Issue link: https://jocdigital.uberflip.com/i/957477
April 2 2018 | The Journal of Commerce 43 www.joc.com JOC By the Numbers Advertisers Cosco Shipping, www.cosco-usa.com ............................ 2 Mediterranean Shipping Co., www.msc.com ................. 5 Metro Ports, www.metroports.com ................................ 37 Northwest Seaport Alliance, www.nwseaportalliance.com/easy ................................ 31 PNK Group's Southern Gateway at Lambert Farms, www.cushwake.com ......................................................... 21 Port Authority of New York and New Jersey, www.portnynj.com ............................................................ 17 Port of Long Beach, www.polb.com .............................. 35 Port of Prince Rupert, www.rupertport.com ................ 33 Ports America, www.portsamerica.com ....................... 36 Watson Land Co., www.watsonlandcompany.com ..................................... 23 WERC 41st Annual Conference, www.werc.org /2018 .......................................................... 27 Yang Ming Line, www.yangming.com ............................ 48 JOC-ECRI Industrial Price Index East Coast Asia Import Growth Source: Economic Cycle Research Institute Source: IHS Markit © 2018 IHS Markit © 2018 IHS Markit The JOC-ECRI Industrial Price Index was developed by the Economic Cycle Research Institute (ECRI) and is a leading indicator of inflation based on a broad assortment of raw materials used in industrial production. SEESAWS: The JOC-ECRI Industrial Price Index for the week ending March 16, 2018, was 111.58 as the index slipped 0.31 points from the prior week, when it inched up to 111.89. The rate is 4.24 points below the 2018 high of 115.82 set Jan. 26 and 0.62 points above the 2018 year-to-date low of 110.96 set Jan. 5. The Port of Charleston in early March officially began dredging its waters to 52 feet, which would give it the deepest harbor on the US East Coast, at least until Virginia secures funding and begins work on its efforts to go to 55 feet. Those deeper waters will help Charleston handle large ships from Asia and further increase its Asia import market share, which rose nearly 20 percent in 2017. The Port of Virginia has been adding equipment and has rolled out a trucker appointment system to handle growing container volume, which rose 4.8 percent last year to 2.2 million TEU. The port is also working to secure funds from the state of Virginia for a dredging project to bring its depth to 55 feet, which would be the deepest harbor on the US East Coast upon completion. ■ IPI 90 95 100 105 110 115 120 3/16/2018 3/17/2017 -50% -40% -30% -20% -10% 0% 10% 20% Wilmington NC Philadelphia Miami NY-NJ Norfolk Jacksonville Savannah Boston Baltimore Charleston ■ 2017 Year-over-year change in Asia import volume in 2017. -40.7% -2.2% 4.7% 7.2% 8.8% 11.0% 11.1% 11.6% 12.6% 18.0% 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.3 2017 2016 2015 2014 2013 +4.8% +5.3% ■ Millions of TEU Laden import and export volume at Port of Virginia with year-over-year growth. +1.8% +6.1% Drewry Hong Kong-Los Angeles Spot Rate Benchmark Source: Drewry Shipping Consultants © 2018 IHS Markit The rate shown here is in dollars and excludes terminal-handling charges in Hong Kong. Drewry tracks spot rates on 600-plus global lanes including Hong Kong-Los Angeles by surveying NVOCCs and also tracks contract rates on 8,000-plus lanes via its BCO Benchmarking Club. INDEX FLATLINES: The March 19, 2018, average spot market rate from Hong Kong to Los Angeles of $1,191 was flat from the prior week, when it fell 7.7 percent. The March 19, 2018, level is down $167 or 12.3 percent year over year. The March 19, 2018, average spot rate was $1,170 or 49.5 percent below the calendar 2017 high of $2,361 per FEU of Jan. 2, while $1,689 or 58.7 percent below the Drewry benchmark record high of $2,880 per FEU of Aug. 6, 2012. ■ Rate per 40-foot box Year-over-year Week-over-week 3/19/18 3/20/17 PERCENT CHANGE: ● Year-over-year ● Week-to-week High: $2,880 8/6/12 Low: $623 4/25/16 $0 $500 $1,000 $1,500 $2,000 $2,500 -50% 0% 50% 100% 150% 200% Port of Virginia TEU growth slows Source: IHS Markit © 2018 IHS Markit