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As we enter the final quarter of 2024, global freight remains under pressure. Congestion and capacity constraints continue to strain supply chains, especially as shippers prepare for the peak season. Ocean freight demand remains strong, particularly on Asia-Europe and Asia-Americas routes.
Market updates from Noatum Logistics provide a comprehensive overview of the current trends and projections shaping global trade and transportation sectors. The OECD, WTO and IMF have forecasted significant growth in global trade for 2024 and beyond, revising projections upwards, with
The European Union’s surprise decision to end container shipping lines’ exemption from competition law next April and imposing carbon taxes on them from January, mean the lines already have a challenging 2024. Recent air freight rate increases may suggest a
Carriers have already been announcing additional blanked sailings in the weeks after the Golden Week holiday, suggesting that demand is expected to decrease in the weeks that would typically be in the Asia to Europe peak season. The latest Drewry
While much has been made of the impact of the peak season from Asia on sea freight rates, arguably the line’s capacity management is a bigger driver, with rising rates to the US and attempts to recover revenue from Asia
Blank sailings in June were lower than previous months, but most container shipping lines are now looking to implement further blank sailings in July to support rates, which will affect transit times and cause delays. Airfreight rate softening between May
With 4.9 million TEU in new-build vessel capacity due to be delivered from 2023 to 2024 and Europe’s GDP slowing to 0.7%, constraining consumer demand, capacity will be top of mind for the global shipping lines, as rates sink to
Vessel capacity utilisation remained high from Asia, primarily due to blank sailings and a slight recovery in cargo volumes, but utilisation levels declined early May due largely to China’s Golden Week holidays. Global air freight capacity was 15% last month, with
Optimism among container shipping lines, which has been in short supply in recent months, is increasing after months of rate erosion and abundant capacity, while global air cargo volumes showed some sign of relief in March, as volumes registered
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