Carriers’ pricing power slipping amid continued Red Sea conflict
The initial shock factor is waning and ocean spot rates are losing momentum across the globe.
The initial shock factor is waning and ocean spot rates are losing momentum across the globe.
The CEO of the Port of Long Beach boss cited restocking ahead of the Lunar New Year as the driver for import growth in January.
Spot-exposed carriers are likely to see a boost to their Q1 2024 financials.
FreightWaves unveiled two new features in SONAR at the F3 event, and container spot rates from China dropped further.
Truckload volumes in Elizabeth, New Jersey, are still rising after a boost in imports last week, but that will likely change in the days ahead. Detroit’s volume boom went bust, bringing reactions to their lowest on record since 2018.
“Expectations are that high consumer demand and low inventory levels will keep rates elevated well into next year,” says Peter Sand, chief analyst at Xeneta.