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Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
Ocean shipping sees blank sailings drop, indicating market normalization. This signals more deployed capacity, but potential disruptions remain.
The number of blank sailings, or cancelled trips, in the ocean shipping market has decreased to its lowest point since the pandemic started, now less than 10%, suggesting a return to normalization, according to Sea-Intelligence. This shift is positive for shippers, as it indicates that ocean carriers are deploying capacity, possibly due to the introduction of new ships. However, disruptions remain in the form of ongoing operational issues and potential future changes due to new regulations or service slowdowns.
Source: Supply Chain Dive
Herein lies the good news for the shippers: the number of blank sailings is at the lowest we have seen since the pandemic started. It is not perfect – the level is not zero. But no-one should expect zero blank sailings, as a normal state of affairs @SeaIntel pic.twitter.com/haDuQwEcGx
— W.W.S.A. | Maritime & Logistics (@MaritimeLogics) July 11, 2023
Shipping groups urge governments to intervene as Houthi attacks claim more lives and send freight rates soaring. Second vessel sinks in Red Sea.
East Coast port strike looms while LA imports fall slightly. But bigger storm brewing as ocean freight rates could hit $20,000 per container.
Container rates hit new highs, causing shipper worry. With tender rejections in LA hitting 2-year highs, FreightWaves' Craig Fuller is "bullish" on 2H recovery.
Plus, the Port of Los Angeles posted its 11th straight month of year-over-year gains in exports, processing 770,337 total TEUs, up 12% from last year.
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