Freight Market Update: July 19, 2023

Trends to Watch

  • [Regional – British Columbia] Talks between the International Warehouse and Longshore Union (ILWU) Canada and the British Columbia Maritime Employers Association (BCMEA) have broken down for a second time, and the strike that initially closed the ports of Vancouver and Prince Rupert from July 1-13 has resumed.
  • [Regional – Panama Canal] Multiple carriers have announced a Panama Canal Surcharge to go into effect on Aug 1, 2023 in response to the ongoing draft limitations brought on by continuing drought conditions in the region.
  • [Ocean – TPEB] Environmental regulation compliance resulting from IMO 2023 has led to vessels not returning to pre-COVID speeds, effectively removing ~8% capacity from the market.
  • [Ocean – Indian Subcontinent] Blank sailings through this month are expected to cause a surge in demand in early August, which will coincide with a GRI announced for Aug 1.
  • [Ocean – LATAM] Capacity has opened up due to softer demand and ocean carriers deploying new/expanded services, putting pressure on rates as supply exceeds demand.

North America Vessel Dwell Times

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