🥴Dwell times at LA, Long Beach return to normal
For the first time since the Covid-19 pandemic, container dwell times at the California Ports of Los Angeles and Long Beach have returned to pre-pandemic levels – or “normal levels.” At least, that is according to the Pacific Merchant Shipping Association’s latest report for January. Dwell times at the San Pedro Bay ports average 3.2 days for local truck-bound containers. That is down from 8.4 days at the peak of pandemic-driven port congestion in November 2021. For rail-bound containers, January dwell averaged only 4.3 days – down from 16.5 days in August 2022. This is great news culminating in a long-overdue improvement to overall dwell times.
🤬EPA says Norfolk Southern on the hook for Ohio derailing clean up
The Environmental Protection Agency announced Class I railroad operator Norfolk Southern is “ordered…to conduct all necessary actions associated with the cleanup from across the East Palestine, Ohio, train derailment.” The order is legally binding, according to the Environmental Protection Agency. This is the latest development in the aftermath of the Feb. 3 derailment of a train carrying toxic chemicals in East Palestine, Ohio, that has impacted several people in town.
🚂DOT asks the rail industry, Norfolk Southern to improve accountability and safety
Transportation Secretary Pete Buttigieg asked the rail industry for a “three-pronged” push to hold the freight rail industry accountable and to improve overall safety. That includes immediate steps for Class I railroad operators to enhance safety in communities across the United States. He also called for improving working conditions for rail employees, channeling labor issues – including the averted rail strike in late 2022. This comes on the heels of a letter sent to Norfolk Southern chief executive officer Alan Shaw where Buttigieg criticizes the company and helps to end the industry’s “vigorous resistance” to increased safety regulations. This is the latest move in crackdowns and enforcement actions against Norfolk Southern and other operations.
🙈Alan Shaw defends Norfolk Southern’s current response
He defended Norfolk Southern’s response and “pledged” support for East Palestine’s residents. He said the town is safe, but that concerns the town’s residents and government officials.
CNBC That’s enough about Norfolk Southern…
✈️CMA CGM air cargo unit expands services to Shanghai
CMA CGM Air Cargo said it had expanded to regular services to Hong Kong and Shanghai. The commercial developments augment the company’s growth in the Asian cargo market, especially in the air freight space. Shanghai is one of the largest commercial hubs in China.
💯Several companies see supply chain headaches easing
Several U.S. companies are seeing supply chain headaches subside amid freight congestion and dwell times falling. The shipping costs fall, and factories in Asia are freed from restrictions like zero-Covid policies in China and other pandemic-era economic restrictions. Firms include game and toy manufacturer Hasbro, Sharpie pen maker Newell Brands, and Under Armour.
🚢China seeing empty containers at ports
China is witnessing a shipping container pile-up at an overcrowded port as overseas orders dwindle. Further, container leasing and purchasing prices in other major Asian ports have now fallen sharply, with a rebound not expected to rebound in the upcoming months. This is the case at Yantian International Container Terminal in the manufacturing center of Shenzhen, north of the Hong Kong autonomous region. Several trucks with no containers on their trailers can be seen parked on the port’s roadside – “part of a static convoy that stretches nearly a kilometer.”
⚠️Other stories we’re reading…⚠️
- “Evaluating Monetary Policy with Inflation Bands and Horizons” – San Francisco Fed
- “Russian economy shrank 2.1% in 2022, much less than expected” – Al Jazeera
- “Biden’s investment strategy to juice the economy” – Axios
- “G-20 finance chiefs to tackle global economic threats” – ABC News online
- “Wexco Group and Teleport sign a GSSA contract for Australia” – Air Cargo News
- “Air cargo has to work if free trade in Africa is to work” – The Loadstar
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