Port of Los Angeles set to cross 10 million TEUs in 2024
Record year of 9.6 million containers within reach for 2024 at Port of Long Beach.
The Port of Los Angeles processed 884,315 TEUs in November, a 16 percent increase over the previous year. Eleven months into 2024, the port has moved 9,375,735 TEUs, 19 percent ahead of its 2023 pace.
“We are well on pace to exceed 10 million container units for only the second time in our 117-year history,” says Gene Seroka, Executive Director, Port of Los Angeles. “It’s a remarkable milestone that we owe to the collective efforts of our partners: the women and men of the International Longshore and Warehouse Union, our trucking community, terminal operators, rail partners and many others whose efforts continue to elevate the Port of Los Angeles to new heights.”
November 2024 loaded imports came in at 458,165 TEUs, a 19 percent increase compared to the previous year. Loaded exports came in at 124,117 TEUs, an increase of 11 percent over 2023. The port processed 302,033 empty containers, up 13 percent compared to 2023.
Port of Long Beach nears record
Buoyed by six straight months of historic volumes, the Port of Long Beach is on course to reach 9.6 million cargo containers by the end of 2024 without congestion or other disruption and exceeding the previous record set during the pandemic in 2021.
The Port of Long Beach also achieved its busiest November, when dockworkers and terminal operators moved 884,154 TEUs, up 20.9 percent from the same month last year and surpassing the previous record set in November 2020 by 12.8 percent.
"Imports increased 21.8 percent to 432,823 TEUs and exports rose 9.5 percent to 119,083 TEUs. Empty containers moved through the port increased 24.5 percent to 332,250 TEUs. November also marked the port’s sixth consecutive monthly year-over-year cargo increase."
Mario Cordero, CEO, Port of Long Beach says: “Imports are being driven by strong consumer demand while retailers continue to move cargo here out of concern for labor negotiations at ports on the East and Gulf coasts. We will continue to handle this influx of cargo smoothly and with zero disruptions through the end of 2024.”
The Port has moved 8,788,718 TEUs through the first 11 months of 2024, up 20.2 percent from the same period last year.
Challenging 2025 ahead
The new year is rapidly approaching, and the factors that made 2024 tumultuous for logistics – the Red Sea crisis, labour disputes and possible trade wars – are still in play for 2025, says Freightos in its latest update.
"Transpacific rates rebounded by more than 10 percent last week and general rate increases (GRIs) are expected on this lane as well. Even with last week’s gains though, prices remain lower than at the end of November. But relative to Asia - Europe, transpacific rates have shown more buoyancy since the end of peak season due to frontloading ahead of a possible International Longshoremen's Association (ILA) strike on January 15 and expected tariff increases with the incoming Trump administration."
U.S. President-Elect Donald Trump’s explicit backing of the ILA and its opposition to even semi-automation introductions at these ports may make a strike, or at least a prolonged one, much less likely to happen. "Anticipation of tariff hikes next year is likely still driving some unseasonal volume strength, also reflected in reports of a shortage in reefer containers."
