Cargo volumes at the Port of Los Angeles rose 3% YoY to 828,016 TEUs in August, marking the first increase in 13 months, port officials said.
The recent 6-year contract ratification between the International Longshore and Warehouse Union and the Pacific Maritime Association helped restore stability and confidence to customers regarding where to ship their cargo, Port of Los Angeles Executive Director Gene Seroka said in a statement.
“With this contract in effect through 2028, you can continue to count on our longshore workers and terminal operators to keep cargo moving through the nation’s busiest port,” Seroka said. “When we are operating on all cylinders like we are right now, there’s no better choice for cargo than the Port of Los Angeles."
Although port volumes increased in August, demand remains lower as shippers continue to face excess inventory levels.
"Warehouse inventories across the United States remain elevated and that's evident from the Fed's inventory sales ratio which remains at 1.40 — meaning we've got 40% more inventory behind everything we sell," Seroka said.