TPM24: Industry Giants Push for Decarbonization, AI in Shipping
The Trans-Pacific Maritime (TPM) 2024 conference, held in Long Beach, California, saw a strong focus on decarbonization and reducing environmental impact. Major players in the industry, including Amazon, Apple, and Coca-Cola, gathered to discuss the latest innovations in logistics technology and supply chain visibility.
Carriers at TPM24 are investing in cleaner fuels and vessels, seeking shippers' cooperation for cost-sharing to meet emission targets. Industry experts agree that regulation alone won't suffice, and collaboration is key to accelerate progress. Meanwhile, shippers are strategically choosing carriers based on their treatment during tough times, indicating a shift in relationships.
AI was a prominent theme, with leading supply chain visibility platforms investing in AI and machine learning to improve shipment-level visibility. However, many companies' AI solutions do not fully embrace the latest advances. The conference also discussed the impact of disruptions, such as the Red Sea crisis, on rates and the upcoming influx of new shipping capacity.
From now until 2026, a significant amount of new capacity will be introduced, potentially leading to further rate drops and impacting shipper-carrier relationships. Conflicting forces, including over-capacity and depleted customer inventory, are currently overwhelming the ocean market, reducing rates to their lowest since before the pandemic.
TPM24 highlighted the urgent need for collaboration and innovation in the containershipping industry. As new capacity comes online and disruptions continue, carriers and shippers must work together to navigate the complex market landscape and achieve their sustainability goals.
