Radiant's Freight Market Update

This week: The Canada Post strike has entered its third week; Late November container rates to the U.S. stayed high due to labor tensions; Cathay Cargo Terminal is integrating AI to enhance security and safety monitoring.

Current Critical Industry Trends

The Canada Post strike has entered its third week, with the business community urging the federal government to intervene. They argue that the ongoing strike is putting businesses and their employees at risk, while striking workers await resolution of key issues.

Ocean

Late November container rates to the U.S. stayed high due to labor tensions and fears of an ILA strike. Shippers frontloaded shipments ahead of a potential strike and ongoing labor disputes at East Coast ports. These issues may push shippers to consider West Coast or Mexico alternatives.

Container ships play a crucial role in global supply chains, with over 2 million TEUs shipped in 2023 alone. Have you ever wondered how all those containers are loaded onto cargo ships? This video takes you behind the scenes, showcasing the meticulous process of loading containers onto a vessel.

Ports

A historic call at the Port of Montreal marked its first vessel originating from China in 50 years. This direct shipping link from Asia highlights the efficiency of the trade route and the capacity of the port's facilities to support such operations.

International

To meet growing airfreight demand from Africa, a new route has been established between Belgium and Kenya. The route will operate twice weekly, offering a cargo capacity of approximately 400 cubic meters and the ability to carry up to 52 tons.

Trucking

Kamloops, B.C. has paused its truck rerouting project just days after it was implemented. The city cited safety concerns about the new route, particularly during treacherous winter weather.

Rail

Radiant Logistics acquires TCB Transportation. Based in St. Louis, Missouri, the privately held intermodal marketing company specializes in the movement of 40- and 53-foot containers across North America. The acquisition is part of Radiant’s commitment to accelerating the growth of its bi-modal brokerage platform.

A new service connecting Azerbaijan and China began on November 24. The ferry and rail service reduces freight transportation time by up to 28 days, bringing it down to 12 days from 40 days.

Air

Airfreight rates on transpacific routes have stabilized, but supply chain disruptions could push prices higher. Global rates rose 2%, driven by higher spot rates from North America and Europe, as airlines shifted capacity to Asia Pacific. While rates from Asia Pacific to North America held steady, Europe to North America saw an 8% increase.

Technology

Cathay Cargo Terminal is integrating AI to enhance security and safety monitoring. Terminals throughout the airport will be monitored to mitigate potential incidents and improve safety in the workplace. Plans are in place to implement additional AI tools by 2025.

Other

The Gordie Howe International Bridge is one step closer to completion, with paving now underway. Serving as a connection between Michigan and Ontario, the bridge is expected to become a crucial hub for North American logistics. Completion is anticipated in 2025.

Black Friday is a peak season for package theft, with 28% of victims reporting incidents during the shopping holiday. Cyber Monday closely followed. In response, U.S. consumers are adjusting their shopping and tracking habits to help prevent package losses.

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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.

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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.