Join our crew and become one of the 104,883 members that receive our newsletter.

Port of Long Beach Expecting 5% Cargo Growth in 2016

Port of Long Beach Expecting 5% Cargo Growth in 2016

Reuters
Total Views: 49
March 17, 2016

File photo: Port of Long Beach

ReutersBy Edward Krudy

NEW YORK, March 17 (Reuters) – The Port of Long Beach, the second largest port in the United States, will see 5 percent growth in cargo volume this year as a strong U.S. dollar spurs consumer demand, the west coast port’s chief executive said on Thursday.

The port, which handles 20 percent of U.S. cargo, mainly from east Asia, just posted its strongest February on record, with the stronger dollar helping to drive imports by 45 percent compared to a year ago.

Chief Executive Jon Slangerup, who has a front-row seat on global economic activity, said American consumer demand would sustain global growth, offsetting a slowdown in China and an economically weak Europe.

“The only real game in town right now is American consumers, that’s the global game,” said Slangerup, adding that lower prices and strong demand will sustain cargo growth this year.

Slowing imports from China are being compensated for by double-digit growth in southeast Asian countries such as Malaysia, Indonesia, Vietnam, and Thailand, which are the main drivers behind the port’s growth numbers, said Slangerup.

In 2015 the port moved 7.2 million container units, known as TEUs, through the harbor, an increase of 5.4 percent over the previous year. February marked the eighth consecutive month of cargo growth, port officials said. (Reporting by Edward Krudy; Editing by David Gregorio)

(c) Copyright Thomson Reuters 2016.

Unlock Exclusive Insights Today!

Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.

Sign Up
Back to Main
polygon icon polygon icon

Why Join the gCaptain Club?

Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.

Sign Up
close

JOIN OUR CREW

Maritime and offshore news trusted by our 104,883 members delivered daily straight to your inbox.

Join Our Crew

Join the 104,883 members that receive our newsletter.