Tuesday, November 23, 2021

The threat of fines seems to be solving the logjam at the port of Long Beach

CNBC on the news that the imposition of fines will again be delayed:

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.

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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.

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since the October announcement of the new fee, the ports have seen a decline of 33% in aging cargo on the docks.

But speaking of supply chains: