AH, THE week that just wouldn’t quit. By Tuesday, I’d already declared it the longest week ever, the universe seemed determined to prove me right by stretching out every remaining day.
Still, it had its highlights. My daughter celebrated her 17th birthday, which turned out to be a lovely day… but I somehow managed to trip over her weighted blanket not once, not twice, but three times. Each time felt like kicking a brick wall. It feels like I have been tripping over a lot lately! Will I ever learn? Most probably not.
On the work front, surprises kept coming. The US has postponed its China tariffs for another 90 days until November 10, keeping Chinese imports subject to 10% “reciprocal” tariffs, 20% “fentanyl tariffs,” plus sector-specific duties, while US imports to China remain at 10%. It’s a lot to keep up with.
At least U.S. importers have some clarity heading into year-end. Demand is picking up, ports are seeing record volumes, and Pacific spot rates are expected to climb further.
Meanwhile, local disruptions continue with bad weather, terminal closures, and port omissions. The next wave of rate increases is rolling out, with lines announcing general rate hikes, restorations, or peak season surcharges. With volumes set to rise, we’ll see if these increases hold.
This is awkward, I now need to segue into shipping line Q2 results! Some have lowered their outlook, whilst others have raised theirs.
And what about global port congestion, you ask? Global port congestion shows only slight relief in Shanghai and Ningbo, while Singapore rises to number two on the watch list, with several European ports also in the top ten. As congestion shifts, capacity tightens and rates start to creep higher.
There is plenty going on in the world at the moment. Here are some things that you may not know...
Here is the Holsatia. Schedules show that she is going to be replaced shortly with the Maersk Mammoth, a slightly smaller geared vessel. It's been good having you Holsatia!
Hope you all have a nice weekend ahead, fingers crossed for good weather!
Amanda Bradfield is Head of International Freight & Logistics at Freight & Trade Alliance (FTA) and the Australian Peak Shippers Association (APSA).