Georgia Ports Authority released container volume data for the Port of Savannah in February, indicating a total throughput of 451,670 twenty-foot equivalent units (TEUs), marking a notable 14.4% year-over-year growth. Loaded imports saw a substantial increase, reaching 219,000 TEUs, up by 19% compared to February 2023, while loaded exports amounted to 121,930 TEUs, representing a 10% increase over the same period.
These figures demonstrate significant growth, surpassing monthly volumes recorded in both 2023 and 2019, with only the peak periods during the pandemic exceeding the current throughput at the port. Despite February typically being a slower month, 2024’s performance surpassed previous peaks, indicating a growing momentum at the fourth-largest container port in the United States. Forecasts based on container bookings data available in FreightWaves SONAR suggest that this momentum is expected to continue through March.
The Mason Mega Rail Terminal at the Port of Savannah also experienced its strongest February on record, with intermodal lifts totaling 46,890, marking a notable 39% year-over-year growth. While this includes both imports and exports, as well as loaded and empty containers, the analysis of international container movements on intermodal rail outbound from Savannah reveals a similar upward trend in volumes.
However, it’s worth noting that the intermodal throughput at the port is still below its maximum capacity of 2 million TEUs per year. Even with the February run rate annualized, the throughput falls short, emphasizing the potential for further growth.
Truckload capacity in Savannah remains tighter compared to the national average, with the outbound tender rejection rate reaching 5.62%, higher than Atlanta’s 2.7% and the national average of 3.94%. Elevated rejection rates are typically associated with strong upward trends in volumes, indicating increased demand for transportation services.
These heightened flows at the Port of Savannah coincide with reports from major retailers like Target and Walmart indicating lower inventory levels compared to the previous year. Lower inventory levels often lead to increased demand for transportation services, particularly for loaded imports at container terminals and truckload volumes within national distribution networks.
As a result, Savannah could expect continued strong year-over-year growth in March, driven by replenishment needs and rising demand for transportation services.
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