#Maritime

Los Angeles port: Peak season coming soon, strong imports ahead

picture of dockworkers at the Port of Los Angeles

Despite surging inflation and waning consumer confidence, Port of Los Angeles Executive Director Gene Seroka sees America’s import boom persisting in the months ahead.

“While we’re cost-minded and we feel it at the pump and at the grocery store, we’re going to continue to buy,” he predicted at a press conference Tuesday, pointing to Americans’ $1 trillion in accumulated savings and $1.2 trillion in revolving credit.

Americans aren’t buying the same kind of goods they were at the height of the...

https://www.freightwaves.com/news/los-angeles-port-peak-season-coming-soon-strong-imports-ahead

Congress passes ocean shipping reform; Biden plans to sign soon

Container vessel at Port of Los Angeles

The first major overhaul of regulations governing U.S. container trades since 1998 was easily approved by Congress on Monday and President Biden is expected to sign the bill into law shortly.

By a vote of 369-42, the U.S. House of Representatives passed the Ocean Shipping Reform Act (OSRA) of 2022, which is the Senate’s version of a reform bill passed by the House in December.

The legislation, which broadens the powers of the Federal Maritime Commission to address unfair business practices on the...

https://www.freightwaves.com/news/congress-passes-ocean-shipping-reform-biden-plans-to-sign-soon

Batten down the hatches: Shipping stocks ‘unable to escape the torrent’

photo of stock chart; shipping stocks are falling

Bulk commodity shipping stocks kept rising in May even as the broader market fell, offering shelter from the storm. Not so in June. With few exceptions, dry bulk and tanker stocks that previously held up are sinking. Declines for container shipping stocks have accelerated.

Shipping stocks have been “unable to escape the torrent,” wrote Clarksons Platou Securities analyst Frode Morkedal. “Demand destruction is a major source of concern.”

Ben Nolan, shipping analyst at Stifel, said, “The equities...

https://www.freightwaves.com/news/batten-down-the-hatches-shipping-stocks-unable-to-escape-the-torrent

Shanghai’s weekend quarantine measure impacts exports

container shipping

Shanghai’s weekend quarantine of 15 out of its 16 districts affected the flow of exports bound for the Port of Shanghai, according to CNBC Supply Chain Heat Map provider OrientStar Group.

“Highways were closed because of this latest round of quarantine,” the logistics company told CNBC. “Trucks loaded with cargoes and containers were unable to enter the Shanghai terminal. Many clients have no choice but to change the loading ports to Ningbo or other outports along the Yangtze River.”

During the...

https://www.freightwaves.com/news/shanghais-weekend-quarantine-measure-impacts-exports

With plenty of money and lots of runway, Flexport hands the reins to Clark

Flexport may not have needed a new hand at the tiller to take its business to the next level. Come Sept. 1, however, it’s getting one.

The hiring of Dave Clark, who departs his remarkable 23-year gig at Amazon.com Inc. (NASDAQ: AMZN) on July 1 to become the San Francisco-based freight forwarder’s new CEO, marks the end of an era, though a relatively brief one. For nine years, Flexport reflected the flamboyant persona of its founder, Ryan Petersen. It is now expected to settle into a more mature...

https://www.freightwaves.com/news/with-plenty-of-money-and-lots-of-runway-flexport-hands-the-reins-to-clark

Banks wary of US import collapse, citing weak volume, China volatility

Shipping freight container

A pair of major banks are sounding the alarm on weak U.S. imports.

This week, analysts from J.P. Morgan and Bank of America warned that U.S. imports have declined in recent weeks. The main culprits include weaker U.S. consumer activity and strict lockdowns in China.

Bank of America noted imports “declined broadly,” particularly out of China. J.P. Morgan’s Europe equity team affirmed FreightWaves’ Tuesday analysis of inbound ocean containers, which found container imports dropped by more than 36%...

https://www.freightwaves.com/news/banks-wary-of-us-import-collapse-citing-weak-volume-china-volatility

Biden to ocean carriers: ‘The rip-off is over’

Biden speaking at the Port of Los Angeles on June 10.

Making the case for legislation to hold carriers more responsible for shipping costs and service standards, President Joe Biden on Friday laid much of the blame for record-setting inflation data released earlier in the day on the decks of the world’s largest ocean carriers.

“Every once in a while something you learn makes you viscerally angry,” Biden said, speaking at the Port of Los Angeles. “That’s why I’ve called on Congress to crack down on foreign-owned shipping companies that have raised...

https://www.freightwaves.com/news/biden-to-ocean-carriers-the-rip-off-is-over

Boom times not over yet: US container ports still near highs

photo of the Port of Long Beach

There may be doom and gloom about the future, but America’s ports are still posting historically high numbers for the recent past. The ports of Long Beach, California, and Charleston, South Carolina, just reported exceptionally strong throughputs for May.

Long Beach had total throughput of 890,989 twenty-foot equivalent units, the second best tally ever, topped only by May 2021.

Imports totaled 436,977 TEUs, again the second highest except for May 2021. Imports last month were more than 30% above...

https://www.freightwaves.com/news/boom-times-not-over-yet-us-container-ports-still-near-highs

Ocean Shipping Reform Act’s critical provisions — and their deadlines 

Container ship docked at the Port of Los Angeles

Congress will soon schedule a vote — as early as next week — on the Ocean Shipping Reform Act of 2022. With bipartisan support in both the House and Senate, the bill is likely to pass.

The largest overhaul of shipping regulations since 1998, the legislation broadens the regulatory powers of the Federal Maritime Commission with the goal of promoting U.S. exports while reining in ocean carrier market power that has strengthened over the last 25 years, primarily through the rise of vessel alliances.

https://www.freightwaves.com/news/ocean-shipping-reform-acts-critical-provisions-and-their-deadlinesnbsp

Biden slams ocean carriers ahead of Port of LA speech

Biden speaking at White House and flanked by photos of container ships

Ahead of President Joe Biden’s planned speech at the Port of Los Angeles on Friday, the White House released a video of the president on a phone call with retailers who were complaining about the high cost of ocean shipping.

“One of the big reasons why prices are going up is the cost of shipping things across the Pacific, in particular,” Biden says during the call. “There’s only nine major ocean line shipping companies who ship from Asia to the United States. These companies have raised their...

https://www.freightwaves.com/news/biden-slams-ocean-carriers-ahead-of-port-of-la-speech

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