Events like the recent receivership of Hanjin Shipping – the seventh-largest container shipping line in the world – causes much unrest in the global shipping market. These events are also reminders that if you are engaged in any level of global commerce, a strong partnership with a licensed ocean freight forwarder is absolutely necessary and can help mitigate risks in your supply chain. A forwarder that operates as a true partner consistently has its eye on the global marketplace, and accordingly has contingency plans in place for your global freight movements.
With recent declines in demand for ocean shipping, steamship lines have been taking many steps to adjust available capacity in the marketplace. This sudden and significant disruption in capacity (Hanjin carried 8% of all Asia-North America container traffic) will definitely have an impact on all lanes and all carriers, which is all the more reason to have an internal forwarder partner that is knowledgeable and has your interests in their line of sight on a daily basis.
With the lost capacity in many trade lanes and other disruptions caused by Hanjin’s issues, claims of substantially higher rates have been seen in many news reports, and unfortunately, some shippers will fall victim to exorbitant price increases because capacity tightness will most assuredly become an issue. In times like these, shippers should communicate their needs with their freight forwarder as soon as possible and keep the forwarder informed of any changes with prior bookings.
A multi-modal Enterprise Logistics Solutions provider, Transportation Insight is licensed as an OTI Freight Forwarder by the Federal Maritime Commission. We provide full container, less-than-container and air freight forwarding services through 250 ports and 130 countries with no geographic restrictions. Whether our clients trust us with ocean, air, truckload, LTL or parcel shipments, we exercise great care in ensuring our clients’ needs are met so that they can keep their promises to their customers. In addition to delivering superior global service and industry compliance expertise, our end-to-end technology platform – Insight TMS® – provides full visibility from overseas ports to domestic delivery points.