Global supply chains have seen major delays this week as CMA CGM battles a ransomware attack. With primary web communication modes shut down to prevent the spread of the malware, any means of communication the carrier is slow-moving and difficult. This is one of many attacks on major ocean carriers in recent years, and CMA CGM is warning that large amounts of data may have been breached.
It appears that U.S. Customs officials may be cracking down on late ISFs and document filings. Penalties for late filings—which amount to a $5,000 fee—aren’t often enforced, but they’ve been coming through more frequently in recent weeks. To avoid these costly penalties, make sure you work with your suppliers to ensure your brokers get timely and accurate shipment information.
Customs systems are also undergoing a massive upgrade, which is causing frequent delays and EDI issues. The upgrades are ongoing, and will continue to slow processes down for customs brokers.
The World Trade Organization (WTO) gave the EU the green light to impose tariffs on more than $4 billion worth of U.S. goods. The tariffs are set to target coal producers, farmers and fisheries, in addition to aircraft makers. There seems to be little question as to whether or not the tariffs will be imposed, but rather, whether they’ll be put in place before the election in November.
Trans-Pacific spot rates are hitting record highs. As peak season capacity constraints compound with an already-tight market, many major importers are turning to short-term contracts, paying rates much higher than usual just to get product moving.
Golden Week begins today, causing a major capacity crunch for air freight out of Asia. With many manufacturers in China and the surrounding region closed for the 7-day holiday, shippers are fighting to secure outbound space and prepare inventories for holiday shopping season.
With 2020 throwing typical trade trends out the window, some are questioning just how long peak season will last this year—some predicting rates may stay high and available space may stay low well into December or even mid-Q1 of 20201.
New Hours of Service (HOS) rules went into effect yesterday. The rules give truck drivers more flexibility, and have a shot at alleviating some pressure on the overwhelmed domestic trucking market. Capacity has remained constrained for weeks—mostly around major ports and major producers of school supplies.