US import boom will continue into summer
Retailers stock up as consumer spending gets back on course
US retailers will continue to import containers at significantly higher volume levels than last year until at least late summer, according to leading forecasters.
One Asia-based analyst said: “US retail stocks are growing, which is a good indicator for container markets.
“US retail spending is clearly increasing and we’re expecting 14-16% year-on-year growth into the US this quarter.”
February was the third successive month to show year-on-year volume gains at US container ports, following 28 months of continuous decline, according to the monthly Global Port Tracker report produced for the US National Retail Federation (NRF) by consultancy Hackett Associates.
Jonathan Gold, NRF VP for supply chain and customs policy, said: “We expect these numbers to continue to climb as merchants and their customers move away from recession and back toward normal shopping habits.”
Member shipping lines of the Transpacific Stabilisation Agreement are understood to have been successful in introducing general rate increases in both directions on lanes between Asia and the US.
And with volumes climbing in recent months, forwarders have reported that finding slots from China to the US has been difficult, with some cargo being rolled-over and lines reluctant to bring back capacity with annual contract negotiations due to be completed this month.
“Volumes are better, but shipping companies have still been resorting to withholding space and slow-steaming in the transpacific market to keep spot rates artificially high until after the completion of annual contract negotiations,” claimed Sunny Ho, director of the Hong Kong Shippers’ Council.
US container ports handled just over 1 million teu in March, up 6% year-on-year. This month’s total is forecast to climb to 1.07 million teu, a gain of 8% on April last year.
Yearly increases of 7% in May, 17% in June, 12% in July and 15% in August (1.32 million teu) are also predicted.
Hackett Associates founder Ben Hackett said: “Retailers were maintaining lean inventories during the recession, but are carefully building back up.”
Meanwhile, rates on the transpacific picked up slightly last week as capacity remained tight.
Figures from the Shanghai Containerised Freight Index show spot rates from Shanghai to the US west coast increased by US$13 to $2,041 per feu, while rates to the east coast increased by $38 to reach $3,102 per feu.
Forwarders told IFW last week they felt carriers were intentionally keeping capacity on the transpacific trade tight during annual contract talks because slack capacity could result in rates dropping off, affecting the amount users signed up to pay for the year.
One Asia-based analyst said: “US retail stocks are growing, which is a good indicator for container markets.
“US retail spending is clearly increasing and we’re expecting 14-16% year-on-year growth into the US this quarter.”
February was the third successive month to show year-on-year volume gains at US container ports, following 28 months of continuous decline, according to the monthly Global Port Tracker report produced for the US National Retail Federation (NRF) by consultancy Hackett Associates.
Jonathan Gold, NRF VP for supply chain and customs policy, said: “We expect these numbers to continue to climb as merchants and their customers move away from recession and back toward normal shopping habits.”
Member shipping lines of the Transpacific Stabilisation Agreement are understood to have been successful in introducing general rate increases in both directions on lanes between Asia and the US.
And with volumes climbing in recent months, forwarders have reported that finding slots from China to the US has been difficult, with some cargo being rolled-over and lines reluctant to bring back capacity with annual contract negotiations due to be completed this month.
“Volumes are better, but shipping companies have still been resorting to withholding space and slow-steaming in the transpacific market to keep spot rates artificially high until after the completion of annual contract negotiations,” claimed Sunny Ho, director of the Hong Kong Shippers’ Council.
US container ports handled just over 1 million teu in March, up 6% year-on-year. This month’s total is forecast to climb to 1.07 million teu, a gain of 8% on April last year.
Yearly increases of 7% in May, 17% in June, 12% in July and 15% in August (1.32 million teu) are also predicted.
Hackett Associates founder Ben Hackett said: “Retailers were maintaining lean inventories during the recession, but are carefully building back up.”
Meanwhile, rates on the transpacific picked up slightly last week as capacity remained tight.
Figures from the Shanghai Containerised Freight Index show spot rates from Shanghai to the US west coast increased by US$13 to $2,041 per feu, while rates to the east coast increased by $38 to reach $3,102 per feu.
Forwarders told IFW last week they felt carriers were intentionally keeping capacity on the transpacific trade tight during annual contract talks because slack capacity could result in rates dropping off, affecting the amount users signed up to pay for the year.
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