Rates Still Slipping as Peak Season Recedes and Port Strike Threat Subsides
Freight rates are continuing their downward correction following the premature peak season and front-loading of volumes, leaving shipping lines facing an underwhelming winter.
Drewry Predicts Freight Rates Will Stay High Next Year, with No Respite for Shippers
Some 3 million TEU of new tonnage arriving next year will most likely be “more than offset” by further market disruption, ensuring no respite for embattled shippers, according to Drewry.
Overtime Ban at Port of Montreal Goes On as ‘Special Mediator’ Is Rejected
Canadian shipping stakeholder hopes of a prompt resolution of the dispute at the Port of Montreal have been quashed, after Canadian Minister of Labour Steven MacKinnon’s proposal for “special mediation” was rejected.
Air Cargo Spot Rates Hit 2024 Peak, While Vietnam Becomes a Hotspot
As of Friday last week, air cargo spot rates had risen to their highest level this year, despite the recent Golden Week holiday in China.
10 Ports Still Closed on Thursday in Hurricane Milton’s Aftermath
Ten ports, including two of Florida’s key commercial ports along the Gulf Coast, remained closed Thursday in the wake of devastation caused by Hurricane Milton.
Overtime Strike Begins at Port of Montreal
During this partial strike of indefinite duration, all Port of Montreal terminals will remain open, but Port of Montreal longshoremen will not be working overtime as part of their duties.
Trans-Atlantic Shipping Faces Major Capacity Reductions
The three-day strike at U.S. East and Gulf Coast ports will worsen existing European port congestion and greatly reduce Trans-Atlantic shipping capacity in October, Sea-Intelligence predicts.
Red Sea Diversions Keep Ocean Freight Rates High, Shapes Global Trade Routes
Global shipping saw a 17.2% increase in TEU-mile demand in 2024 due to vessel diversions around the Cape of Good Hope, according to Xeneta. To counter longer transit times, the global fleet will expand by 4.5% in 2025, though at a slower growth than in 2024.
Disputed CN Rail Hub in Milton Gets Go-Ahead from Federal Court
There’s been a major development regarding the construction of a quarter-of-a-billion dollar rail hub in Milton.
Hapag-Lloyd Introduces Low-Water Surcharge from North Europe and Mediterranean to Canada
Hapag-Lloyd will implement a low-water surcharge from North Europe and Mediterranean to Canada, effective October 14.