CV International

Rates from Asia to US West Coast ports have continued to adjust downward as space opens up from the extra capacity inserted into the market over the last month. There is a wide range of rates on this lane, with carriers promoting special levels for select sailings. Rates are still relatively high, ranging from the $6000s into the high $7000s+ per FEU.  Space from Asia to the US East and Gulf Coasts remains tight; rates have adjusted slightly but remain above $10,000 per FEU.  On India trades, carriers have been moving capacity to stronger lanes and reducing sailings to and from the US. Space is very tight, and rates out of India have climbed in recent weeks.  For more details, check out Rachel Shames' article below. #Shipping #InternationalTrade #MarketUpdate #Pricing #Imports #Exports

Don't miss our CEO Michael Coleman's in-depth interview with the Virginia Economic Development Partnership on the future of international logistics in the latest issue of the Virginia Economic Review! Their conversation explored data-driven technologies, the potential for AI in global logistics, and the growing importance of sustainability in the supply chain. Mike, a member of the Board of Commissioners for The Port of Virginia, elaborated on how the port is a strategic economic driver for Virginia. The port is well positioned as "best-in-class" thanks to ongoing investments, the opening of the widest shipping channels on the East Coast, clean energy initiatives, and a talented leadership team. They also discussed the headwinds facing global markets today. Recognizing the current market challenges, Mike emphasized the need for resilient and adaptable supply chains, which include collaboration with trusted partners to ensure well-planned, dynamic operations. These sorts of relationships are more essential than ever for shippers, which is why at CV International, our vision is to be our customers' most trusted partner in global trade. #GlobalTrade #SupplyChains #Sustainability #Technology #ThoughtLeadership #VEDPVirginia

Are you trying to make sense of the most turbulent ocean freight market since the COVID-19 period? CVI’s Rachel Shames, VP of Pricing & Procurement, will provide a keynote market update at the upcoming joint Virginia Maritime Association Southern Chapter / North Carolina World Trade Association meeting! Join Rachel on Tuesday, July 16th at Hooker Furnishings Corporation’s beautiful showroom in High Point, NC. Also presenting a port update is Lauren Foley, Mid-Atlantic Sales Manager with The Port of Virginia. This session, which includes a networking lunch provided by MSC Mediterranean Shipping Company, will be worthwhile for all importers/exporters in the region. We hope to see you there! You can register at: https://lnkd.in/eKqBdEcD #GlobalTrade #OceanFreight #SupplyChain #ThoughtLeadership

From Asia to the US Pacific Southwest (PSW ports), the market has softened slightly due to capacity injections over the last several weeks. Spot rate levels are still high, but they are down a bit from July 1, and space is easier. Space is tighter to the Pacific Northwest (PNW ports), and some carriers are still avoiding Canada ports due to concerns about potential Canada rail labor action. Space remains very tight to US East and Gulf Coast ports, and rates are holding. We are awaiting confirmation of July 15 rates; we may see a pause in rate increases mid-month. For more details, check out @Rachel Shames' article below. #Shipping #InternationalTrade #MarketUpdate #Pricing #Imports #Exports

Wow, already halfway through 2024! To catch you up on all things CV International and Capes Shipping Agencies, we're excited to share our latest newsletter. It's packed with industry news, market insights, and updates from around our two companies. #Newsletter #IndustryNews #CompanyNews #RedefiningGlobalLogistics

As we celebrate the birth of our nation this Independence Day, let's take a moment to reflect on the freedoms that we enjoy. At CV International, we are grateful for the sacrifices that have been made to protect these freedoms, and we're proud to be a part of a country that offers so much opportunity. Whether you spend the day grilling out with friends and family, cooling off in the pool, or being dazzled by fireworks, we hope you have a safe and happy Independence Day! #Happy4thofJuly #IndependenceDay #USA #CelebratingFreedom

The tight situation on TPEB continues, with rates set to increase again July 1. The amounts are not settled yet, but the range is around $1000-2000 per FEU in addition to current rate levels. To USEC ports, indications show that spot rate levels will exceed $10,000 per FEU for July. Carriers are adding capacity, especially to USWC ports, but it has not had a meaningful impact on the situation yet.  Carriers are also shifting capacity from India-US services to Asia-US services due to demand; this will put more pressure on India space and result in rate increases on that lane as well. For more details, check out Rachel Shames' article below. #Shipping #InternationalTrade #MarketUpdate #Pricing #Imports #Exports

In the spirit of Juneteenth, CV International and Capes Shipping Agencies celebrate a pivotal moment in American history. This day marks a long journey toward freedom and equal opportunity and serves as a powerful reminder of the ongoing pursuit of building a brighter future for all. #Juneteenth #CelebrateFreedom 

On Monday, the International Longshoremen‘s Association (ILA), which provides labor for US East Coast and Gulf Coast ports, announced they are suspending negotiations with the United States Maritime Alliance (USMX). The ILA issued a statement outlining their concerns, specifically regarding automation. This move heightens concerns about the potential for a labor strike at East and Gulf Coast ports as of October 1 and is likely to cause a shift of some cargo volumes to the US West Coast. It’s also possible that volumes through the East and Gulf Coast may increase ahead of October 1, if concerned shippers decide to front-load more cargo in advance of a potential strike. This news is the latest in a string of recent developments that have strained the global ocean freight market. On the Asia to US trade lane, volumes remain high, representing a strong early peak season shipping that analysts are now projecting may last through the third or fourth quarter of 2024. Ocean carriers have been implementing rate increases in the spot market biweekly since May 1, and are severely limiting fixed contract rate allocation to BCOs and NVOs. Rates are scheduled to increase again on June 15 by another $1000 per FEU; an additional increase is likely for July 1 as well. For more details, check out Rachel Shames' article below. #Shipping #InternationalTrade #MarketUpdate #Pricing #Imports #Exports

I am also very excited about joining CV International, a company I have long admired & respected! I look forward to reconnecting with my friends and collegues to highlight CVI’s wide range of services.