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Transpacific Market Upheaval

Transpacific Market Upheaval - Universal Logistics Trade Alerts - January 17, 2024

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.

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