Freight Market Update: July 26, 2023

Updates from the global supply chain and logistics world | July 26, 2023

• [Regional - British Columbia]?This week, members of the International Longshore and Warehouse Union (ILWU) Canada are anticipated to cast their votes on a tentative contract agreement after the terms of the deal have been approved by a union caucus. For the most up-to-date information on how this may affect your shipments, please reach out to your account representative.
• [Regional - Panama Canal]?Multiple carriers have announced a Panama Canal Surcharge to go into effect on Aug 1, 2023 in response to the ongoing draft limitations brought on by continuing drought conditions in the region.
• [Regional - Turkey]?The Turkish air freight market is fully operational, but the demand is very high especially to the U.S. Consider booking “PLUS” or “URGENT” services with short notice bookings in order to secure the space.
• [Regional - Indian Subcontinent]?Air capacity is available and schedules are reliable for India/Sri Lanka/Bangladesh/Pakistan. Ocean capacity is available and schedules are reliable as well. Trucking is running normally and in general equipment is widely available.

For more information on any of these items, please speak with your account representative or?contact us ?to speak with one of our experts.

North America Vessel Dwell Times

For more details, please visit Flexport’s?Ocean Timeliness ?and?Air Timeliness ?indicator pages.

Upcoming Webinars

Flexport Customs: Unlocking the Benefits of MPF Consolidation

Wednesday, August 2 @ 9:00 am PT / 12:00 pm ET

North America Platform Demo

Weds, August 9 @ 12:00 pm PT / 3:00 pm ET

North America Freight Market Update Live

Thurs, August 10 @ 9:00 am PT / 12:00 pm ET

This Week In News

Older Freighters Starting To Leave the Market

The transpacific air market is seeing a reduction in capacity as older freighters are retired. Sanne Manders, President, Ocean and Air at Flexport attributes this to carriers looking to ‘rightsize’ their capacity to fit current demand. For a deeper dive on this topic, please see our recent State of Trade Webinar,?Is Shipping Bottoming Out or Still Descending? .

Never Mind the Delivery, More Online Consumers Are Turning To Store Pickup

Buy Online, Pick up In Store (BOPIS) is an order fulfillment model that continues to grow in popularity even after the re-opening of the retail world post-pandemic. Many retailers see it as a logical extension of their use of brick-and-mortar locations as mini fulfillment centers during the height of the pandemic, and they love it because it cuts fulfillment costs by eliminating last-mile delivery altogether. Meanwhile buyers love it because it’s fast, convenient, and it saves them those same delivery fees.

Read more news summaries like this in our weekly?Supply Chain Snapshots .

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