Chinese Lunar New Year

Problems continue at US ports — Midday Market Update

MMU 11/24

How high rates are affecting congestion

January is over and Lunar New Year is just around the corner, but the ocean market has still shown no signs of cooling off. Port congestion is rampant, with 40 container ships at anchor in California’s San Pedro Bay on Monday, and this congestion is keeping spot rates “stratospheric,” says FreightWaves’ Andrew Cox during the Midday Market Update. 

High rates mean U.S. importers will need to negotiate annual contracts during this spot rate boom, a boom that...

https://www.freightwaves.com/news/problems-continue-at-us-ports-midday-market-update

Lower US imports from China in February

The United States’ major ports will see the volume of inbound containers from China decline this February due to the Chinese Lunar New Year, according to a report released on Tuesday, Jan. 22.

Although China’s ports will only close for three days, the factory closures and employee absences during the technically one-week-long holiday mean a longer slowdown in freight markets, said the report, which is published by FreightWaves, a U.S. website providing information about freight markets.

“China’s...

http://container-news.com/lower-us-imports-china-february/

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