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Heartland Express, Covenant Logistics, and Knight-Swift Q2 earnings show mixed results, debt reduction, and market stabilization signs.
Despite an overall YoY decline, the Port of Los Angeles reports significant cargo volume gains in recent months.
The Port of Los Angeles reported its best performance since July of the previous year, having moved 833,035 Twenty-Foot Equivalent Units (TEUs) in June. The Executive Director, Gene Seroka, pointed out that cargo volume had risen by an impressive 70% since February, marking four consecutive months of gains. While a slight easing in cargo is expected in July, Seroka expresses optimism for improved performance in the latter half of 2023. However, in the first half of 2023, the Port handled 4,137,379 TEUs, marking a 24% decline in comparison to the same period the previous year.
Source: Â Port of Los Angeles
The Port of Los Angeles saw its strongest month of activity in a year in June, which port executives linked to the resilient economy and the port workers' tentative labor deal. Read what U.S. Secretary of Labor Julie Su said about the negotiations. https://t.co/DqKW5H87Q6
— L.A. Business First (@LABusinessFirst) July 13, 2023
The Port of Los Angeles processed 752,893 20-foot equivalent units for the month of May. A 3% decline from the 779,140 moved around this time a year ago.
East Coast port strike looms while LA imports fall slightly. But bigger storm brewing as ocean freight rates could hit $20,000 per container.
Plus, the Port of Los Angeles posted its 11th straight month of year-over-year gains in exports, processing 770,337 total TEUs, up 12% from last year.
With the port gradually reopening, this Baltimore trucking firm navigates ongoing disruptions while keeping drivers employed.
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