Union contracts for East and Gulf Coast dockworkers are about to expire, with a potential strike on the horizon. On September 30th, the current agreement between the ILA and USMX ends and the ILA is ready to strike on October 1st.
Explosion At Ningbo Port
On August 9th, a vessel carrying hazardous materials exploded at the Beilun Phase III Terminal in Ningbo port, halting traffic at one of China’s busiest shipping hubs. As the world’s second-largest container port, Ningbo handles over 100,000 TEUs annually, making this incident potentially disruptive to global shipping.
Reducing Ocean Freight Costs
Ocean carriers that move freight internationally have different ways of calculating costs. It is crucial to note that cargo has base rates that depend on the shipment type.
Container Rates Still Rising
Different global factors have contributed to the rise in container rates, including the scarcity of available space. Along with the Panama Canal drought and the US-China trade war, the Red Sea crisis significantly adds to the surge.
Conflict Is Growing Airfreight
Businesses and shippers are seeing no end to the Gaza war and are seeing an impact on cargo movement.