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☆ Chaos is building for shippers as U.S. port strike continues and costs rise
▼ + stars: | 2024-10-03 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

Brashier said some clients had containers that were once destined for the Port of Savannah diverted to the Port of Norfolk in the last hours before the strike began. More than a dozen container vessels are currently waiting in the port anchorage area of Freeport, Everstream Analytics data shows. MSC, the largest containership company in the world, has diverted two vessels, according to Vizion. A container ship departs the Port of Newark for the Atlantic Ocean on September 30, 2024 seen from New York City. Christian Roeloffs, cofounder and CEO of Container xChange, said the timing of this strike is especially challenging for shippers.

Persons: Eric Adams, Spencer Platt, Biden, Paul Brashier, Brashier, Jose Luis Gonzalez, Mirko Woitzik, Lloyd, Hermann Schulte, Port, Harold Daggett, Daggett, Stew Leonard, Jr, Stew Leonard's, Leonard, Brandon Daniels, Daniels, Christian Roeloffs Organizations: International Longshoremen’s Association, ILA, Getty, International Longshoremen's Association, United States Maritime Alliance, ITS Logistics, CNBC, Trucking, Port, Portsmouth, Reuters, Dresden, Turkey East Coast Express Service, America, Schulte Group, MSC, USMX, Local, Virginia International, Walmart, Depot, Folgers Company, Nike, Container, Analytics Locations: Brooklyn, Brooklyn , New York, Gulf Coast, Savannah, Port of Norfolk, Virginia, Portsmouth , Virginia, U.S, Vizion, East Coast, Port of Norfolk , Virginia, Savannah , Georgia, Egypt, America, Charleston, Port, Freeport, Bahamas, Cristobal, Port of New York, New Jersey, Halifax, Canada, Newark, New York City, New York, Savannah , Norfolk, West Coast, demurrage, China, Israel

☆ The East and Gulf Coast ports strike could be a no-win situation for the Biden administration
▼ + stars: | 2024-10-02 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

President Biden said on Tuesday that his administration will be "monitoring for any price gouging activity" that benefits foreign ocean carriers, including those on the USMX board. He also said "foreign ocean carriers have made record profits since the pandemic, when Longshoremen put themselves at risk to keep ports open." UBS forecast that 20% of Maersk's total volume would touch a U.S. port that would be impacted by the strike. Acting Secretary Julie Su lashed out at the idea that labor wage increases would be passed onto U.S. exporters and importers. I know they understand, just as consumers and American workers understand, that foreign companies who profit from our economy and who employ American workers and have an impact on American consumers should do the right thing, and in that battle, we are always going to stand with American workers, American businesses and American consumers."

Persons: Biden, Longshoremen, majeure, Daggett, Harold Daggett, Lars Jenson, Pete Buttigieg, Julie Su, Taft, Hartley, Buttigieg, Larry Lindsey, Su, Peter Friedmann, I've, nonfarm, Helene, switchers, they're, Jim Bianco, CNBC's, Peter Boockvar, Alan Baer, Steve Lamar, Taft Hartley, Lamar, CNBC's Jeff Cox Organizations: CMA, U.S, United States Maritime Alliance, Vespucci, Federal Reserve, Transportation, Labor, International Longshoremen's Association, UBS, Maersk, Federal Maritime Commission, ILA, Boeing, The Lindsey Group, Agriculture Transportation Coalition, Bianco Research, Bleakley Financial, USA, American Apparel and Footwear Association, Biden Administration, — Locations: East, Gulf Coast, U.S, autoworkers

WASHINGTON — A dockworkers strike threatens to harm shipping, manufacturing, pre-holiday retail inventories — and Vice President Kamala Harris' bid for the presidency. They have been at an impasse with the United States Maritime Alliance, or USMX, which represents shipping and port operations companies. As polls show Harris trailing Trump on the question of who is best suited to handle the economy, the work stoppage puts Democrats in a bind. Harold Daggett, center, with picketing workers outside of the APM container terminal at the Port of Newark in New Jersey, on Tuesday. "President Trump promised to support the ILA in its opposition to automated terminals in the U.S.," Daggett said in the statement.

