Week 35 finds the freight market strained but rebounding. Government involvement ended the railway labor actions in Canada, water levels continue to improve in the Panama Canal, but the market remains fluid due to ongoing disruptions such as the recent rail lockout/strike and the Red Sea Crisis.
CANADA RAILWAY CRISIS: GOVERNMENT INTERVENTION ENDS LABOR LOCKOUTS/STRIKES
Canadian railways are fully operational after government intervention. The Canadian Industry Relations Board ordered an end to proposed strikes and lockouts, requiring the Teamsters, CN, and CPKC to maintain operating conditions for the duration of the government-mandated arbitration. Analysts expect it to take approximately 2-weeks for the railways to resolve backlog due to the recent lockouts/strikes.
PORTS OF SEATTLE AND TACOMA: LONG DWELL TIMES DUE TO ONGOING RAILCAR SHORTAGE
The Ports of Seattle and Tacoma face significant challenges due to an ongoing severe rail car shortage, which has increased import rail dwell times. The situation is not expected to improve until October. In response, Washington United Terminal and Husky have reduced their operations to a single berth, delaying vessel operations and skipping shifts as needed. Terminal 18 will open on August 30, 2024, and Husky Terminal will operate hoot gates from August 26 to 29, 2024. Additionally, vessels MV Seaspan Benefactor, MV YM Moderation, MV YM Trillion, and MV Conti Contessa are making ad hoc calls at Seattle T18 to help minimize the import rail equipment shortages in Tacoma.
Stay up-to-date on freight news with Green’s Weekly Freight Market Update by following us on LinkedIn. For continuous updates, make sure to check out our website at greenworldwide.com.
