09/08/2024
# # # Sea Freight
# # # # World
Market conditions in containerised trade continue to improve as demand plateaus, capacity increases, and congestion eases. Freight rates out of Asia have not experienced the sharp rises seen in previous months, with some decreases noted on Asia-US West Coast trade lanes. This shift suggests the market may be moving back in favour of shippers.
According to Drewry, deployed capacity is expected to increase by 5% in August compared to July, largely due to a 35% reduction in blank sailings. While most container terminals in Asia are now congestion-free, some ports in Northern Europe are still facing challenges.
Average wait times at Singapore port have reduced from 5 days to around 2 days, and congestion at Colombo port has eased as well. However, this improvement in Colombo is mainly due to a 20% drop in containership visits in June.
Overall, it’s encouraging to see the market potentially swinging back in favour of the shipper. However, it remains difficult to predict future rate trends while diversions are in place."
# # # # Taiwan
Typhoon Gaemi swept through the Taiwan Strait, causing significant disruption, including the sinking of several vessels last week. The general cargo vessel Fu Shun was among those capsized, with 9 crew members onboard. Tragically, one crew member has been confirmed dead, four have been found, and four remain missing.
The typhoon has now moved on to mainland China, where it has claimed more lives. Typhoon season in the Pacific is typically most severe between May and October.
# # # # Arabian Sea
A general average has been declared on the Maersk Frankfurt vessel, which caught fire two weeks ago in the Arabian Sea. Sadly, one seafarer lost their life in the incident involving the brand-new 5,500 TEU ship. It remains unclear where the vessel will berth for cargo unloading once it is declared seaworthy.
General average is a longstanding maritime principle where all stakeholders in a vessel, including those with cargo onboard, share the costs associated with any damage.
# # # Customs and Compliance
The French border control zone at the Port of Dover is set to expand as new EU rules come into force in November. Under the EU's new Entry/Exit System (EES), travellers entering from the UK and other non-EU countries will need to register their details at the EU border and provide biometric data.
The expansion of the border control zone is viewed positively by most in the logistics sector, as it is expected to help alleviate congestion. However, concerns remain that the incoming policy might disrupt supply chains, with suggestions to eliminate the need for biometric data processing as a potential solution.
# # # Air Freight
Recent data has revealed that the air freight sector enjoyed a record first half of 2024, driven by the Red Sea diversion and surging e-commerce traffic. IATA recorded a 17% growth in Asia-Pacific exports.
Strong growth across all regions and major trade lanes combined for a record-breaking first-half performance in terms of cargo ton kilometres. Air cargo looks to be on solid ground to continue its strong performance into the second half of 2024,
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