The Jacksonville Port Authority (Jaxport) has secured the final piece of the funding pie needed to deepen the port’s main harbor to 47 feet to Blount Island, a critical step toward handling more post-Panamax vessels in the trans-Pacific trade.
Equipment providers and terminal operators say excessive container and chassis dwell times at import warehouses in Southern California are the main culprit in recent congestion at the ports of Los Angeles and Long Beach.
Congestion at the UK’s busiest port has prompted CMA CGM to impose a surcharge on all Asian imports and exports through the gateway.
The balance of trade in and out of India has shifted in favor of exports as the country begins to recover from the economic effects of the COVID-19 pandemic.
According to Drewry's container freight rate index, some spot pricing from China to the US West Coast surpassed $4,000 per FEU this week, a psychological barrier that appeared to be insurmountable just last week due to admonitions from regulators in China and the US about aggressive carrier pricing.
Similar to the current market in the trans-Pacific trade, container freight rates from Asia to the East Coast of South America have been buoyed by surging consumer demand and a rush of exports leaving China ahead of Golden Week.
With cargo volumes and spot rates out of Asia surging as the United States and other countries begin to climb out of the COVID‑19 recession, US importers are increasingly turning to non-vessel-operating common carriers (NVOs) to secure capacity.
Amidst confusion involving blank sailings, extra-loaders, and announcements this past week by government regulatory agencies in Beijing and Washington, spot rates in the eastbound trans-Pacific continued to climb higher.