• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Money Profit News
No Result
View All Result
Home Breaking News

California ports report supply chain progress, delay fines for lingering cargo containers

by
November 22, 2021
in Breaking News
0
0
SHARES
1
VIEWS
Share on FacebookShare on Twitter

Related Posts

Insiders Pour Millions Into These 2 Beaten-Down Stocks, Analysts Say They Could Be Ready to Bounce Back — Here’s Why You Should Pay Attention

Arby’s employee found dead in freezer had ‘beat her hands bloody’ trying to escape, lawsuit says

Markets are sounding alarms on China’s economy, but analysts say Wall Street is missing the big picture

3 reasons why even China doesn’t want the yuan to replace the dollar as the world’s reserve currency

Cargo trucks travel past shipping containers in the Port of Los Angeles in Los Angeles, California, U.S., on Wednesday, Oct. 13, 2021.

Kyle Grillot | Bloomberg | Getty Images

WASHINGTON – The nation’s busiest port complex will again delay imposing fines on carriers for lingering containers awaiting pickup, citing significant improvements in the supply chain since late last month.

The executive directors of the ports of Los Angeles and Long Beach said in a joint statement on Monday that since the October announcement of the new fee, the ports have seen a decline of 33% in aging cargo on the docks.

The directors “are satisfied with the progress thus far” but will continue to monitor the situation and will reassess the implementation of the fee next week, after Black Friday and Cyber Monday, two of the biggest shopping days of the year.

The development came as the nation contends with a supply chain squeeze while American shoppers ramp up their purchasing for the holiday gift-giving season. President Joe Biden’s administration has sought to relieve pressures on the supply chain as the otherwise-strong United States economy contends with inflation, a labor shortage and elevated levels of Covid infections.

On Oct. 25, the ports of Los Angeles and Long Beach, which account for 40% of sea freight entering the United States, announced new fees aimed at abating the intensifying logjam of cargo ships.

The fines, referred to as “Container Dwell Fees,” came on the heels of the Biden administration’s plan to run operations 24/7 at the ports of Los Angeles and Long Beach in order to immediately address supply chain challenges and other disruptions affecting global commerce.

Carriers would have nine days to move containers by truck before fines start accruing and six days if transporting by rail. In accordance with these deadlines, carriers would be charged $100 for each lingering container per day.

“The terminals are running out of space, and this will make room for the containers sitting on those ships at anchor,” explained Port of Long Beach Executive Director Mario Cordero in a statement announcing the measure at the time.

The fees have been delayed several times since it was announced as ports have reported progress on clearing out containers.

Next Post

"Mortgage Rates Under Pressure After Powell Nomination and Bond Auctions"

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Insiders Pour Millions Into These 2 Beaten-Down Stocks, Analysts Say They Could Be Ready to Bounce Back — Here’s Why You Should Pay Attention

by
May 30, 2023
0

Read more

Insiders Pour Millions Into These 2 Beaten-Down Stocks, Analysts Say They Could Be Ready to Bounce Back — Here’s Why You Should Pay Attention

Arby’s employee found dead in freezer had ‘beat her hands bloody’ trying to escape, lawsuit says

Markets are sounding alarms on China’s economy, but analysts say Wall Street is missing the big picture

3 reasons why even China doesn’t want the yuan to replace the dollar as the world’s reserve currency

The AI Boom Runs on Chips, but It Can’t Get Enough

Nvidia is not the only firm cashing in on the AI gold rush

Load More

All rights reserved by www.moneyprofitnews.com

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

moneyprofitnews