Please find below for your information a market update from New Globe Logistik LLP – Mumbai – India:
|MARKET UPDATE – INDIA|
|Ø India Starts opening up more and more each week with norms and guidelines falling in place.
Ø The NGL team continues to adhere to government and safety related guidelines.
Ø Our offices are operational with staff who are double vaccinated as safety is our first priority.
|Ø Freight rates continue to be volatile due to cut in vessel capacity.
Ø 1st Nov 2021 handover : GRI / PSS announced for USA , SAN JUAN , PUERTO RICO EX INDIA – Quantum of USD 4200/container
Ø Capacity cut on LATAM owing to roll pool at TS-ports for major carriers. SAWC more impacted.
Ø The space- and equipment-situation continues across most ICD locations and Major ports.
Ø We see limited blank sailings, port-omissions and cargo roll-overs at transhipment ports.
Ø Schedule reliability is weak and heavily impacting the trade. Delays are inevitable.
Ø Port/Rail/Intermodal challenges continue, slowing down the overall supply chains.
|Ø Demand for air freight continues to be high, mainly as a result of sea to air conversion.
Ø Air freight rates are very volatile. With majority of the airlines accepting bookings online, rates can only be confirmed after the booking confirmation. For spot enquiries there are chances of variation in tariff from the time of quoting to the time of booking.
Ø The surge in demand for air freight is resulting in rates consistently moving upwards.
Ø For any urgent shipment it is recommended to book on premium service/ carriers.
Ø Our team will do the best to explore/ offer the best solution to meet your needs.
Ø The Indian festival of Diwali is on 4th – 5th November, leading to a long weekend in India. Kindly factor this is in your planning for shipments in week #44.
|Ø China – Air freight has started to drop and so has ocean freight. More reductions expected. But latest news is that China is again shutting down cities which could have an adverse impact on the same.
Ø South East Asia – Malaysia, Thailand, Indonesia and Vietnam all have 2 weeks pendency minimum for ocean freight. Air freight is still on case to case basis.
Ø North America – USWC (US West Coast) is chock a block with more than 40 vessels still stranded in the water waiting for berthing.
USEC (US East Coast) has 2 weeks pendency and hence all customers are advised to book / Plan in advance. Air freight has stabilized but still not reached pre-covid levels.
Ø Europe – Most ports have 7 to 10 days delay for booking / sailing from all major European ports. Air freight has stabilized but rates still on higher side and haven’t reached pre Covid levels.