US Port Review - November 2023
Panama Canal Congestion
Restrictions are worsening in Panama with capacity at the canal to drop to less than half by February. This will start to affect container transit.
US Port Overview
At the start of November, we see that all US ports are operating with minimal delays.
We are now in the US peak season for container imports. If traffic follows a typical year expect a small uptick in transit and delays over the next few months.
Ocean Fuel (VLSFO) has increased from the summer time lows and is back to the price we saw in January. This cost is roughly twice the price in 2019-2021.
Diesel in the USA as the start of November is $4.45 a gallon (California is $1.45 more per gallon)
The cost of diesel continues to keep freight prices high.
Diesel has increased back to its 2023 high, eliminating the decreases we saw throughout the summer.
Additionally, average diesel prices reported by EIA.gov are typically lower than truck stop prices, and are average across large sections of the country.
September imports were in line with 2022, much higher than 2019.
West coast port load share edged ahead of the east coast in September.
The PDF below is port-by-port review across the U.S. in November 2023 compared to 2022 & 2021.