Freight Market Roundup
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IMO LOW SULPHUR 2020 MANDATE
The global limit on sulphur content for all marine fuels will be lowered dramatically in 2020. The IMO Low Sulphur Mandate requires fuels cap to be reduced from the previous allowed 3.5% to 0.5%. The global refining system is not yet equipped to make this volume change once the regulation goes into effect in less than a year.
Why does this matter to you? Rates may increase in the last quarter of 2019, leading to a potential peak season to avoid these costs and congestion.
We highly recommend you subscribe to our First-hand Notifications email list in order to receive notifications on this topic as they come out.
TRUCKING CAPACITY AND RATES UPDATE
Market data is showing that current national trucking volumes are very similar to early March 2018 even though capacity is better and spot rates are down 8 – 12%. Last year’s scramble to cover loads at the beginning of the 2018 has not been the same for the start of this year.
So, with similar volume YoY, why is capacity better? Read more here.
Email us if you have any questions.
NEW IMPORTING REQUIREMENTS FOR WOOD PRODUCTS EFFECTIVE MARCH 22
As announced here before, the new US import reporting requirements for EPA regulations take effect today.
If you are not sure you are fully compliant, contact us and our Customs and Compliance team will be happy to evaluate your case.
LIQUIDATED DAMAGES FOR VIOLATIONS OF ISF IMPORTER RULES BEGAN MARCH 15
As reported before, CBP began issuing liquidated damages claims for violations of a new rule last Friday, March 15. The new rule expands the definition of the importer security filing for certain types of shipments. Read more here.
If you are not sure you are compliant, contact us and we will be happy to assist.