August 20, 2024
Global Freight Market News - August 2024
From our team of logistics experts, the latest freight market updates are available now to download in PDF format.
Air Freight News
- Cargo capacity, indicated by available cargo tonne-kilometers (ACTKs), saw an 8.8% rise compared to June 2023, with international operations showing a 10.8% increase.
- Overall, demand in the first half of the year (H1) rose by 13.4% compared to H1 2023, 4.3%
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Ocean Freight News
- Despite concerns over a cooling economy, the Port of Los Angeles and Long Beach experienced one of their busiest months ever in July, approaching the record highs of May 2021.
- On Friday, August 9th, an explosion occurred aboard a Yang Ming vessel that closed the port of Ningbo’s Beilun Phase III Terminal for 60 hours. Reopening at midnight on Monday, August 12th
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Ground Freight News
- Over the last 30 days, contract TL rates were slightly lower and are down ~7% year over year as they continue to narrow the spread towards spot market rates, which appear to be chopping along a bottom since mid-2023.
- Freight shipments across all domestic modes were down ~1% year over year yet up 3% month over month,according to Cass Systems
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