The Ocean Shipping Reform Act of 2022 is intended to promote U.S. exports and make ocean transport more competitive, efficient and economical. But a requirement that invoices list the date of container accessibility is proving to be a fly in the ointment. Bryn Heimbeck of Trade Tech Inc. explains efforts to address the inequity.
As container ships piled up at the blocked Suez Canal for six days, an already serious issue of port congestion has grown worse, rippling down to longer delays on consumer orders as inventories deplete with goods hung up in transit. Some chokepoints have seen easing but shippers continue to scramble and costs rise.
Import cargo volume at the nation’s major retail container ports is expected to increase 8.3% this month over the same time last year as consumers begin their holiday shopping. That’s a dramatic difference from this time last year, the National Retail Federation says.
A joint NRF/NAM study found a West Coast port strike could cost the U.S. economy up to $2.5 billion per day.