Wan Hai Predicts High Ocean Rates as US Tariffs Spur Early Cargo Shipments
Taiwanese shipping line Wan Hai forecasts that new US tariffs on Chinese goods will sustain high ocean freight demand and keep rates elevated. Company president Tommy Hsieh explained that shippers are front-loading cargo to get ahead of the tariffs set to take effect in August. This pre-emptive rush, combined with existing Red Sea diversions and port congestion, is supporting the market. Wan Hai believes this trend will continue to bolster demand through the third quarter. The optimistic forecast comes as the carrier reported a significant return to profitability in the first quarter of 2024.
Official Source: https://theloadstar.com/us-tariffs-will-support-ocean-demand-and-keep-rates-high-says-wan-hai/
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