FREIGHT MARKET UPDATE | WEEK 38 | 2024

Week 38 bring the U.S. East and Gulf coast dockworkers closer to a labor strike while capacity softens, some ports in North America remain congested due to order surges and container shortages.

U.S. PORTS EXTEND HOURS AHEAD OF POTENTIAL STRIKE

With the looming threat of a dockworker strike on October 1, 2024, ports along the U.S. East and Gulf coasts are preparing for possible disruptions in operations. These contingency measures aim to mitigate the impact of the strike, ensuring some level of functionality despite the uncertainty.

Georgia Port Authority – To facilitate the early movement of goods, the port will remain open for the two remaining Saturdays in September and will also operate on Sunday, September 29, for full-day cargo retrieval. The GPA has also indicated that it will accept export containers, including refrigerated ones, until September 30. However, if refrigerated containers are not loaded onto ships by that date, they will not be monitored or maintained during the work stoppage.

Port of Houston – Port of Houston has announced plans to remain operational until 7 p.m. on September 30, allowing truck gates to operate and vessel work to continue until the end of the day. The cutoff for export container drop-offs is set for one hour earlier. In a move to accommodate shippers, the port is also considering extending regular work hours and will open its gates on Saturday, September 28.

Port of Virginia – The port plans to open its two main container terminals and the Pinner’s Point Container Yard on the next two Saturdays, as well as the Sunday immediately preceding the strike.

GOLDEN WEEK HOLIDAY

Golden Week in China is a week-long national celebration, expected to cause temporary disruptions in global supply chains due to factory shutdowns and reduced workforce availability. Businesses worldwide are likely to experience some delays, but the impact is typically short-term, with supply chains adjusting as operations resume after the holiday.

CONGESTION CONTINUES TO PLAGUE NORTH AMERICAN WEST COAST PORTS

Rail container dwell times at certain USWC port terminals have nearly doubled since earlier this summer, driven by heightened import volumes. Carriers caution that rail dwell times and chassis shortages might intensify over the next two months if Southern California’s already congested ports continue to handle additional cargo.