International Freight Market Updates - October 2024

Our monthly updates are now available for you to download below. All the latest information from our experts at Crane Worldwide Logistics about the state of the ocean, air and ground freight market.

Key market updates this month:

• The International Longshoremen’s Association (ILA) and the United States Maritime Alliance, Ltd. (USMX) reached a tentative agreement on wages and have agreed to extend the Master Contract until January 15, 2025.
• The implementation of CARM for Canadian customs is coming up in October. Canada Border Services Agency (CBSA) will be implementing the Canada Assessment and Revenue Management (CARM) Release 3 on October 21st, 2024.
• Looking ahead, the Lunar New Year 2025 sees factories closed during the festive period and will commence on 29th January 2025 which is an earlier date than in 2024.

• Global Cargo Tonne-Kilometers (CTK) rose by 11.4% year-on-year (YoY), marking the ninth consecutive month of double-digit demand growth and the second consecutive month of record year-to-date demand levels. However, after adjusting for seasonality, demand declined slightly by 0.2% month-on-month (MoM).

• The International Longshoremen’s Association and the United States Maritime Alliance, Ltd. have reached a tentative agreement on wages and have agreed to extend the Master Contract until January 15, 2025, to return to the bargaining table to negotiate all other outstanding issues.
• Container lines are facing increased challenges with Hazardous Cargo at the Port of Ningbo due to newly announced regulations.

• Total freight spend in September was down ~7% year over year due to 5% lower shipment volumes and 1% lower prices (incl. fuel) according to Cass Information Systems.
• Compared to August, expenditures were +2%, while shipments were down 2%. Seasonally adjusted expenditures appear to be +1% month over month as rates were down 4% month over month while shipments were down 3% month over month.

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

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