Freightos

A looming East Coast port strike (again) and anticipation of tariff hikes from the incoming Trump administration may be pushing shippers to frontload for the second time this year. Here are the key insights from this week’s Freightos Weekly Update: The National Retail Federation has increased its projections for US ocean imports in Q4, suggesting that many importers are frontloading shipments ahead of a possible East Coast port strike in January and anticipated tariff increases by the Trump administration next year. This relative volume strength may explain why transpacific ocean rates which had fallen sharply in early October have been about level around the $5,000/FEU mark since then. And with LNY starting at the end of January this year, rates may face some additional pressure starting in late December. In two separate labor disputes in Canada, port operators have locked out union workers in Montreal and the ports of Vancouver and Prince Rupert halting container operations there. Government mediation has so far failed in British Columbia. An extended lockout will lead to a significant backlog at these ports and diversions could cause congestion and delays at alternatives like Seattle-Tacoma. Asia – Europe rates increased by about 20% to $4,500/FEU on early-month GRIs and so far have remained at that level. Maersk reports a demand rebound, together with European port congestion and blanked sailings, is supporting higher rates.  Demand will likely increase further – and earlier than usual due to Red Sea diversions – ahead of Lunar New Year. So far the much anticipated extreme air cargo peak season rate spikes and capacity crunch have yet to materialize. Some forwarders think frontloading to avoid peak season chaos in a market already stretched thin by massive e-commerce volumes may make Q4 much tamer than expected. You can check out the full weekly update via the link in the first comment below.

🥁 Register for our upcoming November Global Freight Outlook webinar ✈️ Air cargo’s peak season is getting underway, with rates increasing from an e-commerce-elevated floor. Ocean rates out of Asia have fallen significantly from their peak season highs, but still remain well above normal levels as Red Sea diversions continue to absorb capacity. And with an early Lunar New Year approaching, a renewed ILA strike looming and possible freight ramifications from US election results, the ocean freight market continues to face significant uncertainty.    Join us on Wednesday, November 13th, at 09:00 ET, when Judah Levine, Freightos’ Head of Research, will present the latest trends in the international ocean and air freight markets, and will be joined by Jason Miller, Professor of Supply Chain Management at MSU’s Broad College of Business, to share insights on these trends and projections for the rest of the year and into 2025. The link for registration is in the first comment

Air cargo rates from China to North America wrapped up October at nearly $7.00/kg, climbing above the $5.00–$6.00/kg range we've seen most of the year. Are we seeing the first signs of peak season pressure? Get the full analysis and insights in our latest Digital Air Cargo report, plus updates on eBooking efficiency, new airlines and routes on WebCargo by Freightos and an interview featuring Boltrics on how TMS API integrations are powering forwarder efficiency. Download for free here: https://hubs.la/Q02XKJKQ0 #digitalaircargo #aircargo #TMSintegrations #API #forwardering

🤗 Proud to see Antonia Ambrozy, our very own, featured in The STAT Times’ latest article by Rajarshi Chatterjee, "The Heart of Air Cargo: People Powering a 24/7 Industry." Antonia's insights, alongside those of industry peers, showcase what it really takes to keep the world connected through air cargo. Antonia beautifully captures the human side of logistics, highlighting the dedication, teamwork, and global reach of our teams at Freightos, WebCargo by Freightos, and 7LFreight by WebCargo. In an industry that never sleeps, it’s the people and their passion that turn complex logistics into seamless experiences. From overcoming supply chain challenges to delivering essential goods on time, they make it possible every day. Read the article for an inspiring look into the resilience, innovation, and dedication driving air cargo forward. #supplychain #aircargo

In today’s fast-paced logistics world, having accurate, up-to-date data is critical. For Mark Chadwick and the Global Shippers Association (GSA), Freightos Terminal has become an essential tool. “Freightos Terminal gives us timely, independent information. It helps us present accurate trends to leadership and negotiate better deals with forwarders,” Mark explained. With real-time insights, the Global Shippers Association can respond quickly to market changes, ensuring they secure the best rates and maintain operational efficiency. The credibility of this data has strengthened the Association's positions when negotiating with both members and service providers. Stay tuned for the full video to learn how the Global Shippers Association uses Freightos Terminal to drive smarter decisions! #SmartShipping #FreightData

