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
Drought, Declining Transits at Panama Canal
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
Latest Update: 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
‘Modest’ Peak Season at Long Beach Port
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
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
Shipping peak season is coming
The peak season in the logistics industry is an exhilarating yet challenging time when companies face a surge in demand for their services. As we approach the peak season of 2023, it is crucial for logistics companies to be well-prepared and equipped to meet customer expectations. The key lies in proactive preparation, adaptability, and a commitment to delivering a seamless logistics experience even during the … Read More
Understanding Incoterms: A Guide to International Trade
In the realm of international trade, the use of standardized rules is essential for smooth and efficient transactions. This is where Incoterms come into play. Incoterms, short for International Commercial Terms, are a set of rules established by the International Chamber of Commerce (ICC). These rules provide a common language and framework to define the responsibilities, risks, and costs between buyers and sellers in international … Read More
The Logistical Challenges of The Pharma Sector For 2023
According to a report by the IQVIA Institute for Human Data Science, global spending on medicine is projected to reach $1.5 trillion by 2023. Due to the sheer volume of materials that need to be transported and stored in sanitary conditions. All the players in the supply chain must work together, to ensure that the products reach the customer in a safe, timely, and cost-effective … Read More