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- As the 2023 year comes closer to an end, rates have been an ever-changing environment and it is important to know what to expect. Carriers with trade lanes from India to the US have been cutting the number of sailings to stabilize and keep the spot rate from dropping further. The cuts are expected to have a total reduction of approximately 50%. In the Northern Europe to the US east coast lanes rates have been drastically falling and even with capacity cuts the trade lane has been unable to stabilize.
- Retailers have also been only replenishing merchandise based on total sales. As inventories have decreased orders have not climbed. This targeted replenishing has added to the spot rate decline in shipping and had effects on the trucking industry.
- Trucking rates have increased primarily due to fuel cost increases and LTL trucking is still being impacted by the bankruptcy of Yellow. The demand for LTL has been consistent but having a major carrier leave the market has left fewer carriers and affected overall availability.
As the shipping market fluctuates saving money is everyone’s goal!
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