Don't miss out on what's happening in the Asia- Pacific Freight Market.
- Global economy sees modest uptick in expansion for fifth consecutive month.
- Manufacturing output and services activity surge, reflected in Global PMI Composite Output Index reaching 52.3 in March.
- US inflation rate surpasses expectations, reaching 3.5% year-over-year for headline inflation and 3.8% year-over-year for core inflation, prompting speculation on interest rate cuts delay.
- The demand for air services has grown significantly, over 50%, due to the increase in e-commerce and the e-cigarette market.
- European cargo opts for sea-air service through Dubai, disrupted by heavy rainfall.
- TEMU initiates sea/air routes via Taiwan, Japan, and Korea into the US, altering traditional trade patterns.
Air capacity demand soared over 50%, mainly from Chinese eCommerce and e-cigarette industries in the south. TEMU launched sea/air routes via Taiwan, Japan, and Korea to the US, changing traditional trade routes. As a result, freight rates from these routes now surpass those from mainland China, a rare phenomenon.
Kathy Liu | Vice President for Global Sales and Marketing | Dimerco Express Group
- Surge in new container ship deliveries in March, totalling 260k TEUs across various ship types.
- Pre-Labor Holiday rush in cargo shipments in China prompts General Rate Increases for the second half of April.
- Concerns rise over wide transpacific rate gap, potentially slowing down service contract renewals.
The gap between desired rates by BCOs and carriers this year could slow service contract renewals. Carriers may have the upper hand in negotiations in Q3 and Q4 of 2024 and Q1 of 2025. Potential disruptions may keep floating rates elevated. This could limit carriers' ability to accept lower rates, prompting BCOs to seek solutions from reliable NVOCCs for guaranteed space and stable rates.
Alvin Fuh | Special Assistant to the CEO | Dimerco Express Group
Dimerco Express Group is a global logistics company from Taiwan listed on the Taiwan Stock Exchange offering air, ocean, and land transportation services, customs brokerage, warehousing, and supply chain management solutions for industries like technology, retail, automotive, healthcare, and aerospace. With a global network, Dimerco aims to streamline international trade and supply chain operations.
80 Marine Parade Rd, Singapore | For more information, contact: bryann_b_lim@dimerco.com
