Freight Rate Update – October 2018
Ronald Vincent | M.E. Dey & Co.
Here is the latest update on current freight rates for both Import and Export cargo. M.E. Dey provides the best possible rates available to our clients by reviewing various carrier options. We’ll keep you advised and informed as trade updates are announced.
TransAtlantic Westbound (import)
- Rates remain stable. Space has loosened up a bit. As the holiday season approaches, we encourage customers to book as early as possible.
TransAtlantic Eastbound (export)
- Rates remain stable. We have seen some rate increases for Caribbean and South American destinations. Space remains tight on many lanes as export volumes continue to increase.
- We encourage customers to book at least a week in advance.
Trans-Pacific Westbound (export)
- Rates remain stable. Space remains tight on many lanes as export volumes continue to increase.
- With some carriers we are having to book 2 weeks in advance.
Trans-Pacific Eastbound (import)
- The September 1st GRI stuck which increased rates by $ 700 – $ 1000 per 40’ container.
- However, the September 15th GRI was cancelled. As well, the October 1st GRI has been cancelled. There is a GRI scheduled for October 15th, but we are hearing that this GRI will probably be cancelled as well.
- With the Golden week holiday taking place next week, carriers have cancelled some vessel calls.
- The projections we received this week are that at the end of October space will be freed up and that at the moment rates are expected to decline in November and December.
- However, with the implementation by the U.S. of the ‘list 3’ additional duties on September 24th we are waiting to see if this will create a rush at the end of year. The list 3 duties are 10% at the moment, but will increase to 25% on January 01, 2019.
- We encourage all customers to book at least 2-3 weeks in advance.
As mentioned in our recent newsblasts, truck power remains in high demand in many U.S. markets. Chicago continues to see very tight capacity.
M.E. Dey monitors the spot rate market daily. We work to find the best rate and service combination for our customers and pass our savings onto our customers.