Persons: WASHINGTON, Kamala Harris, Harris, Tim Walz, Donald Trump's, Sen, JD Vance, Ohio, —, Joe Biden, Pete Buttigieg, Julie Su, Lael Brainard, Trump, Harold Daggett, ” Daggett, Biden, Taft, Hartley, They've, Daggett, Joe Biden’s, “, Michael Nagle, ” Trump, Tim Ryan, Vance, didn't, ” Organizations: Longshoreman's Association, Minnesota Gov, United States Maritime Alliance, Trump, ILA, AFL, Teamsters, Fox News, Democratic, USMX, APM, Port, Bloomberg, Getty, Democratic Party, Federal, Senate Locations: Gulf of Mexico, New York, Washington, Taft, U.S, Delaware, Palm Beach , Florida, Queens, Newark, New Jersey, Trump's

Trucking and other logistics companies are racing to get as many goods as possible out of ports before a potential strike. The vast port operations of New York and New Jersey stand to be most affected, with about 4,500 workers in the region. Kathy Hochul said that her state and the Port Authority of New York and New Jersey have been anticipating the strike but warned of potential impacts. Under that authority, Biden could seek a so-called 80-day "cooling-off period" that would force dockworkers to stay on the job. But while the White House has been in touch with the ILA and USMX in recent days, the president is not looking to invoke the law.

Persons: USMX, Kathy Hochul, We’re, Joe Biden, Taft, Hartley, Biden, dockworkers, Kamala Harris, Donald Trump, ” Biden Organizations: ILA, CNBC, Ocean Carriers, ILA Longshore, New York Gov, Port Authority of New, White, USMX, Democratic, Republican Locations: New York, New Jersey, Port Authority of New York, Taft

☆ The dockworkers' strike is a test for Biden — and complicates an already dizzying 2024 presidential race
▼ + stars: | 2024-10-01 | by ( Juliana Kaplan | John L. Dorman | ) www.businessinsider.com time to read: +8 min

But the strike could pose several issues for Vice President Harris in her presidential campaign. AdvertisementThere's a labor storm a-brewing off the East Coast — but don't expect to see President Joe Biden stepping in anytime soon. MATTHEW HATCHER/AFP via Getty ImagesThe strike throws another wrench into the 2024 raceThe strike has the potential to further upend what has already been a dizzying presidential race. Vice President Kamala Harris is now carrying the banner of the Biden administration's pro-union policies as the Democratic presidential nominee. But Harris' union ties are not as deep as those enjoyed by Biden.

Persons: Joe Biden, Harris, —, dockworkers, it's, Biden, Taft, George W, Bush, Hartley, Cathy Creighton, Creighton, Hamilton Nolan, Nolan, USMX, Hurricane Helene, Independent Sen, Bernie Sanders of, Kamala Harris, Donald Trump, MATTHEW HATCHER, Trump, they're Organizations: Service, Gulf Coasts, International Longshoremen's Association, US Maritime Alliance, Workers, Cornell University's Industrial, Labor Relations Buffalo Co, Labor, ILA, —, Independent, Getty, Biden, Democratic, Teamsters, Trump, AFL, United Auto Workers, United Steelworkers, Republicans, Republican Party Locations: East Coast, Gulf of Mexico, East, West Coast, Taft, Hurricane, Bernie Sanders of Vermont, Michigan , Nevada, Pennsylvania

☆ How major retailers Amazon, Best Buy, Costco, Home Depot prepared for the port strike
▼ + stars: | 2024-10-01 | by ( Paulina Likos | ) www.cnbc.com time to read: +6 min

Club holdings Amazon , Costco , Home Depot , and Best Buy have been preparing for the port strike for months — attempting to blunt any fallout it might have on their abilities to get goods from overseas. They added that 60% to 70% of those imports arrive at East Coast and Gulf Coast ports. To put things in perspective, for retail goods, the East Coast ports are less utilized than the West Coast ports, Basham said. Due to its size, however, Best Buy often gets priority from its shippers, which could help secure goods faster than smaller competitors. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Walkouts, We're, Jeff Marks, Seth Basham, Basham, Lorraine Hutchinson, Bank of America Merrill Lynch, it's, They're, Ron Vachris, We've, Marc Wulfraat, Wulfraat, Wedbush's Basham, Jim Cramer's, Jim Cramer, Jim, Maher, Shannon Stapleton Organizations: Longshoremen's Association, United States Maritime Alliance, U.S, Costco, Home, CNBC, Barclays, Retailers, Bank of America, International Longshoremen's Association Locations: East Coast, Gulf, Maine, Texas, Gulf Coast, East, West Coast, Elizabeth , New Jersey, U.S

White House officials on Friday met with representatives from the consortium, the US Maritime Corporation, to encourage the association to stay at the negotiating table. President Joe Biden has sent a clear message that he has no plans to do the latter. Without taking that move, there’s not much else the White House can do. “The administration is using its bully pulpit, and has been for a while,” says John Porcari, who served as the White House supply chain czar under Biden. “In political terms, there’s no good time for a strike,” the former official said.

