Insight

April 2024 – Market Update

By In Insight On 11th April 2024


OCEAN FREIGHT

Baltimore Bridge Incident

In the early hours of March 26, 2024, a vessel collided with the Francis Scott Key bridge, resulting in damage to the structure. The container vessel “DALI” is owned by Grace Ocean and operated by Synergy Group. It is time-chartered by Maersk. We are closely monitoring the situation. We are deeply saddened by the loss of life caused by this tragic accident, and our thoughts are with all of those affected.

We understand that the recent incident at the Port of Baltimore may have a significant impact on your logistics operation. We want to assure you that we are working diligently with all our carriers and partners in the industry to keep you updated. While we are currently unable to accept new bookings into or out of the Port of Baltimore, we are committed to serving the greater Baltimore area via alternative ports such as Newark, Norfolk, and Philadelphia, using road and rail options subject to available capacity. We are closely communicating with our customers to determine the best solution for their cargo delivery and pick-up service to and from Baltimore and surrounding areas.

Red Sea / Gulf of Aden Crisis

Given the ongoing fragility and insecurity in the Red Sea / Gulf of Aden, most carriers are taking proactive measures to divert vessels bound for this region via the Cape of Good Hope.

The safety of the seafarers, vessels, and your cargo is the top priority, and as such, carriers are adjusting their services, adding feeders, and repositioning containers to minimize the impact on your supply chain. These measures will remain in effect until further notice, ensuring the utmost safety and security of your cargo.

Panama Canal Transits

In response to the present water levels at Gatun Lake, the Panama Canal Authority (ACP) announced earlier this month that it will increase the number of daily slots available to accommodate the demand for transits.

After closely monitoring the development over the past weeks by several carriers, we are pleased to announce that some carriers will reinstate the Panama Canal transit on certain selective services effective in May.

Since the beginning of last year, Gatun Lake has experienced one of the driest seasons on record, prompting the Panama Canal Authority to reduce traffic for the safe passage of ships. This latest announcement will ease some of the strain on trades that rely heavily on the canal, such as the US East Coast to/from Far East Asia. We will continue to monitor the situation and adjust carrier services as necessary upon updates from the Panama Canal Authority.

AIR FREIGHT

 

Shipping to or from San Francisco?

Now is the time to ship or make plans for your long-term logistics for the next 60 days. Anything travelling via air internationally, whether it is an export or import, will have excellent transit times without asking for priority service. Take advantage before the perishable season starts in May, when both truck availability and airline space will take priority over everything else!

Why EcoVadis Matters

Over the last five years, I’ve witnessed firsthand the transformative power of a high EcoVadis score. It’s not merely a badge of honor; it’s a reflection of our deep-rooted commitment to sustainability and ethical operations. EcoVadis provides a comprehensive evaluation of our efforts in environmental care, social responsibility, and governance. Allow me to outline why…

Prepping your Warehouse for EcoVadis

Improving a warehouse’s EcoVadis score can significantly impact its sustainability practices and overall environmental footprint. EcoVadis is a widely recognized sustainability rating provider that evaluates companies on a wide range of non-financial management systems, including Environmental, Social, and Governance (ESG) practices. Here are ten steps a warehouse can take to improve its EcoVadis score:Enhance Energy…

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