Port Congestion Update 07/09/21

Weekly Vessels Anchored and at Terminals as of 07/09/2021

LA & LB: Anchored 14 | Terminal 28
Oakland: Anchored 5 | Terminal 8 | Coastal 14
NWSA: Anchored 5 | Terminal n/a | Drifting 0

Vessel Congestion Update
San Pedro Bay
Vessels continue to be diverted to anchorage and high cargo importations continue to break records at the ports of Los Angeles and Long Beach. The average anchorage is 3.75 – 5.4 days. The cargo surge started in July 2020 and record imports arrive as consumer buying continues.

Congestion Continues Worldwide
After days of slow down, the Port of Yantian is moving containers. Reports indicate the container yard density is down and productivity has increased. Yantian is clearing, however, ripple effects will continue to affect other ports.

Vessel: Ever-Given Update
The Ever-Given container ship that blocked the Suez Canal was finally released on July 7, 2021, by the Suez Canal Authority (SCA). On March 23, 2021, the vessel ran aground blocking the Suez Canal for six days. The vessel was arrested and an agreement by the vessel owner’s insurance agent and the SCA was reached more than 100-days after vessel detention. The vessel carrying more than 18,000 TEU is now underway to a European port. The vessel had been placed under arrest shortly after the vessel was refloated from the grounding incident. It is believed a lump sum payment, without disclosing the amount but suspected to be $200 million, was negotiated to release the 20,388 TEU container vessel. General Average was declared, meaning the shippers will need to post a security to receive their cargo. It was announced last week, this may be the largest general average casualty in history. Those not having insured their cargo will pay out of pocket for their goods to be released.

Please contact your Western Overseas representative if you have any questions.