October 2023: Freight Market Update

October 17, 2023

What is happening in the Freight Market? Download the latest information!

The October freight market updates include the latest on what is happening in the Air, Ocean and Ground markets and are available for you to download in PDF, please don't hesitate to get in touch with your Crane Worldwide Logistics representative or reach out to us here for further information. 

Crane Worldwide Logistics continues to grow organically with its partners with warehouse space and freight capacity on key tradelanes to support your operations.

With our own U.S. domestic ground service, we can provide full integrated logistics solutions. 

  • New trade advisories have been posted online with recent updates on the current situation in Israel, you can read them here
  • Check out our latest updates on our new facilities in Frankfurt and Johannesburg 
  • You can also check out our latest Industry Insight articles 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

  • Global cargo ton-kilometers (CTKs) increased by 1.5% year-onyear (YoY) in August, the first annual growth in 19 months since February 2022. Industry CTKs were 1.3% lower than their 2019 levels
  • Inflation in the US continued to increase for the second month in a row, after 13 months of decline. Although China’s CPI growth reverted to positive from the July level, the country recorded negative PPI in August for the 16th consecutive month. 

Download Air Freight Updates

Ocean Freight News

  • Israel update: Amid ongoing rocket attacks in the south of Israel, the nearby Ashkelon port has been closed. Ashdod port, on the other hand, has imposed restrictions on transporting hazardous materials, causing slower transits. Haifa port, a crucial terminal for multiple cargo segments, including dry bulk goods, has reinforced its activity to the maximum possible extent, including receiving cargo diverted from Ashdod.

Download Ocean Freight Updates

Ground Freight News

  • Contract rate pressure continues in Q3, but likely subsiding moving forward. We entered 2023 expecting a meaningful reset in TL dry-van rates (down high-single digits or so on contractual renewals), a more moderate decline (mid-single digits) in refrigerated rates and modest increases in dedicated contractual renewals.

Download Ground Freight Updates

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