main discussion…
Breaking Down the Administration’s New Actions to Strengthen America’s Supply Chains In a significant move to bolster America’s supply chains, President Biden announced over 30 new actions, marking a pivotal moment in the Bidenomics agenda. The fact sheet details a comprehensive strategy to strengthen critical supply chains, reduce costs for families, and fortify key sectors.…
Overall Demand, especially in US container imports has been consistent in line with pre-COVID peak season patterns. The consensus among ocean carriers and ports is that volumes will increase as holiday goods are shipped. This is expected to provide some support to spot rates through early fall. As of November 30, Drewry’s World Container Index…