Persons: dockworkers, Biden, Taft, Hartley, Joe Biden, “, ” Biden, Kamala Harris, there’s, ”, John Porcari, George W, Bush, Liz Shuler, Jeff Zients, Lael Brainard, USMX, Harold Daggett, Labor Julie Su, ” Daggett, Donald Trump, Harris, –, Ford, Ohio Sen, JD Vance, Tim Walz, Trump Organizations: CNN, International Longshoremen’s Association, US Maritime Corporation, White House, ”, White, Republicans, House Transportation, Labor, ” AFL, GOP, National Economic, International Longshoreman’s Association, Republican, Biden administration’s, Biden, Anderson Economic Group, Boeing, United Auto Workers, Minnesota Gov Locations: East, Gulf, Taft, West Coast, Michigan, Dearborn, Ohio, Minnesota

☆ With ports strike imminent on East Coast, Gulf, truckers, rails are scrambling to move billions in cargo before midnight shutdown
▼ + stars: | 2024-09-30 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

As much as 43% to 49% of total containerized goods entering the U.S are processed through ports on the East Coast and Gulf Coast. Michael Kanko, CEO of ImportGenius, tells CNBC the economic importance of the ports impacted by an ILA strike is profound. Approximately 50,000 ILA union members work at the ports of Boston, New York/New Jersey, Philadelphia, Wilmington, Baltimore, Norfolk, Charleston, Savannah, Jacksonville, Tampa, Miami, New Orleans, Mobile, and Houston. UBS forecast that 20% of Maersk's total volume would touch a U.S. port that would be impacted by the strike. East Coast ports in the U.S. are forecast to handle 2.3 million TEU (twenty-foot equivalent units) in October.

Persons: Gary Hershorn, Lading, Alan Baer, Baer, Michael Kanko, Brian Bourke, Pete Buttigieg, Julie Su, Lael Brainard, Biden, We've, Taft, Hartley, Donald Trump, Harold Daggett, let's, Estee Lauder, Steve Lamar Organizations: Port, Port Newark Container, Corbis, CNBC, International Longshoremen's Association, US Maritime Alliance, USA, ILA, U.S ., Seko Logistics, Gulf, Transportation, National Economic, UBS, Maersk, Democrats, Hartley, Business, The U.S . Chamber of Commerce, Biden, ., L'oreal, ABB, Walmart, Walgreens, Disney, Port Authority of, American Apparel & Footwear Association Locations: Port Newark, New York City, Newark , New Jersey, Coast, U.S, ImportGenius, East Coast, Gulf Coast, U.S . East Coast, Maine, Texas, Boston , New York, New Jersey, Philadelphia, Wilmington, Baltimore, Norfolk, Charleston, Savannah, Jacksonville, Tampa , Miami , New Orleans, Mobile, Houston, The, Port of New York, Port Authority of NY, Virginia, Mitre . East Coast, Port of Virginia

☆ As ports strike nears, union warns that companies like Walmart, Ikea and Home Depot will be left with few to no import options
▼ + stars: | 2024-09-27 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

These companies are among the leading importers at the 14 major ports that an ILA strike would impact, according to ImportGenius. Out of the 85,000 members, 50,000 would go on strike at the 14 ports that are subject to a master contract that has not been negotiated. Separately, the Port of Montreal union affiliated with the Canadian Union of Public Employees issued a 72-hour notice that its own three-day strike starts on Monday, Sept. 30. Robinson, tells CNBC this strike could exacerbate the U.S. port strike disruption. "We'll shut them down," Daggett said in a recent video message to union members.

