International Freight Forwarding News - December 2024

As we close the year with our December 2024 freight forwarding updates, there is much to contemplate in the upcoming months for supply chain professionals around the world. The Crane Worldwide team is ready to support your business in 2025.

Key market updates this month:

• Would you like to learn more about the potential tariffs as disclosed by the new administration? Download our tariff overview here.
• The USMX and International Longshoremen Association have both recently issued statements with regards to the negotiation of the Master Agreement for the East and Gulf ports in the United States. Speculation has begun circulating regarding a potential second port strike. Read here for the latest statements issued by both parties.
• Looking ahead, the Lunar New Year 2025 will see factories closed during the festive period and will commence on 29th January 2025. Delays can be expected.

• Global air cargo yields continue to strengthen, supported by falling jet fuel prices compared to last year.

• Pre-Lunar New Year cargo rushes and bad weather are causing significant congestion at major Asian ports, leading to berthing delays of up to five days. Shanghai, Tokyo, Ningbo, Busan, and Manila are among the worst affected, with delays varying by carrier.

• Including fuel surcharge, dry-van rates were up 2.2% sequentially (week ending 12/6/2024), outperforming the 5-year average of (2.2%) and normal seasonality (2015-2019) of (3.6%). Flatbed rates were +0.8% sequentially, outperforming the 5-year average of (1.3%) and normal seasonality (2015-2019) of (1.3%). Excluding fuel, dry-van rates were up 2.8% sequentially, outperforming the 5-year average of (2.3%) and normal seasonality (2015-2019) of (4.1%).

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