Due to ongoing drought and low water levels, authorities have announced that the Panama Canal has further reduced the maximum number of ships travelling the waterway to 31 per day, (down from a daily limit of 35 during normal conditions), as well decreasing the allowable...
Following the recent agreement between the International Longshore and Warehouse Union (ILWU) Canada and British Columbia Maritime Employers (BCMEA), which saw all Industrial Action cease, the impacted ports of Vancouver and Prince Rupert are clearing out container backlogs that accumulated throughout this period. Substantial progress...
According to maritime consultancy Drewry, reefer container freight rates continue to outperform the dry cargo trade, despite an unprecedented contraction in reefer seaborne trade last year, with the pattern is expected to continue over the next few years. Despite facing adverse factors such as weaker cargo...
US imports from Asia increased for the fifth consecutive month in July, reaching 1.46 million TEUs - the highest since September 2022. This increase reflects the increased probability that eastbound trans-Pacific trade will return to year-over-year import growth this upcoming peak season. Although total July imports from...
As previously notified, low water levels on the critically important Panama Canal have prompted the Central American country to reduce the number of vessels that pass through the key global trade route. Each day an average of 32 ships is allowed to pass through, which...
There's been substantial commentary around the lack of a perceived peak season in 2023 however given the rapidly changing situation across the ocean's trade routes, how accurate does this claim continue to be? Whilst traditionally the premise of a peak season is based on the volume...
Since 1 June 2023, Victoria International Container Terminal (VICT) at Webb Dock, Melbourne has been applying a VGM Weight Discrepancy Fee for full import and export containers determined to have a variance over or under one tonne from the container's Verified Gross Mass (VGM) declared...
The International Longshore and Warehouse Union (ILWU) has announced that just shy of 75% of its membership has moved to agree to a four-year contract which will see weeks of uncertainty and disruption along the Canadian west coast supply chain conclude. Whilst details of the agreement...
The latest update of Drewry’s composite World Container Index (WCI) has seen a weekly decrease by 2.7% to reach $1494.46 per 40-foot container whilst the composite index has dropped by 78.9% when compared to the same week last year. The index is now 86% below the...
Severe drought conditions affecting the Panama Canal is forcing container vessels to lighten their loads and pay higher fees, with further increases in the cost of shipping cargo through the canal expected this summer. The Panama Canal Authority (ACP) has stated it will progressively decrease the...