This week, the shipping industry faces significant challenges and adjustments. Following a catastrophic bridge incident in Baltimore, the Port of New York and New Jersey is handling increased cargo transfers to stabilize the disrupted supply chain. Simultaneously, U.S. Treasury Secretary Janet Yellen warns of potential economic repercussions, including more sanctions following Iran’s missile attack against Israel. In other news, a troubling frequency of propulsion losses among large cargo ships in U.S. waters highlights safety and regulatory concerns, prompting discussions on navigation safety and tugboat escort standards. Additionally, a downturn in U.S. freight spending reflects ongoing shifts in the transportation sector, with the Cass Freight Index indicating a persistent slump. Read the full articles for comprehensive coverage on these topics.
Weekly Freight Report: April 19, 2024
April 19th, 2024
Port of Portland Will End Shipping Container Service in October
The Port of Portland says it cannot afford to keep the state’s only shipping container terminal open past September after a deal with a third-party operator fell through. Despite more business, costs have gone up, pushing the port’s container facility into the red.
Import Alerts: Candy, Gloves, Cosmetics, Syringes, Vitamins, Foods
The FDA has issued or updated import alerts on various products, including antibiotics, seafood, vegetables, cosmetics, and more from multiple countries, to detain shipments without physical examination due to potential violations of FDA regulations.
Following Baltimore Port Closure, Port of New York and New Jersey Pitches In
Following the disruption at the Port of Baltimore, Bethann Rooney, the Port Authority’s port director, implemented measures across the East Coast to maintain the supply chain, including handling increased cargo at the Port of New York and New Jersey to compensate for Baltimore’s offline status.
U.S. Treasury Secretary Warns Iran of 'Economic Spillover' After Missile Attack
U.S. Treasury Secretary Janet Yellen warned that Iran’s recent missile attack on Israel could lead to economic repercussions, including additional sanctions, citing the attack as part of Iran’s destabilizing activities in the Middle East.
‘We’re a Dead Ship’: Hundreds of Cargo Ships Lost Propulsion in U.S. Waters in Recent Years
Shortly after the catastrophic bridge incident in Baltimore, another large container ship, the APL Qingdao, experienced a loss of propulsion while navigating near the Bayonne Bridge in New York, leading to a tense situation managed with the aid of tugboats. This incident underscores ongoing concerns about the safety of massive cargo ships navigating near crucial infrastructure.
US Freight Demand Still Soft but ‘Broadly Consistent’: Cass
According to the Cass Freight Index, U.S. freight spending by shippers dropped 18% year-over-year in March, with expectations of a further 9% decrease in 2024, as shipping volumes and transportation rates continue to adjust.
