The ports of Los Angeles and Long Beach, Calif., on June 13 reported that cargo volumes have improved sequentially over the past several months. May cargo throughput was up 60% since February in Los Angeles and up 15.6% from April in Long Beach.
The Los Angeles Board of Harbor Commissioners on June 7 approved a $2 billion Fiscal Year (FY) 2023/24 annual budget for the Port of Los Angeles, calling for “increased investment in Port operational and public-access infrastructure, as well as support for a range of industry leading sustainability and decarbonization initiatives.”
While container movement in April was down compared to the prior year, the Port of Los Angeles announced May 18 that it has seen an increase in the number of Twenty-Foot Equivalent Units (TEUs) being handled for two consecutive months.
Five California seaports sign a Memorandum of Understanding to launch the California Port Data Partnership. Also, Royal Vopak and AltaGas Ltd. form a new joint venture for a large-scale liquefied petroleum gas (LPG) and bulk liquids terminal in Prince Rupert, Canada.
BNSF provides customers an intermodal update, citing “some improved service performance” while its teams address network-wide weather-related challenges. Also, the Port of Los Angeles closes a “soft” first-quarter 2023, down 32% from the prior-year period.
The ports of Los Angeles and Long Beach experienced double-digit declines in TEUs (twenty-foot equivalent units) processed in February. Both California ports cited well-stocked retailers, reduced consumer spending, and the typical closure of east Asian factories during the Lunar New Year holiday, as reasons for the soft cargo volumes.
The Port of Los Angeles starts 2023 with a 16% drop in TEUs (twenty-foot equivalent units), and expects a “soft” first quarter due to “extended Lunar New Year closures, well-stocked retailers and economic concerns.” Also, FourKites and RCS Logistics team to provide RCS customers with a “one-stop shop” for end-to-end visibility into their shipments across ocean, air, drayage, intermodal and over-the-road (OTR).
The ports of Los Angeles and Long Beach in California report 2022 as their second-busiest year on record. Also, South Carolina Ports (SC Ports) announces a record 2022 with the most containers ever handled at the Port of Charleston. All provide their outlook for 2023.
Cargo volumes in November were soft at the ports of Los Angeles and Long Beach in California. Both also reported moving less cargo overall in the first 11 months of 2022 vs. the prior-year period.
A COVID-induced supply chain spiral led to a logistical conundrum that forced shippers and executive teams to adapt to an ever-changing global environment. As the dust begins to settle, we, at Cowen Research, are taking a closer look at the more long-lasting changes across the supply chain and consumers. A multi-sector angle provides insight into the long-term impact for supply chains and beneficiaries of these shifts.