This could be the hottest summer ever for freight – According to TEU bookings
“With many shippers caught off guard by the changing consumer behaviours, there was no budget or plan for what occurred in most of 2020. Companies have found themselves playing catch-up most of the year, and the recent surge in consumer spending thanks to a new stimulus bill and continued quarantine this winter has not helped them recover.”
Ocean bookings are at record high levels, and all the freight is destined for North American ports! Capacity will likely continue to be eaten up by this influx of freight moving inland to DCs as well as to final consumer destinations.
This will continue to drive freight costs up and likely see spot market pricing take over through the summer.
Read more here.