Stepping Into TPM 2024

There is no better chance to learn about the state of the industry than the annual Transpacific Maritime (TPM) Conference. TPM24 took place between March 3-6 at the Long Beach Convention Center. Flexport’s team was on site to chat with, and learn from, our customers and carrier partners—both current and potential. Here are our top insights for the coming year.

Takeaways From Flexporters

1. Uncertainties Persist. The supply chain is getting more complex every day. The situation in the Red Sea was top of mind at TPM, as well as Panama Canal restrictions, and ILA contract negotiations. Uncertainty drives anxiety. As a global logistics platform, we can help de-risk the supply chain for our customers and give actionable, data-driven advice on how to manage your procurement decisions in 2024 and beyond.

2. Diversifying means protection. In previous years, shippers and service providers would get into a meeting room and already know exactly what the rates would be. Everyone would sign the contract, and the following year, sign the same contract again. That’s no longer the case. With the market’s persistent uncertainty over the past few years, customers are starting to embrace how diversifying their carrier and forwarder portfolio can foster more agility. For example, larger customers are willing to embrace different routings to ensure disruptions don’t impact their business too strongly. Shippers are also looking for unique ways to keep their business moving, and really understanding how forwarders and brokers can create opportunities and solutions for better protection when moving supplies globally.

3. Technology and visibility are the future. Customers are excited about technology and modernization. Current and potential customers had a lot of questions about integrations, and almost every shipper we spoke with is looking for real-time, accurate shipment and SKU-level visibility. Everyone is data-hungry and looking for solid solutions. Having visibility into your goods is not just critical for managing an efficient, modern supply chain; visibility helps shippers — Flexport’s customers — improve the customer experience for their own customers, too. Visibility is foundational to managing customer expectations as consumers want to know when they’ll receive their goods, and if they’re delayed, why.

4. Relationships matter. Shippers are looking for partners. After the last few years and the tumultuous supply chain we’ve experienced, now more than ever people are looking for good relationships and the ability to talk to someone they trust. There are a lot of questions about the future, and customers are looking for great advice on how to navigate tumultuous waters together. Many of our customers are asking how we handled the disruptions in the past and how we thought outside of the box. It’s important to be nimble and agile with the purpose of providing efficient solutions.

The Year Ahead

After TPM, rates get locked and RFP season goes into full gear. To ensure you feel confident about forecasts for the year ahead before launching your RFPs, don’t hesitate to reach out to your Flexport account managers and our teams to discuss strategies for Fixed/Floating, and BCO/NVO volume contracts.

Want to hear more about Flexport’s TPM takeaways and market updates?

• Sign up for the Freight Market Update Live on March 14 to hear from Nerijus Poskus, VP, Global Ocean Procurement, Nathan Strang, Director of Ocean Freight, US Southwest, and Connor Helm, Manager, Ocean Procurement.
• Subscribe to our weekly Freight Market Update newsletter for regular updates from the global supply chain and logistics world.