Senators Bill Cassidy (R-LA) and Catherine Cortez Masto (D-NV) have recently introduced a discussion draft for the Customs Facilitation Act of 2024, a legislative effort aimed at streamlining and modernizing the customs process in the United States. This initiative is a significant step towards reducing the bureaucratic hurdles that currently impede efficient trade operations. Here’s…
In a move to regulate the shipping industry, the Federal Maritime Commission (FMC) has introduced a new rule designed to enforce the Ocean Shipping Reform Act of 2022. This regulation targets the issue of ocean carriers refusing to provide cargo space to U.S. exporters without a valid reason. Effective from September 23, 2024, the rule…
Year over year, cargo theft has surged to unprecedented levels, posing a significant threat to logistics and supply chain industries. The increase in incidents has raised alarms among freight companies and their customers, as losses amount to millions of dollars. We’ll delve into the statistics behind the trend, explore various types of cargo theft, share…
Overall This week, the Drewry composite index experienced a 4% increase, yet it has registered a 256% increase compared to the same period last year. Additionally, the average index for the year-to-date significantly exceeds the 10-year average, highlighting the lasting impact of the exceptional conditions during the 2020-2022 period. Freight rates between various ports have…
Shipping is a massive industry, it’s global, and it’s absolutely essential. Without it, the world grinds to a halt. But, there’s a catch—it’s also a significant contributor to global carbon emissions. Logistics companies, from ocean liners to air freight giants, are now on a mission to become greener. They’re investing in everything from alternative fuels…
Imagine, you’re a small business owner who’s just landed a massive order for your custom-designed 4th of July t-shirts. Congratulations—you’re thrilled, and the production line is buzzing. But then, a grim reality check arrives as the cost to ship your goods across the ocean has doubled since your big order just last month. What’s going…
As we approach the peak season, ocean freight rates are experiencing a significant surge, creating challenges for businesses dependent on international shipping. Several factors contribute to this rise, including increased port congestion, tight vessel capacity, and a sudden surge in demand. This article delves into the reasons behind the skyrocketing freight rates and what it…
The U.S. Trade Representative (USTR) recently published a notice in the Federal Register granting the extension of the existing China Section 301 Exclusions including the 352 previously reinstated exclusions and the 77 COVID-related exclusions. These exclusions have been extended to June 14, 2024. Additionally, the notice further extends certain product-specific exclusions to May 31, 2025. In the Federal Register notice, the…
Overview of Recent Developments The Biden Administration has initiated significant modifications to the Section 301 tariffs on Chinese imports, reflecting a strategic recalibration of trade policies. These changes come after an extensive review and public comment period aimed at addressing the economic and strategic implications of the tariffs initially imposed under the previous administration. Public…
Overall This week, the Drewry composite index experienced a 4% increase, yet it has registered a 151% increase compared to the same period last year. The World Container Index (WCI) is now 198% higher than the average rates before the pandemic in 2019. Additionally, the average index for the year-to-date significantly exceeds the 10-year average,…