After recording the second-busiest February in its historical past, the Georgia Ports Authority (GPA) says it now handles one out of each 8.8 loaded twenty-foot equal (TEU) container items within the U.S., marking its highest nationwide market share ever.
The Port of Savannah moved 11.4% of the nation’s loaded worldwide containers for fiscal 12 months 2023 by way of December, with greater than 2 million TEUs. Which means the GPA’s share of the U.S. container commerce confirmed a rise of 0.7%, the ability stated.
These numbers echo comparable outcomes exhibiting that the highest 10 North American ports by quantity from largest to smallest are Los Angeles, Lengthy Seaside, New York/New Jersey, Savannah, Houston, Virginia, Northwest Seaport Alliance, Charleston, Oakland, and Jacksonville. That rating displays mid-year 2022 whole container volumes (each imports and exports), as recorded by the economic actual property agency Cushman & Wakefield.
In accordance with Cushman & Wakefield, Savannah had 5.3% extra TEUs at mid-year 2022 than 2021, gaining floor on ports that posted losses over that very same interval, similar to Los Angeles, Northwest Seaport Alliance, Oakland, and Jacksonville.
Georgia’s growth comes as freight flows have shifted from long-standing patterns attributable to pressures just like the pandemic and to sustained port congestion final 12 months off the U.S. West Coast. As well as, retailers are at the moment ordering much less new stock as they preserve a cautious eye on client spending ranges amid excessive inflation and rates of interest, the Nationwide Retail Federal says. Collectively, these forces pushed import cargo quantity on the nation’s main container ports to sink close to a three-year low level in February.
In opposition to that backdrop, Georgia Ports boosted its portion of U.S. container exports to 12.3% over the interval spanning July by way of December 2022 – up 0.4% in comparison with the identical interval in the earlier 12 months. On the opposite facet of the ledger, Savannah’s share of the import market rose almost three-quarters of a level to 11.1% for the fiscal 12 months to this point by way of December.
“Our world financial system is going through headwinds, however Georgia’s deepwater ports proceed to ship reliable efficiency to maintain enterprise thriving,” GPA Govt Director Griff Lynch stated in a launch. “Because the nation’s high gateway for American farm and manufacturing unit exports, the Port of Savannah serves as a hub for world commerce, linking each main ocean service calling the U.S. East Coast with superior connections to highway and rail.”