🌊 Weekly Global Logistics Market Updates 🌊
Here’s what we’re monitoring:
📝 On September 13, the U.S. Trade Representative (USTR) outlined final modifications to Section 301 tariffs imposed on certain products originating from China. We have compiled a list of items subject to the new tariffs—some of which go into effect tomorrow (September 27, 2024).
📝 With a potential ILA work stoppage looking increasingly unavoidable, multiple U.S. ports are implementing contingency plans. Ocean carriers have also announced key measures and cut-off dates ahead of a potential port work stoppage.
🚢 Transpacific Eastbound (TPEB) Ocean Route: Should the ILA work stoppage materialize, expect carrier-imposed surcharges, operational disruptions, port congestion, and vessel deployment issues affecting East Coast and Gulf Coast schedules.
🚢 Far East Westbound (FEWB) Ocean Route: Floating rates have continued to decline in the second half of September due to easing demand, but remain above early 2024 levels. Carriers are proactively adjusting rates to optimize vessel utilization. The SCFI dropped by $591/TEU in August and an additional $1,808/TEU in September.
✈️ Air: Air cargo tonnages increased by +4% in week 37 (Sept. 9-15), driven by +5% growth from the Asia-Pacific, +6% from Central and South America, and a +10% rebound from North America, following Labor Day disruptions.
Check out the full update for more, and subscribe today to stay on top of the latest news and trends from around the industry.