Top Reasons Global Supply Chain Managers Fail to Reduce Ocean Freight Costs
Proactive management of ocean freight costs remains a cloudy goal for shippers. Without a careful eye on the factors influencing freight rates, a supply chain manager will see a gradual, if not sudden,rise in ocean freight costs over the course of 2020. …
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“The first challenge is the 10% tariff on $300 billion worth of products, in addition to previous tariff waves, as well as China’s final suspension on U.S. agri-products. This means that China will stop buying agri- products, and their slow down on lumber,petrochemicals, and other commodityimports will continue. As a result, the equipment surplus in certain agri-regions will continue to rise and freight rates will continue to plunge for cargo going to Asia. As of today, we see ocean rates are falling by 20%-30% in the past few months to Asia.”
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