This week, the South Carolina Ports Authority announced it has cleared a backlog of container ships at Charleston’s Wando Welch Terminal, but expects some delays through November due to ongoing construction reducing the number of operating berths. Meanwhile, a major US retail group upgraded its forecast for containerized imports for the sixth consecutive month, driven by strong sales and frontloading of cargo during an early peak shipping season, as US consumer spending remains robust despite higher prices and supply chain challenges. Geopolitical tensions and supply chain disruptions have also led to rising freight and container prices, causing significant price hikes and supply-demand imbalances globally. Furthermore, congestion at the Port of Singapore has severely slowed the docking of trade vessels, boosting spot market prices and further disrupting international shipping. Severe storm conditions off the coast of South Africa have halted vessel movements at the Cape of Good Hope, with high winds and waves forcing container lines to seek shelter. Read the full articles for comprehensive coverage on these developments.
Weekly Freight Report: July 12, 2024
July 12th, 2024
German Container Ports Hit by Two-Day ‘Warning’ Strikes
Strikes by port workers in Hamburg, Bremen, and Wilhelmshaven have brought Germany’s main container ports to a standstill, heavily disrupting cargo movement amid peak season demand, as part of a wage dispute led by the German union ver.di.
Extreme Weather Blocks Vessel Traffic Around South Africa
Severe storm conditions off the coast of South Africa have halted vessel movements, exacerbating supply chain delays caused by diversions around the Red Sea, with high winds and waves over 33 feet forcing container lines to seek shelter and no containerships passing the Cape of Good Hope since Monday.
Ports in Houston and Galveston Remain Closed in Wake of Hurricane Beryl
Ports in Houston and Galveston remain closed due to Hurricane Beryl, causing significant disruptions to trucking, rail, and cargo container services, while the Port of Corpus Christi has reopened and Maersk’s Houston trucking operations continue to be affected by power outages.
Port of Singapore Congestion Raising Spot Market Prices, Report Finds
Congestion at the Port of Singapore has significantly slowed the docking of trade vessels and boosted spot market prices due to severe supply constraints, wait times for berths have increased drastically and vessels are often rerouted to nearby ports, exacerbating the issue and raising shipping costs globally.
Charleston Clears Vessel Backlog, but Expects Some Delays Through November
The South Carolina Ports Authority has cleared a backlog of container ships, but expects some delays through November due to ongoing construction at Charleston’s Wando Welch Terminal, which will operate with two berths instead of three.
Will the H1 Boom Continue in H2 of 2024 for the Container Logistics Industry?
Rising freight and container prices driven by geopolitical tensions and supply chain disruptions have led to increased costs and supply-demand imbalances, with significant price hikes in various regions and expectations for continued volatility in the container shipping industry.
US Retailers Upgrade Import Forecast for Sixth Straight Month Amid Strong Sales
A major US retail group upgraded its forecast for containerized imports for the sixth consecutive month, driven by strong sales and frontloading of cargo during an early peak shipping season, as US consumer spending remains robust despite higher prices and supply chain challenges.
