There were 106 container ships both in port and off the coastline late Sunday, compared with 218 at this time last year, a 51% drop according to vessel data analysed by Bloomberg.
Data from IHS Markit showed that the weekly count of port calls in US waters through March 4 had slowed to 1,105 from 1,906 the year prior. That’s the lowest level since mid-September 2020.
Bad weather may be partly to blame. More broadly, a slowdown in global consumer demand — driven by weaker economic growth and higher inflation — is translating into fewer vessels needed for shipping goods from Asia’s top manufacturing hubs to the US and Europe.
Ships in the port of New York/New Jersey, currently facing an incoming winter storm, fell to just three as of late Sunday, compared with a two-year median of 10. There were 15 vessels in the West Coast shipping hub of Los Angeles and Long Beach, which normally sees a median of 25 ships.
Meanwhile, idled container vessel capacity in February was near the highest level since August 2020, according to maritime consultant Drewry.