30 Jul 20

Update: APAC Ocean and Air Freight


Ocean Freight

  • - Ocean carriers have moved forward with implementing the Aug 1st GRI.
  • - Similarly, Fast Boat options such as APL EXX, Matson, and ZIM ZEX service from South China are announcing a PSS from  Aug 1st.
  • - As the surge of PPE continues, GRI’s and PSS’s are expected to stick.
  • - Capacity out of ISC is also extremely tight. Vessels are booked out by 3 weeks. This is mainly due to blank sailings, which has taken out 30% of the capacity from this market. In addition, we are also seeing production of certain products shift from China to India. Production of chemicals, footwear, garments, PPE, medical products, and metal products continue to increase.
  • - We are seeing a similar situation out of South East Asia, where vessels are booked out by at least two weeks.
  • - On a positive note, we’re starting to see regular sectors come back.


Airfreight

  • - Airfreight rates overall from China and South East Asia increased by about 40% compared to just two weeks ago.
  • - Capacity is extremely tight, especially out of China, Hong Kong, Taiwan, Malaysia, Vietnam, and India. This is being driven by a surge of hi-tech consumer product releases, other electronics, and automotive.
  • - We are also seeing some freighters being removed from service due flight maintenance cycles.
  • - 30% of the capacity has been removed the past two weeks.


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Masterpiece’s Abed Medawar recently volunteered at a Hillsborough Township NJ Food Distribution, inviting those in need to drive up and collect milk and other foodstuffs. Abed and the team were able to serve about 300 cars in total - Great work!

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