First came the pullback in spot shipping rates from their historic peak. Then came reports of plunging Asian bookings and mass retail order cancellations, with spot rates falling even faster. Now, all of this is finally showing up at America’s ports. According to Descartes, which aggregates U.S. Customs data, inbound volumes to all U.S. ports totaled […]
Read MoreUSTR formally announced Wednesday that the agency will open a portal on November 15 to receive public comment on “the effectiveness of the (Section 301 / China tariff) actions in achieving the objectives of the investigation, other actions that could be taken, and the effects of such actions on the United States economy, including consumers.” This is the next […]
Read MoreGeneral airfreight spot rates fell -9% year-on-year in September, below the 2021 level for the first time this year, as growing global cargo capacity continues to outpace air cargo volumes, CLIVE Data Services reported. Niall van de Wouw, chief airfreight officer at Xeneta said there are “no indications” demand will increase again. He noted some […]
Read MoreCarriers have boosted the number of blanked sailings, eliminating around 1.5m TEU of capacity over the last 12 weeks to counter plummeting spot rates. However, rates have collapsed by -46.3% over the same period, Xeneta data shows. This is the highest number of blanked sailings on this key trade since January and February, at a […]
Read MoreThe latest 2Q2022 findings of the Container Shipping Market Quarterly Review produced by MDS Transmodal and Global Shippers Forum (GSF), noted that average earnings per container carried had fallen for the first time since 2020. Total container carryings in the second quarter of 2022 also remained lower than the year-ago level in the same period. […]
Read MoreCHINA: The heatwave in China has forced some manufacturers in 19 cities and jurisdictions in China to shut down production for six days due to government-planned power cuts. Manufacturing power disruptions are also reported in Shanghai. The interruption is creating more bumps in the road with the approaching seven-day Golden Week holiday in October as […]
Read MoreOne of the hopes of the trade community when the Biden Administration was sworn in was that “something” would be done about the China 301 tariffs. To this point, there are no changes. In fact, while there was optimism at the outset, the reality is that no one in D.C. has a “better” vehicle for […]
Read MoreThe world’s biggest container lines are on course to post profits in 2022 that will top last year’s record by 73%, according to a new forecast. Net income this year will likely reach $256 billion, roughly equivalent to the gross domestic product of Portugal, based on the 11 carriers monitored by industry veteran John McCown, […]
Read MoreA softening of demand combined with record production of new containers last year has forestalled a container shortage. Despite the significant number of containers held up in North America and Europe, ocean carriers, importers and forwarders said that shippers are not facing difficulties obtaining container equipment in China and other points of origin in Asia. […]
Read MoreOverall, China’s total container volumes have only seen a marginal contraction of 2.5% in April despite pandemic-related lockdowns in Shanghai. Even though Shanghai port recorded a -25% drop in containers handled in April, much of that volume was redirected with seven of the ten largest container ports located in China, The McCown Report assessed. Cargo […]
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