Afternoon All,
It's that time of the year! Just like that, we are in December and winding down for the festive season.
Let's jump into the final Newsletter and Blog of the year.
Markets:
As the title states, let's do a quick wrap-up of the markets.
China - rates are holding steady, with predicted slight GRIs to be introduced in the first week of January heading into Chinese New Year. Airfreight rates & volumes are on the rise, due to last-minute Christmas volumes that missed sea freight sailings. The lines are currently trying to mitigate losses via blank sailings and rolling bookings, its been predicted that roughly 20% of the trade lane is experiencing delays due to these mitigation tactics.
USA - In general the market is still soft, with median port data showing a decrease in volumes between 1-4% year to date. The courier market has been disrupted as the unions threaten strikes in retaliation to substantial layoffs at UPS. The Biden administration launched an Office of Multimodal Freight Infrastructure and Policy within the Department of Transportation to help maintain and improve national supply chains as well as the creation of The Council on Supply Chain Resilience. These are only 2 of the 30 actions and initiatives being rolled out by the Biden administration.
AUS - What a few weeks for the domestic front. Cyber attacks, strikes, industrial action, landside price increases, extensive quarantine processing delays, and issues at the airline terminals. It's not a pretty picture, but hopefully, we will see a turn for the better in the new year. Most carriers and transport operators will be fully operational over the holiday season, with the exception of the public holidays.
General - The Canal Sagas continue, as carriers introduce war insurance charges and premium booking fees to secure passage. Many shipping carriers are looking at alternate routings via Cape Point, increasing transit times and costs. To top this off there was another incident with a cargo vessel that broke down and crashed into a bridge in the Suez Canal on the 06/12. This, added to the pressure of limited passes through the canal, has raised tensions and concerns, as the canal handles roughly 10% of the world's trade.
OSCL News:
We are winding down to spend some quality time with our family over Christmas.
Appreciate it if you have any consignments coming in over the next few weeks that the bookings and commercial documents are sent through at your earliest convenience. This ensures we have enough time to put in place contingencies should your cargo arrive over the Christmas closure period.
OSCL Christmas Operational Hours:
18/12 to 02/01 – 0830 to 1200*
25/12 to 26/12 - Closed
*I am available on my mobile for any urgent matters.
I just want to take this opportunity to say a huge thank you for the support this year. It's been another fantastic year, and we are really looking forward to supporting you and your supply chain needs in 2024.
Wishing you and your families a safe and festive season.
All the best,
The Flints
Cheers 2023...
