---
title: "Freight Market Update: July 19, 2023"
description: "BC port strike resumes after failed talks; Panama Canal surcharge launches Aug 1; IMO 2023 cuts ~8% ocean capacity; LATAM rates soften on excess supply."
language: en
canonical: https://www.flex.thisisbrew.com/global-logistics-update/freight-market-update-july-19-2023/
lifecycle: live
---

# Freight Market Update: July 19, 2023

## Trends to Watch

\[Regional - British Columbia\] Talks between the International Warehouse and Longshore Union (ILWU) Canada and the British Columbia Maritime Employers Association (BCMEA) have broken down for a second time, and the strike that initially closed the ports of Vancouver and Prince Rupert from July 1-13 has resumed.

\[Regional - Panama Canal\] Multiple carriers have announced a Panama Canal Surcharge to go into effect on Aug 1, 2023 in response to the ongoing draft limitations brought on by continuing drought conditions in the region.

\[Ocean - TPEB\] Environmental regulation compliance resulting from IMO 2023 has led to vessels not returning to pre-COVID speeds, effectively removing ~8% capacity from the market.

\[Ocean - Indian Subcontinent\] Blank sailings through this month are expected to cause a surge in demand in early August, which will coincide with a GRI announced for Aug 1.

\[Ocean - LATAM\] Capacity has opened up due to softer demand and ocean carriers deploying new/expanded services, putting pressure on rates as supply exceeds demand.

For more information on any of these items, please speak with your account representative or contact us to speak with one of our experts.

## North America Vessel Dwell Times

For more details, please visit Flexport’s Ocean Timeliness and Air Timeliness indicator pages.

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*This is a markdown version of [https://www.flex.thisisbrew.com/global-logistics-update/freight-market-update-july-19-2023/](https://www.flex.thisisbrew.com/global-logistics-update/freight-market-update-july-19-2023/) for AI/LLM consumption.*