PORT OF SAVANNAH REPORTS VOLUME SLOWDOWN BUT INCREASED US MARKET SHARE
March 14, 2023
Port of Savannah reported its second busiest February ever last month despite a slight slowdown in volumes compared to the same period in 2022.
Georgia Ports Authority (GPA) said February container trade at the Port of Savannah reached 395,000 TEUs.
"Last month was its second busiest February ever, after 2022, when GPA moved 460,400 TEUs," the GPA announcement said.
"Inflation, rising interest rates and high warehouse inventories are important factors in the container trade dip," it added.
Compared to pre-pandemic numbers in February 2020, GPA noted that last month's performance was an increase of 30,400 TEUs.
For the fiscal year to date through February, GPA has handled 3.8 million TEUs.
"Volume and market share trends show that despite a slowing economy, Georgia is outperforming the competition," said Joel Wooten, GPA board chairman.
"Cargo owners and their logistics providers are mitigating uncertainty through the reliability and connectivity of our deepwater ports," he added.
Increased market share
Meanwhile, citing the latest information from logistics data provider PIERS, GPA noted that it now handles one out of every 8.8 loaded twenty-foot equivalent container units in the US, its highest national market share ever.
It said that the Port of Savannah moved 11.4% of the nation's loaded international containers for Fiscal Year 2023 through December, with more than 2 million TEUs.
GPA’s share of the US container trade constituted an increase of 0.7%, equating to nearly 120,000 TEUs more than it would have moved at its previous market share.
"Our global economy is facing headwinds, but Georgia's deepwater ports continue to deliver dependable performance to keep business thriving," said Griff Lynch, GPA executive director.
"As the nation's top gateway for American farm and factory exports, the Port of Savannah serves as a hub for global commerce, linking every major ocean carrier calling the US East Coast with superior connections to road and rail," he added.
Georgia Ports boosted its portion of US container exports to 12.3% over the period spanning July through December 2022 — up 0.4% compared to the same period in the previous year.
GPA said Savannah's share of the import market rose nearly three-quarters of a point to 11.1% for the fiscal year to date through December.