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US shippers are redirecting cargo originally destined for the east coast, which had previously shifted from the Panama Canal route to the Suez Canal, toward west coast ports, reports UK's Seatrade Maritime News.
This shift is bolstering the volumes at Southern California ports and driving up container leasing prices.
According to Container xChange, an online platform for container leasing and trading, leasing rates for containers bound for the US west coast have surged by over 220 per cent since the onset of the Red Sea crisis in late November/December.
"We anticipate equipment shortages due to the lack of container repositioning in Asia for eastbound goods. Furthermore, disruptions in the Suez, Red Sea passage, and Panama Canal will likely lead to increased demand for routing through the west coast," said a Container xChange client.
In January, Southern California ports experienced volume surges. The Port of Los Angeles managed 855,652 TEU, marking the second-best start to the year on record.
This achievement was only surpassed by the freight surge during the pandemic-affected January 2022, which marked the sixth consecutive month of year-on-year increases, with an 18 per cent rise compared to January 2023.
https://www.shippingazette.com/menu.asp?encode=eng
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