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Radiant's Freight Market Update

Apr 18, 2024

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This week: General Average declared for Baltimore disaster, U.S. port import volumes expected to reach 2 Million TEUs in May, & Radiant Logistics Inc. makes Transport Topics Top 100.


FMC seeks feedback on container data sharing. The Federal Maritime Commission (FMC) is requesting additional comments from container line operators and customers to support potential new rules on container shipment data sharing. This effort supplements last year's information request and the May 2023 report on the Maritime Transportation Data Initiative (MTDI), according to Freight Waves.


General Average declared for Baltimore disaster. The owner of the ship responsible for damaging Baltimore’s Francis Scott Key Bridge has initiated a process known as "general average," requiring companies with goods aboard the vessel to share financial losses. A.P. Moller-Maersk A/S confirmed that Singapore-based Grace Ocean declared general average, expecting all salvaged parties to contribute due to anticipated high salvage operation costs. Read more from gCaptain here.

Port of Portland ceases container operations at Terminal 6. The Port of Portland announced the closure of its cargo container handling operation at Terminal 6 in North Portland after failed lease negotiations with a third-party operator. The terminal will continue handling automobile imports/exports and "break bulk" cargo. Container shipping will cease on October 1, following consecutive years of $13 million losses in the container business. The closure jeopardizes hundreds of jobs, directly impacting 696 positions and an additional 870 indirect roles.

U.S. port import volumes expected to reach 2 Million TEUs in May. Despite global trade disruptions, major U.S. ports anticipate handling 2 million total TEUs in May, as per the Global Port Tracker report from the National Retail Federation and Hackett Associates. This projection represents a 5.5% year-over-year increase and the highest level since October 2023. West Coast ports, including the Port of Los Angeles, are experiencing volume growth amid ongoing shipper uncertainty, with a reported 64% surge in loaded import cargo volumes in February, according to Supply Chain Dive.


Auto carriers to merge. Five auto carriers are set to merge, aiming to become a leading auto hauler in North America under the name Proficient Auto Logistics. According to a U.S. Securities and Exchange Commission filing, the five companies (Proficient Auto Transport, Delta Automotive Services, Deluxe Auto Carriers, Sierra Mountain Group, and Tribeca Automotive) plan to combine as a single entity and to acquire competitors after a potential initial public offering. They aim to operate around 1,130 auto transport vehicles and trailers, including 615 company-owned vehicles, as per the April 11 filing. Read more from Transport Topics here.


Railroads oppose FRA rule on crew sizes. Union Pacific, BNSF, Indiana Railroad, and Florida East Coast Railway are taking legal action against the Federal Railroad Administration (FRA) following the finalization of the April 2 mandate regulating two-man crews for most freight trains. These companies argue that the rule lacks evidence of safety benefits and constitutes arbitrary regulation. Read more from the National Review here.


FAA introduces new runway safety technology at some airports. To enhance runway safety, the Federal Aviation Administration (FAA) is implementing new airfield surveillance systems at Austin-Bergstrom, Indianapolis, Nashville, and Dallas Love Field airports. The Surface Awareness Initiative (SAI) system, using Automatic Dependent Surveillance-Broadcast (ADS-B) data, provides air traffic controllers with real-time, comprehensive views of surface traffic, improving situational awareness in all weather conditions. Read more about the safety enhancements on the FAA website.


MSC Aries redirected to Iran amid ongoing Middle East crisis. Amidst escalating tensions in the Middle East, the MSC Aries was seized by Iranian Revolutionary Guard troops in the Strait of Hormuz, drawing attention to geopolitical challenges in maritime trade. MSC is actively working to secure the vessel's release and ensure the safety of its crew.


Nissan plans next-generation EV batteries by 2029. In response to the evolving landscape of electric vehicles, Nissan is positioning itself for future competitiveness by announcing plans to mass-produce electric vehicles equipped with advanced next-generation batteries by early 2029. The batteries are slated to offer superior performance, affordability, safety, and faster charging capabilities compared to current lithium-ion batteries.


Baltimore pursues legal action over bridge collapse losses. Baltimore City has initiated legal proceedings against parties implicated in the Francis Scott Key Bridge collapse, targeting the MV Dali's owner, charterer, manager/operator, and manufacturer. The lawsuit aims to recover significant economic and environmental damages on behalf of Baltimore and its residents, potentially surpassing the original $43.7 million liability limit of Grace Ocean and Synergy Marine. Read more from the Loadstar here.

First U.S. parcel revenue decline in seven years. Pitney Bowes' annual report shows the first decline in U.S. parcel revenue in seven years, despite a slight volume increase in 2023. Revenue dropped 0.03% to $197.9 billion, while parcel volume rose marginally to 21.7 billion. Amazon and the Postal Service saw revenue growth, but UPS and FedEx experienced declines in both volume and revenue. UPS leads with a 35% market share, followed by FedEx with 32%, while the Postal Service and Amazon hold 16% and 14%, respectively.

Radiant Logistics Inc. makes Transport Topics Top 100. Radiant Logistics Inc. ranked number 52 on Transport Topics Logistics Top 100, and number 70 on the top 100 Freight Brokerage Firms list.


The Radiant Network's supply chain and logistics updates provide valuable insights on freight trends, customs regulations, global news, economics, tech, and more. The Radiant Network includes the brands Radiant World Trade Services, Radiant Global Logistics, Radiant Canada, Radiant Road & Rail, Adcom, Airgroup, SBA, and Distribution By Air.


Radiant World Trade Services is a part of Radiant Logistics, Inc. (NYSE American: RLGT), a publicly traded third-party logistics company that provides technology-enabled global transportation and value-added logistics solutions to a diverse account base. They offer comprehensive services including freight forwarding, truck and rail brokerage, warehouse and distribution, customs brokerage, order fulfillment, inventory management, and technology services. Radiant has an extensive network of offices throughout North America and other key markets worldwide.