Our June Freightos market update webinar took a data-driven look at the latest in the international ocean and air freight markets, focusing on ocean implications from continued tensions around the Strait of Hormuz, how air cargo is adapting to capacity dips and spiking jet fuel costs, the latest in trade war developments, and what the early start to peak season will mean for container rates this summer.
We were joined by Leigh Carter, VP US Operations, at Clearit Customs Brokers, who provided an update on IEEPA refunds, and shared what importers can do to expedite the process as much as possible.
Watch the full recording and read key takeaways below:
Key Takeaways:
- Ocean peak season is being pulled forward – June rates jumped sharply – with more increases set for mid-month – as contracted shippers frontload ahead of July BAF increases and importers rush to avoid coming producer price hikes.
- Transpac shippers are also aiming to beat the July 24th tariff expiration, and Asia-Europe importers are pulling forward volumes due to longer Red Sea lead times as well. But these trends could mean the surge will be short-lived and come at the expense of volumes later in the summer.
- IEEPA replacements on track – The USTR has recommended Section 301 tariffs targeting forced labor, which could be in place before Section 122 tariffs expire, with more 301 investigations on the way.
- AI an increasing driver of air cargo – Even as e-comm volumes ease on the transpac, and the EU gears up for its de minimis cancellation in July, demand for data centers and AI-related cargo is driving growth. And – though not fully back yet – overall demand and capacity are recovering from the initial Iran war-driven dip. Rates remain elevated but have leveled off or eased slightly as the recovery progresses and as fuel prices come down from April highs.
- IEEPA refunds hit a snag – Customs expert Leigh Carter advises importers to keep track of their entry timelines and be sure to file for refunds via CAPE before liquidation, or file protests before windows close for liquidated entries as the White House has now challenged refunds for liquidated imports.
