Freight Market Roundup
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OCEAN RATES - ASIA TO USWC AND CHICAGO
The official GRI was not successful for the April 1 rates, however rates have increased this week over March’s rates. For April, rates are up 16% to the USWC and up 4% to Chicago compared to March’s rates.
Rates this week are down on average $3 per container to the USWC and down $7 to Chicago (via the USWC or CAWC). Compared to rates during week 14 last year rates are 50% higher to the USWC & 16% higher to Chicago.
Year-over-year rates to the USWC are up 26% and rates to Chicago are fairly close to last year’s rates with a 0.32% increase year-over-year (year-to-date).
We should see rates continue to reduce this month from Shanghai to the US however due to blank sailings (now scheduled into May) we are seeing shipments roll and space getting tighter. Next week’s rates may remain the same due to a couple of holidays that occurred at the end of last week.
AIR FREIGHT - ASIA TO US
For air freight from Asia to the US and Europe we are seeing rates increasing due to the most recent Apple release. Space issues aren’t bad, yet.
OCEAN RATES - EUROPE TO US
Space from Europe to the US is tight and however we aren’t seeing many containers roll, at this point. However it is predicted that they will begin rolling containers as space gets tighter.
If you have any questions or would like to request a quote, contact us here.
USTR PROPOSES PRODUCTS FOR EU TARIFF COUNTERMEASURES
Earlier this week the USTR began its process under Section 301 to identify products of the EU to which additional duties may be applied until the EU removes subsidies to Airbus. The harm from the EU subsidies is estimated as $11 billion in trade each year.
You can access a preliminary list of EU products to be covered by additional duties here, released by the USTR.
US Trade Representative Robert Lighthizer said that their “ultimate goal is to reach an agreement with the EU to end all WTO-inconsistent subsidies to large civil aircraft. When the EU ends these harmful subsidies, the additional U.S. duties imposed in response can be lifted.”
Read official announcement here.
Contact us so our Customs team can advise if you will get hit with these tariffs or not.
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ACE PORTAL: HAVE FULL VISIBILITY OF YOUR CUSTOMS ENTRIES
If you are a Supply Chain Solutions customer, you know our agile Customs team works proactively in order to enable timely customs clearance, reduce customs holds, and warn you of important notices coming up.
This time they want to share a valuable free tool provided by the government: ACE Portal.
The Automated Commercial Environment (ACE) is the system through which the trade community reports imports and exports and the government determines admissibility.
By applying for your ACE Secure Data Portal Account you will have more visibility over your imports and exports data so you can control compliance.
Curious how it can benefit you? Learn more here.