In the freight market update for Week 07 of 2024, we see continued volatility with some capacity constraints.
LUNAR NEW YEAR
The Lunar New Year kicked-off on February 10, 2024 and will run through February 17, 2024. Expect manufacturers to shut down for 7-14 days – shipment delays are possible during this time.
FMC ASKED TO CONSIDER EMERGENCY SURCHARGES
Since December 21st, the Federal Maritime Commission (FMC) has issued seven emergency waivers to container lines, enabling them to swiftly impose surcharges on ocean freight tariffs without the usual 30-day notice period. The surcharges vary widely, ranging from $150 to $2,700 per standard dry container, raising concerns among shippers about fairness and the risk of carriers overcompensating. Industry associations are pressing the FMC to reconsider their approach to these emergency wavers due to the fluidity of the situation in the Red Sea.
RED SEA
Ships continue facing threats from Houthi rebels in the Red Sea despite U.S. naval assistance and vessels cannot return shipments back to Asia quickly enough to meet demand. Additionally, Suez Canal diversions are anticipated to last through the first half of the year.
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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