US port strikes to boost global shipping rates despite earlier front-loading of peak season demand
Prices spiked in July as companies scheduled shipments before the usual year-end peak period
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THE year-end peak shipping season has been quieter than usual, as companies brought forward shipments amid global uncertainty. Port strikes on the US East Coast, however, may now drive prices back up.
Members of the International Longshoremen’s Association (ILA) began striking just after midnight on Tuesday (Oct 1) at every major port on the US East and Gulf coasts, which handle as much as half of all US trade volumes.
Container cargo and auto shipments will be halted, although energy supplies and bulk cargo will continue.
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