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Executive Editor : Mark Szakonyi 202.872.1234 , mark . szakonyi @ spglobal . com
Managing Editor : Benjamin Meyer 916.716.6272 , benjamin . meyer @ spglobal . com
Managing Editor : Kevin Saville , 212.488.4282 , kevin . saville @ spglobal . com
The Refrigerated Supply Chain : 2024 Review and Outlook
November 14 , 2024 , 2:00 PM EST
Containerized refrigerated ( reefer ) shipping in 2024 has been a tale of the haves and have-nots . US reefer imports were up 7 % in the first eight months of the year , led by fruits and vegetables , particularly from the Southern hemisphere . Exports , however , extended their 2023 decline into this year , falling 4 %, with proteins such as meat , poultry , and pork falling 5 %. Overall , US reefer imports are twice that of exports , a gap only expected to widen going forward , according to Eskesen Advisory . Globally , reefer volumes continue to suffer under the weight of demand-stifling inflation in multiple economies , as well as supply chain disruptions brought about by a months-long drought in the Panama Canal and vessel diversions away from the Suez Canal . The result , after 20 years of annual increases , is that 2024 is shaping up as the second consecutive year of global declines for reefer volumes . And yet , the longer-term future is bright , with market research firm Future Market Insights forecasting the global containerized reefer market to grow at a compound annual growth rate of 3.9 % through 2034 , to $ 10.5 billion . https :// bit . ly / 40kt4s1
FEATURED CONTENT
Fourth Quarter Trucking Report : Analyzing the Peak Season
On demand , Free
After a two-year-plus freight downturn , trucking companies along and their customers are looking forward to heightened demand . The US Federal Reserve ’ s interest rate cuts in September likely set the stage for not only improvements in manufacturing and housing demand that will generate freight , but also lower capital costs for companies looking to expand by acquisition . Even before September ’ s half-point rate cut , freight volumes were beginning to increase , as consumer spending rallied over the summer and more goods hit the road earlier than expected . All this has shippers bracing for truckload rate increases , perhaps in the fourth quarter but certainly down the road in 2025 . Will demand push rates up sharply during the next round of contract talks ? Or will the availability of capacity blunt rate hikes and pave a more moderate path toward growth in transportation pricing in 2025 ? https :// bit . ly / 4hdGPi2
Resources Top 100 Importers and Exporters https :// bit . ly / 3Vbpn4M
Senior Editors : William B . Cassidy Trucking and Domestic Transportation 202.872.1228 , bill . cassidy @ spglobal . com
Bill Mongelluzzo , West Coast 562.428.5999 , bill . mongelluzzo @ spglobal . com
Eric Johnson , Technology 213.444.9326 , eric . johnson @ spglobal . com
Janet Nodar , Breakbulk and Heavy Lift 251.408.2090 , janet . nodar @ spglobal . com
Greg Knowler , Europe + 44.797.679.8770 , greg . knowler @ spglobal . com
Ari Ashe , Southeast Ports , Intermodal Rail 202.548.7895 , ari . ashe @ spglobal . com
Michael Angell , Northeast ports , 646.505.4712 , michael . angell @ spglobal . com
Laura Robb , Associate Editor 281.216.0456 , laura . robb @ spglobal . com
Senior Research Analyst , Project and Breakbulk Cargo : Susan Oatway , FICS , + 44.7930.411659 susan . oatway @ spglobal . com
Senior Contributor : Cathy Morrow Roberson , 732.730.2533 , cathy . morrowroberso @ spglobal . com
Data Hub Manager : Marcin Lejk , + 44.58.741.6270 , marcin . lejk @ spglobal . com
Shipper Engagement Manager , Breakbulk : Diana Hamm , 832.499.7368 , diana . hamm @ spglobal . com
Senior Editor , Special Projects : Alessandra Gregory Barrett , 860.248.5238 , alessandra . barrett @ spglobal . com
Senior Associate Editor , Special Projects : Ariane Herrera , 215.789.7478 , ariane . Herrera @ spglobal . com
Special Projects Coordinator : Amanda Hunter , 212.205.1226 , amanda . hunter @ spglobal . com
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Delay to EU deforestation rule does not address key issues : palm oil industry
The decision to delay the European Union Deforestation Regulation ( EUDR ) for at least 12 months will not help small farmers avoid having their products barred from Europe unless existing traceability elements within the current law are amended to exclude those farmers , according to the Southeast Asian palm oil industry . https :// bit . ly / 4fjx4NH
India ’ s renewed protectionist policies threaten foreign liner network expansions
DP World Cochin
In what could be an ominous development for foreign container carriers in a growth-oriented market , India is seeking to repeal the 2018 legislation that abolished cabotage restrictions on the coastal shipping leg . https :// bit . ly / 3C02hak
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UPCOMING EVENTS events . joc . com
TPM25 : March 2-5 , 2025 | Long Beach , California Breakbulk & Project Cargo Conference : April 23- 25 , 2025 | New Orleans , Louisiana Inland Distribution Conference : September 29-October 1 , 2025 | Chicago , Illinois
Journal of Commerce ( USPS 279 – 060 ), ISSN 1530-7557 , November 4 , 2024 , Volume 25 , Issue No . 23 . Journal of Commerce is published biweekly except the last week in December ( printed 25 times per year ) by JOC Group Inc ., 55 Water St ., 39th Floor , New York , N . Y . 10041 . Subscription price : $ 595 a year . Periodicals postage paid at New York , N . Y ., and additional mailing offices . © All rights reserved . No portion of this publication may be copied or reprinted without written permission from the publisher . POSTMASTER : Please send address changes to Journal of Commerce , Subscription Services Department , 55 Water St ., 39th Floor , New York , N . Y . 10041 .
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