PRESS ROOM

It was another busy week for news affecting the international freight and logistics industry and the coming week will be dominated by the US election and the prospect of Donald Trump winning ought to put the container shipping industry on alert says Drewry Shipping Consultants. It described a potential second term for Trump as a “destructive risk to the container market”, in light of his love of the word tariff, stated intention to introduce a new round, while those he introduced in 2018 continue to have an effect.

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Meanwhile, viewers that ship containers through US East and Gulf Coast ports will be relieved by the news that the International Longshoremen’s Association (ILA) and United States Maritime Alliance (USMX) are resuming Master Contract discussions this month, “to discuss all outstanding issues to reach a new agreement.” This comes on the heels of the parties agreeing to an extension of the current Master Contract until January 15, 2025, which they said is contingent on bargaining on all open issues. Readers will be hoping both sides come to terms for a new Master Contract Proposal that can be approved, and ratified.

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Many businesses are planning for their spring merchandise to arrive early in case no agreement is reached before the 15 January 2025 deadline, with all the consequences that might bring, by moving product much earlier than in previous years. The GCaptain website carried a Reuters report that U.S. shippers are steering clear of East and Gulf Coast ports such is the worry about another potential strike in January, and moving cargo via West Coast ports instead.

https://tinyurl.com/2wdjvbjs

At this time last year many container shipping analysts were talking in apocalyptic terms about the market, and this year a similar narrative is emerging. That's the verdict of an article on the Seatrade Maritime News website. The author writes that as with last year, market fundamentals point to a major collapse in freight rates as the equilibrium in the supply and demand equation is tilted firmly in favour of shippers, if one takes just a superficial glance at the figures. However it adds that the forecasts of doom do come with the proviso that no unexpected and calamitous event disrupts the market again. The full article, which is well worth reading, can be seen in the panel below.

https://tinyurl.com/5endyhkv

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