Transpacific Trade

Asia-US container rates climb in latest Freightos index

Ocean container rates on trans-Pacific Asia-U.S. services continued their December rise, ahead of a possible longshore strike and tariffs concerns in the new year.

The Freightos Baltic Index for the week ending Dec. 17 showed Asia-U.S. West Coast rates increased 10% to $4,301 per forty-foot equivalent unit. Asia-U.S. East Coast prices gained 13% to $5,814 per FEU.

“The pull-forward for the strike is likely exhausted by now as the pre-Jan. 15 arrival window has closed,” wrote Judah Levine, head of...

https://www.freightwaves.com/news/asia-us-container-rates-climb-in-latest-freightos-index

Port of Long Beach hits record container volumes

The Port of Long Beach saw record container volumes in September and in the third quarter amid robust consumer demand and shippers moving goods ahead of a longshore strike at East and Gulf Coast ports.

The Southern California gateway handled 829,499 twenty-foot equivalent units in September, narrowly up by 70 TEUs from the previous record set in September 2023, and the fourth consecutive monthly year-over-year increase.

Imports were up 2% to 416,999 TEUs while exports slipped 12.8% to 88,289...

https://www.freightwaves.com/news/port-of-long-beach-hits-record-container-volumes

China port explosion snarls trans-Pacific container trade

The closure of Ningbo Beilun’s Phase III Terminal is expected to have cascading effects on the main trans-Pacific trade lanes out of Asia, and the supply chain at large, in the midst of the peak shipping season.

Container traffic has been halted at China’s Port of Ningbo following a shipboard explosion involving hazardous materials at one of the world’s busiest intermodal hubs.

The explosion aboard the Yang Ming vessel YM Mobility on Friday reportedly involved organic peroxide materials. There...

https://www.freightwaves.com/news/china-port-explosion-snarls-trans-pacific-container-trade

House lawmakers crack down on Chinese ocean freight data

WASHINGTON — House lawmakers have passed a bill giving regulators new power to investigate potential violations of the law by the producer of one of the most closely watched container freight indexes.

The Ocean Shipping Reform Implementation Act of 2023, which passed the chamber on Thursday by a vote of 393-24, targets China’s Shanghai Shipping Exchange (SSE). SSE publishes the Shanghai Containerized Freight Index, an aggregator of spot market data on which container freight rates in the...

https://www.freightwaves.com/news/house-lawmakers-crack-down-on-chinese-ocean-freight-data

FMC seeks to limit ocean carriers’ leverage on container space

Overhead view of container ship.

The Federal Maritime Commission is proposing a rule aimed at preventing ocean carriers from locking out customers from the carriers’ available vessel space.

The notice of proposed rulemaking (NPRM), expected to be published this week in the Federal Register, will give the public 30 days to comment on a provision included in the Ocean Shipping Reform Act of 2022 that prohibits ocean carriers from unreasonably refusing to deal or negotiate with respect to vessel space accommodations.

“The NPRM...

https://www.freightwaves.com/news/fmc-seeks-to-limit-ocean-carriers-leverage-on-container-space

Experts urge quick action to comply with ocean shipping reform law

Aerial view of Port of Los Angeles Pier 300

American shippers and the lawmakers supporting them were ecstatic that the Ocean Shipping Reform Act of 2022 (OSRA) passed less than a year after it was introduced in Congress. However, that means all companies involved in ocean shipping must quickly start making operational changes to comply with the law, which addresses carrier billing and related issues.

The Federal Maritime Commission (FMC) underscored that message on June 24, when the agency’s general counsel issued an opinion confirming...

https://www.freightwaves.com/news/experts-urge-quick-action-to-comply-with-ocean-shipping-reform-law

House panels open price-gouging probe of major ocean carriers

Two congressional oversight panels have opened an investigation of three major ocean carriers, alleging that their dramatic rate hikes charged to shippers may have fueled inflation.

Leaders of the Select Subcommittee on the Coronavirus Crisis and the Subcommittee on Economic and Consumer Policy — which operate under the House Committee on Oversight and Reform — sent letters on Wednesday to heads of Maersk, CMA CGM and Hapag-Lloyd requesting information about their container rate increases and...

https://www.freightwaves.com/news/house-panels-open-price-gouging-probe-of-major-ocean-carriers

New legislation would strip ocean carrier antitrust protections

Ocean carriers would no longer enjoy their limited antitrust immunity under new legislation aimed at curbing what some lawmakers and the Biden administration consider to be out-of-control market power.

The Ocean Shipping Antitrust Enforcement Act, introduced on Monday by Rep. Jim Costa, D-Calif., would amend U.S. shipping regulations by repealing section 40307 of Title 46 of the United States Code, which protects foreign carriers from certain antitrust laws.

“This bill is critical in leveling the...

https://www.freightwaves.com/news/new-legislation-would-strip-ocean-carrier-antitrust-protections

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