At the turn of the 20th century, Galveston, Texas, was a powerhouse in the maritime shipping industry and one of the wealthiest cities in the country.
Declining imports have led to fewer container ships waiting off ports, injecting more capacity into the market, a negative for spot rates.
East and Gulf coast ports handled more volume than ever before in August, pulling far ahead of West Coast rivals.
Spot container rates for U.S.-bound cargoes are falling fast, yet import numbers at U.S. ports remain near their peak.
California’s container-ship traffic jam is almost gone, replaced by stubbornly high backlogs off the East and Gulf coasts.
Spot rates on most global shipping routes continue to fall. The trans-Atlantic market is the exception: It’s holding firm near its high.
U.S. imports accelerated in July, with inbound cargo from China reaching a year-to-date high, according to Descartes.
A traditionally strong backhaul market, San Antonio experiences headhaul market activity for the first time, and the amount of imports diverted to Gulf ports is being felt in the truckload market.
America’s goods imports hit a capacity ceiling during the COVID-era boom. Volumes are still bouncing around near the top.
There were 125 container ships waiting offshore on Friday, including 36 off Savannah, 24 off Southern California and 20 each off Houston and New York.