Persons: ImportGenius, Peter Sand, James McNamara, Mia Ginter, Robinson, Ginter, Harold Daggett, Daggett, William George, Biden, Taft, Hartley, USMX, McNamara, Maersk Organizations: International Longshoremen's Association, LG Electronics, Walmart, Ikea, Samsung, ILA, Cruise, Brothers, Port, Canadian Union of Public Employees, CNBC, U.S, Home Depot, Hyundai, General Motors, Dollar, . Tire, Michelin, Goodyear, Continental Tire, Glovis, Samsung Electronics, IKEA, US Maritime Alliance, NLRB, Reuters, Biden, Georgia Ports Authority, U.S ., Gulf, Mitre Locations: East Coast, Gulf Coast, Canada, West Coast, West, Coast, Great Lakes, Montreal, C.H, Port of Montreal, of Los Angeles, Lading, New York, New Jersey, Baltimore, Savannah, Houston , North Carolina, South Carolina, Virginia, New Orleans, Glovis America, In Savannah, Georgia, South, America, Newark, Maine, Texas, Boston , New York, Philadelphia, Wilmington, Norfolk, Charleston, Jacksonville, Tampa , Miami , New Orleans, Mobile, Houston, Gulf, NY, NJ, U.S . East Coast, Port of New York

☆ Port workers from Maine to Texas are set to strike Tuesday. Expect shortages and higher prices
▼ + stars: | 2024-09-26 | by ( Chris Isidore | Vanessa Yurkevich | ) edition.cnn.com time to read: +10 min

It represents the major shipping lines, all of which are foreign-owned, as well as terminal operators and port authorities. Depending on duration, a strike could mean shortages of consumer and industrial goods, possibly driving up prices again. That labor peace has helped them capture market share from West Coast ports that have historically had more contentious labor relations. But he said the shipping lines appear unwilling to pay what it takes this time. The shipping lines realize the problem with having Biden order the union back to work, said Tirschwell.

Persons: Luke Sharrett, Patrick Anderson, ”, USMX, Harold Daggett, John McCown, containerization, Brendan Smialowski, Peter Tirschwell, “, Republican Donald Trump, ” Tirschwell, hasn’t, Jonathan Gold, ” Gold, Biden, Joe Biden, Taft, Hartley, George W, Bush, Bradley Saunders, Daggett, ’ ” Organizations: New, New York CNN, US Maritime Association, International Longshoremen’s Association, BMW, Port, Bloomberg, Getty, ILA, Anderson Economic Group, “, P Global Market Intelligence, Federal Maritime Administration, Republican, National Retail Federation, North, Capital Economics, United Auto Workers Locations: New York, Maine, Texas, East Coast, Gulf, Gulf Coast, of New York, New Jersey, Port Wilmington, Delaware, Port, Baltimore, Port of Charleston, South Carolina, Charleston , South Carolina, West Coast, Michigan, Port of Baltimore, Baltimore , Maryland, AFP, East, North American

☆ Largest port on U.S. East Coast, New York/New Jersey, begins prepping for what could be first union strike since 1977
▼ + stars: | 2024-09-19 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

"A number of ocean carriers have announced their plans in terms of embargoing export cargo coming to the East Coast from the Midwest," said Rooney. Once the strike is over the Coast Guard would lead the charge in an orderly flow of vessels entering the port." "While the APAC region typically has more options to shift freight to the West Coast, over half of the automotive freight coming in today is heavily dependent on the East Coast. Port of New York/New Jersey has joined other ports that have publicly posted strike contingency plans. The vessels scheduled to come into the East Coast and Gulf ports have been traversing the ocean since early to mid-August.

Persons: Beth Rooney, Rooney, Jim Mancini, CH Robinson, Biden, Taft, Hartley, We've, Harold Daggett Organizations: CNBC, International Longshoreman's Association, ILA, Cruise, United States Maritime Alliance, Port Authority of New, Coast Guard, Maersk, Port, Bloomberg, Getty, Transportation, U.S ., Biden, Logistics Locations: of New York, New Jersey, North America, East, Gulf Coasts, Port Authority of New York, New York, East Coast, Maersk Atlanta, Newark, Newark , New Jersey, US, North, Europe, Oceania, Latin America, Asia, West Coast, Germany, Charleston, Savannah, U.S . West Coast, Port, Houston, Mobile , Alabama

☆ Fears are rising ocean freight rates may surpass $20,000 with no relief for global trade into 2025
▼ + stars: | 2024-06-13 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +7 min

Goetz Alebrand, head of ocean freight at DHL Global Forwarding Americas, said he is not optimistic freight rates will decline anytime soon. "It is unlikely that the situation will resolve itself soon and [ocean freight] rate levels might not ease up before Chinese New Year," Alebrand said. Air freight prices and demand are going higher According to freight intelligence firm Xeneta, China to North America air freight spot rates increased 43%, to $4.88 per kilogram, year-on-year in May. According to ocean freight data from FreightWaves SONAR, container bookings and freight orders from shippers to the ocean carriers are down 48% month-over-month. Xeneta data tracking ocean freight rates from the Far East to the U.S. East Coast, West Coast and Gulf Coast ports shows the historic run.

