The 13-day strike that disrupted shipments at Canada’s Western ports of Vancouver and Prince Rupert has ended. Although the renewed strikes at 30 Canadian ports were called off, uncertainty remains.
In addition carriers are considering significant rate hikes from August 2023 due to a capacity imbalance caused by a disappointing peak season start and the deployment of new vessels.
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CAROZ’s eye opener:
The agreement between ILWU Canada and waterfront employers brings stability to the region’s supply chain. However, we’re cautious about potential renewed strikes at 30 Canadian ports. The federal government’s involvement is crucial to avoid further disruptions to trade.
Concerning potential rate adjustments and market dynamics, carriers considering rate hikes on the Asia-Europe route is concerning. The capacity-supply imbalance from new vessel deployment and a disappointing peak season start may lead to rate increases, impacting shipping loops and transit times to/from Asia.
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Each monthly update we will highlight the developments within the Ocean freight market including the following topics:
- Trending topic: Strikes & Rate Adjustments
- Rail & Air | Asia – Europe
- Space & rate developments
- Port developments & congestion
- Freight Indices & Container Availability
- How to mitigate risks