The last couple of weeks have seen a record number of containers stuck waiting outside the Port of Los Angeles and the Port of Long Beach, together, serving as the United States’ entry point for many Chinese products. According to Seatrade Maritime News, the Marine Exchange of Southern California said that ending last week there were a total of 62 vessels waiting outside the Port of Los Angeles. Although still an extremely elevated number, it is down from the 70 ships at the start of the week. Despite this small decrease, it is expected that the number of containers in waiting will increase throughout this week. Moreover, Maersk, one of the world’s largest container shipping companies, reported that congestion was not only increasing at the Californian ports, but also other ports in the US, and in the Asia Pacific.
To combat the growing congestion and wait times, it is reported that the Ports of LA and Long Beach have announced new measures to increase productivity and capacity. Following discussions with the US Department of Transportation, Gene Seroka, Executive Director of the Port of Los Angeles revealed it will expand weekend operating gate hours, and Long Beach Executive Director, Mario Cordero announced that the port will take its first steps towards a 24/7 supply chain, expanding nighttime operations.
According to the latest report from Drewry, a maritime consultancy from the UK, the price of containers has stabilized after 22 consecutive weeks of inflation. Their World Container Index, which tracks the price of containers at a global level currently sits at $10,377.19 per 40-foot container. Despite remaining stable from the previous week, following announcements from CMA-CGM and Hapag-Lloyd to halt raises of spot rates, the current price is still 299% higher than it was this same week, one year ago. Drewry expects the rates to remain stable as well for the coming week.
To combat the growing congestion and wait times, it is reported that the Ports of LA and Long Beach have announced new measures to increase productivity and capacity. Following discussions with the US Department of Transportation, Gene Seroka, Executive Director of the Port of Los Angeles revealed it will expand weekend operating gate hours, and Long Beach Executive Director, Mario Cordero announced that the port will take its first steps towards a 24/7 supply chain, expanding nighttime operations.
According to the latest report from Drewry, a maritime consultancy from the UK, the price of containers has stabilized after 22 consecutive weeks of inflation. Their World Container Index, which tracks the price of containers at a global level currently sits at $10,377.19 per 40-foot container. Despite remaining stable from the previous week, following announcements from CMA-CGM and Hapag-Lloyd to halt raises of spot rates, the current price is still 299% higher than it was this same week, one year ago. Drewry expects the rates to remain stable as well for the coming week.