Cargo throughput in July for the Port of Los Angeles (POLA) and the Port of Long Beach (POLB) both declined, according to recent reports by each port.
Accordingly, the total volume of POLA stood at 684,291 TEUs (20 Foot Equivalent Units), down 26.85% per year from the July 2022 record of 935,423 TEUs. The July tally was about 18% lower than June's 833,045 TEUs, marking the highest volume month since July 2022, an "all-time" record month for POLA.
POLA's imports fell 25% year-on-year, to 364,208 TEUs, and exports stood at 110,372 TEUs, up 6%. Empty containers decreased by 39%/year, to 209,710 TEU, as demand for empty containers in Asia continued to decline. Year-to-date through July, total POLA volumes fell 24% year-over-year, reaching 4,821,670 TEUs.
"Global trade has eased as inventories at retailers and manufacturers remain elevated," Port of Los Angeles CEO Gene Seroka said in a statement. “American consumers are continuing to spend and will likely find more discounted items this year as we head into fall fashion and the holiday season.”
The Port of Long Beach (POLB) reported that total throughput reached 578,249 TEUs, down 26.4% year-on-year from July 2022, POLB said July had its highest throughput on record.
Imports fell 27.9% to 271,086 TEUs and exports fell 17.6% to 90,134 TEUs, of which empty containers fell 27.7% to 217,030 TEUs. During the first seven months of 2023, POLB volumes fell by 25.6%, to 4,310,925 TEUs year-on-year.
POLB officials cited adjusted trade routes, adequate warehouses and a shift in consumer spending toward travel, entertainment and other experiences as reasons for the month's sales. 7 decrease.
“I am confident we will see our numbers improve as we work with industry partners to rebuild our market share,” said Port of Long Beach CEO Mario Cordero. ". “Looking ahead, however, we anticipate a modest 'peak season' for shipping as consumers spend slightly less this year on back-to-school supplies and gifts in the coming year. during the holidays.”
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Company T (Plaintiff – the Insured) entered into an insurance contract with Company B (Defendant – the Insurer). After the insured event occurred, the Insurer alleged that the Insured had violated its obligation to prevent and mitigate losses. The Arbitral Tribunal acknowledged that such an obligation exists but concluded that the Insured did not breach it.
Under the insurance contract, the premium was to be paid in three installments, and in all three, the insured party was late in payment. When a dispute arose, the insurer (Defendant) argued that the insurance contract had terminated before the insured event occurred due to the late premium payment and therefore refused to make an insurance payout. However, the Arbitral Tribunal held a contrary view.
