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. 

• For more information, you can learn more on the potential of the Canadian rail cargo disruption in our Industry Insight update. 
• Crane Worldwide Logistics has a global presence, with warehousing and distribution available to support your international requirements. Our global freight and logistics locations can support your business.
• Our contract logistics footprint is growing and we have warehouse space to support you from Vancouver to Boston to Johannesburg, get in touch with the team if you need 3PL inventory management and value-added services. 
• 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: Spotify, Google Podcast, Apple Podcast

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%

Download Air Freight Update

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

Download Ocean Freight Update

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

Download Ground Freight Update

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

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Get in touch with your local Crane Worldwide Logistics representative or request a quote if you would like to discuss your upcoming shipment requirements. We are here to help!