Pakistan to Los Angles: Trans Pacific Freight Market Trends

LAHORE, Pakistan - Aug. 28, 2024 - PRLog -- The average rate for Pakistan to Los Angles on the Trans-Pacific trade in 2022 was USD 1500/FEU, which was lower than the average rate of USD 2,308 in 2013 and varied mostly within a small range of USD 1,272 to USD 2,308.

The ocean freight market has leveled off and is gradually returning to anything approaching normal in the last few months.

Consumers and analysts alike are wary and have reduced discretionary spending as worries about an imminent recession cloud the outlook for economic recovery.

Reduced demand and fewer sailings have also freed up capacity, easing the space and equipment bottlenecks that were causing freight rates to fall.

Due to the exceptional circumstances, rates have decreased from their all-time highs, most trades now have enough space, and equipment is more readily available.

With more than 100 vessels sitting off the ports of Los Angeles and Long Beach during the height of the interruptions, the Trans-Pacific trades were among the first to feel the crippling impacts of congestion.

What About Other Areas?

The industrial sector in China has shrunk as a result of the drop in demand. Because of this, fewer ships are leaving China, which has allowed the backlog of both cargo and already-in-service boats to be cleared.

Shippers had to rearrange their supply chains to include East Coast ports as a result of the severe vessel and cargo delays; supplies were rerouted to East Coast ports like New York, New Jersey, Savannah, and Houston. New York is currently the busiest port in the United States due to the significant intercoastal shift in trade.

As a result, beginning in September 2023, there were around 75 boats anchored outside the ports of New York, Houston, and Savannah, causing a gradual shift in congestion from the USWC to the USEC.

Although the port-side congestion at USWC has decreased recently, the inland evacuation has become more difficult due to issues with railroad connectivity and a lack of chassis, which are causing delays in the flow of freight to the hinterland and creating traffic at large train terminals.

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