North America Ocean Market Update
Asia-Pacific Overview
Asia-Pacific market is strengthening since post Chinese Labor Holiday.
SSL’s have implemented additional GRI for the 2nd half of May at a rate of $1000 per FEU.
Vessels are filling fast as shippers push to ship before rates further increase.
Carriers are considering using Premium Options to get cargo loaded sooner with higher priority.
SSL’s have recently announced additional blank sailings in June, this will further tighten capacity.
SSL’s are also trying to push for another GRI for June. Due to the above, this can almost be guaranteed to stick.
Carriers have identified an equipment shortage, as it is taking longer for empty containers to return to Asia.
US/CA WC Ports
Minimal vessels waiting
LA/LGB has experienced increased delays inland due to rail car shortages.
LA/LGB Rail dwell time is approximately 6 days, Oakland 7 days, Seattle 8 days, Tacoma 8 days
Vancouver and PRR Rail Dwell time is approximately 8 and 9 days respectively.
Canada West Coast Port/Rail strike has been temporarily averted but can impact schedule as soon as May 22, 2024
USEC/Gulf Ports
Minimal vessels waiting
NY/NJ/NOR Rail Dwell time is approximately 3 days
BAL no stats at this time
CHS Rail Dwell time is about 6 days
SAV Rail Dwell time is 2 days
HOU Rail Dwell time is 4 days
CAPACITY AND COSTING:
ASIA-USA/CANADA
Imports surged over last month, rates increasing due to stronger market demand and blank sailings
Demand is high, space is tight.
Blank Sailings are expected as carriers continue to adjust to Red Sea Situation
Forecast/Bookings recommended 21 day advance notice prior to Cargo Ready Date
SSL Routings continue to adjust to account for high demand and blank sailings
Europe to USA/Canada
Demand has increased
Space availability still tight due to Red Sea Crisis
Forecast/Bookings highly recommended 21 day advance notice prior to Cargo Ready Date
Rates creeping 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 Red Sea Crisis escalation
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 remaining steady on most lanes.
Transit times are increasing due to rerouting of vessels
To discuss your cargo or solutions on particular lanes, please contact your South East World Wide (Chicago), Ltd. Sales Representative.