Competitive Edge
April 24th, 2024
Stay Current with InterlogUSA
Latest Industry Happenings and Market Updates:
IMPORT: Asia to North America (TPEB)
Recent Developments:
- U.S. import volumes from Asia are rising, leading to upgrades in retailers’ first-half 2024 import forecasts.
Rates: Rates have dipped in the last week, however a healthier presence of demand is likely to reel them in from falling to a further extent. Â Â Â Â
Space: Space is mostly open but has tightened in pockets.
Capacity: Ocean carriers are reducing their instances of blank sailings and increasing capacity in this market.
Equipment: Generally speaking, there are no significant bottlenecks or equipment deficits across U.S. gateways. However, at its Atlanta ramp, railway Norfolk Southern is unloading containers and staging them in their yards prior to loading them onto trucks, resulting in added dwell time and potential fees.
TIPS:
- Hold your logistics partners accountable for frequent updates regarding current market conditions and routing impacts.
- As the market shows indicators of heating up, familiar yourself with the potential hurdles that can occur amid tightened capacity and delays in handling.
IMPORT: Europe to North America (TAWB)
Recent Developments: For the latest scoop on the transatlantic market, refer to last week’s blog!Â
Rates: Rates are steady, gradually increasing as demand strengthens.
Space: Space is open.
Capacity: Reassuring demand from U.S. importers has prompted better utilization of available capacity.
TIPS:
- Book at least three weeks prior to the ready date.
- Keep an eye on East Coast labor uncertainty as a coastwide strike could occur in October if no contract is settled between dockworkers and maritime employers.
EXPORT: North America to Asia
Rates: After recovering in mid-March, rates have leveled off through the first half of April. Â
Capacity: Space remains open, particularly from West Coast ports.
Equipment: Export containers are being diverted to other East Coast ports of loading following the Port of Baltimore’s indefinite suspension to ship traffic. Â
TIPS:
- Insufficient communication with sailing schedules can lead to higher detention and demurrage fees as well as higher trucking and storage costs. Ensure your logistics partners are not keeping you and your cargo in the dark.
Freight News
The Panama Canal Increasing Daily Transits in mid-May, June
The Panama Canal Authority put out a press release to explain the increase in daily transits through the Canal in the coming weeks.
Here’s what we know:
— The Gatun Locks will receive some maintenance work from May 7th through the 15th. This will result in a temporary reduction in daily transits at the Panamax locks from 20 to 17.Â
— Starting May 16th, the Canal will raise their total number of daily transits from 24 to 32.
— The maximum permitted draft for vessels that transit the Neopanamax locks will see a boost (45 feet) which is up from the current limit (44 feet).Â
Port of Portland's Container Business Ending in October
The Port of Portland will suspend their container operations in October this year. The port lists an increase in financial losses, lack of state funding and the failure to find a permanent third-party operator search as reasons for the ending of their container operations.
This isn’t ideal news for agricultural and seafood industries that use the port. With these container operations ending, those shippers will have to truck goods through other ports, which will increase costs.
In a statement, the port says they will continue to handle their Ro/Ro car and vehicle operations, break bulk and heavy cargo. They will continue to search for future alternatives, but in the meantime they do not have the necessary funding to maintain container operations.
They also mention how the port lost more than $30 million from the container operations in the last three years, despite seeing volumes steadily increasing. Â
Did You Know? With Johnny Cargo!
Johnny Cargo sure knows a lot! Other than fun and random facts however, Johnny also can provide insight into InterlogUSA’s many service and pricing options. He is always available for a quick conversation. Click here to chat with Johnny Cargo.
Interlog 
Insights
Last week we discussed the Transatlantic trade lane, as well as Q1 container volumes at some of the top global ports.
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