Cramer blames this week's crazy market on a 'group of com…
CNBC's Jim Cramer gives his take on this week's wild market swings.
CNBC's Jim Cramer gives his take on this week's wild market swings.
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Post-Panamax cranes unload intermodal containers at the Port of Savannah's Garden City Terminal. Photo: Georgia Port Authority
">Intermodal cargo is booming at the nation's ports. The Port of Los Angeles and the Port of Long Beach both reported record levels of cargo. Georgia's Port of Savannah hit its highest annual volume ever, and the Port of New York and New Jersey also shattered its previous annual cargo volume record, set in 2015.
The Port of Los Angeles moved more cargo in 2017 than in any time in its 110-year history, racking up 9.34 million TEUs (Twenty-Foot Equivalent Units), a 5.5% increase over 2016's record-breaking year. It's the most cargo moved annually by a Western Hemisphere port, according to officials.
Supply chain efficiencies implemented by the Port in 2017 included technology upgrades, like the new “Port Optimizer” digital information portal, which aggregates key cargo data online for better cargo tracking, projections and productivity. Infrastructure upgrades like those completed at TraPac Container Terminal and Yusen Terminals during 2017 continue to boost the port's ability to service increasingly larger ships, as well as to more efficiently facilitate cargo movement throughout its terminals.
In addition, the Port of Long Beach reported its busiest year ever in 2017, moving 7.54 million TEUs, an increase of more than 11%, despite having to deal with replacing a bankrupt shipping tenant.
Thanks in part to completion of the Bayonne Bridge Navigational Clearance Project last summer, the Port of New York and New Jersey handled 6.7 million TEUs (a 20-foot-long intermodal cargo container), a 5.3% increase over the 6.37 million TEUs handled in 2015.
The record volumes allowed the port to maintain its position as the third largest port in the United States with 15.4% market share and the busiest on the East ...Read the rest of this story