July 23, 2024
Latest Freight Market News - July 2024
The latest international freight market updates are available now to download in PDF format. If you have any queries about the current market situation, please don't hesitate to get in touch with a member of the Crane Worldwide Logistics teams. At Crane Worldwide Logistics, we have logistics experts worldwide to support you with your business, reach out here
- Crane Worldwide Logistics has a global presence, with warehousing and distribution available to support your international requirements, check out our global locations here
- The American Journal of Transport recently noted that the Port of Long Beach had it's strongest June on record in 2024. If you are importing to the West, check out the available space at our warehouse facility in Chino here
- Did you know that Crane Worldwide Logistics is now open for business in Johor Bahru, Malaysia, read more here
- Don't forget you can listen in to all the latest market updates on our "Coffee with Crane" podcast available on your favorite podcast player or online here
Air Freight News
- International traffic increased by 15.5% YoY, supported by all regions and major trade lanes. Carriers from Africa and Asia Pacific recorded the highest annual growth, with demand on the Africa-Asia trade route expanding by an impressive 40.6% YoY.
- On the capacity side, available Cargo Tonne-Kilometers (ACTKs) saw an industry-wide annual increase of 6.7%, setting a new record for global monthly capacity levels.
Download Air Freight Update
Ocean Freight News
- On July 1st, Singapore’s Tuas mega-port has opened one berth and plans to bring two more this fall, as congestion begins to lessen at the world’s second busiest global container port. This opening combined with carriers redirecting and calling other ports as alternatives, has seen vessel wait time at Singapore lower to 2-3 days down from over 1 week in late May.
- “Warning strikes” conducted at major German ports from July 9-12th have significantly disrupted operations, leading to delays in ocean shipments and increased dwell times (Up 9% during strike period)
Download Ocean Freight Update
Ground Freight News
Capacity attrition slows in Q2… Carrier exits consistently outweighed additions to the market. More trucking businesses left the industry than entered it during Q2, according to federal data
Around 9,000 trucking businesses left the market in April, but that rate of exits lessened in May and June, according to Federal Motor Carrier Safety Administration data.
Download Ground Freight Update
Get in touch with your local Crane Worldwide Logistics representative or reach out HERE if you would like to discuss your upcoming shipment requirements. We are here to help!
