Logistics Market Update April 2024

Logistics Market Update April 2024

logistics market update april 2024

Monthly Highlights

Global Air Freight Volumes Blooming as Flower Shipments Take Off

Global air cargo rebounds, driven by flower exports, but Middle East countries still facing a post-Ramadan slowdown.

Source: https://theloadstar.com/global-airfreight-volumes-blooming-as-flower-shipments-take-off/

China’s Cargo, Container Throughputs At Ports Log Steady Growth in 2023

China’s port cargo and container throughput experienced consistent growth in 2023, with foreign trade cargo and container volumes also increasing significantly.

Source: https://www.hellenicshippingnews.com/chinas-cargo-container-throughputs-at-ports-log-steady-growth-in-2023/ 

Temu Aims to Triple Sales to $60 Billion Globally in 2024

Temu, a Chinese e-commerce platform, aims to triple its sales to $60 billion this year, rivaling Shein’s aggressive growth target of $63 billion.

Source: https://technode.com/2024/04/29/temu-aims-to-triple-sales-to-60-billion-globally-in-2024-report/ 

Key Takeaways

  • 15% of commercially important ships can pass through the Port of Baltimore both incoming and outgoing thanks to the Fort Carroll Temporary Alternate Channel.
  • The nation has opened the “Multimodal Dry Canal,” which will move goods between the Pacific and Atlantic seas via roads, railroads, port facilities, airports, and free zones in reaction to low water levels in the Panama Canal. 
  • Air freight demand rose in the first few months of 2024 as Chinese eCommerce behemoths Shein, Temu, and Alibaba transferred significant amounts of air freight out of China and Hong Kong. The discrepancy from last year has closed and shipping costs are rising as demand exceeds supply.

Ocean Freight Market Update

  • The January seven-month high in JPMorgan’s Global Composite PMI suggested possible future economic improvement.
  • The demand from Red Sea diversions and the Far East market’s revival following Lunar New Year holidays is driving down idle containerships.
  • Up to now, freight rates have decreased by -10% in March, or 21% since their peak in January. Mid-March carriers failed to raise rates, but April rises are anticipated as AP-EU futures recover by 10% to 15%.

Global Schedule Reliability

Schedule reliability continues its upward trend.


  • The worldwide container ship fleet will gain one million TEUs from South Korea’s $4 Billion USD investment. The investment intends to raise national ocean shipping corporations’ eco-friendly vessel fleet to 60% by 2030. 
  • Pacific International Lines will add weekly South American trips. On May 10 and 24, East Coast Service 1 and 2 will connect China and Singapore ports to east coast South American ports weekly.
  • Blank sailings on Asia-North Europe, Asia-North America East Coast, and Asia-Mediterranean commerce routes have decreased despite lowering spot prices. These adjustments let ship liners take advantage of high rates, but they may lower rates later.

North America

  • According to Port of Baltimore captain David O’Connell, the Fort Carroll Temporary Alternate Channel allows 15% of commercially critical ships to pass inbound and outgoing.

Air Freight Updates

  • Led by the consumer and fashion industries, the e-commerce boom propels an increase in air freight volume.
  • Trade lanes have quite different capacity growth rates, which are impacted by changes in production, e-commerce, and closures of airports.
  • Chinese airlines are granted a 45% weekly increase in flights to the US by the US Department of Transportation.


  • Air cargo demand has increased in the first few months of 2024 as Chinese eCommerce giants Shein, Temu, and Alibaba transfer substantial volumes of air goods out of China and Hong Kong. After double-digit growth in the previous two months, Xenata reported 11% year-over-year growth in March.
  • Incheon International Airport, Sharp Technics K (STK), and Israel Aerospace Industries (IAI) have begun building a passenger-to-freighter conversion facility. The facility will convert Boeing 777-300ERs and open later this year.

North America

  • Shelter and energy costs drove the 3.5% YoY March 2024 CPI increase. March energy costs jumped 2.3% from February. Inflation still affects US consumer purchases and firm freight resource allocation and budgeted spend.
  • WestJet Cargo extended Calgary-Paris flights to five weekly winter and daily summer flights. The company will deploy Boeing 787-9 Dreamliner planes to make Paris a European hub as they develop.

Freight Market and Amazon News

How Amazon is Using AI to Ensure Authentic Customer Reviews

Amazon utilizes advanced AI to detect and prevent fake reviews, ensuring a trusted shopping experience for millions of customers worldwide.

Source: https://www.aboutamazon.com/news/policy-news-views/how-ai-spots-fake-reviews-amazon 

Amazon Says More Packages are Arriving in a Day or Less After Hefty Investment in Speedy Fulfillment

Amazon is increasing the number of packages delivered to customers within one day or sooner, aiming to maintain its edge in online shopping amid rising competition.

Source: https://www.cnbc.com/2024/04/29/amazon-says-60percent-of-prime-orders-are-arriving-same-day-or-next-day.html

AWS Plans to Invest $11 Billion in Indiana, the Largest Capital Investment in the State’s History

Amazon Web Services (AWS) is investing $11 billion in Indiana, creating 1,000 jobs and marking the largest capital investment in the state’s history, with plans for new data centers and community support initiatives.

Source: https://www.aboutamazon.com/news/aws/aws-indiana-investment-11-billion

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