Freight Market Update: January 1, 2020
Ocean and air freight rates and trends; customs and trade industry news for the week of January 1, 2020.
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Ocean Freight Market Update
Freight Market News
Trade Orgs Propose Rapid Decarbonization R&D Team Eight trade organizations have joined forces to fund $5 billion in research and development of zero-carbon emission ships, ready for commerce by the early 2030s. Hellenic Shipping News reports technology to fully eliminate CO2 emissions from international shipping does not yet exist.
Shipper Lead Times Shrank in 2019 The past year saw a decrease in shipper lead times of .14 days or 5%, reflecting the year’s pattern of soft capacity conditions and spikes in urgency due to geopolitical factors and seasonal roll-outs. With tighter long-term capacity, FreightWaves reports, lead times increase so shippers can better ensure availability.
Piracy Ravages Open Seas at Year’s End A horrific wave of pirate attacks off the Nigerian coast, tracked by Lloyd’s List, includes a double hijacking attempt of a Suezmax tanker on Christmas Eve, open fire on a liquified natural gas carrier on December 28, and an attempted hijacking by pirates who boarded a handymax bulk carrier on December 30. Lloyd’s List also reports a string of five armed robberies in the Strait of Singapore.
Customs and Trade Updates
Unit of Quantity Change Requests Starting day one of 2020, a unit of quantity (UOQ) is required to be reported for all HTS numbers that were previously marked with “X.” A Customs and Border Patrol (CBP) committee will review requests from industries to change the UOQ. The CBP request form needs to be submitted by March 15, 2020.
USTR Requesting Comments on Section 301 List 1 Exclusions The second set of tariff exclusions from List 1 of the Section 301 tariffs is set to expire on March 25, 2020. The USTR issued a notice requesting comments on whether the exclusions that were previously granted should continue for another year. They will be accepting comments between January 15 and February 15.
**For a roundup of tariff-related news, visit Tariff Insider