Durban Warns It Could Take 15 Weeks to Clear Backlog as 60 Ships Wait
Port officials in South Africa are reporting it is likely to take until 2024 and possibly till February to clear the current congestion that has built up at the container port in Durban.
More Surcharges Loom for Shippers as Panama Canal Restrictions Tighten
French carrier CMA CGM is set to become the first major carrier to apply a new surcharge on shipments transiting the Panama Canal, in response to the ongoing capacity reductions.
Container Capacity Growth is Unsustainable Warns Sea-Intelligence
Overcapacity for the key liner trade routes remains rampant, meaning that carriers are facing tough decisions as the end of 2023 approaches, according to a new analysis from Sea-Intelligence. It points out that carriers failed to make anticipated adjustments after the Chinese Golden Week celebration at the beginning of October, leaving the industry in a […]
Mother Nature Contributes to Pushing Up Airfreight Rates
Airfreight rates continued to rise last week as weather conditions, volcanic activity and wars put capacity under pressure.
More Shipping Lines Set to Plunge into Losses in Q4
Ocean carrier operational profits fell below pre-pandemic levels in the third quarter – and results for Q4 are likely to be a whole lot worse.
‘Dire’ Scenario for Shipping Lines More Likely as Spot Rates Fall Back
There’s a lot at stake for container lines’ 2024 bottom lines in the last few weeks of 2023. If lines can’t push up spot rates very soon, next year’s annual contract rates will reset much lower versus this year’s.
Pricing Index Shows Airfreight Rates Creeping Steadily Upwards
The August to September uptick on airfreight rates on major Asia-outbound lanes is gradually continuing, pricing analysts say.
Heightened Cargo Theft Trends Continue in Q3
In a trend that shows no signs of slowing, cargo theft for the third quarter of 2023 increased 59% year-over-year after comparable increases in quarters one and two, according to a report from freight security network CargoNet. CargoNet recorded 692 instances of theft across the U.S. and Canada last quarter, largely as part of a […]
Ocean Carriers Are Driving the Rates Race to the Bottom – ‘They’re All at It’
Carriers are themselves driving the rates ‘race to the bottom’ they warned would lead to a “dire situation” in 2024 – Maersk singled out as one of the worst offenders.
Flights Get Longer as Airlines Are Forced to Skirt War Zones
The Middle East has long been a global crossroads for air travel, with hundreds of aircraft bisecting the region every day on long-distance journeys connecting the U.S., Europe and Asia.