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Competitive Edge
September 6th, 2023
IMPORT: Asia to North America (TPEB)
Recent Developments:
- The Panama Canal’s ongoing low water levels due to a drought are spurring on vessel congestion that may last for months.
- U.S. West Coast dockworkers have voted to ratify the six-year contract agreement, reached tentatively in June, with maritime employers.
Rates: After ascending since late June, rates have begun to cool from their rise. They still remain above pre-pandemic and average contract levels though.
Space: Space is generally open, but certain services have seen tightening.
Capacity: Despite an uptick in volumes and rates, carriers remain conservative on capacity with blank sailings.
Equipment: A new chassis pool at Southeast ports (excluding Charleston) will go live October 1.
TIPS:
- Hold your logistics partners accountable for frequent updates regarding blank sailings, rate increases, or any other forms of market maintenance.
- Establish a firm timeline for future import activity.
IMPORT: Europe to North America (TAWB)
Rates: Rates mirror pre-pandemic levels.
Space: Space is open, except for a few pockets.
Capacity: Major carriers are reallocating TAWB vessel capacity to the Asia-Europe trade.
Equipment: Availability on both origin and destination sides, unless advised otherwise.
TIPS:
- Book at least three weeks prior to the ready date.
- Be aware of how carriers react to their minimal profitmaking on this trade. Aggressive tactics, like blank sailings, may be on the rise in the coming weeks.
EXPORT: North America to Asia
Rates: Rates are low and level.
Space: Space is open but tighter on the Gulf Coast.
Capacity: Capacity is widely available for all services.
Equipment: Availability at virtually all inland points and seaports. However, chassis access remains a wildcard against fluid intermodal movement.
TIPS:
- Book at least two weeks prior to the time of departure.
- Shippers with high volume projects should take advantage of the carriers’ receptiveness to take on these opportunities. Space is wide open with a high acceptance rate.
Watch Our August Webinar!
Topics: U.S. Import Forecast, Argentina’s market/shipping regulations, recent election results, and more!
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Our next webinar is on Wednesday, September 20th, at 9am CST!
We will be announcing topics very soon!
What is Coffee & Cargo? Every month, our experts sit down to discuss what’s currently happening in the shipping industry. Every so often we are joined by special guests, who share their specific expertise and experiences.
Freight News
Upcoming Golden Week
The Golden Week Holiday is set to begin Sunday October 1st and last through Saturday October 7th.
As of August 28th, Sea-Intelligence data via the graph above, shows that container lines have so far blanked just 3 percent of deployed capacity in the run-up to the holiday.
That percentage could change in the upcoming weeks leading up to the Golden Week holiday, as carriers could release additional blank sailings on more of a short notice.
What is Golden Week? It’s a week long break to celebrate its National Day. This holiday results in the reduction of employees working at China’s various ports and terminals. Factories will also experience minimized capacity while workers leave to see their families during this holiday.
Supply Chain Stakeholders Commit to the ‘Declaration of Electric Bill of Ladings’
A variety of supply chain industry associations launched the “Electronic Bill of Lading Declaration,” to help ‘enhance the efficiency, reliability, sustainability, and security of global trade through the use of eBLs.
The recent declaration was signed Tuesday by a variety of supply chain stakeholders including BIMCO, the Digital Container Shipping Association (DCSA), the International Federation of Freight Forwarders Association (FIATA), the International Chamber of Commerce (ICC) and international payment network Swift, known as the FIT alliance.
“The eBL declaration is an opportunity for those in global trade to express their interest and participation in digitalization and work towards a paperless industry,” says Niels Nuyens, head of digital trade at DCSA
Last year, only a little over 2 percent of bills of lading and waybills in container trade were electronic, per the JOC.
The industry stakeholders goal of the declaration, is to get a collective commitment from all parties involved in international commerce to spearhead digital transformation, beginning with the implementation of eBLs, per Trade Finance Global.
Did You Know: USWC ILWU Ratifies New Labor Contract
The time is officially here… the International Longshore and Warehouse Union (ILWU) voted to ratify the new six-year contract with the Pacific Maritime Association (PMA).
The ILWU said 75 percent of their members voted to ratify the deal. This new contract includes a 32 percent salary increase over the six years and a one time bonus for all 20,000 members for their work during the pandemic.
This new contract will expire on July 1st, 2028.
Source: JOC
Interlog 
Insights
This Friday at 10am CST, we will be releasing our September week one insights!
Missed our August Interlog Insights? Check them out here →
A Podcast by InterlogUSA: NEW FreightFM Episode 11
Check out episode 11 – In the News: August Rates, Yellow Corp Bankruptcy, Panama Canal Congestion, and More!
InterlogUSA’s Rachel Thielen and Emily Smith discuss the latest industry news during the episode.
FreightFM features short-form video interviews with InterlogUSA’s industry experts offering insights into breaking news, market trends, our company’s history, and more!
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