Dry Van Freight Contracts Fall
While contract and spot prices in the transportation industry have been narrowing, there's still a significant gap between the two, as pointed out by Adamo.
Panama Canal Limits Ineffectual in Halting Rate Slide as Shipping Lines Increase Capacity
Despite Panama Canal transit restrictions and efforts to curb capacity, carriers have been adding approximately 20% of incremental capacity on the Asia-US East Coast route since the end of August.
Strike Averted, but UPS Customers May Face Higher Shipping Rates After Teamsters Deal
The Teamsters and UPS have reached a tentative labor agreement, averting a potential strike that could have disrupted the supply chain.
Supply Chain Index Hits New Low
According to the Logistics Managers' Index (LMI), supply chain activity reached a new low in June, marking the fourth consecutive record low.
Low container shipping freight rates are not viable in the long term, says the CEO
Hapag-Lloyd, the world's fifth-largest container shipping operator, has warned that current low freight rates in the industry are unsustainable and must increase. CEO Rolf Habben Jansen stated that there are spot rates below cost, which is not viable in the long run.
Container Shipping Industry Confronts Unprecedented Downturn in Long-Term Rates
The container shipping industry witnesses a record-breaking 27.5% decline in global long-term freight rates in May, marking the ninth consecutive month of rate drops, according to Xeneta's Shipping Index.
Carriers forced to reduce ocean container rates with cooling demand
After historically high freight rates in the maritime shipping industry clouded the sector while consumers panic-bought everything from furniture to toilet paper during the pandemic years - the rates have finally cooled off.