525 S. Douglas St. , #100• El Segundo, CA 90245 • (310) 607-8000
Ocean cargo caught between a drought and a conflict zone.
The Panama Canal, a pivotal conduit for global trade, is facing unprecedented challenges as it contends with the most severe drought in over half a century. The resulting restrictions imposed by the Panama Canal Authority (PCA) have sparked a wave of strategic adaptations and vessel diversions, reshaping the dynamics of significant trade routes.
Section 301 tariff exclusions set to expire 12/31/2023.
On December 31, 2023, the Section 301 exclusions on China imports will expire unless the USTR provides another extension. Any “excluded” merchandise not arrived, entered, and released by midnight 12/31/23 will return to being subject to the 25% Additional China Tariff Rate.
Please be sure to contact your Coppersmith Customer Service Analyst to confirm if your current exclusion will expire at year-end and make arrangements for documents to be in our hands by December 27th to assure that they can be filed with CBP before we close for business on December 29th.
Bud Coppersmith and Bobby Shaida attended the International Pet and Animal Transport Association’s (IPATA) conference in Dubai, UAE. Coppersmith’s dedication to rapidly clearing animals through customs is unparalleled in the shipping industry. Animal lovers themselves, Coppersmith ensures all pets are treated with the same attention to detail and urgency that they want their own fur babies treated if they have to travel. Speaking with so many professionals in one location was a real treat for the Coppersmith representatives, as pet safety is the topic that brings together the very best people.
Relief is headed our way in mid-January as the Panama Canal announces that instead of reducing daily passes to 18, down from a standard 34-38, the canal authority will increase allotted passes to 24. This helps to soothe concerns that a full-blown ocean cargo crisis is on the horizon after months of problems caused by the worst drought in fifty years.
The container shipping outlook for 2024 shows signs of increasing disruption and delays. With the Panama Canal still struggling with a drought that has caused a drastic reduction in the number of ships that can pass and the conflict in the Middle East causing some danger for containerships in the Red Sea as missile attacks off the coast of Yemen threaten cargo and lives.
