LOS ANGELES—The Port of Long Beach just had its best quarter since 2007. In March, imports surged 20.2% year-over-year with a total of 249,534 TEUs in cargo containers in March. The busy month helped end 1Q17 with an increase of 1.5% overall and 2.5% in imports, and making 1Q17 the best first quarter that the port has seen since 2007.
This is incredible considering that the port came off a slow February as a result of Lunar New Year. “The March gains alone really had to do with the Lunar New Year effect of cargo that might otherwise have moved in February, coming through in March instead, and the fact that cargo in general is on the upswing; that's what you see in the first quarter overall gains,” Lee Peterson of the Port of Long Beach, tells GlobeSt.com. “We expect cargo to continue to be on the upswing throughout the year, as the ocean carriers seek to meet the demand of importers.”
While this was a great month for imports, exports decreased by 5.3% to 120,435 TEUs, and empties increase by 4.25 to 135,413 containers. Still, with the substantial increase in imports, the cargo volumes increased 8.7% overall for the month.
This strong closing could mean that the Port is set for a healthy year. “We think that we'll see increased cargo movement—through our Port anyway— through the rest of the year, enough to bring us about a 7% overall gain by year's end,” adds Peterson. “We know that we'll speed up somewhat through the next few months, with some new services coming online, and after that, during the traditional peak season, we should be just a little busier than last year.”
The Port of Long Beach is coming off a slow 2016 with several challenges, namely the Hanjin bankruptcy. Despite the anemic performance last year, the port had a positive outlook for 2017, and this only reaffirms those expectations. “I think initial expectations were optimistic, so we were in line with that,” adds Peterson. “After the challenges of 2016, we felt that 2017 was going to start right off in the right direction, and it has.”
LOS ANGELES—The Port of Long Beach just had its best quarter since 2007. In March, imports surged 20.2% year-over-year with a total of 249,534 TEUs in cargo containers in March. The busy month helped end 1Q17 with an increase of 1.5% overall and 2.5% in imports, and making 1Q17 the best first quarter that the port has seen since 2007.
This is incredible considering that the port came off a slow February as a result of Lunar New Year. “The March gains alone really had to do with the Lunar New Year effect of cargo that might otherwise have moved in February, coming through in March instead, and the fact that cargo in general is on the upswing; that's what you see in the first quarter overall gains,” Lee Peterson of the Port of Long Beach, tells GlobeSt.com. “We expect cargo to continue to be on the upswing throughout the year, as the ocean carriers seek to meet the demand of importers.”
While this was a great month for imports, exports decreased by 5.3% to 120,435 TEUs, and empties increase by 4.25 to 135,413 containers. Still, with the substantial increase in imports, the cargo volumes increased 8.7% overall for the month.
This strong closing could mean that the Port is set for a healthy year. “We think that we'll see increased cargo movement—through our Port anyway— through the rest of the year, enough to bring us about a 7% overall gain by year's end,” adds Peterson. “We know that we'll speed up somewhat through the next few months, with some new services coming online, and after that, during the traditional peak season, we should be just a little busier than last year.”
The Port of Long Beach is coming off a slow 2016 with several challenges, namely the Hanjin bankruptcy. Despite the anemic performance last year, the port had a positive outlook for 2017, and this only reaffirms those expectations. “I think initial expectations were optimistic, so we were in line with that,” adds Peterson. “After the challenges of 2016, we felt that 2017 was going to start right off in the right direction, and it has.”
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