September 2024: Air, Ocean and Ground Market Update

Global supply chain news from our experts at Crane Worldwide Logistics, our freight market PDF updates are available for you to download below.

Key market updates this month:

• Potential strike action on the East and Gulf Coast by ILA, the clock is ticking until the deadline of a master contract agreement between ILA and USMX, for more information click on our port strike news article in Industry Insight.
• The implementation of CARM for Canadian customs is coming up in October, our latest trade advisory provides the steps you need to ensure you are up to date with the latest.
• Although part of the Schengen agreement, Germany has recently announced stricter land border controls on a temporary basis.

• International air cargo demand increased 14.3% compared to July 2023, driven by all regions and major trade lanes.
• Air cargo spot rates surged in August, driven by continued demand and capacity imbalances, alongside heightened e-commerce activity and disruptions in Red Sea shipping.

• Front-loading of shipments in anticipation of the potential ILA dockworker strike on the US East and Gulf coasts ports, combined with heightened rate pressures has caused container spot rates from Asia to the US East Coast to plummet more rapidly than usual over the last few weeks.
• West Coast rates may start to stabilize or even rise as retailers begin shipping holiday merchandise and react to the looming ILA strike threats.

• Total freight spend in August was down ~9% year over year due to 2% lower shipment volumes and 7% lower prices (incl. fuel) according to Cass Information Systems.

Did you know? We regularly publish market updates and real time alerts via our Industry Insight newsletter on Linkedin.

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