Ocean Cargo

Service adjustments, evolving alliances, and fluctuating import volumes highlight the key challenges and opportunities shippers face in the year ahead.

Jacksonville Port Authority

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JAXPORT, Florida's top container port, connects businesses to global markets with a deep harbor and fast access to U.S. consumer markets.

The decision to ship products via air or ocean requires more information than just a cost analysis of the two modes—it involves using inventory carrying cost and inventory investment data to make a sound choice.

A strike by 45,000 dockworkers across East and Gulf Coast ports has shut down major shipping hubs, idling thousands of truckers and threatening to cost the U.S. economy billions.

With rates soaring and import growth robust, the current market appears favorable for carriers. However, our panel indicates that mixed economic indicators—the threat of a labor strike and an unstable geopolitical climate—could challenge this outlook in the coming months.

Amid negative reports, ocean carrier executives see return to normalization.

As carrier executives examine negative earnings reports and contemplate the future impact of changing freight demands and surging freight costs, carriers and shippers alike need to keep a close eye on any sudden shifts that could take them off course.

The RMS Titanic's sinking in 1912 highlighted the enduring volatility and challenges in the ocean freight industry, which, despite various efforts and consolidations, continues to face unpredictable pricing and capacity issues exacerbated by global disruptions, prompting ongoing debate about the feasibility of achieving market stability.

POLA reported that total October volume, at 725,775 TEU (Twenty-Foot Equivalent Units), was up 7% annually. The Port of Long Beach reported that total October volume, at 755,150 TEU, was up 14% annually.

For August, the most recent month for which data is available, Port Tracker reported that import volume, for the ports covered in the report, came in at 1.96 million TEU (Twenty-Foot Equivalent Units), which is up 2.3% over July, and down 13.5% annually, marking the highest monthly volume on a year-to-date basis, while falling short of a projected 2 million TEU, for the month, in the report’s previous edition.   

After posting another record year of profits, worldwide recessionary and inflationary pressures are now chipping away at ocean carrier fortunes. As far as rates are concerned, our analysts suggest that shippers and freight forwarders will be able to do a little window shopping this year.

Shippers now need to reconsider how they position operations in a changing ocean market, how to plan and secure capacity, and how to develop long-term relationships with the most reliable ocean carriers. These are discussions focused on balanced, mutual commitments from all parties in an effort to mitigate future shipping chaos.

ILWU and PMA said that the tentative agreement is subject to agreement on the other issues in the negotiations.