In this Week 15 Freight Market Update, focus remains fixed on supply chain disruptors and their impact on global logistics operations.
PORT OF BALTIMORE
The Port of Baltimore is currently in the process of resuming container operations following a temporary shutdown due to the collapse of the Key Bridge. With a targeted full reopening by the end of May, the port is gradually ramping up operations, starting with a limited capacity for containers and other freight, including ro/ro shipments.
RED SEA AND SUEZ CANAL
The situation in the Red Sea continues to impact ocean vessels, particularly affecting reefer bookings. To address this, reefer booking limitations have been implemented from ports in New York, Philadelphia, and Norfolk, aiming to mitigate disruptions and ensure efficient cargo handling.
PANAMA CANAL
The Panama Canal continues to face challenges due to lower-than-usual water levels in the Gatun Lake, leading to severe draft restrictions on vessels transiting the canal. This has resulted in a backlog of traffic awaiting passage through the canal, affecting shipping schedules and logistics planning.
SUPPLY CHAIN RESILIENCE
As the Port of Baltimore works towards a full reopening and shippers navigate challenges in the Suez Canal, Red Sea, and Panama Canal, the importance of building supply chain resilience is front and center.
Supply chain resilience refers to the ability of a supply chain to adapt, recover, and maintain continuous operations when disrupting events such as natural disasters, armed conflicts, labor shortages, or equipment scarcity occur.
A range of options are available for businesses to mitigate disruptions and build resilience within their supply chain. Examples include:
Partnering with a freight forwarder that will leverage its network to keep your freight moving.
Using warehousing facilities to maintain inventory close to key markets.
Implementing visibility tools that provide real-time tracking systems to enhance efficiencies.
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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