Now, importers have the option of delaying the arrival of their freight.
In order to help importers combat inflated inventories, the Danish shipping giant Maersk is giving them the choice to purposefully slow down their ocean freight.
“At Maersk, we are working closely with our customers to support them during this period of turbulence, offering options of both speeding up and slowing down cargo arrival to match the temporary change in demand pattern,” said Ocean management director for the company’s Asia Pacific region, Morten Juul.
“Low demand and full warehouses mean customers are reluctant to pick up their import units from terminals, leading to high yard density,” the company said in its recent Asia Pacific update.
It also plans “further measures to match cargo capacity with expected volumes on key trade lanes.”
The move comes at a time when imports and freight volume are down and will continue to “remain weak,” the company predicts. While Maersk earned record profits again last quarter to higher freight rates, “weakening consumer demand, coupled with markets beginning to normalize,” have made it hard for those rates to be upheld. The value of the company’s stock has decreased by 35% just this year.
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