Persons: Joe Giddens, Paul Brashier, Brashier, Goetz Alebrand, Alebrand, Alan Murphy, Murphy, Peter Boockvar, Boockvar, We've, Nate Herman, Xeneta, Daniel Ives, Niall van de, van de, Good Hope Organizations: Federal Reserve, CNBC, ITS Logistics, DHL Global, Intelligence, Defense Intelligence, U.S ., Bleakley Financial, American Apparel and Footwear Association, Global, ", Apple, Wedbush Securities, Trade, Good Locations: Asia, Europe, Sea, Red, Africa, Shanghai, Rotterdam, Genoa, U.S . West Coast, East Coast, U.S, China, North America, U.S . East Coast , West Coast, Gulf Coast

Gantry cranes stand in the APM Terminals yard at the Port of Mobile in Mobile, Alabama, U.S., on Thursday, July 20, 2017. This is another example of USMX members unilaterally circumventing our coast-wide Master Contract. A Maersk spokesman said in an emailed statement that APM Terminals remains "in full compliance with the ILA/USMX Master Contract." During a speech before union members that month, Daggett vowed the ILA would not take a back seat to anyone. The ILA indicated in its release that it will not meet with USMX until the "auto gate" issue is resolved.

Persons: Harold J, Daggett Organizations: APM, Port, Longshoremen's Association, United States Maritime Alliance, ILA, APM Terminals, Maersk, USMX, MSC Locations: Mobile, Mobile , Alabama, U.S, East Coast, Gulf Coast, Port of Mobile , Alabama, North America, Daggett, West Coast

☆ Sudden container crunch sends ocean freight rates soaring, setting off global trade alarm bells
▼ + stars: | 2024-05-23 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

AFP Contributor | AFP | Getty ImagesA perfect storm in global trade is creating a shipping container capacity crunch, fueling a sudden and surprise spike in ocean freight rates. Xeneta ocean freight rates show the rallying spot market and the widening spread between spot and long-term rates. An increase in ocean freight rejections shows the imbalance. Logistics price increases are ultimately passed onto the consumer and the dizzying freight rates during the pandemic were among factors cited by the Federal Reserve as a cause of inflation. The International Chamber of Shipping, which represents major ocean carriers, did not immediately respond to a request for comment.

Persons: Emily Stausbøll, Stausbøll, Goetz Alebrand, Alebrand, Judah Levine, Freightos, Levine, Wan Hai, HLS, Drewry, Jonathan Gold Organizations: AFP, Getty, U.S ., Xeneta, DHL, Shipping, Americas, DHL Global, CNBC, Federal Reserve, Orient Star Group, MSC, Chamber of Shipping, Honour, Carriers, Maritime Locations: Qingdao, Shandong province, AFP, Asia, U.S . West Coast, U.S, China, Malaysia, Singapore, Panama, Latin America, Europe, Chongqing, East Asia, South America, Africa, U.S . East Coast

☆ Latest shipping data reveals that mid-range retail is the new consumer price sweet spot
▼ + stars: | 2024-05-17 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Almost 80% of current freight orders received for peak season are for mid-range price items, the survey shows. Similar to last year, respondents expect less consumer appetite for luxury and aspirational luxury items imported. The world's second-largest ocean freight company, Maersk, recently told CNBC it expected a "normal" peak season. "There's nothing that indicates that it would be a slower peak season or a bigger peak season," said Charles Van der Steene, president of Maersk North America, in a recent interview with CNBC. "We believe in normalized peak season.

