US Ports Experience a 50% Decrease in Container Ship Traffic

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

The number of container ships in U.S. coastal waters is now less than half of what it was a year ago, which is the latest ominous sign of a global trade slowdown.

Sunday evening, there were 106 container ships in port and off the coast, compared to 218 at the same time last year, a drop of 51% according to vessel data analyzed by Bloomberg.

IHS Markit data revealed that the weekly number of port calls in US waters through March 4 decreased to 1,105 from 1,906 the previous year. This is the lowest point since the middle of September 2020.

Bad weather may have played a role. Globally, a slowdown in consumer demand, fueled by weaker economic growth and higher inflation, is reducing the number of vessels required to transport goods from Asia's leading manufacturing hubs to the United States and Europe.

As of late Sunday, the number of ships in the port of New York/New Jersey, which is currently facing an approaching winter storm, had dropped to three, compared to a two-year average of ten. The West Coast shipping hubs of Los Angeles and Long Beach had 15 ships, compared to the average of 25 ships.

According to maritime consultant Drewry, idle container vessel capacity in February was near its highest level since August 2020.

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