Industry Insights
November 2024
By PGL
Welcome to the PGL Industry Insights report for November 2024.
We start this month’s report with news that the Environmental Protection Agency’s Clean Ports Program has awarded 3 billion dollars to 55 ports across 27 states to secure new electric drayage trucks and cargo handling equipment, as well as the changing infrastructure to accommodate the new additions. This effort should make ports more efficient and have a positive impact on the environment.
In labor news, on November 14th the Canada Industrial Relations Board ordered all parties to resume operations after the International Longshore and Warehouse Union Ship & Dock Foremen union began a November first strike, followed by a subsequent lockout. A binding arbitration process is underway to resolve outstanding issues.
In the Boeing strike, the International Association of Machinists and Aerospace Workers union ended labor stoppage after 53 days with the approval of a new contract.
As we’ve reported before, 2024 is shaping up to be a strong year for intermodal freight, as according to a recent report from the Association of American Railroads, 2024 intermodal volume is up 9% over last year.
The benchmark diesel price dropped again this month, reaching its lowest point in over three years, just below the $3.50 mark.
The futures market remains undecided on the heels of a Trump presidential win, but expectations of decreased regulation and an intention to “drill baby drill” may keep prices low.
That’s it for this month’s report. Subscribe to our channel to make sure you get the latest supply chain insights. As always, PGL will be here to keep you informed 24/7/365.
Follow us at @shipPGL and visit our website at www.shipPGL.com.
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