December 2022 – Ocean Market Update

By NNR USA In Insight On 8th December 2022

The demand for cargo continues to fall across all trade lanes, and volumes are below pre-pandemic levels.

This downturn in volume is easing congestion in all major ports and rail yards. Meanwhile, a few U.S. East Coast (USEC) ports and particular container yards, such as Chicago, Memphis, and Kansas City, are still congested.

Carriers continue removing capacity by voiding sailings to balance low market demand with capacity, which is still a challenge.

Market conditions will most likely improve in Q1 heading into the Chinese New Year, which may be another rush time for shippers to book space, raising rates. We recommend booking early next year to avoid any potential space issues that may arise.

Asia to North America: Space is open, and rates keep falling
North America to Asia: Wide open with no capacity constraints
Europe to North America: Space is tight and still challenging
North America to Europe: USEC has open space; however, Gulf & West Coast have limited space

Tip of the Month

We recommend booking 2-3 weeks early to reserve space and equipment.

VIEW U.S. PORT & RAIL STATUS

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