April 12th, 2021
From uncertainty surrounding Ever Given’s impending insurance claim; to the mounting traffic jam of cargo vessels; to the necessity of supply chain fluidity; to dealing with post-Brexit change; to stormy air cargo markets, it seems like the only guarantee in shipping is that the current market volatility is here to stay — at least for now.
And, although an article regarding the Suez Canal situation from Lloyd’s List states, “It’s still too early to assess the size of the likely claim on the International Group pool,” other, more immediate impacts are moving fast through global ocean shipping networks. To see what we mean, check out the update from one of our Asian-based partners:
Please kindly note that the space situation, especially on the USEC/GULF loop, will be significantly limited throughout April and May.
*** Since a total of 5 voyages from SEA to USEC were blanked during March alone, all space on USEC/GULF has been overbooked until the end of April.
*** The Ever Given incident will cause even more blanked sailings during weeks 16 and 17. Two weeks ago some carriers, including MSC, MSK, CMA, ONE, COSCO, etc., were already forced to outright cancel FAK bookings.
*** Considering the impending low water levels of the Panama Canal, some carriers (such as COSCO and YML) have announced new weight limitations too — around 8 tons per TEU including container tare — for shipments traveling through the canal starting last week (week 14).
*** Carriers are also expecting to face heavy equipment shortages, given that the inventory of more than half of the leading ocean liners will be depleted over the next couple of weeks. This will essentially produce a domino effect of more and more carriers limiting or even rejecting bookings to most IPI points in order to ensure most MVs will be phased in and out in time before Day 5.
Like we said, we’re nowhere near out of the thick of it yet.
Meanwhile, the congestion at the Ports of LA/ Long Beach persists and the additional capacity coming online later this year may not be enough.
To read more about this international shipping news, as well the latest on Brexit’s lingering effect on supply chains and what’s happening with air cargo, click the article highlights below.
But first, make sure to read the most recent news detailing our new, innovative trade finance solution.
Jaguar Freight, a leading global freight forwarder and U.S.-based NVOCC, together with King Trade Capital, the largest purchase order finance company in the U.S., have announced the addition of a new trade and purchase order finance solution to Jaguar’s portfolio of services.Read More
It’s still too early to assess the size of the likely claim on the International Group pool arising from the past month’s shutdown of the Suez Canal in the wake of the grounding of Ever Given, according to the chief executive of the influential club of P&I clubs.Read More
The bottleneck created when the Ever Given container ship got stuck in the Suez Canal stranded shipments from auto parts and dairy products to beer and luxury goods on their way to markets in Europe, the U.S. and Asia.Read More
Officials at the ports of Los Angeles and Long Beach say the complex will have enough terminal capacity to handle projected cargo volumes for the next six years once the expanded Long Beach Container Terminal (LBCT) begins operations later this year.Read More
Post-Brexit trade is proving “confusing” for British businesses, but a report from Descartes has stressed the importance of preparation ahead of pending changes.Read More
Since the pandemic struck last year, air cargo has become sort of an economic lifeline for the airline industry. However, there are no good numbers.Read More