Port of Long Beach volumes fall from May highs as consumer demand eases: port

The Port of Long Beach said July 8 it handled 724,297 twenty-foot equivalent units (TEU) during June, up over 120,000 TEU from the same month last year, but a 20% decrease from record highs seen in May.

US demand for household goods, e-commerce, and electronics continued to rise during the month, the port said.

"We anticipate e-commerce to drive much of our cargo movement through the rest of 2021 as retailers plan for a busy summer season," said port executive directory Mario Cordera. "However, June serves as an indicator that consumer demand for goods will gradually level off as the national economy continues to open up and services become more widely available."

Imported containers rose nearly 19% to 357,101 TEU as the trans-Pacific trade ran unabated.

At the same time, loaded US exports decreased a marginal 0.5% to 116,947 TEU, as many ocean carriers prioritized the rapid repositioning of empty containers to North Asian exporting hubs in an effort to increase exposure to record-high headhaul rates.

As a result, empty container moves through the port complex surged 36% on the year, to just over 250,000 TEU.

Platts Container Rate 13 – North Asia to West Coast North America – was assessed July 8 at $6,600/FEU, a record high. The backhaul PCR 14 – West Coast North America to North Asia – was assessed July 8 at $1,000/FEU.

First-half 2021 volumes eclipse coronavirus-stricken 2020

The port reported a 38.5% increase in volumes during the six months to June 30, with 4.754 million TEU handled.

And second quarter volumes trended the same, increasing just over 35% on year, marking the second-best quarter in port history.

The Port of Long beach is the second largest port in the US, behind the adjacent Port of Los Angeles.