According to an article from The LoadStar, as a result of increasing COVID-19 cases in Shanghai, home to the world’s largest port, the Chinese government has announced an indefinite lockdown. This lockdown is yet another challenge that has come to test the international supply chain, as currently, the majority of Shanghai residents are restricted from leaving their homes, even for food. Incoming freight to Shanghai has been prompted to be diverted to other Chinese ports like Ningbo, Qingdao, and Tianjin, but these ports have been reluctant to allow Shanghai ships to enter their ports.
On the other side of the Pacific Ocean, the Port of Los Angeles has announced that it has completed upgrades to its Everport container terminal according to Splash 247. Now there will be 236 berths along the main channel, up from 226. The project cost $65 million to complete and aims to improve the container-handling efficiency and capacity of the Everport terminal. This upgrade to the Port of Los Angeles should be welcomed as according to an article from Forbes, U.S. imports and exports have jumped 20% up, outpacing 2021. The top port through the first couple of months in the US is Chicago’s O’Hare International Airport, which beat the traditional number one, the Port of Los Angeles.
Regarding spot freight prices, the Drewry World Container Index showed a nearly 4% drop in prices from the last week of March. This was carried by Shanghai to Los Angeles falling 8% and Shanghai to New York falling 6%. Despite the good news, overall rates still remain 67% higher compared to one year ago.
On the other side of the Pacific Ocean, the Port of Los Angeles has announced that it has completed upgrades to its Everport container terminal according to Splash 247. Now there will be 236 berths along the main channel, up from 226. The project cost $65 million to complete and aims to improve the container-handling efficiency and capacity of the Everport terminal. This upgrade to the Port of Los Angeles should be welcomed as according to an article from Forbes, U.S. imports and exports have jumped 20% up, outpacing 2021. The top port through the first couple of months in the US is Chicago’s O’Hare International Airport, which beat the traditional number one, the Port of Los Angeles.
Regarding spot freight prices, the Drewry World Container Index showed a nearly 4% drop in prices from the last week of March. This was carried by Shanghai to Los Angeles falling 8% and Shanghai to New York falling 6%. Despite the good news, overall rates still remain 67% higher compared to one year ago.
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