Market Update Q2 2024: No.5

May 31, 2024

All,

More wrinkles will shape June - please note the attached announcements in terms of potential July increases as well. We are facing multiple challenges to get things done properly so we appreciate your patience and support. Details below!

Hoping you all have a wonderful weekend, and we can pick it back up on Monday with any questions....

General Operation

  • Space is extremely tight, 2-3 weeks booking in advance is needed - most carriers booked through 3rd week of June.
  • Equipment shortage is happening and becoming increasingly serious.
  • Roll over is happening for all carriers and all loading ports. Some carriers have a huge roll pool that can roll for 2-3 weeks.
  • Carriers are cancelling bookings just before loading on the vessel without notice or making any adjustments (like rolling to the following week for example).
  • Carriers are rejecting revisions on container size/destination etc., once bookings are released.
  • Carriers are limiting fixed-rate space and also postponed the CY open date during GRI transition period (e.g. end of May) in order to make all containers gate in after 31 May for higher revenue.
  • Additional carriers are starting to launch their premium options now such as MSC (DT space), HMM (premium at USD3000 on top of FAK cost), CMA SPGO to protect space and boarding.Carriers like Zim are also offering extra loaders at premium prices. Carriers continue to have blank sailings - see attached schedules:

Blank Sailing

Please note Vancouver issues may be coming to a head - see attached - negotiations still in play so stay tuned.

Baltimore is back in play directly as terminal opens up (pretty impressive turn around in my opinion!)

Pricing

See attached for July increase proposals and the below chart for rate increases (PSS) announced by carriers:

JUN PASS


Customer Advisory from Maersk


Author
Matthew Crocker / CCO

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