Port of Savannah Grows Container Market Share
The Port of Savannah saw total container volumes decline more than 14% in February, but still recorded its second busiest February ever.
The Georgia Ports Authority (GPA) is reporting February container trade at the Port of Savannah of nearly 395,000 TEUs, down from 460,400 TEUs during the same month last year when it had its busiest February on record.
Inflation, rising interest rates and high warehouse inventories are important factors in the container trade dip, port officials said.
Compared to pre-pandemic volumes in February 2020, last month’s performance marked an increase of 30,400 TEUs.
Savannah’s Growing Market Share
The GPA is highlighting its growing market share nationally with the Port of Savannah now handling one out of every 8.8 TEUs in the U.S.—its highest share to date.
The Port of Savannah moved 11.4% of the nation’s loaded international containers for Fiscal Year 2023 through December, with more than 2 million TEUs. GPA’s share of the U.S. container trade constituted an increase of 0.7%, equating to nearly 120,000 TEUs more than it would have moved at its previous market share. The GPA’s fiscal year runs July-June.
Georgia Ports also boosted its portion of U.S. container exports to 12.3% over the period spanning July through December 2022, up 0.4% compared to the same period in the previous year. Savannah’s share of the import market rose nearly three-quarters of a point to 11.1% for the fiscal year to date through December, the GPA reported.
“Our global economy is facing headwinds, but Georgia’s deepwater ports continue to deliver dependable performance to keep business thriving,” said GPA Executive Director Griff Lynch. “As the nation’s top gateway for American farm and factory exports, the Port of Savannah serves as a hub for global commerce, linking every major ocean carrier calling the U.S. East Coast with superior connections to road and rail.”
For the fiscal year to date through February, GPA has handled 3.8 million TEUs.
At the Port of Brunswick, trade in autos and heavy machinery increased 18.5% in February, or 8,227 units to 52,720 units of Roll-on/Roll-off cargo.
“Volume and market share trends show that despite a slowing economy, Georgia is outperforming the competition,” said GPA Board Chairman Joel Wooten. “Cargo owners and their logistics providers are mitigating uncertainty through the reliability and connectivity of our deepwater ports.”
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