THE 10 largest US ports showed a 13.1 per cent year-on-year gain in inbound volume in November, reports the American Journal of Transportation, citing the John mccown Container Report.
'That was well above October's 9.7 per cent gain and slightly above the 12.2 per cent increase in September,' said the report.
The November growth marks 14 straight months of increases in inbound volume. Outbound volume has turned positive following two straight months of declines that were extending on a downward trend evident in the last several months.
For the 11-month-year-to-date period, inbound loads were up 15.2 per cent or more than three times the 4.7 per cent growth in outbound loads over that same period.
Using the trailing 12-month growth number as a metric, the 14.7 per cent in the latest yearly period is, after excluding ten months during the pandemic, near or at the top of any one year growth period.
Some of it may related to easier year over year comparisons that themselves go back to earlier front loading during the pandemic, but we are unquestionably seeing unusually strong and consistent volume growth.
The robust volume growth over the last 14 months follows 15 straight months of generally double-digit per cent year-on-year decreases compared to prior pandemic volume spikes.
The roller coaster ride in inbound volume to the US is clearly evident in the chart below showing monthly changes since 2017, said the report.
The total value of goods in containers moving in and out of all US ports including the two dozen outside of the Top 10 in November was $185.3 billion.
Growth as well as any constraints in those movements will have pronounced positive and negative effects across the economy.
Container volume growth rates and trends provide timely macro-economic data that is an early pulse on underlying activity. Based on that metric on the movement of tangible goods, the US economy in 2024 looks vibrant and continues to outperform the rest of the world.
'Container shipping growth will outpace other shipping segments and one reason for that is the scale economies of the large container ships of today will continue to result in some transition of cargoes in those segments to container shipping.
Russian cargo ship sinks in Med, 2 missing
THE 12,600-dwt Russian cargo vessel, Ursa Major, sank in the Mediterranean after an explosion, leaving two crew members missing, with 14 rescued by Spanish authorities, reports Rotterdam's WorldCargo News.
A Russian cargo vessel, Ursa Major, has sunk in the Mediterranean Sea between Spain and Algeria, with two crew members reported missing, according to the Russian Foreign Ministry.
The vessel sank following an explosion in the engine room, which caused the ship to capsize. Fourteen of the sixteen crew members were rescued and taken to Spain, the ministry confirmed in a press release.
The explosion occurred at 12:30 local time on December 23, and the area has since been declared hazardous for navigation. A coordinated rescue operation was launched, involving several nearby vessels, including the Spanish rescue ship Clara Campoamor and a Spanish Navy patrol boat.
The Ursa Major departed from St Petersburg on 11 December, en route to Vladivostok. The vessel was owned by SK-YUG, a part of the Russian defence company Oboronlogistika.
Both SK-YUG and Oboronlogistika, along with the Ursa Major itself, were sanctioned by the US in 2022 due to connections with Russia's military.
Oboronlogistika said in a statement that the ship was carrying specialised port cranes due to be installed at the port of Vladivostok as well as parts for new icebreakers, Reuters reported.
Open Source Intelligence analyst Oliver Alexander said on X that the cargo included two Liebherr LHM 420 Mobile Harbour Cranes for the port of Vladivostok, and two 45-tonne hatches, intended for the construction of a new Russian nuclear icebreaker, Project 10510.
Built in 2009, the Ursa Major had previously been used for many years to transport supplies to Russian forces in Syria, as part of the so-called Syrian Express.
SeaNews Turkey
'That was well above October's 9.7 per cent gain and slightly above the 12.2 per cent increase in September,' said the report.
The November growth marks 14 straight months of increases in inbound volume. Outbound volume has turned positive following two straight months of declines that were extending on a downward trend evident in the last several months.
For the 11-month-year-to-date period, inbound loads were up 15.2 per cent or more than three times the 4.7 per cent growth in outbound loads over that same period.
Using the trailing 12-month growth number as a metric, the 14.7 per cent in the latest yearly period is, after excluding ten months during the pandemic, near or at the top of any one year growth period.
Some of it may related to easier year over year comparisons that themselves go back to earlier front loading during the pandemic, but we are unquestionably seeing unusually strong and consistent volume growth.
The robust volume growth over the last 14 months follows 15 straight months of generally double-digit per cent year-on-year decreases compared to prior pandemic volume spikes.
The roller coaster ride in inbound volume to the US is clearly evident in the chart below showing monthly changes since 2017, said the report.
The total value of goods in containers moving in and out of all US ports including the two dozen outside of the Top 10 in November was $185.3 billion.
Growth as well as any constraints in those movements will have pronounced positive and negative effects across the economy.
Container volume growth rates and trends provide timely macro-economic data that is an early pulse on underlying activity. Based on that metric on the movement of tangible goods, the US economy in 2024 looks vibrant and continues to outperform the rest of the world.
'Container shipping growth will outpace other shipping segments and one reason for that is the scale economies of the large container ships of today will continue to result in some transition of cargoes in those segments to container shipping.
Russian cargo ship sinks in Med, 2 missing
THE 12,600-dwt Russian cargo vessel, Ursa Major, sank in the Mediterranean after an explosion, leaving two crew members missing, with 14 rescued by Spanish authorities, reports Rotterdam's WorldCargo News.
A Russian cargo vessel, Ursa Major, has sunk in the Mediterranean Sea between Spain and Algeria, with two crew members reported missing, according to the Russian Foreign Ministry.
The vessel sank following an explosion in the engine room, which caused the ship to capsize. Fourteen of the sixteen crew members were rescued and taken to Spain, the ministry confirmed in a press release.
The explosion occurred at 12:30 local time on December 23, and the area has since been declared hazardous for navigation. A coordinated rescue operation was launched, involving several nearby vessels, including the Spanish rescue ship Clara Campoamor and a Spanish Navy patrol boat.
The Ursa Major departed from St Petersburg on 11 December, en route to Vladivostok. The vessel was owned by SK-YUG, a part of the Russian defence company Oboronlogistika.
Both SK-YUG and Oboronlogistika, along with the Ursa Major itself, were sanctioned by the US in 2022 due to connections with Russia's military.
Oboronlogistika said in a statement that the ship was carrying specialised port cranes due to be installed at the port of Vladivostok as well as parts for new icebreakers, Reuters reported.
Open Source Intelligence analyst Oliver Alexander said on X that the cargo included two Liebherr LHM 420 Mobile Harbour Cranes for the port of Vladivostok, and two 45-tonne hatches, intended for the construction of a new Russian nuclear icebreaker, Project 10510.
Built in 2009, the Ursa Major had previously been used for many years to transport supplies to Russian forces in Syria, as part of the so-called Syrian Express.
SeaNews Turkey
