July Update

Sea Level: the ocean blog

Every month we provide a snapshot of the latest ocean market updates from our Market Intelligence ocean platform and further expert analysis from the Visibility Hub.

07/27/2023 | 5 min

Ocean Market Trends Europe, July 2023

The ocean market continues to strengthen. China-related trades could defend the “low rate levels” we’re seeing that remind us of how things looked at the beginning of 2019. On the other hand, Transatlantic trade experienced further rate declines – but stays on an elevated level. However, the spread between very low and very high rates that were finally negotiated between shippers and carriers is quite big. Although the overall trend indicates elevated levels, some shippers agreed on rate levels below pre-crisis levels. The competition is underway to find a new normal when it comes to market prices. It’s worth noting that we cannot observe here how ocean carriers have been able to implement significant increases on contract rates, although they’ve been making public claims about this in the media for a couple of months now.

It seems the key issue in ocean market – potential strikes – is not yet solved. After the US West Coast achieved a milestone result, the Canadian port workers did not confirm their tentative agreement. Temporal calls for new strikes were withdrawn. It is still an insecure environment with many divergent announcements.

Demand vs carrier capacity

Ocean demurrage and detention are intricate challenges in the world of maritime logistics, impacting both financial and operational aspects of international trade. Several factors can lead to the accumulation of these charges such as port congestion, labor disruptions, documentation delay, customs inspections, inadequate staffing for timely unloading, or inefficient supply chain management. Understanding the causes behind these charges and implementing strategies to mitigate their impact can significantly improve the efficiency and cost-effectiveness of global shipping operations.  

One of the core strengths of Transporeon Visibility Hub lies in its ability to offer customised views to individual users or companies. This feature allows businesses to configure their dashboards to display the most relevant information for their specific needs. By gaining access to real-time data, stakeholders can monitor critical milestones and potential bottlenecks, enabling them to intervene promptly and prevent unnecessary delays or costs.  

Transporeon Visibility Hub enables organisations to customise business rules related to demurrage and detention. By setting up workflows and notifications for specific events or time-sensitive activities, businesses can accelerate their exception management practices. In other words, when a shipment is at risk of incurring demurrage or detention charges due to unforeseen circumstances, the system will automatically flag the issue, allowing stakeholders to take swift action.  

By providing a unified platform accessible to all stakeholders involved in the shipping process, Transporeon Visibility Hub fosters better collaboration while improving visibility and transparency throughout the shipping process.  

Let us help ensure smooth sailing in the future.


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