North America Import Ocean Freight Update
OCEAN FREIGHT UPDATE
Asia to USA/Canada
Demand has remained stable, Space is available.
Blank Sailings are expected thru CNY as carriers adjust to Red Sea Situation and lower demand
Capacity anticipated to decrease due to longer transit times around the Cape of Good Hope, delaying empties return to Asia in coping with Red Sea situation
Rates increasing due to CNY and increased carrier operational cost
Carriers announcing GRI/PSS and Emergency Surcharges; carrier/lane dependent
Trucking and intermodal capacity open
Domestic Truck Rates remain soft
Forecast/Bookings recommended 14 day advance notice prior to Cargo Ready Date
SSL Routings continue to adjust to account for lower demand and blank sailings due Red Sea situation
Europe to USA/Canada
Demand has increased
Space availability has tightened due to Red Sea situation
Forecast/Bookings highly recommended 21 day advance notice prior to Cargo Ready Date
Rates creep upward, and will continue as capacity tightens
India to USA/Canada
Space is tight and equipment is a challenge, especially at ICD’s
Blank sailings increase due to Lunar New Year and Red Sea situation
ICD points still lack equipment and are experiencing delays via rail
Forecast/Bookings recommended 30-40 day advance notice from Cargo Ready Date
Rates are steadily increasing due to increased demand and carrier operational costs
Transit times are increasing due to rerouting of vessels
Overall, we anticipate the next few weeks thru Lunar New Year to be bumpy; due to uncertainty in the Red Sea, capacity/equipment constraints and increased rates. However, our opinion is that of S&P Global Market Intelligence; things will settle down after the Lunar New Year; with no surge in demand in sight, interest rates still being high, US Housing market in the red and US GDP growth being forecasted at 1.5%, less than the 2.4% last year.
To discuss your cargo or solutions on particular lanes, please contact your South East World Wide (Chicago), Ltd. Sales Representative.