This week, the Port of Los Angeles set a record by handling nearly 940,000 TEUs in July, driven by an early influx of holiday goods as shippers anticipated delays from a potential strike at East and Gulf Coast ports later this year. Canadian National Railway and Canadian Pacific Kansas City imposed freight embargoes in response to potential labor strikes, leading to heightened logistics contingency planning and possible disruptions across North America. Meanwhile, new U.S. legislation aims to increase liability limits for foreign shipowners, targeting the Singapore-flagged vessel involved in the Baltimore bridge collapse, to ensure they cover the full costs of damages and compensation. Additionally, the closure of Ningbo Beilun’s Phase III Terminal following a hazardous material explosion is expected to significantly disrupt trans-Pacific trade lanes, exacerbating supply chain challenges during the peak shipping season. On the pricing front, U.S. shippers are facing rising costs for both truckload and less-than-truckload (LTL) transportation, with recent data showing price increases in July despite truckload rates remaining below last year’s levels. Lastly, a new bill introduced in the U.S. House aims to strip foreign shipowners’ liability protections, ensuring they are held accountable for damages caused by their vessels. Read the full articles for comprehensive coverage on these developments.
Weekly Freight Report: August 16, 2024
August 16th, 2024
More Challenges for Container Shipping May Be Lurking as Contract Talks Loom
Supply chain managers must prepare for escalating threats to container shipping, including geopolitical risks, labor disputes, and climate change, as contracting season approaches, with the potential for significantly increased costs and the need for effective risk mitigation strategies.
Canada Rail Embargoes Intensify Ahead of Potential Stoppage
Canada’s major rail carriers are imposing freight embargoes in response to potential labor strikes, leading to heightened logistics contingency planning and possible disruptions to supply chains across North America.
China Port Explosion Snarls Trans-Pacific Container Trade
The closure of Ningbo Beilun’s Phase III Terminal following a hazardous material explosion is expected to significantly disrupt trans-Pacific trade lanes, exacerbating supply chain challenges during peak shipping season.
Bill Aims to Strip Foreign Shipowners’ Liability Protections
New U.S. legislation aims to increase liability limits for foreign shipowners, targeting the Singapore-flagged vessel involved in the Baltimore bridge collapse, to ensure they cover the full costs of damages and compensation.
Port of Los Angeles Handles Record Cargo Volumes in July
The Port of Los Angeles set a record in July, handling nearly 940,000 TEUs, driven by an early influx of holiday goods as shippers anticipated delays from a potential strike at East and Gulf Coast ports later this year.
US Truckload, LTL Pricing Both Rise in July, Along With Shipments
US shippers are facing rising costs for both truckload and less-than-truckload (LTL) transportation, with recent data showing price increases in July despite truckload rates remaining below last year’s levels.