Persons: Eric Thayer, Robinson, Kuehne, Nagel, Noah Hoffman, Hoffman, hypersensitive, Charles Van der Steene, We've, John David Rainey, Rainey, Larry, Jon Gold, Nate Herman, Biden Organizations: US, Bureau, Bloomberg, Getty, CNBC, Chain Survey, National Retail Federation, American Apparel and Footwear Association, United National Consumer Suppliers, ITS Logistics, DHL, Uber Technologies, C.H, Maersk, Walmart, Uber, International Longshoremen's Association, ILA, United States Maritime Alliance, Brands Locations: of Los Angeles, Los Angeles , California, U.S, Panama, Maersk North America, East Coast, Gulf, East, North America, West, Coast

☆ Port of Virginia is making big changes to become No. 1 on the East Coast for super-sized ocean containerships
▼ + stars: | 2024-05-09 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

The dredging project is expected to be completed in Fall 2025, making the Port of Virginia the deepest and widest harbor on the East Coast. "Ultra-large container vessels have challenged every port," said Stephen Edwards, CEO of the Port of Virginia. Edwards said the port was able to quickly absorb Baltimore freight because of the ocean carrier service overlap in calling on the Port of Virginia, Baltimore and Port of New York/New Jersey. In January, the port became the first East Coast port to power all its terminals with 100% clean energy, eight years ahead of the 2032 target it set for that goal. The expansion will increase the fleet at NIT to 152 electric stacking cranes, seven electric rail cranes, and 31 electric ship-to-shore cranes.

Persons: Lori Ann LaRocco, Stephen Edwards, " Edwards, Edwards, It's, Good Hope, D'Andrae Larry, Larry, Jones, monopiles, Monopiles Organizations: NIT, CNBC, U.S ., Commonwealth, Walmart, Maersk, Port, Baltimore, Rail, Norfolk International, Uber, Virginia Department of Transportation, Dominion Energy, Rappahannock Electric Cooperative, ClearView Energy Partners, of Ocean Energy, U.S, District of Columbia, Dominion Locations: Port of Virginia, Port, Virginia, U.S . East Coast, Norfolk, Coast, of Virginia, East Coast, U.S, Delaware, South, Southeast Asia, Northeast Asia, India, Red, Suez, Good, Baltimore, Port of Baltimore, Port of New York, New Jersey, of Virginia's, Commonwealth, Norfolk , Virginia, East, Virginia Beach

☆ Maersk Says Expanded Houthi Attacks Are Forcing More Delays
▼ + stars: | 2024-05-06 | by ( Peter Eavis | More About Peter Eavis | ) www.nytimes.com time to read: +1 min

Global shipping lines have become increasingly strained as the Houthi militia in Yemen broadens its attacks on cargo vessels, one of the largest companies in the industry warned on Monday. “The risk zone has expanded,” Maersk, the second-largest ocean carrier, said in a note to customers, adding that the stress was causing further delays and higher costs. Since late last year, the Houthis have been attacking ships in the Red Sea, which cargo vessels from Asia have to travel through to reach the Suez Canal. But in recent weeks, the Houthis have been trying to strike ships making that longer journey in the Indian Ocean. Because going around Africa takes longer, shipping companies have had to add more vessels to ensure that they can transport goods on time and without cutting volumes.

Persons: ” Organizations: ” Maersk Locations: Yemen, Red, Asia, Suez, Europe, Africa

☆ Biden promise to rival China on shipbuilding faces a big economic problem
▼ + stars: | 2024-04-25 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +11 min

The Biden administration is correct that China has not played fair. But he said the nations that could rival China in shipbuilding are Asian competitors. Shipbuilding subsequently dropped to around five ships per year, which is approximately the current rate of U.S. shipbuilding. President Joe Biden speaks to members of the United Steel Workers Union at the United Steel Workers Headquarters on April 17, 2024 in Pittsburgh, Pennsylvania. Biden announced new actions to protect American steel and shipbuilding industries including hiking tariffs on Chinese steel.

Persons: Biden, Ben Nolan, Nolan, Reagan, Joe Biden, Jeff Swensen, —, Darron, Wadey, Lloyd, Matson, George Washington, Ronald O'Rourke, O'Rourke Organizations: Mitsui Shipbuilding Co, Taicang Port Economic, Technological, Future Publishing, Getty, CNBC, Shipbuilding, Global, United States, Trade, U.S . Trade, U.S, China's Ministry of Commerce, United Steel Workers, Japan's Nippon Steel, United Steel Workers Union, United Steel Workers Headquarters, Analysts, Matson Shipping, Jones Act, Philly Shipyard, CMA CGM, Matson, United, Maritime Administration, U.S ., Huntington Ingalls Industries, News Shipbuilding, U.S . Navy, U.S Navy, Newport News Shipbuilding, Virginian Pilot, Tribune, Service, Force, warfighting, Navy, Biden, Congressional Research Service Locations: Taicang Port, Suzhou, Jiangsu province, China, U.S, Japan, South Korea, United States, Pennsylvania, Pittsburgh , Pennsylvania, American, Bangladesh, U.S . Virgin Islands, Great, Mississippi, Ohio

