Port of Los Angeles inactive in May; COVID-19, trade war threaten peak season

11.06.2020 - Petr Mazaylo
Port of Los Angeles inactive in May; COVID-19, trade war threaten peak season

The novel coronavirus crisis and China-U.S. trade tensions awakened concerns that the Port of Los Angeles would grow inactive during the peak holiday shipping season. This came after the seaport was seen at its weakest in May in more than a decade, Executive Director Gene Seroka said on Wednesday.

May had seen the busiest seaport in the United States treading at its slowest pace since the Great Recession of 2009. May volume dropped 30% from last year as business shutdowns and U.S. trade policies disrupted global supply chains, Seroka said.

This is likely to drag shipping activity during holiday shipping which runs from August to October. Though this is the case, analysts believe that recovery is still possible, forecasting an increase in consumer spending in the first quarter of 2021. This is expected to support ocean cargo at the end of 2020.  

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or Market Solutions limited." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?