🎤 Zvi Schreiber, Founder and CEO of Freightos (NASDAQ: CRGO), along with Ran Shalev, our CFO, will present and host one-on-one meetings with investors at the Sidoti November Virtual Investor Conference, taking place on November 13-14, 2024. Click here for more information: https://lnkd.in/d9CndeHn

The Red Sea Crisis: 🔟 Months Later... The disruptions in the Red Sea have been reshaping global trade fundamentals. Our latest analysis breaks down: * 30-50% longer transit times affecting Asia-Europe routes * War risk premiums surging from 0.07% to up to 2% * Why the Cape of Good Hope remains the only viable alternative * Impact on global core goods inflation ( 0.7% projected for H2 2024) * Real strategies businesses are using to adapt For those managing international shipments: while alternative routes like Saudi-Turkey trucking or Arctic passages have been discussed, our research shows why these aren't realistic replacements for Suez capacity. Get the full picture and actionable insights in our comprehensive analysis. Link is in the first comment.

Trump’s victory in the US presidential election yesterday may start impacting the ocean freight market even before his January inauguration. Here are the key insights from this week’s Freightos Weekly Update: The announcement of new tariffs in 2018 caused an increase in ocean volumes and rates to double ahead of their 2019 roll out. The expectation of even sharper tariff increases after Trump takes office could push some importers to already start frontloading now. Transpacific ocean rates of about $5,200/FEU are well below peak season highs, but are still thousands above normal due to the continued Red Sea crisis, and possibly also to some frontloading ahead of another ILA strike possible in January. Port workers in Prince Rupert and Vancouver have been locked out since the start of the week in response to their strike announcement.  Several vessels are currently stuck, with others scheduled to arrive soon. Meanwhile, a union strike in Montreal is impacting 40% of the port’s capacity as this ongoing dispute escalates. Asia -Europe ocean rates increased last week on start of month GRIs as carriers seek a price rebound especially as annual contract season gets underway on this lane. Carriers will be hoping continued congestion in Hamburg, delays in East Asia from a recent typhoon, and an increase in blanked sailings may support this rate hike even as demand eases. An early Lunar New Year and longer lead times due to Red Sea diversions could also work in carriers’ favor. China - N. America air cargo rates of $7.00/kg for the last couple weeks – the high for last year – suggests that air peak season is upon us for this lane. B2C e-commerce imports – a big driver of air volumes and rates this year – face a new challenge as the European Commission investigates Temu for the sale of illegal goods.  In the US, increases in warehouse leasing by Chinese logistics companies may signal some platforms are preparing for a shift away from de minimis and air cargo. You can check out the full weekly update via the link in the first comment below.

Wondering how Trump’s election win might shake things up for ocean freight? Here’s what Judah Levine, Freightos Head of Research, is seeing… Trump’s campaign message included promises of new tariffs — 10% to 20% on most of the $3 trillion in annual U.S. imports and at least 60% on all imports from China — if he won. These promises could have ripple effects for supply chains even before the January inauguration. Back in 2018, new tariff announcements led to a major pull-forward in ocean imports as shippers raced to beat the increases. Freightos Baltic Index data showed that transpacific container rates doubled from July to November 2018 as ocean volumes surged ahead of the tariff roll out in early 2019, with rates and volumes in 2019 leveling off in comparison. If shippers expect Trump to follow through on promises for new tariffs, we might see demand and rates in ocean freight start rising soon, with even more impact possible once any new tariffs are officially announced. Check out our full analysis on tariff impacts on ocean freight markets: https://lnkd.in/gJ5FBN97

“Partnering with Freightos is great for our customers, streamlining the booking process on key trans-Pacific routes and modernizing the way forwarders access Qantas and Jetstar capacity. With more dedicated freighter and passenger services than any other cargo operator across the Pacific, forwarders can now benefit from the addition of Qantas Freight onto WebCargo’s online booking platform.” Igor Kwiatkowski, Executive Manager at Qantas Freight