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[January Market Report] Transpacific Rates and Space Situation Updates

Rate & Market Information

Market remains quite in the past 2 weeks. All carriers have extended rates from end of Dec till 14 Jan and we  expect rates to remain the same until the end of Jan due to weak demand. Market may continue to be soft after  Lunar New year as production will be slow.  

Carriers will continue to blank sailings and omit services and we have been seeing roll overs of containers being  more frequent in the past months. MSC have reinstate “Diamond” rate scheme for space protection without roll over in January.  

Fixed rate negotiation will not be available until after Lunar New Year holiday or later as carriers are reluctant to  offer any rates until they have a clearer picture of the market. We do expect carriers to soften contract conditions  with flexible space allocation this year. JM Rodgers welcomes any of our valuable customers to discuss with our  sales team if you would be interested in a fixed rate contract for the coming season. We would need your MQC  idea, commodity type, port pairs and free time requirements. JMR will work closely with carriers to negotiate for  the best solution as soon as carriers starts offering annual contracts. 

Please refer to this document for more details

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Market News

US retail imports to remain low: NRF reports

THE National Retail Federation reports that container imports have dropped to their lowest levels in nearly two  years prompting the retail trade association to lower its forecasts for the start of 2023 while saying that the  business has returned to pre-pandemic levels. 

“Ports have been stretched to their limits and beyond but are getting a break as consumer demand moderates 

amid continued inflation and high interest rates,” said Jonathan Gold, NRF Vice President for Supply Chain and  Customs Policy.

Read More

Shipping lines have 'lost control of the market': Drewry

OCEAN carrier voyage results could soon start appearing in red ink as freight rates flirt with breakeven levels  on major east-west tradelanes. 

Although the container spot rate crash appears to have bottomed-out in the past few weeks, annual contract  rates are also now in sharp decline. 

According to Drewry’s latest Container Insight report, carriers have “lost control of the container market” by  failing to manage capacity and will “act on capacity only when they are forced to do so by heavy losses”, 

reports London’s Loadstar. 

Read More

Rising Covid cases in China cripple major factories and biggest ports

THE surge in Covid-19 cases in China is impacting the completion of manufacturing orders, according to CNBC  Supply Chain Heat Map data. 

Logistics managers are warning clients that because of the spike in infections, factories are unable to complete  orders – even with US manufacturing orders from China already down 40 per cent due to an unrelenting  demand collapse. 

Read More

The above information is for reference only. However, should you have any inquiries, please do not hesitate to contact us. 

For rate inquiries: jmr-rates@jmrodgers.com | For export operations & inquiries: jmr-export@jmrodgers.com | For ISF submission and status inquiries: jmr-isf@jmrodgers.com | For import operations & inquiries: jmr-docs@jmrodgers.com | For traffic-related issues: traffic@jmrodgers.com 

Disclaimer 

Although J.M. Rodgers Co., Inc. (JMR) makes reasonable efforts to obtain reliable content, JMR does not guarantee the accuracy of or endorses the views and opinions given by any third-party content provider. JMR disclaims all responsibility for any mistakes or inaccuracies in the information. Further, JMR disclaims all liability for loss or damage resulting from the use of information in this newsletter. 

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Jon Sabel

Jon Sabel is the marketing director at J.M. Rodgers Co., Inc. Jon enjoys sharing updates about the latest news in supply chain and logistics with customers and followers.