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Upgraded Import Forecasts Signal Stronger Shipping Pressures
US Importers are upping their forecasts for the coming months, suggesting that shippers who are already struggling to secure vessel capacity in Asia will find it even more difficult, and ports on the US West and East coasts could face increasing congestion leading into the summer-fall peak shipping season.
Global Port Tracker said that due to especially strong retail sales, it is pushing up its forecast for US imports in June through August from the projections it made only one month ago.
Global Port Tracker is reporting that it now expects US imports to rise 6 percent year over year in August compared with a previous estimate of a 1.2 percent decline. (Record jump)
The upward revision to US import projections for peak shipping season sends a message to shippers and ports that tight vessel capacity and marine terminal congestion issues are far from over.
However, forecasts of the ongoing high cargo volumes reflect the recovering US economy. "Gross domestic product grew at an annual rate of 6.4 percent in the first quarter, and some economists are predicting 13 percent in the second quarter. Growth that fast is a clear indication that US economic output has almost recovered to its level before the pandemic struck,” said a representative for Global Port Tracker.
With the addition of new routings, premium rates, and lengthened vessel wait times, this unprecedented time of demand has urged shippers to re-evaluate their supply chain needs.
As such, BRi USA has compiled market updates on the everchanging global supply chain:
The BRi USA team is monitoring the global situation carefully and will provide updates as they are made available.
Containerships Pushed to Meet Berthing Windows Regardless of Congestion
A new survey has found a “significant increase” in the average speed of containerships, saying that average laden containership speeds had increased by 5.5% since last June to 14.76 knots, and by 8.5% in the larger sectors.
The finding comes as evidence is beginning to emerge that carriers are abolishing some of their slow-steaming instructions, asking ships to ‘speed up’ to meet berthing windows, as well as increasing average speeds on backhaul routes to prioritise deadheading of empty equipment. Read the full report at The Loadstar.
Egypt Offers to Cut Ever Given Compensation Claim to $600 Million
Egypt offered to reduce claims by a third for compensation from owners of the container ship that blocked the Suez Canal in March, Suez Canal Authority Chairman Osama Rabie told MBC Masr channel television channel. The canal authority said it would reduce the claims for compensation to $600 million from $900 million, according to Rabie. The SCA also offered payment terms to owners of the Ever Given container ship but they have yet to respond, he said.
In mid-April, an Egyptian court granted the Suez Canal Authority’s request for the seizure of the vessel as compensation talks dragged on. The blockage roiled shipping markets because hundreds of vessels had to wait for the canal — which can shave two weeks off a journey between Asia and Europe
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As a valued customer, we hope that you will continue to trust us to source the best options for your supply chain needs now and into the future. Please feel free to contact your Customer Solutions Representative, should you have any queries or questions.
Keeping you updated,
BRi Customer Solutions TeamBack to News Page