Market Moves: Supply Chain - Feb 1st, 2024
 
 
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February 1, 2024
From the Editor

Welcome back to Market Moves Supply Chain! Read on for updates on the situations in the Red Sea and the Panama Canal. But are these the only regions you need to monitor for disruption?

Despite a report stating logistics slowed for the seventh consecutive quarter, truck tonnage increased in December and trucking OEMs and others are expecting robust growth in North America for 2024.

What else should we expect in 2024? Nearly half of supply chain organizations have formal DEI objectives for this year; the renewable energy supply chain has some hurdles ahead; and there is an uphill climb for semiconductors.

—Tyler Fussner

More manufacturers are reshoring as insurance against geopolitical strife.
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Attacks on commercial ships in the Red Sea are forcing some cargo ships to take the long route around the southern tip of Africa, creating disruptions and driving up transportation costs.
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In 2023, the number of US LNG cargoes passing through the Panama Canal declined sharply, particularly in the second quarter, in favor of alternative routes via the Suez Canal or the Cape of Good Hope, according to the IEA.
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The question for shipping is whether growth is sustainable, according to a new survey from Averitt.
https://img.fleetowner.com/files/base/ebm/fleetowner/image/2024/01/65afdc7add26f9001eb1ddca-hdaw_mack_1.png?auto=format%2Ccompress&w=320
Speaking at HDAD, Jonathan Randall provides a market update, discusses emerging tech, and emphasizes the importance of supplier relationships.
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The index fell 1.7% in 2023, making it the worst year since 2020.
https://img.mhlnews.com/files/base/ebm/mhlnews/image/2024/01/65aa6aa96bc08b001e8e76bb-logistics__137520342__enanuchit.png?auto=format%2Ccompress&w=320
“If order volumes continue to rise in Q1, then we should start to see activity levels begin to climb," says Tradeshift study.
https://img.industryweek.com/files/base/ebm/industryweek/image/2024/01/65b29f5a07c17b001e02f8e9-production_pulse_jan_25_screen.png?auto=format%2Ccompress&w=320
2023 should have been a recovery year for the supply chain, following the major disruptions of 2022, but problems remained with parts shortages and shipping problems. Will 2024 be any better? A group of Endeavor Business Media editors discusses the topic.
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A new Gartner report says global semiconductor revenue dropped by more than 11% in 2023.
https://img.mhlnews.com/files/base/ebm/mhlnews/image/2024/01/65b7f436516acb001e7ab4b5-dei__id__177606910_.png?auto=format%2Ccompress&w=320
The number of supply chain organizations with formal DEI objectives from 27% in 2022 to 49% in 2023.
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Long lead times push developers to stockpile breakers and transformers; most are expected to remain untouched when solar import tariff moratorium ends in June.

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