In the freight market update for Week 05 of 2024, we see continued volatility with some lanes experiencing increased demand and others facing capacity constraints. Ships continue facing threats from Houthi rebels in the Red Sea despite U.S. naval assistance. Recent reports show a 30% decrease in ship traffic through the Suez Canal in early January. As a result, leading carriers have begun to rethink their USEC schedules. Some carriers are choosing different routes via the Cape of Good Hope or the Panama Canal to ensure smooth sailing through these challenges.
LUNAR NEW YEAR
With the Lunar New Year coming up on February 10, planning in advance is key. Manufacturers typically shut down for 7 to 14 days during this time. By placing orders early, preferably before February 5, 2024, shippers can stay ahead of potential delays and maintain efficiency.
FEBRUARY SUPPLY CHAIN FORECAST
Get ready for more canceled sailings and skipped ports in February as carriers adjust to changing capacity needs. Despite these shifts, carriers are concentrating on using ships efficiently and allocating resources wisely to both the U.S. West and East Coasts. This proactive strategy aims to meet changing demand while keeping service reliable despite possible disruptions. In Latin American shipping lanes, port congestion is a big challenge for both carriers and shippers. However, there’s hope as carriers try new methods like changing routes and schedules to ease delays.
Meanwhile, uncertainties linger in transatlantic shipping lanes due to geopolitical tensions and rule changes. Despite these challenges, the industry remains strong, with a firm focus on reliable service. Flexibility is crucial for ensuring smooth operations and meeting the changing demands of the global supply chain.
Green Worldwide Shipping’s Freight Market Update covers port information, import and export news, vessel wait time and cargo vessels at major ports & more. For continuous updates, make sure to check out our website at greenworldwide.com.
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