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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 models within the U.S., marking its highest national market share ever.
The Port of Savannah moved 11.4% of the nation’s loaded worldwide containers for fiscal yr 2023 via December, with greater than 2 million TEUs. Meaning the GPA’s share of the U.S. container commerce confirmed a rise of 0.7%, the ability mentioned.
These numbers echo comparable outcomes exhibiting that the highest 10 North American ports by quantity from largest to smallest are Los Angeles, Lengthy Seashore, 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 industrial real estate firm Cushman & Wakefield.
In response to 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, comparable to Los Angeles, Northwest Seaport Alliance, Oakland, and Jacksonville.
Georgia’s enlargement comes as freight flows have shifted from long-standing patterns attributable to pressures just like the pandemic and to sustained port congestion final yr off the U.S. West Coast. As well as, retailers are currently ordering less new inventory as they preserve a cautious eye on shopper 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 near a three-year low point in February.
Towards that backdrop, Georgia Ports boosted its portion of U.S. container exports to 12.3% over the interval spanning July via December 2022 – up 0.4% in comparison with the identical interval in the earlier yr. On the opposite aspect of the ledger, Savannah’s share of the import market rose almost three-quarters of a level to 11.1% for the fiscal yr so far via December.
“Our world economic system is dealing with headwinds, however Georgia’s deepwater ports proceed to ship reliable efficiency to maintain enterprise thriving,” GPA Govt Director Griff Lynch mentioned in a launch. “Because the nation’s prime gateway for American farm and manufacturing unit exports, the Port of Savannah serves as a hub for world commerce, linking each main ocean provider calling the U.S. East Coast with superior connections to street and rail.”
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