Chinese container exports which typically spike in the weeks leading up to Chinese New Year (CNY), faced a drop in prices and continues to downtrend, performing the worst in 13 years, according to chief shipping analyst at BIMCO, Niels Rasmussen. “Spot rates for containers loading in Shanghai will normally be 12% higher just before […]
Read MoreDrewry’s WCI Asia-North Europe index recorded a 10% increase in the spot rate reading from pre-Christmas levels yet, export demand to North Europe ahead of the Chinese Lunar New Year (CNY) remains dampened and that is expected to continue post-holiday. Lars Jensen, CEO of Vespucci Maritime says the rate spike on the tradelane needed to […]
Read MoreA slowdown in production typically takes place in the period around the Chinese Lunar New Year (CNY) with shipping lines blanking sailings to balance supply with demand. Yet, despite a market faced with stagnated demand growth and declining freight rates, carriers have not acted to reduce additional capacity during CNY 2023. Sea-Intelligence data […]
Read MoreForwarders operating in South China say shippers will face higher freight costs on barge and trucking because of pandemic-related disruptions and the approaching Lunar New Year Holiday. Most feeder services will be suspended between the hub ports of Hong Kong and Shenzhen and second-tier ports in Southern China around January 16. This is so that […]
Read MoreThe International Air Cargo Association (TIACA) predicts the next 12 months will be challenging for air cargo demand as the market faces reduced consumer spending due to high inflation, high-interest rates, high energy costs, and concern over job security. TIACA expects national economics to have a significant influence during the first half of 2023. It […]
Read MoreThe ATA’s For-Hire Truck Tonnage Index decreased a further 2.5% in November following a drop of 1.2% in October. The Tonnage Index is largely calculated on contract freight, rather than the spot market freight. “For-hire truck tonnage saw the largest single monthly decrease in November since the start of the pandemic and a total drop […]
Read MoreThe European Union (EU) and European Parliament reached an agreement on December 17, 2022, to reform the EU Emissions Trading System (ETS) which now includes the maritime sector under the scheme. Going forward, shipping companies will have to pay for carbon emissions in Europe. The new regulation will take effect by 2024, with a phase-in […]
Read MoreThe ports of Los Angeles and Long Beach have announced plans to phase out the program created to ease severe congestion on the West Coast. The container dwell fee policy will end on January 24, 2023. Neither port had ever issued the fee since it was announced on 25 October, 2021. The two ports combined […]
Read MoreBelow is a listing of Federal Holidays for Calendar Year 2023. 2023 Holiday Schedule Date Holiday Monday, January 02 * New Year’s Day Monday, January 16 Birthday of Martin Luther King, Jr. Monday, February 20 ** Washington’s Birthday Monday, May 29 Memorial Day Monday, June 19 Juneteenth National Independence Day Tuesday, July 04 Independence Day Monday, […]
Read MoreA key finding from Boston Consulting Group’s (BCG) new report “Customers’ Willingness to Pay Can Turn the Tide Towards Decarbonized Shipping” shows the urgency to address climate issues in the sector have grown. Of those surveyed, 82% are prepared to pay extra for CO2-neutral transportation, up from 71% a year ago (see Figure). The […]
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