The Port of New York and New Jersey has announced that it will charge a new quarterly “container imbalance fee” from ocean carriers as part of the port’s efforts to deal with container congestion. According to the new system, the total outgoing container volume of an ocean carrier must equal or exceed 110 percent of…
Ocean Carriers Will Be Charged for Retaining Containers at Port of New York and New Jersey
August 3, 2022
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Business & Marketscontainer shippingLocal NewsNew Yorkocean carriersport congestionRegional-Local NewsUS
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North America Container Ship Traffic Jam Tightens, Threatening to Push Inflation Higher
August 2, 2022
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Business & Marketscontainer shippingEast Coasteconomyimport pricesinflationport congestionUSUS NewsWest Coast ports
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Port congestion in North America worsened in late July compared with a month ago, with traffic having shifted from the West Coast to the East Coast. On July 28, there were 153 ships waiting offshore at various ports across North America, a significant jump from 92 vessels on June 10, according to data by American…
Inflation’s Other Causes
June 25, 2022
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Business & MarketsBusiness Columnistscontainer shippingcrisis in Ukraineeconomic policieseconomyFederal ReserveinflationOpinionViewpoints
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Commentary NEW YORK—The biggest economic news of the year, so far, has been inflation—the highest in 40 years—and the Federal Reserve’s (Fed’s) efforts to fight it. And while there have been lots of finger-pointing at causes—from President Joe Biden’s fossil fuel policies to the war in Ukraine—all of which are at least somewhat true—there are…
Freight Liners Log In Record Profits, Small Businesses Complain of Anti-Competitive Pricing
January 18, 2022
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Business & EconomyBusinesses in COVID-19container shippingEuropeinflationshipping industryshipping rateWorld
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Shipping companies have registered a record $150 billion in profits with prices rising nearly 10 times while small business owners claim that the major container lines are exploiting their monopolistic positions to charge exorbitant fares. In 2021, the spot rate for a 40-foot container from Asia to the United States was priced at over $20,000…
Shipping Companies Log Record Profits, Small Businesses Complain of Anti-Competitive Pricing
January 18, 2022
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Business & EconomyBusinesses in COVID-19container shippingEuropeinflationshipping industryshipping rateWorld
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Shipping companies have registered a record $150 billion in profits with prices rising nearly 10 times while small business owners claim that the major container lines are exploiting their monopolistic positions to charge exorbitant fares. In 2021, the spot rate for a 40-foot container from Asia to the United States was priced at over $20,000…
Australian Consumer Watchdog Begins Investigation Into Rising Shipping Costs
The Australian consumer watchdog has begun an investigation into Australia’s rapid rise in shipping and container costs, which is beginning to cause price hikes in the retail sector. The Australian Competition & Consumer Commission (ACCC) Chairman Rod Sims told The Australian that the investigation would focus on the price and movement of containers. “We are…
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