THE port of Savannah has witnessed significant growth in container volumes due to a strengthening retail market and an influx of new customers, reports Ventura, California's gCaptain.
In May, the Georgia Ports Authority handled 490,330 TEU, marking a 22 per cent increase or an addition of nearly 90,000 TEU compared to the same period last year and 11 per cent improvement from April.
'Major retail customers tell Georgia Ports they have increased their orders to rebuild inventories and to meet rising consumer demand,' said GPA president and CEO, Griff Lynch. 'Additionally, we've seen an increase in trade among Tier 1 suppliers for the new Hyundai Meta Plant, which also added to our May container volumes.'
Despite reports of congestion at other ports in the Southeast US, Mr Lynch assured that Savannah remains free from congestion. He also said it is benefitting from source shifting, as more manufacturers set up production facilities in Southeast Asian locations that prefer delivery via Savannah.
The Port of Savannah has seen increased container trade every month so far in 2024, compared to 2023. June is also expected to maintain this positive trend with over 320,000 TEU of import cargo destined for Savannah currently on the water, Mr Lynch said.
The National Retail Federation anticipates a significant rise in inbound cargo volume at major container ports in the US this summer, the highest in nearly two years, driven by increased consumer spending and retailers stocking up to meet demand.
The NRF anticipates that total US retail import volumes for the first half of 2024 will reach 12.1 million TEU, marking a 15 per cent increase from the same period last year. The rise comes as the NRF is also forecasting a 2.5 per cent to 3.5 per cent growth in 2024 retail sales over 2023, focusing on core retail and excluding automobile dealers, gasoline stations, and restaurants.
For the calendar year to date, the GPA has managed 2.2 million TEU in total cargo, marking a 12.7 per cent increase over the same period in 2023.
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In May, the Georgia Ports Authority handled 490,330 TEU, marking a 22 per cent increase or an addition of nearly 90,000 TEU compared to the same period last year and 11 per cent improvement from April.
'Major retail customers tell Georgia Ports they have increased their orders to rebuild inventories and to meet rising consumer demand,' said GPA president and CEO, Griff Lynch. 'Additionally, we've seen an increase in trade among Tier 1 suppliers for the new Hyundai Meta Plant, which also added to our May container volumes.'
Despite reports of congestion at other ports in the Southeast US, Mr Lynch assured that Savannah remains free from congestion. He also said it is benefitting from source shifting, as more manufacturers set up production facilities in Southeast Asian locations that prefer delivery via Savannah.
The Port of Savannah has seen increased container trade every month so far in 2024, compared to 2023. June is also expected to maintain this positive trend with over 320,000 TEU of import cargo destined for Savannah currently on the water, Mr Lynch said.
The National Retail Federation anticipates a significant rise in inbound cargo volume at major container ports in the US this summer, the highest in nearly two years, driven by increased consumer spending and retailers stocking up to meet demand.
The NRF anticipates that total US retail import volumes for the first half of 2024 will reach 12.1 million TEU, marking a 15 per cent increase from the same period last year. The rise comes as the NRF is also forecasting a 2.5 per cent to 3.5 per cent growth in 2024 retail sales over 2023, focusing on core retail and excluding automobile dealers, gasoline stations, and restaurants.
For the calendar year to date, the GPA has managed 2.2 million TEU in total cargo, marking a 12.7 per cent increase over the same period in 2023.
SeaNews Turkey
