MSC’s growth as the world’s largest container shipping company is continuing unabated despite continuing signs of a near-term softening in the market and falling demand. The carrier, which was tied with Maersk at the beginning of 2022 for the largest carrying capacity, has continued to expand. At the end of last week, two more ultra […]
Read MoreContainer shipping stocks are collapsing as rates and demand for many cargo segments continue to rise. Recession fears are growing almost as much as new job listings. Inflation is spiraling while trucking rates collapse. China decides to print more money as the US Federal Reserve raises rates. Labor negotiations have ground to a halt. The […]
Read MoreBelow-deck capacity has significantly increased in Asian markets with rising long-haul passenger numbers, but freight demand in key markets of Europe and North America is slackening. Air cargo spot rates out of China have fallen sharply through the third quarter and into October, reflecting the supply-demand imbalance. Average rate levels from Shanghai to North Europe […]
Read MoreEffective ocean carrier capacity will be decreased by up to 15% between 2023 and 2024, a result of new global fuel efficiency rules, along with slow-steaming and scrapping. The reduction will occur in spite of a continuous increase in newbuilding deliveries, container shipping analyst Lars Jensen has said. Total container shipping capacity will expand 8 […]
Read MoreWhat is Section 321? Section 321(a)(2)(C) of the Tariff Act of 1930, as amended, authorizes CBP to provide an administrative exemption to admit free from duty and tax shipments of merchandise (other than bona fide gifts and certain personal and household goods) imported by one person on one day having an aggregate fair retail value […]
Read MoreNew Final Rules and Regulation Updates Take Effect December 2022 —U.S. Customs and Border Protection (CBP) announced changes to Part 111, Chapter 19 of the U.S. Code of Federal Regulations (CFR) will take place October 18, 2022, with the publication of two Final Rules: “Modernization of the Customs Broker Regulations” (87 FR 63267) and “Elimination […]
Read MoreMultiple indices continue to report steep declines in the consolidated shipping market. Maritime consultants Drewry lowered its demand outlook for 2022 to 1.5%, and to 1.9% for 2023 following heavily downgraded GDP predictions. The consultancy suggested carriers would take defensive action such as demolishing older, high fuel consumption vessels and deferring orders of newbuilds to […]
Read MoreContainer shipping lines are focusing on capacity management as rates plunge and shippers continue to reduce volume. Although the industry had expected market normalization at this time of the year, the changes have come about so suddenly it has forced container carriers to accelerate cuts in capacity by blanking sailing to slow the downward […]
Read MoreFirst 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 […]
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