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Container Supply - Market UpdateTuesday, October 27, 2020
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Dear Customer,
In our on-going dialogue with the major global ocean carriers, they are all communicating in similar fashion: that they are prioritizing evacuating equipment back to Asia as quickly as possible to capitalize on unprecedented demand for Asia to North America finished goods imports.
As such, the vessel lines are expected to materially reduce the capacity of containers that are typically repositioned to places like Winnipeg, Saskatoon, Minneapolis, etc. in the near term as this equipment is expected to be railed empty to the west coast to be loaded on outbound vessels.
We expect that container availability in these inland terminals will become very limited for an extended period. However, new price developments would indicate that all points within North America will be affected.
Given recent notifications from carriers with regards to GRI’s we can now also make some assumptions that the export rate contributions may also be a factor in the decisions to reposition empty vs. moving loaded cargo back to trans-pacific destinations.
As a result, we have received the following GRI quantum’s that we expect to be implemented late November by the following carriers:
Evergreen – November 20, 2020 CY Receipt
Evergreen – December 11, 2020 CY Receipt
Evergreen – January 21, 2021 CY Receipt
ONE – November 22, 2020 CY Receipt
Hapag-Lloyd – November 15, 2020 CY Receipt
Hapag-Lloyd – November 25, 2020 CY Receipt
MSC – November 25, 2020 Sail Date
We anticipate that other carriers not noted above will start to implement increases of their own as well.
We are continuing to monitor this situation and will advise if anything further changes/mitigation with this market direction. As such, it is imperative that you start to incorporate these increases into your short-term pricing strategies so that access to the necessary equipment for your shipments proceeds uninterrupted.
Sincerely,
HENSALL GLOBAL LOGISTICS
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