Although they were unable to completely escape last year’s downturn, ports in the region recorded import declines that were well below the national average.
The new rate move by carriers comes as the security situation in the Red Sea shows no signs of improving and amid retail restocking in the US ahead of an early Lunar New Year.
US trucking employment shrank last year, and seasonal trends point to more cuts in 2024 amid weak freight demand.
HMM has opened an array of connections out of India in recent years, including the launch last August of a solo, 12-vessel string connecting the Far East, the Middle East and the Mediterranean.
Some analysts are reassessing their outlook for the container shipping industry as the Red Sea crisis absorbs capacity and pushes rate levels higher on the Europe and US East Coast trade lanes out of Asia.
Rates on the headhaul corridor have been loss-making for the last few months, so carriers are trying to get prices up to what they consider more sustainable levels.
The shipping industry, while acknowledging the batteries are here to stay and can’t be banned as cargo, is lagging behind in coming to terms with risks that remain poorly understood.
Difficulties in finding vessel capacity and empty containers as ship voyages are extended will join rising rate levels on the growing list of supply chain issues faced by shippers.
Chassis lessors must work quickly to be prepared to unstack units when the international intermodal market rebounds.
The acquisition of The Shippers Group gives Kenco greater distribution capacity and underscores resilient demand for space and integrated logistics services despite a weak freight market.
The ports will be aided by continued transit constraints at the Panama Canal, potentially testy longshore negotiations on the East and Gulf coasts, and terminals that are as fluid as they have been since before the pandemic.
With more than 160 facilities still on the auction block, a sizable amount of less-than-truckload capacity once provided by Yellow is up for grabs as the trucking market slows in early 2024.
Jonathan Daniels will take the port’s helm in early February, with construction of the Sparrows Point Container Terminal atop his list of priorities.
The facilities must adhere to new emissions-cutting rules implemented several months ago by regulators or risk daily fines approaching $12,000 per day.
The strong e-commerce demand from the US that kept trans-Pacific air cargo rates rising through the fourth quarter quickly fell off after the end-of-year holidays.