Port of Oakland posts September loss

Port of Oakland posts September loss

The Port of Oakland witnessed a year-on-year 7.9 per cent loss in total loaded container volume last month.

The port experienced declining volumes in August also.

Last month, 132,599 loaded TEU passed through the port, compared to 143,991 TEU in September 2021.

Loaded imports dropped by 4.9 per cent with 77,803 TEU handled compared to the 81,789 the previous year.

Year-to-date full imports were down by 5 per cent compared to the first 9 months of 2021.

Retail inventories remain high, as the port expects demand to lag for several upcoming months.

Loaded export containers experienced a 12 per cent decline, with 54,756 TEU passing through the port in September compared to 62,203 TEU in September 2021.

READ: Port of Oakland plans to ‘restore customer confidence’ amid supply chain hurdles

Ocean carriers operating out of the Port of Oakland have yet to reinstate many scheduled services, and exporters remain sceptics as schedule reliability is still low.

The port authority has attributed the decline to increased import dwell time causing port congestion, continued US West Coast supply chain and lack of capacity to meet demand at Western regional warehouses.

Positive growth was seen in empty containers passing through the seaport, with a 38.3 per cent increase in empty exports and a 23.9 per cent uptick in empty imports.

The U.S. Department of Transportation (USDOT) just announced more than $703 million to fund 41 projects to improve port facilities.

Funds are available through the Maritime Administration’s Port Infrastructure Development Program, made possible by the Bipartisan Infrastructure Law and additional Congressional appropriations.

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