By Vincent Wen    Photo：CANVA

As the Lunar New Year approaches, Asia's maritime export sector is facing a challenging peak season. Recently, the grounding of Yang Ming Marine’s vessel, Yung Ming, at Keelung Port has disrupted shipping schedules, further straining an already tight supply of cargo space.

Currently, many logistics providers report that they are unable to secure space for this month, with nearly all slots for the first week of January already fully booked. Some factories in mainland China have also arranged for early closures to cope with the situation. Despite numerous rate offers circulating in the market, securing actual space has become increasingly difficult.

Starting January 1, 2024, shipping rates on U.S. routes are expected to increase by $1,000 to $2,000. Although final rates have yet to be confirmed, the ongoing scarcity of available space has already driven up January shipping costs.

While this year’s export volumes are lower compared to previous years, the trend of shippers rushing to dispatch goods before the Lunar New Year holiday remains consistent.

Under these circumstances, shippers are advised to closely monitor market trends, book in advance, and strategically plan shipments to ensure smooth supply chain operations.

Appreciate if you could share TGL Blog among your friends who are interested in first-hand market information of supply chain and updated economic incidents.