Peak shipping season for trucking and rail transport is underway.
In August, it appeared that FreightWaves’ warning was unwarranted, at least looking only at U.S. customs import volume data. That data showed the market was relatively stable and hadn’t contracted. Ocean spot rates and imports fell off a cliff this year By September, the slowdown in container import volumes was becoming too significant to dismiss, even for the most hardened skeptic. The Port of Los Angeles reported that it handled the fewest number of loaded import containers for the month of September since the Great Financial Crisis . The Port of Los Angeles is the largest port in the United States.
The volume drop continued in April and May, with OTVI registering another 2.5% decline, but stabilized in June in conjunction with the summer construction, beverage, and produce shipping seasons. In June, the OTVI index registered an increase of 1%. Jackson said. “The pressures just continue to mount. I wouldn’t be surprised if there aren’t many small carriers that were just holding out hope for a strong fourth quarter to bail them out of a tougher summer with no spot [freight].”