Across International Shipping: News and Developments
[Labor] Port of Montreal Overtime Strike Continues: Unionized dockworkers at the Canadian port are indefinitely engaged in a partial strike against overtime work. This means all Port of Montreal terminals are still open, but dockworkers will not be working overtime as part of their duties.
[International Business] MSC Acquires Brazilian Port Operator: The world’s largest ocean carrier MSC will capture a majority 56 percent stake in Brazilian ports and logistics operator Wilson Sons valued at $768 million.
MSC will end its 2M Alliance with ocean carrier Maersk on Jan. 31 and is widely expected to roll out a standalone network early next year. The Wilson Sons acquisition is another move to buff its service coverage around the world.
IMPORT: Asia to North America (Transpacific Eastbound)
Rates: Rates have slightly decreased from the beginning of October. All ocean carriers renounced mid-October surcharges related to the now-defunct longshore strike.
Congestion: Mild congestion related to the longshore strike in early October has diminished. Cargo handling operations at USEC/GC ports are presumed normal.
Space: Post-Golden Week bookings have not strained vessel space on China-U.S. services.
TIPS:
- As the year reaches its end, Q4 can be the right time to get a head start on your 2025 transportation and logistics strategies. While business needs can vary, in most cases, a discussion and evaluation of service providers (carriers, forwarders, Customs brokers, etc.,) should be top of mind, especially as it relates to any potential shortcomings in existing providers throughout 2024.
IMPORT: Europe to North America (Transatlantic Westbound)
Rates: Aside from a traditional round of peak season surcharges (PSSs), rates have generally shown little change since August.
Capacity: Available capacity at Europe ports have shown some signs of strain.
EXPORT: North America to Asia
Harvest Season: The peak season for U.S. agriculture exports is underway. Outbound rail and barge volumes to U.S. ports surge.
Rates: Rates are healthy given seasonal demand from agriculture exports.
Space: Exporters can return to moving outbound loads via East Coast railroads or river barges to the Gulf Coast as the strike has ended.