?? Top 10 U.S. Ports
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It's Monday, and we've got your port stories covered: the Top 10 U.S. maritime ports of 2023, a wild container explosion in Taiwan, and a quick brief on the Laredo Trade Summit.
??Question of the Day: Which of the top 10 ports bucked the trend in 2023 by increasing both its TEU volume and value of goods, while all others saw declines? Scroll to the main story for the answer.
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?? WHAT’S COOKIN’ IN FREIGHT
?? Massive Explosion at Major Chinese Port. A Taiwanese cargo ship erupted in flames at China's Ningbo-Zhoushan Port, causing an explosion felt a kilometer away. The YM Mobility, carrying hazardous materials and lithium batteries, caught fire at 1:40 p.m. on August 9 (local time). Swift firefighting efforts contained the blaze, with all crew safely evacuated. Buildings a kilometer away suffered damage from shockwaves, with a staffer reporting the company's windows were damaged and the ceiling collapsed a little. Fortunately, no casualties were reported.
?? Tuna Cargo Theft in South Philly. On August 8th, South Philadelphia experienced its latest food cargo theft; this time, it was a shipment of canned tuna. Multiple suspects targeted a parked semi outside Samuels Seafood Company at 3:30 a.m. The security in the area woke the 63-year-old driver. Subsequently, the thieves had to abandon their operations and flee. This incident is part of a larger cargo theft trend in the area, with 257 thefts reported in 2023 alone. While Samuels Seafood's product remained unaffected, the company warns others to stay vigilant. Police advise against heroics, urging them to call 911 instead to report any suspicious activities.
?? Forward Air's Stock Rebounds. Forward Air's stock leaped 30% in the last five days, rebounding from an 82% plummet following its Omni Logistics merger. New CEO Shawn Stewart's turnaround efforts are sparking cautious optimism among investors. Despite a massive Q2 net loss of $966.5 million due to a one-time goodwill impairment charge related to Omni, their revenue nearly doubled year-over-year, up 92.9%. The company's focus on "synergies" and LTL market dominance is renewing faith in its potential. While challenges remain, this recent rally suggests a possible comeback for the troubled freight firm, as the market reassesses its value beyond the Omni debacle.
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2024 Report: Top 10 U.S. Ports
In 2023, most of the top U.S. ports saw a drop in container volumes compared to 2022. However, the value of goods at these ports often rose or stayed steady, indicating a shift in the types of goods being imported. Only a few ports managed to grow their TEU (Twenty-Foot Equivalent Unit) volumes during this period.
Descartes has released its 2024 Trade Report & Analysis of U.S. maritime ports, and we're taking a look at the ten ports with the highest volume of imports in 2023.
Performance Breakdown of Top 10 Ports
1. Los Angeles, CA
2. New York-New Jersey
3. Long Beach, CA
4. Savannah, GA
5. Houston, TX
6. Norfolk, VA
7. Charleston, SC
8. Oakland, CA
9. Tacoma, WA*
10. Miami, FL
What's in Store for 2024?
Experts anticipate that container volumes could approach record levels as shippers rush to import holiday goods early. Although this surge was initially driven by fears of a potential strike at East and Gulf Coast ports—which could have severely disrupted U.S. commerce—a strike now appears to have been averted.
The International Longshoremen's Association (ILA) and the U.S. Maritime Alliance have agreed to extend their contract negotiations until early February, averting an immediate shutdown at major ports like Savannah, New York-New Jersey, and Houston.
Additionally, ongoing global conflicts, particularly in the Red Sea, have disrupted traditional shipping patterns and pushing up rates. At the peak of the crisis in late 2023 and early 2024, rates for shipping containers from Southeast Asia to the U.S. East Coast rose by as much as 195%, reaching $6,500 per forty-foot equivalent unit (FEU).
In July 2024, U.S. container import volumes hit a significant milestone, reaching 2,556,180 TEUs—a 26-month high.
For a look at all thirty ports analyzed by Descartes, download the full report here.
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?? AROUND THE FREIGHT WEB
?? Class 8 Truck Orders and Spot Rates Decline in July. Class 8 truck orders and spot rates fell in July, reflecting seasonal trends and ongoing challenges in the freight market.
?? Laredo Trade Summit. Reliance Partners hosted the 7th annual Modernization of Cross-Border Trade last week. Highlights include Mexican cargo insurance, issues regarding Mexican carriers, infrastructure issues, and freight security.
?? NFI CEO Pleads Not Guilty in Corruption Case. NFI CEO Brown has pleaded not guilty in a New Jersey political corruption case.
??? Pensions' $7B Claim Dispute. A Delaware judge is set to rule on the $7 billion in liability claims pension claims against bankrupt Yellow Corp.
?? Truck Weight Enforcement Success. NYC officials reported a 64% drop in overweight trucks on the Brooklyn-Queens Expressway, thanks to an automated weigh-in-motion system.
?? THE FREIGHT CAVIAR CORNER
We are hosting a FreightCaviar Happy Hour alongside our friends from Journey on August 15th, 2024, in Chicago, IL. If you would like to attend (it's free), you just need to RSVP using this link. We have limited capacity, so RSVP now if you want to join us.
FREIGHT MEME OF THE DAY
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7 个月Thanks for sharing
Director of Logistics
7 个月The article used to address ILA contract is from 2012. Contract negotiations still very much at standstill.