The Week 16 Freight Market Update sees some relief to the global supply chain as the Panama Canal expects the rainy season to bring canal operations to near normal levels. Challenges, however, remain with potential labor unrest in Canada and vessel closures at the Port of Baltimore.
PANAMA CANAL – RISING WATER LEVELS IMPROVE CAPACITY
The Panama Canal Authority (ACP) announced an updated schedule for daily transits in preparation for the upcoming rainy season. Starting from May 16, 2024, the ACP plans to offer 31 daily transits beginning on May 16, 2024. The Authority expects these transits to increase to 32 beginning June 1st. These changes are expected to optimize canal operations and ensure smooth navigation for vessels. Projected water levels will enable the canal to operate at 90% capacity.
LABOR UNREST IN CANADA – POTENTIAL IMPACT ON PORT VANCOUVER
Labor unrest in Canada threatens maritime operations, especially at the Port of Vancouver. Concerns over potential labor actions may bring an increase in blank sailings or omitted calls during the month of May, impacting shipping schedules and cargo movement.
PORT OF BALTIMORE – RECOVERY UPDATE
Recovery after the Key Bridge collapse continues to progress. Officials are optimistic that ocean vessel traffic may resume as early as June. Ports Norfolk, Newark, and New York are receiving container vessels that were rerouted from Baltimore. Bookings to the Port of Baltimore are closed until further notice. Carriers may provide inland delivery to and from Baltimore via rail.
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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