Logistics Market Updates | February 2023

February 15, 2023

Download and read the latest on Operations and Carrier updates.

We are prepared to navigate the changes at Crane Worldwide Logistics to support our clients best. We monitor developments globally to keep you informed.

All our facilities and warehouses are operational. We have space and ground transportation options globally, book air charters, and fill space on ocean carriers.


Air Freight News - February 2023

Current State

  • Compared to December 2019, North America remained the only region fully recovered to pre-pandemic levels in total CTKs. Latin America sustained its lead in the growth of international CTKs among all regions, registering a 2.3% YoY growth in December.

Market Forecast

  • The most significant decreases vs. the previous month were seen in North America, at -16.7%, followed by Europe at -12.3%. No region saw increases vs. the last month.

Read all Air Freight Updates

Commercial Air Operations Update

IATA released an information page listing airlines' status globally, accessible to all. Visit the IATA page here.

Charter Operations and Aircraft Availability

What charters do Crane Worldwide Logistics have available?

  • Capacity is available for charters globally. Contact us for current rates and availability.
  • If you have an opportunity, send us the details, and we can work on the current part charter capacity and pricing. Charter prices are based on current availability, and that could change rapidly. So, the size and rates have fluctuated over the past few days.
  • Crane Worldwide Logistics must have a signed charter authorization from our client before signing the charter contract with the provider. Make sure you have someone standing by to sign agreements; capacity and rates change quickly.
  • On all charters, funds must be received before they wheel up.

Ocean Freight News - February 2023

Current State

  • The rapid increase in schedule reliability in the second half of 2022 has abated with the M/M increase in December 2022 of a marginal 0.1 percentage points to 56.6%. On a Y/Y level, however, schedule reliability was up by 24.8 percentage points. Moreover, the average delay for late vessel arrivals has been dropping consistently even though the average delay increased slightly in December 2022 by 0.34 days M/M and reached 5.43 days. Despite the increase, December 2022 late vessel arrival is still below the 2020 level and -2.31 days below the 2021 level.

Market Forecast

  • Maersk and MSC (Mediterranean Shipping Co.) will terminate their 8- year 2M Alliance in January 2025 as the carriers plan to pursue individual strategies and focus on integrated networks. While Maersk, in recent years, has focused on investment in integrated offerings and held off on expanding its fleet, MSC has done the opposite to become the most extensive container line by tonnage.

Read all Ocean Freight Updates


Road Freight News - February 2023

Current State

  • In a Wall Street analyst' interview last week with a sizeable struggling retailer, they reviewed TL and LTL trends. This shipper commenced a bid in 1Q and has seen a variety of proposals from brokers and asset-based carriers. So far, brokers are offering aggressive rate cuts, while some incumbent, large asset-based carriers are trying to hold their rates flat. This retailer expects negotiations in the second round will be more competitive and is pushing to lower his rates by 10%-12% year over year. He hopes to consolidate his carrier mix during this bid and remove several more transactional brokers during 2022. At the same time, this retailer expects to lower its volume commitments on specific lanes to push more freight to the spot market.

Market Forecast

  • US truckload spot market is nearing its floor, per analysts. US truckload spot prices will finally hit a new floor this quarter, most likely in February or March, but contract truckload rates are still tumbling and have further to fall before settling, trucking analysts say. Spot prices, whether paid by shippers or brokers, rose month to month in December for the first time in 2022, bouncing off lows hit in November. Preliminary data shows those rates climbing in early January, although sources have told the Journal of Commerce they could fall further. The data may indicate a shift in freight toward the spot market as shippers take advantage of low rates on specific lanes.

Read all Road Freight Updates

 

For questions or assistance, please get in touch with our experts.

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