Skip to content

Radiant's Freight Market Update

Nov 16, 2023

Stay up-to-date on the latest global supply chain and logistics news with Radiant's weekly updates.

Navegate® GTM offers a centralized platform to access all your vital freight information. Log in now.

This field is required.

Navigate® Lite delivers easy access to essential tracking information for your shipments. Log in today.

This field is required.
Required when not searching by HAWB.

This Week: U.S. Imports from Asia hit 2023 High in October, Ports of LA and Long Beach Offering $60M for Purchasing of Zero-Emission Trucks, Canadian Law Mandates Executives to Identify Child and Forced Labor in Their Supplier Networks.


Shipping continues to divert from Panama Canal. The global seaborne trading map is undergoing changes as shippers and shipowners seek alternative routes to the Panama Canal, which represents 3% of all global maritime trade. The canal is reducing daily transits by half as a drought prevention measure. Sea data indicates a clear increase in tonne days for most global voyages since the Panama Canal Authority (ACP) started reducing transits and draft limits on larger locks. The ACP plans to limit transits to 18 in the next three months, with only eight slots per day for newer, larger neopanamax locks, mainly for container vessels and occasional gas carriers.

U.S. imports from Asia hit 2023 high in October. U.S. imports from Asia reached the highest point for 2023 in October as retailers expedited shipments for end-of-year holiday sales. Containerized imports rose by 5.9% from September and surged by 12.4% from October 2022. This increase occurred as the eastbound trans-Pacific peak shipping season, although subdued compared to normal, concluded, and the primary U.S. trade lane resumed a more typical seasonal pattern. According to the Journal of Commerce, imports from Asia in the last month totaled 1.57 million TEUs, marking the highest volume for the year.


Ports of LA and Long Beach offering $60M for purchasing of zero-emission trucks. The Port of Los Angeles and Port of Long Beach are providing $60 million in vouchers to assist companies in acquiring zero-emission Class 8 drayage trucks for operations in the San Pedro Bay ports complex. This initiative precedes California's upcoming truck emissions regulations effective January 1, mandating that all new trucks transporting cargo in the San Pedro Bay ports must be zero-emission.


National diesel average falls for seventh time in eight weeks. The Department of Energy's Energy Information Administration (EIA) reported that the national average price per gallon of diesel gasoline has decreased for the seventh time in the last eight weeks. In the week of November 13, the national average dropped by 7.2 cents to $4.294 per gallon. Prices are down almost 34 cents a gallon in the past eight weeks.


STB receives complaints on proposed rule for reciprocal switching. The Surface Transportation Board closed the comment period for rail stakeholders to express their opinions on whether reciprocal switching should be explored as a solution for subpar rail service in the U.S. The filings, spanning thousands of pages, include numerous suggestions and questions. The STB will review these submissions in the coming weeks, while stakeholders are expected to provide responses to the filings by December 6. Read some of the comments and concerns brought up here.


Korean Air accuses Amerijet-Maersk cargo partnership of violating trade agreement. Korean Air has rejected Amerijet's claim that it hindered a foreign carrier permit application, asserting that delays are due to a non-compliant arrangement with Maersk Air Cargo, according to FreightWaves. Korean Air urged the Department of Transportation to dismiss Amerijet's complaint and expedite the review of its subsidiary K-Aviation's request for 10 to 15 flights annually. Amerijet accused Korean Air of impeding its permit for scheduled service at Incheon International Airport, prompting a request to suspend K-Aviation's application. Amerijet currently operates a Seoul route for Maersk Air Cargo, requiring monthly charter flight applications, leading to increased legal expenses and operational uncertainties.


MSC announces significant rate increases for Asia to North Europe route. MSC, following CMA CGM and Hapag-Lloyd, has announced a significant FAK (freight all kinds) general rate increase (GRI) for the Asia to North Europe route starting December 1. It's uncertain if Maersk, MSC's 2M Alliance partner, will also implement a similar increase. MSC plans to raise FAK rates on the transpacific route to $962 per 20ft and $1,750 per 40ft, aligning with recent GRIs by CMA CGM and Hapag-Lloyd in terms of amount and effective date. However, the GRIs declared by carriers on November 1 proved short-lived, as per the Ningbo Containerized Freight Index (NCFI) weekly commentary.


U.S. Postal Service reports $6.5 billion net loss for 2023 fiscal year. This week, the U.S. Postal Service disclosed a net loss of $6.5 billion for the 12 months concluding on September 30, according to Reuters. The report indicated that the Postal Service does not anticipate breaking even next year due to a decline in first-class mail, which has reached its lowest volume since 1968. The revenue for the period experienced a 0.4% decrease, amounting to $78.2 billion. U.S. Postmaster General Louis DeJoy said the loss includes $2.6 billion in inflation costs "above what we projected and what we were able to recover... We are not happy with this result."

Canadian law mandates executives to identify child and forced labor in their supplier networks. Starting January 1, 2024, a new Canadian supply chain law will mandate brands, retailers, and importers to detect and prevent child and forced labor in their supplier networks. The "Fighting Against Forced Labour and Child Labour in Supply Chains Act" is part of a series of laws targeting ethical and sustainable global supply chains. It applies to both domestic and international businesses meeting at least two of these thresholds: CAD $40 million in gross worldwide revenues, $20 million in assets, or an average of 250 employees or more. “This law is particularly important as it has an impact on the global scale, including nationally and in North America opposed to only third-world countries,” said Rejean Provost, enterprise account executive, team lead ESG Strategy at TradeBeyond. “It is as broad as any law can be to the point that it may cause a challenge to the government and agencies to enforce and to manage.”