Port of Long Beach CEO anticipates further pain for container shipping lines as global container shipping lines face one or two more years of pain as the industry consolidates amid overcapacity and weaker demand, according to the Port of Long Beach’s chief executive officer.
Slowing demand in China and Europe combined with a glut of container ships has pushed down freight prices. Long Beach is being hurt by the fallout as cargo volumes slumped 22 percent in April after CMA CGM SA shifted some business to neighboring Los Angeles, the busiest U.S. port, following its acquisition of Singapore’s Neptune Orient Lines Ltd. Volumes at the port, which derives more than 90 percent of its business from trade with Asia, should normalize in the third quarter. As interest rates and fuel prices rise, mergers and alliances designed to cut costs by sharing ships should proliferate. The port hopes to serve as a “facilitator of change” to bring together clients in alliances and mergers that will allow them to share not only ships but also information about container freight demand and availability.
As an American Manufacturing Company, this is great news. Kinetic Die Casting Company will increase our production capacity while our overseas competitors, these offshore die casting manufacturers, decrease ability to get products to America cheaply.
Kinetic Die Casting Company makes Aluminum Casting Parts. As a die casting company, we make these parts every day and ship thousands of these aluminum die castings every week.
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Kinetic Die Casting Company 818-982-9200
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