In the freight market update for Week 06 of 2024, we see continued volatility with some lanes experiencing increased demand and others facing capacity constraints.
LUNAR NEW YEAR
The Lunar New Year begins on February 10, 2024 and lasts through February 17, 2024. Manufacturers typically shut down for 7-14 days – shipment delays are possible during this time.
THE GEMINI COOPERATION
Hapag-Lloyd and Maersk announced their new vessel-sharing alliance (VSA) called The Gemini Cooperation, starting in February 2025. The new shipping alliance will cover seven trades: Asia-US west coast; Asia-US east coast; Asia-Middle East; Asia-Mediterranean; Asia-North Europe; Middle East/India-Europe; and the transatlantic.
RED SEA
Ships continue facing threats from Houthi rebels in the Red Sea despite U.S. naval assistance and vessels cannot return shipments back to Asia quickly enough to meet demand. Additionally, Suez Canal diversions are anticipated to last through the first half of the year.
Green Worldwide Shipping’s Freight Market Update covers port information, import and export news, vessel wait time and cargo vessels at major ports & more. For continuous updates, make sure to check out our website at greenworldwide.com.
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