Disruptions in the Red Sea, Suez Canal, and Panama Canal have driven up shipping costs, sending shockwaves through the global economy.
Demand unexpectedly rebounded after the Chinese Golden Week holiday. Pessimism loomed that October pricing would be lacklustre amid slow uptake in September. This has now flipped and vessels are at high utilization, alongside some carriers rolling bookings.
Due to several strong typhoons in the South China Sea, all vessels have been delayed 3-12 days from mid-September to the first week of Oct. This has caused a lot of problems for shippers. Vessel dwell times extend in some areas – Shanghai has delays of up to 7 days, Qingdao approximately 5 days, and Chennai & Bangladesh also have delays of 2-3 days.
Port congestion in Australian east coast ports is starting to cause delays. As a result, over the last few weeks, the A3 service has made several port rotations to avoid dwell time waiting for berth availability.
Airfreight space was extremely tight post-Golden Week. Shenzhen particularly was fully booked until the 15th October.
Rates are rising rapidly, with forward bookings encouraged. Some direct services do not have space for 7 days ahead. Air cargo has entered peak season with momentum expected to carry into the first quarter of 2025. Spot rates this month reached new highs as demand (mostly from e-commerce) continued to fill aircraft.
UN Trade and Development is calling for urgent, coordinated action to reduce volatility in freight markets, mitigate impacts and support vulnerable economies.
Rising freight rates represent more than just a temporary cost hike – they signal deeper structural vulnerabilities in global supply chains, such as susceptivity to heightening geopolitical tensions and climate change risks.
Without urgent action to reduce freight market volatility and address the root causes of disruptions, the economic and social impacts on vulnerable economies could be long-lasting.
Reference:
www.explorate.co/resources/apac-freight-market-update-oct-23rd-2024
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