In the freight market update for Week 08 of 2024, we see continued volatility with some container volumes rebounding.
LE HAVRE, FRANCE PORT LABOR
Labor disruptions have been scheduled for February 22, 2024, and February 27, 2024. The strikes are expected to impact operations. As a result, the gates and yards will be closed, and vessel arrivals have been readjusted to accommodate the closures.
CONTAINER IMPORT VOLUMES
Container imports are expected to increase volumes through most of 2024. This growth is partially driven by the situation in the Panama Canal and the Red Sea. U.S. importers are preparing for a higher-than-expected retail sales year with U.S. retail sales increasing 4.8% YOY in December 2023.
RED SEA AND PANAMA CANAL
Vessel disruptions are expected to continue for some time despite U.S. naval presence in the area. Meanwhile, Panama Canal water levels are expected to fall to lower levels over the next two month – to below 80 feet in early April with weight restrictions and delays expected as a result.
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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