US port strikes to boost global shipping rates despite earlier front-loading of peak season demand
October 1, 2024 / /
Prices spiked in July as companies scheduled shipments before the usual year-end peak period
THE year-end peak shipping season has been quieter than usual, as companies brought forward shipments amid global uncertainty. Port strikes on the US East Coast, however, may now drive prices back up.
Some 45,000 members of the International Longshoremen’s Association (ILA) began striking on Tuesday (Oct 1), to protest against low wages and the threat of automation.
Gregg Johnston, partner and head of shipping and offshore finance at Stephenson Harwood, said that if the strikes are prolonged, they will create upside pressure on container rates over the next few weeks.
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