Expectations of U.S. import binge losing steam … a container spike that could last into 2021 … the persisting LA–LB chassis shortage … the Port of Virginia’s $44M expansion project … and an IMO working group’s additional measures to cut ship emissions all created waves this week throughout the international shipping sector. Short on time? Check out our summary of the latest industry news:
Week 44 Freight Updates
October 28th, 2020
Container lines expect U.S. import binge to lose steam
Surging shipments into the United States are fueling record high freight costs and logjams at seaports, but transportation executives say the rally will lose steam with a second wave of COVID-19 restrictions on the cards.
Mounting evidence that container spike could last into 2021
Bullish news on container shipping keeps pouring in, implying demand strength through February 2021 — if not longer. The latest green light comes from container-equipment lessor Triton International. Triton, the largest player in its sector, reported Q3 2020 results Friday and described Q4 2020 demand for equipment as “exceptionally strong.”
Chassis shortage in LA–LB likely to persist into 2021
Intermodal equipment providers say while they are making an all-out effort to remedy chassis shortages in Southern California, the shortages will likely persist into next year if the ports of Los Angeles and Long Beach continue to handle record import volumes from Asia.
Port of Virginia to double size of on-dock rail yard with $44M expansion project
The Port of Virginia revealed plans to reconfigure and double the size of its on-dock rail yard to expand rail capacity at Norfolk International Terminals, using a $20 million federal transportation grant.
IMO working group agrees further measures to cut ship emissions
Proposed amendments to the MARPOL convention would require ships to combine a technical and an operational approach to reduce their carbon intensity. Draft new mandatory measures to cut the carbon intensity of existing ships have been agreed by an International Maritime Organization working group.
