As a further update to the December 10 market update, TPEB rates will increase effective December 15 as bookings are up and vessels are full on most services. Announced levels are high $4000s per FEU to USWC, and in the $6000+ per FEU range for USEC/GC ports. Rates may settle during the second half of the month, though carriers are already eyeing another increase for January 1. The success of these rate increases depends on market demand.
Yesterday, President-Elect Trump announced support for the ILA and downplayed the advantages of automation at US ports. This latest development increases the likelihood of a January 15 labor strike at US East and Gulf Coast ports and heightens concerns that the duration could be significantly longer than the October 1 work stoppage.
The threatened December port strike in India has been called off as the Ministry of Shipping agreed to many of labor’s terms.
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