Container throughput at the Port of New York & New Jersey in July recorded a month-on-month increase for the first time this year, tracking similar gains on the US Pacific Coast as more shipments arrived from Asia.
Total volumes at the port in July were 607,463 twenty-foot equivalent units, or TEUs, up 19% from June but still 8.4% lower on the year, the port authority said Sept. 2.
The results were a sharp recovery from earlier this year after global trade was severely disrupted by the coronavirus pandemic. Import volumes at the Port of New York & New Jersey in July were the highest for the year to date at 328,846 TEUs, echoing the surge in exports from North Asia that brought throughput at the Port of Los Angeles to a one-year high in July and total volumes at the Port of Long Beach to an all-time high in July.
The wave was driven by pent up demand from earlier reductions in container ship capacity combined with a sharp increase in Chinese exports, including personal protective equipment such as masks and hospital equipment needed to combat the pandemic in the US.
The surge in exports from China lifted Platts Container Rate 5 — North Asia to East Coast North America — to $4,200/FEU on Sept. 1, the highest level since the assessment was launched in 2017. Platts Container rate 13 — North Asia to West Coast North America — also set a new record at $3,650/FEU on Sept. 1.
But exports from the Port of New York & New Jersey remained subdued at 278,599 TEUs in July, down 14% from the same month last year. The auto sector has been hit particularly hard with just 22,178 car and trucks moving through the port in July, down 51% on the year, the port authority said.
The port recorded its worst ever six-month financial performance after the sharp drop off in volumes earlier this year caused revenues in the January-June period to fall by $777 million on the year.
Source: S&P Global