East coast ports keep on growing
Good morning! Happy Sunday. It’s been a long weekend… are you ready to go back to work?
Fears and concerns of labor disruptions on the West Coast still have cargo being shipped to the East Coast ports, instead. Port of Los Angeles's year-over-year cargo numbers was down 25% and officials say volume is down 6% from 2021’s landslide pace.
Check out today’s featured article from TT News to read about the diverting West Coast cargo that could potentially overwhelm the East Coast Ports. ☕️
Featured Article:
East Coast Ports Continue to Gain Business Amid Concerns Over West Coast Labor Talks | TT News
“Ongoing concern about labor and management talks regarding two separate contract negotiations and a slowing U.S. economy resulted in a big drop in container volume at two of the nation’s biggest ports on the Pacific Coast.”
Trucking & Industry Forecasting 🚛
Trucking equipment issues expected to extend into 2023
Some of the largest players in the game such as Schneider National and J.B. Hunt voiced concerns regarding the 2023 market forecast at the Stephens Annual Investment Conference last week. Mark Rourke, president and CEO at Schneider, and Nick Hobbs, COO and president of contract services at J.B. Hunt, have advised that they expect OEMs will increase production in 2023 regardless of supply chain disruptions and that the companies will need to obtain new equipment to fulfill orders from other trucking companies.
One thing is clear: it’s uncertain that there will be enough new equipment to meet demand. Many trucking companies have decided to pursue alternative tactics for replacing their fleets, such as an acquisition.
Electric Vehicles & Sales 🧾
Biden’s Inflation Reduction Act could spoil Hyundai’s hot streak in America
With the expectation of capturing approximately 11% of new vehicle sales in the country, Hyundai is having a breakout year. Hyundai Motor Group is currently the world’s fourth-largest automaker by sales, but with electric vehicles being pushed by the government… it remains to be seen if it will remain that way.
The Biden administration’s Inflation Reduction Act has axed the company’s federal tax credits offered to customers when purchasing an electric vehicle from the automaker. Hyundai’s competitors such as Tesla, Ford Motor, and General Motors all keep the tax credits in their pockets due to being manufactured on domestic soil. As it stands, all of Hyundai’s electric vehicles are currently imported to the U.S. instead of manufactured here.
Let’s Get Global 🌎
Proud Of You Yes GIF via GIPHY
🇨🇳 Mainland China is being racked by Covid, once again. The daily Covid case count has risen to around or more than 28,000 positive cases, which matches the numbers mentioned during the Shanghai lockdowns earlier in 2022. China’s stringent Covid controls have negatively affected nearly 20% of China’s economy, according to Nomura’s Chief China Economist Ting Lu. It is expected that China will fully reopen again by the third quarter of 2023.
The Workday Dash is an aggregation of articles regarding the transportation logistics, trucking, and supply chain industries for November 28, 2024, from iLevel Logistics Inc.