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Current FAK rates
Source
AD/CV
Post Date
08/03/2022

Current FAK rates to the USWC have continued to erode over the last two weeks on the TPEB trade as smaller carriers with tered tonnage continue to undercut the larger competitors. Rates to the USEC have remained steady with minimal decreases. The demand for many consumer goods seems to be slowing, however the current bottlenecks through the supply chain including congestion and chassis shortages, are still preventing the TPEB trade from normalizing. Carriers are still anticipating a peak season from mid-August, and whether this peak season will materialize, remains unclear. Consumer demand, inflation, and front loading of imports by retailers are all mitigating factors which will affect peak season and in turn, freight rates.
Supply chain disruptions, while clearing at the origin ports, are continuing to deteriorate at the ground destination as the strain of the early-year inventory buildup pushes the tem closer to its breaking port. With shipper’s receiving facilities full, containers continue to pile up outside receiving warehouses and distribution centers, ports, and inland rail ramps leading to chassis shortages, idling containers, and forcing a growing number of ships to wait at anchor. Chassis availability is low, and truckers are having trouble locating chassis in most markets leading to an increase in turn times.
Sources close to the ILWU and PMA contract negotiations believe that the likelihood is growing that a deal will be reached in August or September with little to no disruption occurring on the docks. Both parties reached a tentative deal on health benefits on Tuesday which seems to bode well for overall agreement on a new contact.
A backlog of empty containers at the Port of New York and New Jersey is causing delays in empty returns and is hampering the ability of shippers and truckers to retrieve import loads. Marine terminals at these two ports do not have sufficient storage capacity to take back empty containers and ocean carriers are not moving quickly enough to decrease the backlog. Truckers and shippers have both reached out to the FMC asking them to block carriers from ging detention and demurrage fees at these two terminals.
Georgia Ports Authority is exting truck gate hours as the number of vessels anchored off the port of Savannah swelled to over forty on Friday. The port is hoping this additional hour will increase the number of trucks visiting per day which should keep cargo flowing and container dwell times down.
BNSF Railway and Union Pacific Railroad are metering how many ocean containers they haul from the West Coast ports to Chicago, Dallas and Memphis due to shippers not retrieving containers from inland ramps and returning chassis fast enough to room for additional cargo. The Chicago and Dallas BNSF ramps both are reporting more than a thousand stacked containers at their facilities, and truckers are reporting that the number of stacked containers at the UP terminal in Marion, outside of Memphis, is rising with some containers being inaccessible for weeks.
Airfreight rates are up this week due to multiple flight and service cancellations. Air cargo warehouses throughout the U.S. continue to experience delays in cargo availability, and many have shortened their free time from 48 hours to 24 hours. Truckers are still experiencing longer than normal wait times to pick up freight.


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