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Air Cargo Spot Rates Surge
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Global air cargo spot rates rose by 2% in October, with Transpacific rates from China and Southeast Asia to the U.S. increasing by 10% and 15% respectively. The uptick was driven by seasonal adjustments, reduced cargo space, and ongoing geopolitical issues. Challenges include rising operating costs, jet fuel costs, inflation, and labor shortages. Shippers seek longer-term contracts while forwarders procure a significant portion of their capacity on a short-term basis.
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How might the surge in air cargo spot rates impact the competitiveness of global trade and logistics?
How might the trend of shippers seeking longer-term contracts affect the stability and flexibility of global supply chains?
What strategies can shippers and forwarders employ to mitigate the challenges they face in the current market?
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