May 2024 is poised to be a pivotal month for businesses engaged in international trade, particularly those whose operations link with Asia. The convergence of the General Rate Increase (GRI) and the Labour Day holidays in China presents a unique set of challenges for global logistics sectors. This period could impact everything from shipment schedules to freight costs, making advanced preparation crucial for any enterprise … Read More
The Effects of the Key Bridge Collapse on the Supply Chain Sector
After the unfortunate collapse of the Francis Scott Key Bridge in Baltimore on March 26th, the world’s attention has turned to the critical role of the Port of Baltimore in the supply chain industry, especially in sectors like automotive. According to a recent report from the Government of Maryland, in 2023, the Port moved 847,158 cars and light trucks, maintaining its position as the top … Read More
Key Bridge Tragedy: Baltimore’s Urgent Quest for Survivors
In the early hours of Tuesday, the Baltimore community was struck by a harrowing event as the Francis Scott Key Bridge, a vital artery for the region, experienced a catastrophic collapse following a collision with the DALI, a Singaporean-flagged container vessel. This incident has since triggered a massive search and rescue operation, involved numerous agencies, and showcased a city united in the face of adversity. … Read More
Hapag-Lloyd CEO predicts early peak season for ocean shipping
In the dynamically evolving ocean container market of 2023, Hapag-Lloyd has stood as a beacon of both resilience and reality. The company’s annual report provides a candid look into the sector’s challenges, highlighting a significant 48.5% reduction in shipping revenues, down to 17.7 billion euros ($19.2 billion) from the preceding year. Despite these hurdles, Hapag-Lloyd demonstrated commendable tenacity by slightly increasing its volume from 11.8 … Read More
Major Carriers Announce Significant General Rate Increase for February
Commencing February 1st, 2024, the shipping industry is poised for a notable shift as major carriers announce a General Rate Increase (GRI) on ocean freight, with Transpacific FEU cost set to rise well above the five-thousand-dollar mark. This development holds implications for global supply chains, businesses, and consumers, emphasizing the interconnectedness of the world’s economies. Understanding GRI in Ocean Freight A General Rate Increase (GRI) … Read More
Struggles at the Panama Canal: Severe Drought, Falling Transits
The Panama Canal, a crucial artery for global trade, is facing a squeeze. While container ships are finding a silver lining, the overall number of transits is plummeting, and climate change sits at the heart of the issue. Let’s dive into the current situation and explore what it means for the global economy. Droughts Bite, Traffic Drops Water Woes: The main culprit is a severe … Read More
Turbulent Waters: The Red Sea’s Impact on Global Logistics
The global logistics sector is grappling with significant challenges due to recent upheavals in the Red Sea region. Carriers, attempting to steer clear of attacks by Iran-backed Houthi militants in Yemen, have redirected over $200 billion in trade away from this vital maritime corridor, a move reported by NBC. This strategic shift in shipping routes is having far-reaching effects on international trade. Compounding this situation … Read More
Keeping the Freight Industry Informed: Israel at War
As the conflict in Israel continues to unfold, the Israeli Federation of International Freight Forwarders and Customs Clearing Agents is committed to keeping our partners, and the broader business community informed. The “Swords of Iron” – Israel at War – Bulletin #7, offers valuable insights into the consequences of the conflict on trade relationships and potential disruptions to major trade routes. We aim to provide a … Read More
Port of Long Beach Forecasts ‘Modest’ Peak Shipping Season
The Port of Long Beach, one of the most important ports in the United States, is expecting a “modest” peak shipping season this year. According to the site JCaptain, the port moved 578,249 twenty-foot equivalent units (TEUs) last month, marking a decrease of 26.4% compared to last year’s exceptionally busy July. Imports went down by 27.9% to 271,086 TEUs, exports decreased by 17.6% to 90,134 … Read More
The Turbulent Supply Chain Market: How Exports Can Thrive
The global supply chain market is undergoing a period of rapid change. The rise of e-commerce, the increasing demand for sustainability, and the need for businesses to be more agile and responsive to change are all driving this change. As a result, the future of the supply chain market will be characterized by several trends, including: The increasing use of technology. Technology is already being used … Read More