This week, the Ports of Los Angeles and Long Beach released their Labor Day weekend schedules, advising shippers to claim containers early to avoid delays, as the PierPASS/PortCheck Customer Service Center will be closed on Monday, Sept. 2nd. Meanwhile, the Port of New York-New Jersey reported its busiest July ever, surpassing 800,000 TEUs as importers moved inventory early amid global supply chain concerns. Additionally, CargoNet issued a critical advisory warning of increased cargo theft risk over the Labor Day weekend, with a history of 179 incidents worth nearly $9 million over the past five years, particularly in hotspots like California, Texas, and Florida. Furthermore, air cargo rates are expected to remain elevated through the second half of 2024, driven by disruptions in the Red Sea and additional U.S. tariffs on Chinese goods, according to DHL’s latest report. These developments highlight the ongoing challenges and heightened risks in the logistics and shipping industries as the peak season approaches. Read the full articles for more detailed insights into these critical issues.
Weekly Freight Report: August 30, 2024
August 30th, 2024
Canadian Rail Workers Back on Job After Failed Challenge to Binding Arbitration
Engineers and conductors for Canada’s two major freight railroads returned to work after the Teamsters Canada Rail Conference’s challenge to binding arbitration was rejected, ending a 17-hour lockout last week.
U.S. West Coast Ports Poised to Gain From Canadian Port Disruptions
Recent labor disputes at Canadian ports, coupled with a brief rail stoppage, have opened opportunities for U.S. West Coast ports to capture additional cargo volumes, with potential long-term shifts in supply chains if disruptions in Canada persist.
Revised Port Truck Gate Schedule for Labor Day Weekend 2024
Terminals at the Ports of Los Angeles and Long Beach have released their schedules for the Labor Day holiday period, advising customers to claim containers by 3pm on Friday, Aug. 30th, to avoid delays, as the PierPASS/PortCheck Customer Service Center will be closed on Monday, Sept. 2nd and will reopen on Tuesday, Sept. 5th.
NY-NJ Ports Enjoy Record Month
The Port of New York-New Jersey recorded its busiest July ever, surpassing 800,000 TEUs as importers moved early on back-to-school and holiday inventory, making it the seventh-busiest month in the port’s history and the first time total volume reached 800,000 TEUs since September 2022, with a 14% increase from June 2024 amid concerns over global supply chain disruptions.
Container Shipping Market Continues to Be Reset by Ongoing Red Sea Crisis
Over nine months since the Red Sea crisis began with the hijacking of the Galaxy Leader, the ongoing attacks on over 100 merchant vessels, with at least 39 sustaining damage, have significantly reduced container vessel capacity and driven a sharp increase in freight rates this year.
Labor Day Cargo Theft Activity Expected to Spike
CargoNet has issued a critical advisory for the trucking and logistics industry, highlighting the increased risk of cargo theft during Labor Day weekend, with 179 incidents recorded over the past five years, primarily targeting high-value electronics and occurring most frequently in California, Texas, and Florida.
Expect Rising Air Cargo Rates Through Second Half of Year
Air cargo rates are expected to remain elevated through the second half of 2024 due to ongoing disruptions in the Red Sea and additional U.S. tariffs on Chinese goods, prompting shippers to advance orders ahead of the ocean peak season, according to DHL’s latest Hong Kong Air Trade Leading Index (DTI).
