Recent developments in logistics highlight global challenges and shifts. U.S. freight rates rise amid tariff concerns and potential port strikes, while cargo thefts surge 14% in Q3, driven by organized crime. The EU enforces the ICS2 regulation to modernize customs and enhance security, and China bans exports of key materials, escalating trade tensions. Indiana doubles its port capacity with new infrastructure, and Georgia Ports secure federal funding for sustainability projects. Meanwhile, labor talks on East Coast automation intensify ahead of a potential strike. Read the full articles below.
Weekly Freight Report: December 6, 2024
December 6th, 2024
Container Rates Buoyed by Tariff, Strike Threats
Ocean freight rates remain elevated as potential port strikes, anticipated tariff increases, and early pre-Lunar New Year demand drive pricing trends, with carriers implementing rate hikes and shippers rushing to meet deadlines before factory shutdowns in China.
China Hits Back at U.S. Chip Sanctions with Bans on Exports
China has imposed an export ban on critical high-tech materials like gallium, germanium, and antimony, citing national security, in response to U.S. restrictions on China’s semiconductor industry, intensifying trade tensions between the two nations.
Georgia Ports Secures $120 Million in Federal Grants for Rail and Electrification Projects
The Georgia Ports Authority secured over $120 million in federal grants to enhance sustainability, expand rail capacity, and reduce emissions at its Savannah and Brunswick facilities, advancing efforts in electrification, shore power, and community connectivity
ILA Targets Rail-Mounted Gantry Cranes Amid Impasse in Port Labor Talks
The International Longshoremen’s Association is drawing a hard line on the use of rail-mounted gantry cranes in ongoing contract talks, viewing their further implementation as a critical issue in avoiding a potential January port strike.
Chicago Intermodal No Longer a Bridge Too Far for Indiana Port
Indiana’s Lake Michigan port is set to double its ocean cargo capacity with the completion of a new State Road 249 bridge, part of a $77 million infrastructure upgrade aimed at boosting global trade connections and reducing environmental impact.
US Cargo Thefts Ups Big Again in Q3, CargoNet Reports
Cargo theft incidents in the US and Canada rose 14% in Q3 2024, driven by organized crime’s increasingly sophisticated tactics, including phishing schemes, document fraud, and evasion techniques, leading to $39 million in stolen freight, with California, Texas, and Illinois accounting for over half of all thefts.
Europe Rolls Out Its Advance Cargo Filing ICS2 Program
The European Union has officially implemented the Import Control System 2 (ICS2) regulation, mandating advance cargo information to enhance supply chain security and modernize customs processes.
