Overall The Drewry WCI composite index is 45% below the previous pandemic peak, but it is 304% more than the average 2019 (pre-pandemic) rate. Additionally, the average index for the year-to-date significantly exceeds the 10-year average, highlighting the lasting impact of the exceptional conditions during the 2020-2022 period. Freight rates between various ports have shown…
Senators Bill Cassidy (R-LA) and Catherine Cortez Masto (D-NV) have recently introduced a discussion draft for the Customs Facilitation Act of 2024, a legislative effort aimed at streamlining and modernizing the customs process in the United States. This initiative is a significant step towards reducing the bureaucratic hurdles that currently impede efficient trade operations. Here’s…
In a move to regulate the shipping industry, the Federal Maritime Commission (FMC) has introduced a new rule designed to enforce the Ocean Shipping Reform Act of 2022. This regulation targets the issue of ocean carriers refusing to provide cargo space to U.S. exporters without a valid reason. Effective from September 23, 2024, the rule…
Year over year, cargo theft has surged to unprecedented levels, posing a significant threat to logistics and supply chain industries. The increase in incidents has raised alarms among freight companies and their customers, as losses amount to millions of dollars. We’ll delve into the statistics behind the trend, explore various types of cargo theft, share…