The average contract cost to ship a container from China to the U.S. West Coast fell from $8,607 last April to $2,618 in February Retailers in the U.S. hope to slash shipping costs and save millions of dollars when they sit down later this month to negotiate long-term contracts with ocean carriers following last year’s […]
Read MoreThe January inflation rate was slightly higher than expected, with the government reporting a 0.5% increase compared to economists’ expectation of a 0.4% increase. In the past year, inflation has risen by 6.4%, which is 0.2% higher than expected. The core rate, which excludes food and energy prices, rose by 0.4% in January, which […]
Read MoreAccording to the Baltic Exchange Airfreight Index (BAI), the rates paid for airfreight services from Hong Kong to North America and Europe in January 2023 have declined year-over-year, but still remain 67.8% higher than pre-COVID levels. The elevated rates can be attributed to a combination of factors including higher fuel prices, a shortage of belly […]
Read MoreThe ports of Long Beach and Los Angeles have released a final report on the current state and overall feasibility of using clean, heavy-duty drayage truck technology throughout the San Pedro Bay port complex. The two mega container ports in California have jointly released a draft assessment in August 2022 for public review and comment. […]
Read MoreChina said on Friday that cross-border travel between the mainland, Hong Kong and Macau would fully resume from Monday Feb 6th, dropping existing quotas and scrapping a mandatory Covid-19 test that was required before travelling. Group tours between China and the two special administrative regions will resume, while the number of Customs checkpoints open will […]
Read MoreGlobal Ocean carriers reached the top of the bullish market in 2022 by realizing high profits largely due to tight capacity and exceptionally high container rates. In fact, analysts at Blue Alpha Capital project that the world’s biggest container lines are on course to post profits in 2022 that will top 2021’s record by 73%. However, […]
Read MoreOceans play a critical role in regulating global climate, supplying oxygen to the atmosphere, hosting various species of marine life and providing food for millions of people. Absorbing CO2 from the atmosphere, the oceans are also vital for reducing global warming, while they are vital for the very existence of shipping. At the same time, […]
Read MoreIn recent weeks, about 1,500 comments were filed with the United States Trade Representative (USTR) concerning the tariffs imposed by the Trump administration—and maintained by the Biden administration—on imports from China as a result of the recent trade war. The majority of the comments paint a bleak picture: the tariffs have—contrary to unsupported assertions you may have […]
Read More2022 saw many disruptive events impact the global freight market, and we’re bound to witness some spillover from last year on air rates and volumes in 2023. In January and February last year, air freight volume was sky-high, seeing an accumulative 4% year-on-year growth compared to 2021. But this growth dropped from mid-April 2022. […]
Read MoreThe drop in the cost of shipping containers will help reduce price pressures, Jonathan Ostry, a professor at Georgetown University and the former acting director of the International Monetary Fund’s (IMF) Asia and Pacific department wrote in a post on the IMF’s website. In a previous IMF study by Ostry and four colleagues examining the […]
Read More