CARM: What all importers need to know about CARM

Universal Logistics - Take The Right Route Logo with 70 Years Badge

Transpacific Market Upheaval

Transpacific Market Upheaval - Universal Logistics Trade Alerts - January 17, 2023

Toronto, January 17, 2024

Ocean carriers have increased rates substantially across all lanes from Asia to North America upwards of $1,800.00 USD per container, with some lanes trending even higher. This increase is in part due to the Red Sea / Panama Canal crises, which is causing space and availability issues globally. Carriers have been forced to provide options to circumvent these traditional routes, thereby increasing transit times, which is leading to vessel congestion and a lack of equipment.

Many carriers have also been forced to reposition equipment from Asia to compensate for reductions in equipment that would normally be routed via the Red Sea (Suez Canal), or the Panama Canal. Carriers are also prioritizing loading cargo which is more financially advantageous for them, over cargo which is covered by low-rated contracts. This is resulting in the roll-over of containers which are paying low contract rates. If there wasn’t enough volatility in the market, the upcoming Chinese New Year holiday will be observed in China starting Friday, February 9th, until Saturday, February 17th, which will further put pressure on space availability as shippers in China rush to get product shipped prior to the holidays.

For more information, please call Debbie McGuire, Director – Freight Solutions at (905) 882-4880, ext. 1308.

More Trade Alerts:

December 2023

December 19, 2023
At least four container lines have abandoned shipping through the Red Sea and the Suez Canal because of the ongoing threat of attack from Houthi…

December 2023

December 14, 2023
All Canadian offices of Universal Logistics will be closed from 2:00 p.m. Friday, December 22nd through to Tuesday, December 26th.  Normal business hours will resume…

December 2023

December 7, 2023
Panama has been experiencing the worst drought in 50 years, which is restricting capacity at the Panama Canal, an important route for cargo to/from Asia…

Switch to a Logistics
Partner Who Cares

Click the button below to find out why we’ve been Canada’s most trusted freight forwarder and customs broker for over 75 years.

Professional business people team meeting and working in corporate office concept

Register now to learn more about our

101 Logistics Quick Tips

Available exclusively from Universal Logistics