Fears Are Rising that Ocean Freight Rates May Surpass US$20,000 with No Relief for Global Trade into 2025
A major global trade inflation indicator is headed in the wrong direction. Rising freight rates are a new source of concern in the global supply chain, with forecasts warning that ocean cargo prices could reach $20,000 – potentially even touch the COVID-era peak of $30,000 – and stay there into 2025.
Worsening Containership Market Keeps the Pressure on Air Cargo
The recent deterioration in the ocean shipping market could be pushing more cargo to airfreight following the impact of the Red Sea crisis.
Panama Canal Increases Maximum Draft Ahead of Schedule
The Panama Canal Authority announced on May 30 an increase in the maximum authorized draft of the Panama Canal’s Neopanamax locks to 45 feet, bringing it closer to the normal limit of 50 feet. This adjustment, originally scheduled for June 15, comes in anticipation of the rainy season in the Panama Canal watershed and the […]
Update: Port of Montreal Labour Negotiations
Isabelle Pelletier, VP, Communications and Public Affairs for the Maritime Employers Association in Montreal, provided an update to CIFFA on labour negotiations at the Port of Montreal.
New FMC Rules on Detention and Demurrage Come into Force
The U.S. Federal Maritime Commission (FMC) revision to detention and demurrage (D&D) rules came into force on May 28, introducing new requirements for billing, time frames and how to dispute unfair charges.
Some Shipping Container Costs Hit $10,000
Companies transporting goods from Asia face costs of as much US$10,000 for an urgent full-size shipping container over the next month – about double current spot rates, according to prices circulating between carriers and importers.
Getting Containers in the Right Place at the Right Time is Now ‘Impossible’
Shippers and forwarders could find it “impossible” to position containers in the right place at the right time, as the global box shortage worsens.
Extreme Hurricane Season Expected in U.S. Could Trigger ‘Carrier Revenge’
For the past two years, shippers have had enormous leverage in the freight market, as excess capacity has kept rates under significant pressure. Shippers, who suffered under the weight of sizable market stress during COVID have inflicted “shippers revenge” on motor carriers.
U.S. East Coast Port Labour Talks Sparking Shipper Contingency Plans
If looming labour negotiations at U.S. East and Gulf Coast ports break down before the September 30 deadline, shippers may divert some cargo away from the East Coast, Port of Los Angeles Executive Director Gene Seroka said on May 20.
Container Shipping Industry Bounces Back with $5.4 Billion Profit in Q1 2024
The container shipping industry has reported profits of $5.4 billion in the first quarter of 2024, marking an impressive turnaround following six consecutive quarters of decline, according to liner industry expert John McCown.