Recent industry events, from a looming strike at Montreal’s container terminals to U.S. LTL carriers raising rates despite soft demand, are reshaping logistics and trade dynamics. In Montreal, an indefinite strike could impact nearly half of the port’s container capacity, urging shippers to adjust their schedules. Meanwhile, U.S. LTL carriers are defying market trends by raising contract rates, fueled by post-Yellow expansion plans. Controversy over ‘Made in Mexico’ designations has highlighted concerns of tariff circumvention as foreign investment in Mexican manufacturing surges, while reports of Russian support for Houthi attacks on Red Sea shipping have rerouted vessels and raised shipping costs. A new pollution regulation in the Mediterranean is also set to boost diesel demand, even as Europe’s overall consumption declines. Strong eastbound trans-Pacific imports are maintaining peak season momentum, driven by resilient demand and reduced blank sailings. Read the full articles below.
Weekly Freight Report: November 1, 2024
November 1st, 2024
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Montreal Dockworkers Target MSC’s Terminals for Strike This Week
Longshore workers at Montreal’s Maisonneuve and Viau terminals will begin an indefinite strike this Thursday, potentially impacting nearly half of the port’s container capacity and urging shippers to expedite pickups.
US LTL Carriers Raising Rates as Shippers Keep Wary Eye on 2025
Despite a soft freight market, US less-than-truckload (LTL) carriers are raising contractual prices as they expand terminals and defy a two-year slump, driven partly by market shifts following Yellow’s collapse.
'Made in Mexico' Trade Controversy Is Provoking Another Kind of Border War
Mexico’s booming trade with the U.S., spurred by the USMCA, has attracted significant foreign investment and fueled logistics growth, though concerns about tariff circumvention through ‘Made in Mexico’ labeling persist among U.S. policymakers and industry leaders.
Report Says Russia Aided Houthi Attacks on Red Sea Shipping
Russia reportedly aided Houthi rebels in Yemen in targeting Red Sea shipping, leading to route changes around Africa that have increased shipping costs, while U.S. and British forces respond with airstrikes against Houthi sites.
New Shipping Pollution Rule to Aid Europe's Ailing Diesel Demand
A new Mediterranean shipping pollution rule will drive up demand for marine gas-oil, slightly boosting Europe’s diesel market despite an overall decline in diesel consumption.
Strong Imports, Low Blanks Extend Peak Season on Eastbound Trans-Pacific
An extended peak season for eastbound trans-Pacific imports is keeping demand strong, as carriers reduce blank sailings and prepare for potential rate hikes ahead of holiday retail and labor concerns at US ports.
