Industry Update – Week of May 15, 2023

US Labor Update:

  • Supply Chain Dive reported on May 10, 2023: UPS and the Teamsters union have begun talks. The current contract expires July 31, 2023. Union representatives have indicated they will not work beyond the expiration date without a new agreement in place. We will continue to monitor this labor issue in coming weeks.
  • gCaptain reported on May 13, 2023:
    • An agreement was reached on May 3rd regarding manning requirements for non-automated terminals. This was a major hurdle in contract talks.
    • Next steps for the PMA/ILWU will be to work on two more major issues which remain to be settled – wages and pension benefits.
    • Various ‘job actions’ which have affected operations at U.S. West Coast ports have ceased. Both parties are optimistic an agreement could be reached soon. Sources indicate a ratification vote is possible by mid-summer.

U.S. Market Update: charts courtesy of Freightwaves SONAR

  • Ocean: Chart below illustrates past 1 year 05/15/22 – 05/15/23 of rate fluctuation SHA to LAX and SHA to NYC
  • Air: Below chart illustrates past Inbound Air Cargo Tonnes: 1-year (05/15/22 – 05/15/23) rate movement.  Dotted line illustrates next 7 days out based on predictive booking.  LAX  JFK  ATL  ORD.

40’ Container Rate Index Movement

Chart illustrates the percentage of change in rate up/down for the past 2 weeks along with the Value (rate level based on regional international trade data. The Freightos Baltic Daily Index measures the daily price movements of 40-foot containers in 12 major maritime lanes. It is expressed as an average price per 40-foot container. 

US Ports Update: Chart illustrates the percentage of increase/decrease in volume for that port month over month. The whole number indicates the total number of import shipments (containerized and non-containerized).

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