Port of Los Angeles Terminals Overwhelmed – The Port of Los Angeles is reporting that 95-97% of available terminal space is being used. Utilization should be less than 80% to avoid delays due to container storage problems.
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McCain Pushes for Repeal of Jones Act – Arizona Senator John McCain took the floor of the Senate to argue against the Jones Act, officially known as the Merchant Marine Act of 1920. The law was originally designed to promote the American Maritime industry. Among its provisions, it requires shipments between U.S. ports to use U.S. flagged ships, built domestically, and owned and operated by U.S. citizens. Senator McCain argues that the rules are “archaic” and artificially raise shipping costs for U.S. companies.
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Luxury Brands Prepare for Chines New Year – Luxury brands worldwide are looking to attract Chinese shoppers traveling during Chinese New Year next month. This market spent $61 billion on luxury products globally last year. There was also a 21% uptick in spending outside of China while it dipped domestically. Chinese shoppers are attracted to lower prices, more variety, and favorable exchange rates available abroad.
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