LNG freight rates for the Atlantic and Pacific basins have plunged to the lowest levels for October, with Friday’s rates dropping $20,750 and $36,000 daily—down 87% in the Atlantic and 78% in the Pacific since 2019!
What Is Multimodal Transport?
When shipping cargo internationally, it can be very beneficial to understand what is multimodal transport. Multimodal transport uses various modes of transportation to move cargo from the origin to the final destination.
CBP Enforcing Cargo Descriptions
🚨 Attention shippers! The CBP (U.S. Customs and Border Protection) is cracking down on vague and noncompliant cargo descriptions for imports by implementing cargo messages.
ILA Port Strike Ends
The ILA port strike has ended after days of protests by 45,000 dockworkers from key East and Gulf Coast ports. With their contract expired and months of stalled negotiations on wages and automation, the walkouts severely impacted international shipping.
East Coast Port Protest Continuing
The ILA dockworkers have gone on strike at East and Gulf Coast ports as of October 1st, after negotiations with the U.S. Maritime Alliance stalled. They’re fighting for fair wages and protections against port automation, which threatens their jobs. As the strike continues, the impact on shipping and various industries is growing.
Ports Preparing For ILA Protests
Ports are preparing for a potential strike by ILA workers on October 1st which could disrupt U.S. ports after failed talks with the U.S. Maritime Alliance. With over 40% of imports at risk, the strike could cost $5 billion daily and cause delays.
Strike Lowering Spot Rates
With the ILA’s potential strike looming on October 1st, shipping spot rates are dropping for East Coast ports. The union plans to halt operations after their contract expires on September 30th, pushing for higher wages, better pensions, and opposing port automation.
Tariff Increase On Imports
Starting September 27th, the Biden Administration will raise tariffs on Chinese imports like electric vehicles, batteries, solar panels, and semiconductors. This comes after a USTR review of Section 301 tariffs aimed at promoting fair trade. While some increases hit in 2024, others will phase in over three years.
ILA Doubling Down On Threats
Tensions are mounting as the International Longshoremen’s Association (ILA) threatens a strike on October 1st over unresolved negotiations with the United States Maritime Alliance (USMX). The ILA is demanding a 32% wage hike, higher pensions, and is pushing back against port automation. With talks at a standstill since June, the risk of disruption looms large.
ILA Strike Threats Continuing
With unresolved talks between the International Longshoreman’s Association (ILA) and the United States Maritime Alliance (USMX), a potential strike on October 1st is looming. If no agreement is reached, East and Gulf Coast ports could shut down, disrupting international trade and impacting the U.S. economy.