Carriers and shippers alike must adapt to the new realities of a container shipping market in which only a handful of large players control the vast majority of capacity.
The typical retail-based truck freight rebound came later this year and is likely to be shorter as trade tensions with China and Mexico ease.
The lack of cross-training for various functions is creating an environment where fewer workers have the ability to solve problems creatively, according to conversations with more than a dozen industry veterans over the last year.
Carriers, bunker suppliers, and refiners have had years to prepare for the IMO 2020 low-sulfur mandate, but as the six-month countdown begins, experts warn of a coming supply “scramble” and price uncertainty.
Expectations of slowing demand on the Asia-Europe trade have left the market with little inclination to accept carrier rate increases.