Happy New Year and Happy Wednesday. Today's feature story spotlights the top 10 fastest-growing U.S. ports emerging as key trade hubs. You’ll also find coverage on Maersk’s latest halt of operations in the Red Sea, a major narcotics interception at the Texas border, and insights into how five countries are capitalizing on US-China trade tensions. Plus, don’t miss the visual on surging trucking costs.
Question of the Day: In 2021, this Midwest airport was the top-ranked airport in the Americas by cargo value, processing approximately $300 billion in freight. Which airport is it? Scroll down to our main story to find out.
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In today's email:
Three Freight Headlines: Maersk ceases Red Sea transit again, huge Texas drug bust, and five nations capitalizing on trade shifts.
The Top 10 Fastest-Growing U.S. Ports in the Last Decade
Around the Freight Web: Trucking costs hike visualized, US oil output peaks, Omni-Forward Air merger dispute gets wilder.
Freight Meme of the Day
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🚢 Maersk Halts Red Sea OperationsIndefinitely. In a dramatic response to escalating maritime threats, Maersk has indefinitely suspended shipping through the Red Sea following a severe attack on the Maersk Hangzhou on December 30. Houthi rebels targeted the vessel with a missile strike and attempted to board it. This attack came just days after the ship resumed transit in the area following a previous attack. U.S. Navy helicopters swiftly intervened, sinking three hostile boats and killing ten. The rerouting of ships and the ensuing uncertainty have led to a spike in freight costs. For instance, shipping a 40-foot container from Shanghai to New York now averages $5,000, up from $3,500 in December.
💐 "Toxic Bouquet" of Over $10M in Drugs Seized. U.S. Customs and Border Protection agents seized over $10 million worth of drugs at the World Trade Bridge in Texas. On December 21, a routine check of a refrigerated trailer supposedly carrying cut flowers revealed a massive drug stash. The haul included over 1,100 lbs of narcotics: 165 lbs of powdered methamphetamine, 854 lbs of crystal methamphetamine, and 165 lbs of cocaine.
🌏 FiveNew Hubs in Global Supply Chain. Due toUS-China supply chain tensions, five countries are emerging as profitable alternatives. Vietnam's exports to the US soared by 174%, while Poland became a powerhouse in battery production. Mexico surpassed China as America's top goods supplier, with Chinese investments skyrocketing. Morocco's auto sector is booming, thanks to a 290% increase in greenfield investment. Indonesia is leveraging its resources to become a key player in the EV market, with a 71% boost in US exports. These nations are strategically positioning themselves as essential "connectors" in the shifting landscape of international trade.
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Top 10 Fastest-Growing Ports in the United States in the Last Decade
This chart shows the top 50 U.S. ports organized in order of percentage change over the last ten years. Image Source: Forbes
Writing for Forbes, Ken Roberts (@TradeDataGuy) ranks the top 10 fastest-growing U.S. ports over the last decade. By analyzing data from ustradenumbers.com and the U.S. Census Bureau, the methodology centers on the top 50 ports, which account for over 85% of U.S. trade, ensuring a comprehensive view of America's trade dynamics. The list includes a mix of seaports, airports, and border crossings.
#1. Port of Corpus Christi, Texas
Most recent data shows fluctuating trade volumes with significant growth in agricultural exports for November 2023. Image Source: Port of Corpus Christi
Type: Seaport
10-Year Growth: 238.33%
Notable for: Energy exports, especially oil. Largest trade surplus in the U.S. The port has also set a record for the sixth consecutive quarter, with 52 million tons moved in Q3 2023, representing a 7.7 percent increase from the same period last year
#2. Port of Mobile, Alabama
Type: Seaport
10-Year Growth: 121.84%
Notable for: Importing oil, motor vehicle parts, and aircraft parts. The port has undergone nearly $500 million in capital improvements and expansion projects, including a new rail ferry terminal, a steel terminal, new warehousing, a new container terminal, and expansions at the McDuffie Coal Terminal.
