Letter from the CEO: Coronavirus Market Update
MARCH 18, 2020
Spot market rates are increasing for freight going from Mexico to the California, Washington, and Oregon areas. Los Angeles / Long Beach and Oakland have severe congestion due to lack of space for empty containers that are awaiting backhaul vessels to China / Asia. VLSFO (Very Low-Sulfur Fuel Oil) $315 per metric ton 3/12 comparted to $740 per metric ton in January 2020 = 57% decrease. Letter from the CEO: Coronavirus Market Update.