Though most TPEB carriers extended September rates until the end October, carriers are signaling that rates will increase next month. This will increase rate levels to a record high, driven by high demand and limited capacity. We recommend making ocean bookings at least three weeks in advance of cargo readiness. Similarly, air freight rates are on the rise again due to recent retail product launches, as capacity is extremely limited out of most origins.
A second wave of COVID-19 cases is beginning to impact Trans-Atlantic trade, as many European countries are experiencing industrial and commercial closures. Exports out of Europe are starting to decrease, most noticeably in shipments to the US. Though there has been an improvement in ocean shipments from Europe, airfreight volumes have been down. Rate levels are expected to remain stable as a result.
Though already struggling, congested Long Beach and Los Angeles will continue to deteriorate over the coming weeks as volumes continue to increase. According to PIERS, US imports from Asia alone increase by 22% last month, compared to last year. This will certainly impact create additional drayage movements, as drivers and equipment will be even harder to come by. As noted last week, it will also impact vessel schedules to and from Asia.
Have a question about how this may affect your supply chain? Reach out to our knowledgeable teams across the country.
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Need a quicker alternative? Masterpiece understands your industry’s urgency and will find a solution for you quickly – never compromising on security or transparency. Ask about our expedited services:
- Expedited airfreight for mission-critical shipments
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- Hong Kong: Public Holiday on October 26
- Malaysia: Public Holiday on October 29
- Japan: Public Holiday on November 3
- Singapore and Malaysia: Public Holiday on November 14
- Japan: Public Holiday on November 23