Inbound cargo volume at the nation’s major container ports is anticipated to surpass 2 million units in May, marking the first time since last autumn, despite encountering new supply chain hurdles, according to the latest Global Port Tracker report jointly released today by the National Retail Federation (NRF) and Hackett Associates.
“Despite ongoing disruptions affecting U.S. ports, import levels continue to rise,” remarked Jonathan Gold, NRF’s Vice President for Supply Chain and Customs Policy. “With recent challenges such as constraints on Panama Canal usage and disruptions in the Red Sea, the closure of the Port of Baltimore due to the Francis Scott Key Bridge collapse underscores the necessity for adaptability and resilience in every facet of supply chain management. We’re closely monitoring the situation as affected retailers adjust their shipping strategies to ensure uninterrupted cargo flow.”
While Baltimore’s data is not yet incorporated into the national totals, the closure of the Port of Baltimore following a vessel collision with a major bridge on March 26 is having regional ramifications, diverting cargo to alternate East Coast ports. The port, which handled 48,000 twenty-foot equivalent units (TEUs) in January, is expected to see container imports and exports rerouted to ports like New York/New Jersey, Virginia, and others until vessel traffic can resume, potentially within a couple of months, as noted by Ben Hackett, Founder of Hackett Associates.
In response to earlier vessel attacks in the Red Sea and Suez Canal, carriers have adjusted routes and increased vessel speed, maintaining relatively stable supply chains within a brief timeframe. However, Hackett cautioned that any additional capacity pressures could severely impact the market.
While final figures for March are pending, February saw U.S. ports covered by Global Port Tracker handle 1.96 million TEU, a marginal decrease of 0.3% from January but a substantial 26.4% surge from the same period last year when Lunar New Year closures were in effect. Projected forecasts indicate a dip to 1.8 million TEU for March, down 7.8% due to Lunar New Year impacts, yet up 11% year-over-year. April is anticipated to rebound at 1.93 million TEU, an 8.4% increase year-over-year, followed by May’s expected peak at 2.04 million TEU, up by 5.5% and marking the highest level since October’s 2.06 million TEU. June, July, and August are forecasted to maintain the upward trend at 2 million, 2.04 million, and 2.09 million TEU, respectively.
Global Port Tracker furnishes comprehensive data and projections for major U.S. ports across the West Coast, East Coast, and Gulf Coast regions, including Los Angeles/Long Beach, Oakland, Seattle, Tacoma, New York/New Jersey, Port of Virginia, Charleston, Savannah, Port Everglades, Miami, Jacksonville, and Houston.
