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Goods movement through the Port of Los Angeles soared by double digits in March while the Port of Long Beach fell slightly from the same time a year ago, according to the latest statistics released this week.
Overall cargo flow for Los Angeles jumped 34 percent to 503,168 container units. About 327,497 of those containers were imports, a 42 percent bounce from March 2013. Exports were also up 21 percent to 187,826 units.
Meanwhile, Long Beach moved 477,209 container units through its port in March, a 1.9 decline. Imports dipped 0.7 percent to 223,432 units, while exports dropped 1.5 percent to 53,883 units when compared with March 2013.
More at the San Bernardino County Sun
Cargill Inc said that its quarterly earnings fell 28 percent, making it one of the largest companies yet to demonstrate how big commodity market disruptions this year have hurt its bottom line.
Minneapolis-based Cargill, a top global commodities trader, was hit by a triple-whammy of unexpected events, including a surge in energy prices in January, rail backlogs, and the rejection of U.S. corn shipments by China.
The problems are likely to have also hit Cargill peers such as Archer Daniels Midland Co (ADM.N) and Bunge Ltd (BG.N), which are due to report financial results in the coming weeks.
More at Reuters
From the Journal of Commerce:
Shippers can expect more cargo to be “rolled” to later voyages as container lines continue to cut costs by slow-steaming and laying up vessels, Drewry Maritime Research said in its latest Container Insight Weekly.
Drewry said slow-steaming and layups allowed carriers to limit effective capacity growth to 22 percent since 2008, despite introduction of larger ships. Without those measures, capacity would have grown 40 percent, Drewry said.
“In 2013 alone, slow-steaming and layups reduced available supply by nearly 3 million TEUs,” Drewry said.
More at the JOC
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