LA/LB Ports witness declines in Jan; rates continue plunge
January 2023 imports declined 13% to 372,040 TEUs at Port of Los Angeles, down 32% to 263,394 TEUs at Port of Long Beach.
We expect softer global trade throughout the first quarter, particularly compared to last year’s record-breaking start: Gene Seroka, Port of Los Angeles.
I remain optimistic that we will recapture market share and develop projects that will enhance our long-term growth: Mario Cordero, Port of Long Beach.
Contract-spot rates converging: the largest fall in premium between spot and contract rates, in value terms, was from the Far East to the U.S. East Coast.
US West Coast ports’ volume down 22% YoY – same as during global financial crisis: Philip Damas, Drewry
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