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
This Week In News
|Port Labor Deal in British Columbia Collapses, Strike Resumes
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. In addition to the impact on Canadian imports, some containers unloaded at B.C. ports are shipped by rail to inland U.S. destinations, traffic that is expected to dip as a result of the renewed labor action.
The Consumer-Price Index (CPI) increased 3% in June, down from 4% in May. This shift signals an easing of inflation concerns and raises the possibility of the Fed not increasing interest rates after an expected rise is announced with their July meeting later in the month. For updated information and deeper dives into all things economic, please visit the Flexport Research homepage.
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Source from Flexport.com