March saw ongoing robustness in the container market, driven by earlier activity preceding the Lunar New Year, which is now paying off at port terminals. Shipping data indicates that U.S. container imports in March rose by 0.4% from February and surged over 15% compared to March 2023. This increase can be attributed to the Lunar New Year occurring nearly three weeks later this year compared to last. Shipping data analysts noted that U.S. container imports for March totaled 2.145 million twenty-foot equivalent units, marking the third-highest March since 2019, trailing only the peaks seen during the COVID-19 pandemic in 2021 and 2022.
The first half of March witnessed the most significant import boost, with total container imports during this period exceeding last year's figures by over 22%. The Logistics Managers’ Index reported faster inventory growth in the first half of March compared to the latter half, supporting the surge in imports early in the month. Moreover, the delayed effects of the Lunar New Year began to manifest domestically in the latter part of March.
Despite speculations of West Coast ports reclaiming market share from East Coast counterparts due to challenges at the Panama Canal and ongoing labor negotiations with the USMX labor union, this shift hasn't materialized. In fact, the latest cargo data report indicates that the top five East Coast ports increased their market share in March, now commanding over 44% of the overall import market.
However, the top 10 ports collectively lost market share as supply chains diversified over the past few years, a trend continuing into March. The share of container imports handled by the largest 10 ports dipped by 0.3 percentage points to 84.2% month-over-month, compared to over 90% at the same time last year.
Interestingly, despite the top five ports on the East Coast losing market share, the West Coast ports experienced the most significant volume growth in March. The Ports of Oakland, California, and Tacoma, Washington, witnessed substantial month-over-month gains of 6.6% and 18.9%, respectively. Conversely, the Port of Los Angeles saw import volumes decline by 7.8% month-over-month, marking the second consecutive month of decline.
While the latter part of March posed challenges on a national level, it was a different scenario at the Port of Los Angeles, which saw year-over-year growth in imported TEUs following the Lunar New Year lull.
On the East Coast, performance varied. The Port of New York and New Jersey grew by 4.5% month-over-month, while Norfolk, Virginia, and Charleston, South Carolina, experienced import volume growth of 5.6% and 4.9% month-over-month, respectively.
Cargo data analysts also noted that the collapse of the Francis Scott Key Bridge in Baltimore at the end of the month impacted overall import volumes, with the Port of Baltimore seeing a 15.7% month-over-month decline, according to the report.
The Inbound Ocean TEUs Volume Index, reflecting TEUs departing overseas, rebounded from the Lunar New Year, reaching levels close to the peak season of 2023. Currently, the index is 11% higher than at the same time last year, indicating continued strength and positive growth momentum in import volumes.
Source: www.freightwaves.com
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