#3. Hartsfield-Jackson Atlanta International Airport, Georgia
Notable for: Importing vaccines, blood fractions, and medicines. The Atlanta airport is planning a $500 million expansion of its air cargo facilities to address the growing demand.
#4. O'Hare International Airport, Chicago, Illinois
Notable for: Diverse trade profile, significant import and export hub. In 2021, O'Hare was the top-ranked airport in the Americas by cargo value, processing approximately $300 billion in freight.
#5. Cleveland Hopkins International Airport, Ohio
Type: Airport
10-Year Growth: 90.33%
Notable for: Diverse exports including aircraft parts, medical instruments, and solar panels. Over the last ten years, trade at this port has more than doubled in size.
Notable for: Key trade point with Mexico, diverse import/export goods. The Port of Laredo ranks #1 among all U.S. airports, seaports, and border crossings.
Notable for: Uptick in trade with China, import/export of a variety of goods. The port's share of the U.S. container trade market was 11.2% in fiscal year 2023, up from 10.5% in fiscal year 2022.
#8. Otay Mesa Border Crossing, California
Most recent data from September 2023 shows transborder freight at Otay Mesa topped $5.3 billion. source: BTS
Type: Border Crossing
10-Year Growth: 75.68%
Notable for: Trade primarily with Mexico, varied import/export goods.
Notable for: Major trade connection with Mexico, diverse trade commodities. On a year-to-date basis, trade at Eagle Pass was valued at $31.34 billion, an increase of 10.16 percent through October 2023. Exports totaled $9.65 billion, up 5.06%.
#10. Port of Beaumont, Texas
Type: Seaport
10-Year Growth: 72.25%
Notable for: Energy exports, particularly oil, gasoline, and natural gas. In 2022, the port exported $23.6 billion worth of goods, making it the 24th largest exporter out of the 390 exporters in the United States.
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AROUND THE FREIGHT WEB
"It appears costs have exploded and it costs a sh*t load to just run a truck one additional mile." @Logisticsexpert
📊 Cost Surge for Truckers. Trucking costs have exploded due to higher equipment, insurance, and maintenance expenses over the last few years.
🛢️ US Oil Production Breaks World Record. US oil production hits a historic peak of 13.2 million barrels daily, outpacing Saudi Arabia and setting a global record.
📑 Merger Dispute Documents. In a legal battle, Omni alleges Forward Air's CEO withheld critical documents regarding their contentious merger discussions.
🚗 BYD Overtakes Tesla. Chinese automaker BYD has surpassed Tesla in global EV sales without yet entering the US market.
❄️ Arctic Trucking Insights. Learn about the challenges of hauling above the Arctic Circle in our interview with Norwegian owner-operator Kenneth.
FREIGHT CONFERENCES WE'RE ATTENDING
Manifest Vegas, February 5 - 7, 2024, is the world's largest global supply chain & logistics tech event, bringing together Fortune 500 global supply chain executives, logistics service providers, cutting-edge startups, venture investors, and technology leaders. Join 4,500+ supply chain innovators to foster new strategies and relationships. Receive $200 off your ticket with our exclusive link.
FREIGHT MEME OF THE DAY
Also, check out:
🎧 The FreightCaviar Podcast. Listen to this week's podcast on Spotify & Apple Podcasts.
☕️ FreightCaviar Essentials. Purchase a FreightCaviar hoodie, long-sleeve, or mug by clicking here.
🎧 The Bootstrapper's Guide to Logistics is a podcast that highlights and inspires supply chain entrepreneurs, sharing their stories and building a community from the ground up.
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I’m Adriana, a writer and editor at FreightCaviar. I’ve covered everything from freight tech to industry lawsuits and market shifts, helping scale us to almost 14K subscribers. My goal: to make logistics stories digestible, clear, and fun to read.
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