Radius International is closely monitoring its implications for the shipping industry following the recent East and Gulf Coast port strike and the delays due to Hurricane Milton.
The recent ILA port strike across East Coast and Gulf Coast ports lasted three days and had minimal immediate impact on trucking freight pricing. While spot rates remained stable, disruptions in container dwell times and rail congestion were noticed. It is expected to see a cleanup period from 3-4 weeks. The effects of Hurricane Helene, combined with anticipation for Hurricane Milton overshadowed the strike’s impact. Despite strong truckload capacity, local spot rates have spiked due to storm related concerns. The potential for future strikes remains, as negotiations on key issues continue with a deadline of January 15th, 2025.
Hurricane Milton has hit Florida right after Hurricane Helene, Radius International is thinking of everyone affected by theses storms and hope those affected were able to evacuate to safety. Hurricane Milton poses significant challenges for the shipping industry, causing disruptions to shipping routes, port closures, and potential damage to infrastructure and cargo. These impacts can lead to increased costs and delays, affecting global supply chains.
If you have any questions or concerns please contact Radius International.