While shipping costs are showing an improvement, logistics are still grappling with challenges posed by growing wait times for ships arriving at the Gulf and East Coast ports, according to the Descartes Datamyne trade databases.
“While down slightly from August 2021 and July 2022, the August numbers show that the U.S. economy, inflation and high fuel costs still have not had the anticipated adverse effect on container import volume,” said Chris Jones, EVP, industry and services at Descartes. “The continued shift from West Coast ports and higher overall volumes are lengthening delays at major East and Gulf Coast ports and keeping the number of ships waiting on the water high, which will prolong the unpredictable nature of global supply chain performance.”
In response to easing demand and falling rates, carriers are canceling some transpacific sailings through October, Freightos reports. And as spot rates are now well below most contract rates, there are reports that many importers are trying to renegotiate ocean contracts with carriers.
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