In this week alone, surcharges made a splash, long-term container rates dived, every port drowned in congestion due to global strikes, and key trading lanes were disrupted after China's military drill around Taiwan.
Many shippers are looking to renegotiate contracted rates given the recent spot market drops. But should you also be considering that at the cost of possibly hurting relationships? Join our flagship State of the Ocean Market webinar on August 23, 2022 and get a full, contextual view of real-time ocean freight rates.
Disruptions in and around the Taiwan Strait have seen spot rates from Taiwan to Los Angeles drop by 6% and to China jump by 11%. Business as usual in the impacted areas is not predicted until the end of China's increased military activity around Taiwan.
On the other side, few shippers are sending some of their cargo back to the west coast after the record-high congestion on the US East Coast. Also, long-term rates on the Far East to South America East Coast are increasing following the increase in short-term rates in June through July.
Even though schedule reliability is improving with time, average delays still remain very high as 60% of ships are still arriving late globally.
With so much turbulence coming from every corner of the globe, it is hard to predict which event might impact your procurement strategy. There are a lot of variables at play, so it's critical to stay tuned to the latest intelligence when negotiating long-term contracts to achieve a competitive edge.
Join us for our monthly flagship webinar, where Xeneta experts will dive into pressing current events, analyze the state of the ocean freight market, and review container rate movements on the main trade corridors.
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