The slump in crude oil prices over the past three months has sharply reduced ocean carriers’ unit costs as they face declining cargo volumes in the seasonally slack fourth quarter.
The Transpacific Stabilization Agreement said most of its member lines are moving forward individually with previously surcharges on intermodal store-door deliveries from Asia to North American points in an effort to offset higher costs.
Growing U.S.-Mexico trade has attracted a new player into the sparse short-sea market connecting the two countries, with a service aimed at the U.S. Southeast market for northbound cargo.
U.S. imports of ocean containers reached a record high in September, as retailers expect a robust holiday season, but exports continued to decline from soft global demand, making 2014 so far the worst year for container exports in the past four years.
Coverage on congestion at the Los Angeles-Long Beach port complex continued to interest JOC.com readers this past week, as what could be the worst gridlock to hit the largest port complex in the Americas continues.
An environmental accident was averted Friday after a Canadian tugboat rescued a stranded Russian container vessel hauling hundreds of tons of fuel, according to the Canadian Press.
Congestion-caused delays at the largest U.S. port complex are pushing up outbound spot market truck rates from the Los Angeles-Long Beach market to inland distribution points.
Multiple container lines have planned general rate increases in numerous trade lanes in October and November, although any gains achieved could be temporary as overcapacity and sluggish global demand continue.
Trans-Pacific carriers received a small boost from a planned Oct. 15 rate increase this week, the Shanghai Containerized Freight Index shows.
Spot freight rates on the Far East-North Europe route have sunk to $705 per 20-foot container, down $33 on the previous week to a new low for the year.