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: Ocean carriers have implemented general rate increases (GRIs) today (May 1) for the first half of May. The increase varies between $1,500 to $2,000 per forty-foot container unit and applies on all Southeast and Far East Asia origins to U.S. coasts.
Space: Space has tightened, partially to rising demand, but also carrier-enforced blank sailings.
Capacity: Generally speaking, capacity is in a healthy state, utilized productively across the market.
Equipment: No significant bottlenecks or equipment deficits to report across U.S. gateways.

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!

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 levelled off through the first half of April.
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.

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.