☆ Imports from China to the US are rising at the highest rate since last fall
▼ + stars: | 2024-04-10 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

Imports coming to the U.S. from China are experiencing a notable increase, according to new trade and logistics data. The first half of 2024 is expected to total 11.7 million TEUs (twenty-foot equivalent units), an increase of 11% from the same period last year. In 2023, imports were down from 2022 by almost 13%, totaling 22.3 million TEUs. By comparison, New York/New Jersey processed 7.81 million TEUs, Georgia 5.4 million TEUs, Virginia at 3.3 million TEUs, Charleston 2.5 million TEUs, Jacksonville 1.3 million TEUs, and Miami 1.25 million TEUs. The other reason for the recent container push is fears of a labor strike at East Coast and Gulf ports.

Persons: John Gold, Francis Scott Key, Jason Hilsenbeck, Drayage.com, Paul Brashier, Brashier Organizations: Future Publishing, Getty, Global, National Retail Federation, Hackett Associates, Francis Scott Key Bridge, Miami, ITS Logistics, CNBC, Baltimore, West Coast, U.S ., Port / Railroad, Longshoremen's Association, United States Maritime Alliance Locations: Taicang, Jiangsu province, China, U.S, Panama, Port of Baltimore, East Coast, New York, New Jersey, Georgia, Virginia, Charleston, Jacksonville, Port of Virginia, Norfolk, Baltimore, NY, NJ, Norfolk and New York, West, West Coast North, U.S . East Coast, West Coast, Los Angeles, Long Beach, Long, Gulf, East

☆ CSX completes first diverted cargo shipments on new rail line for Port of Baltimore
▼ + stars: | 2024-04-04 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

Just days after CSX announced a new rail line in response to the Port of Baltimore closure, the Baltimore-bound containers that were diverted to the Port of New York and New Jersey are back being unloaded in Baltimore. CSX started discussions last week with Ports America to see how it could effectively move the diverted cargo. The train route moving the diverted cargo includes Chicago; Kearney, New Jersey; and Baltimore. Norfolk is in discussions with Ports America to extend this service directly on-dock at their Seagirt Intermodal Container Transfer Facility. As the Port of Baltimore crisis unfolded, many major ocean carriers invoked contract clauses transferring responsibility for transportation of cargo from diverted ports to shipping clients.

Persons: Mark Schmidt, Schmidt, Scott Cowan Organizations: CSX, Port, Ports, Canada, Plan Investment Board, Ports America, Norfolk Southern, Elizabeth Marine, Norfolk Southern's Triple Crown Services, International Longshoremen's Association, Baltimore Locations: Baltimore, of New York, New Jersey, Ports America, North, Chicago, Kearney , New Jersey, Norfolk, New York, Wilmington, Newark, Elizabeth , New Jersey, Port of New York, North America, Port of Baltimore, East Coast, Gulf, U.S, , Puerto Rico, Eastern Canada

☆ Railroad CSX adding new freight route on Tuesday to avoid Port of Baltimore after bridge collapse
▼ + stars: | 2024-04-01 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

Baltimore-bound rail freight which was diverted to the Port of New York and New Jersey will use this new CSX service, the freight railroad tells CNBC. Freight destined for the Port of Baltimore as exports will also use this new service to get to the Port of New York. The amount of freight being moved on the new line is not being disclosed for now, a CSX spokeswoman said. The railroad explained in an email to CNBC that strategic partnerships with steamship lines allow it to transport freight between New York and Baltimore, using its established international sales network. "While the timeline for resuming freight operations at the Port of Baltimore remains uncertain, we are in constant communication with our customers, providing timely updates on the status of their shipments.

Persons: Francis Scott Key, Dali, Aaron Roth Organizations: CSX, CNBC, Freight, Port, MSC, Baltimore, Coast Guard, Chertoff Group Locations: Baltimore, New York, Port of Baltimore, of New York, New Jersey

☆ CNBC Daily Open: A key inflation gauge in focus
▼ + stars: | 2024-03-28 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Yellen on China dumpingU.S. Treasury Secretary Janet Yellen warned that China is dumping its surplus of solar panels and EVs on global markets, distorting market prices. This signals Beijing's latest efforts to boost foreign investment in China as relations with the U.S remain fraught. Investors anxious over a market decline should hedge their positions to limit risk in financial assets, according to fund managers.

