Courtesy of Mish.
The Port of Long Beach Posts a 7.7% Drop in Container Volumes compared to July 2015. The port attributes the decline to high inventory levels and a slow start to the peak season.
Container volumes at the Port of Long Beach fell 7.7 percent in July compared to the same month in 2015 when harbor terminals handled a record amount of cargo.
Dockworkers moved 637,091 TEUs last month. Inbound containers totaled 325,608 TEUs, a 5.9 percent year-over-year decrease. Outbound containers reached 142,812 TEUs, a slight drop of 0.7 percent from July 2015. Empties decreased to 168,671 TEUs, 15.9 percent lower than July 2015, the port’s strongest July on record.
“Due to continued market uncertainty and high inventory levels, the traditional holiday peak season is off to a slow start and several national forecasts have been revised downward to reflect this softness in cargo movement,” the port said.
Uncertainty Yet Again
There’s that darn uncertainty cropping up again. Mercy.
If it’s any consolation, Economists Expect “Mount Everest” of Uncertainty to Clear Up by December.
However, the peak shipping season will long be over by December.
Concerned parties may also wish to read Comment of the Day Regarding Uncertainty.
Port Blames Inventories
Curiously, the port blamed inventories. The port authorities better get a hold of the Bloomberg Econoday writer pronto. On August 12, Econoday stated that inventories were in “favorable position“, specifically noting the “lean 1.39” inventory-to-sales ratio.
