Port of Los Angeles and Port of Long Beach post solid October volumes
Port of Los Angeles Volumes. POLA handled 748,762 TEU (Twenty-Foot Equivalent Units). While this tally marks the port’s third-best volume output for October, it was down 8.1% annually when compared to October 2016, the port’s best-ever October.
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POLA handled 748,762 TEU (Twenty-Foot Equivalent Units). While this tally marks the port’s third-best volume output for October, it was down 8.1% annually when compared to October 2016, the port’s best-ever October. POLA added that the fourth quarter of 2016 handled additional cargo following the Hanjin Shipping bankruptcy.
October imports for POLA fell 8.1% annually to 383,385 TEU, with exports down 13.3% to 144,209 TEU. Empties dropped 4.2% at 221,167 TEU.
On a year-to-date basis through October, POLA volumes are up 6.4% annually at 7,639,756 TEU. This current pace has the port on track to set an all-time annual record of 9 million TEU, which would top 2016’s 8.8 million TEU and have the port be the first one in the Western Hemisphere to handle 9 million TEU in a year.
POLB October volumes saw a 15% annual increase to 669,218 TEU, for its busiest October ever, even though it stands as the ports fourth-busiest month of 2017 behind July, September, and August.
POLB October imports headed up 14.3% to 339,013 TEU with exports off 0.5% at 126,150 TEU, and empties up 28.9% to 204,055 TEU.
Through October, POLB volumes are up 9.5% annually at 6,234,930 TEU.
“October used to be the industry’s busiest month of the year, with retailers preparing for Christmas,” said Port of Long Beach Executive Director Mario Cordero in a statement. “Now, with other popular shopping seasons like back-to-school, Halloween and Black Friday, ocean carriers are spreading shipments across more months to maximize the services we have developed to serve them.”
KeyBanc Capital Markets analyst Todd Fowler noted in a research note that while prior-year comparisons for POLA and POLB on a cumulative basis are somewhat distorted by the Hanjin Shipping Co. bankruptcy, the combined September/October y/y increase of ~7% is directly in line with year-to-date trends, as volumes remain strong reflecting restocking tailwinds and expectations for a favorable holiday peak. Fowler added that on a full-year basis, his firm anticipates volumes will increase mid to high single digits when considering historical sequential trends, though year-over-year gains will likely moderate in November and December reflecting more challenging comparisons.
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