Is your spot shipment again delayed, disrupting your production schedule and supply chain?
For businesses relying on spot freight, shipping delays can disturb production and massively damage their bottom line. Up ahead, we will explore the common reasons behind these delays and strategies to navigate them.
Additional considerations for spot freight
By the nature of operations, spot freight is more susceptible to delays due to factors like:
- Price fluctuations: Spot rates can fluctuate based on supply and demand. Be prepared for potential cost increases if booking during peak seasons or periods of high demand.
- Limited booking visibility: The inherent flexibility of spot freight often means bookings are made closer to the shipment date, potentially leading to less predictable schedules compared to contracted rates, giving less time for planning and adjustments.
- Competition for vessel space: During periods of high demand, securing space on a vessel can be more challenging and potentially lead to delays.
To tackle this, be prepared to adjust your shipping schedule or destination based on available spot rates and capacity. Working with a reliable logistics service provider (LSP) can help you navigate the spot market and secure competitive rates based on real-time market conditions.
Mitigate and prevent spot shipping delays (+checklist!)
By following this checklist and adopting a proactive approach, you can significantly reduce the risk of spot shipping delays and ensure a smoother overall shipping experience.
# | ACTION | FOCUS | PREPARATION STAGE | MITIGATE | PREVENT |
---|---|---|---|---|---|
#
1 |
ACTION
Plan ahead
Book early, especially during peak seasons. |
FOCUS
Minimize port congestion delays
|
PREPARATION STAGE
Before booking
|
MITIGATE
✓
|
PREVENT
|
#
2 |
ACTION
Double-check documentation
Ensure all documents are accurate, complete, and up-to-date (HS codes, specs, addresses). Create a documentation checklist (proactive). |
FOCUS
Prevent delays due to documentation error
|
PREPARATION STAGE
Before booking
|
MITIGATE
✓
|
PREVENT
✓
|
#
3 |
ACTION
Diversify your supply chain
Don't rely on a single source of materials in case of supply chain disruptions. Develop supplier relationships for early warnings (proactive). |
FOCUS
Reduce impact of supply chain disruptions
|
PREPARATION STAGE
Before booking
|
MITIGATE
✓
|
PREVENT
✓
|
#
4 |
ACTION
Maintain safety stock
Keep a buffer inventory of critical materials in times of market disruptions. |
FOCUS
Mitigate production slowdowns
|
PREPARATION STAGE
Before booking
|
MITIGATE
✓
|
PREVENT
|
#
5 |
ACTION
Know the regulations
Research customs clearance requirements for the destination country. Utilize a customs broker early (proactive). |
FOCUS
Avoid issues in customs clearance
|
PREPARATION STAGE
Before booking
|
MITIGATE
|
PREVENT
✓
|
#
6 |
ACTION
Monitor weather forecasts
Stay informed about weather patterns impacting shipping routes due to external factors. |
FOCUS
Prepare for potential weather disruptions
|
PREPARATION STAGE
Before booking
|
MITIGATE
✓
|
PREVENT
|
#
7 |
ACTION
Budget for unexpected events
Allocate budget to cover potential disruptions during global emergencies and external factors. |
FOCUS
Financially prepare for disruptions
|
PREPARATION STAGE
Before booking
|
MITIGATE
✓
|
PREVENT
|
#
8 |
ACTION
Invest in cargo insurance
Protect your cargo financially from unforeseen events (delays, damage, theft). |
FOCUS
Protect your freight financially
|
PREPARATION STAGE
Before booking
|
MITIGATE
✓
|
PREVENT
|
#
9 |
ACTION
Work with a reliable LSP
Partner with an experienced carrier for route optimization, tracking, and market navigation. |
FOCUS
Optimize route, track shipments, navigate spot market
|
PREPARATION STAGE
Once your shipment is booked
|
MITIGATE
✓
|
PREVENT
|
#
10 |
ACTION
Communicate proactively
Maintain open communication with suppliers, LSP, and customs brokers. |
FOCUS
Stay informed about potential delays
|
PREPARATION STAGE
Once your shipment is booked
|
MITIGATE
✓
|
PREVENT
|
#
11 |
ACTION
Explore alternatives
Consider less congested ports or inland routes if feasible to tackle congestion. |
FOCUS
Adjust for congestions delays
|
PREPARATION STAGE
Once your shipment is booked
|
MITIGATE
✓
|
PREVENT
|
#
12 |
ACTION
Real-time shipment tracking
Monitor your shipment's location and identify potential delays. |
FOCUS
Identify potential delays due to external factors
|
PREPARATION STAGE
Once your shipment is booked
|
MITIGATE
✓
|
PREVENT
|
#
13 |
ACTION
Flexible approach
Be prepared to adjust schedules or destinations based on rates, capapcity, or unforeseen delays |
FOCUS
Adapt to changing circumstances
|
PREPARATION STAGE
Once your shipment is booked
|
MITIGATE
✓
|
PREVENT
|
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