Persons: Janet Yellen, Yellen, Xi Jinping, Stephen Schwarzman, Cristiano Amon, Mark Carney, Francis Scott Key, David Neuhauser Organizations: CNBC, Dow, Treasury, U.S, Blackstone, Qualcomm, Bloomberg, Francis Scott Key Bridge, Livermore Partners Locations: Yellen, China, U.S, Baltimore, Port of Baltimore

☆ Baltimore port crisis: World's largest container ship company, MSC, dumps diverted cargo problem on US companies
▼ + stars: | 2024-03-28 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +2 min

MSC, the largest ocean carrier in the world, has joined the list of ocean carriers terminating the delivery of diverted containers outside of the port for shipping clients as a result of the container ship accident near the Port of Baltimore that led to the tragic bridge collapse. With the Baltimore port indefinitely closed, the decision places the onus of cargo pick up at a diverted port and transport to its final destination on the shipper. MSC added that "passage to and from Baltimore is at this time impossible and will not be reestablished for several weeks if not months." Maersk is the only major carrier to say it will provide transport from diverted ports for customers. Maersk was the charter of the Dali, 10,000-container capacity containership that lost control and crashed into the Francis Scott Key Bridge in the early hours of Tuesday.

Persons: Francis Scott Key Organizations: CNBC, MSC, Port, CMA, Evergreen, Maersk Locations: Port of Baltimore, Baltimore, Dali

☆ CNBC Daily Open: Focus turns to key inflation data
▼ + stars: | 2024-03-28 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

Photographer: Christopher Dilts/Bloomberg via Getty ImagesThis report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Xi on China tech progressChinese President Xi Jinping told Dutch Prime Minister Mark Rutte that no force can stop China's tech advance. Separately, Xi also told U.S. executives that bilateral ties can have a "brighter future" and vowed to improve the business environment. The next few days could prove crucial in diverting trade away from the port, logistics executives told CNBC, after a container ship collided into the Francis Scott Key Bridge early Tuesday.

Persons: Christopher Dilts, Topix, Xi, Xi Jinping, Mark Rutte, Janet Yellen, Yellen, Francis Scott Key, David Neuhauser Organizations: Bloomberg, Getty, CNBC, Nikkei, U.S ., CSI, Dow, Nasdaq, Dutch, Xinhua News Agency, U.S, Treasury, Francis Scott Key Bridge, Livermore Partners Locations: Chicago , Illinois, Japan, Seng, China, Beijing, U.S, Baltimore, Port of Baltimore

☆ Baltimore port bridge collapse: Global ocean carriers declare 'force majeure,' leaving U.S. companies on hook for urgent cargo pickup
▼ + stars: | 2024-03-27 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

"The impact of the Baltimore port stoppage on construction and contractor supply chains may be significant," said William George, director of research for ImportGenius. "For cargo already on water, we will omit the port, and will discharge cargo set for Baltimore, in nearby ports. COSCO announced Wednesday morning that its services would "be concluded" once the diverted container arrives at the alternate port. Out of the diverted ports, New York/New Jersey and Savannah, are included. One of the biggest concerns among logistics companies is availability of chassis for both truck and rail to handle the diverted cargo.

Persons: Dali, Francis Scott Key, William George, ImportGenius, Maersk, COSCO, majeure, CGM, Paul Brashier, Brashier, Matt Castle, Robinson, Val Noel, Mike Wilson, Noel, Alan Baer, Baer, Stephen Edwards, Edwards Organizations: Francis Scott Key Bridge, Logistics, CNBC, Baltimore, Evergreen, CMA, ITS Logistics, U.S Department of Transportation, Home Depot, Nike, Walmart, Union Pacific, BNSF, Robinson, DHL, FedEx, Port, DOT's, Rail, TRAC, Freight, Consolidated Chassis Management, USA, Norfolk . Our Midwest Locations: Baltimore , Maryland, Baltimore, The Port, U.S, Port of Baltimore, Target, East, , New York, New Jersey, Savannah, Chicago, Brunswick, Virginia, Charleston, New York, Philadelphia, Norfolk, Wilmington , Savannah, Jacksonville, UAE, Saudi, Doha, India, Bangladesh, NY, Montreal, Port of Virginia, Port

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