This week, the U.S. implements expanded sanctions against Russia, heightening restrictions on exports and issuing warnings to businesses. Concerns mount over potential strikes at East and Gulf Coast ports, while legislative updates address issues ranging from de minimis thresholds to forced labor practices. Amidst these developments, ITS Logistics anticipates a potential increase of 25% in containers from LA/Long Beach ports. Furthermore, the Federal Maritime Commission tightens regulations on container late fees, sparking both praise and caution within the industry. Read the full articles below for further details on these impactful events.
Weekly Freight Report: March 1, 2024
February 28th, 2024
U.S. Blocks Exports, Warns Businesses in Expanding Sanctions Against Russia
U.S. implements extensive trade restrictions and sanctions against Russia, prompting caution for businesses engaging in transactions with Russian entities.
Threat of strike looms large over East, Gulf Coast ports
Future uncertainty grips East and Gulf Coast ports as labor contract expiry between ILA and USMX nears, prompting fears of disruptions and market changes.
Legislative Update: De Minimis, Forced Labor, Imports, Exports, Shipping
Senators urge tighter e-commerce import rules, House Democrats seek action on forced labor, Republicans push for limits on Mexican steel imports, and Representative Sherrill advocates for global shipping protection.
25% more containers out of LA/Long Beach ports possible: ITS Logistics
Shippers use longer transit routes due to reduced consumer spending, while concerns over East Coast labor strikes prompt cautious planning and increased demand for West Coast logistics ahead of contract talks.
FMC tightens rules on charging container late fees
Federal Maritime Commission enforces new billing standards to address container late fees, requiring invoices within 30 days and ensuring transparency, with mixed reactions from industry stakeholders.
