Industry Insights
September 2024
By PGL
Welcome to the PGL Industry Insights report for September 2024
We start with news about the the benchmark diesel price used to calculate most fuel surcharges, which rose last week for the first time in 10 weeks, with the price rising to just over $3.50 per gallon, still well below the 4 dollar mark where the price usually hovers over the last few years.
In Asia, the typhoon season has been more destructive than normal, having significant impact on port operations. The Atlantic Ocean and Gulf of Mexico are in for a continued rough season as well, as we soldier on through a season that’s been forecasted to be tougher than most. For example, the World Trade Bridge in Laredo, Texas, the busiest U.S.-Mexico commercial crossing in the nation was forced to shut down temporarily on September 14 due to hurricane Francine causing a roof collapse in the customs area and Hurricane Helene has beared down on Florida and the East coast just this weekend.
In labor news, International Longshoremen’s Association East and Gulf Coast dockworkers are threatening to strike on October 1st. Bargaining talks broke down months ago, and at the time of this recording, talks have still not restarted.
On September 18, the US Department of Justice filed a claim for over $100 million against the owner and operator of the Dali, the container ship that struck the Francis Scott Key Bridge in March. A DOJ representative described the incident as “an entirely avoidable catastrophe”.
Continued hostility in the Red Sea is having a dramatic impact on insurance rates, especially for vessels with ties to the US, UK and isreal. Some coverage is available, but insurance companies are becoming more selective and imposing rising costs and restricted options for shipowners.
In Intermodal news, US rail is performing well with container and trailer volume up 13.% year over year. You’ve just taken a big step to being more informed.
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