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Record backlog of cargo ships at California ports
A large backlog of cargo ships is stuck outside two of America's biggest ports, in the latest sign of the supply chain disruption hitting the US.
On Monday some 65 container ships were queuing outside the ports of Los Angeles and Long Beach, California, which handle almost half of all cargo containers entering the country. Before Covid, it was unusual for more than one to wait for a berth. It's linked to surging demand for imports as the US economy has reopened. US retailers and manufacturers have rushed to place orders and restock their inventories, but the global shipping system has not kept pace. Coupled with Covid disruptions, it's caused shortages of everything from children's toys and timber, to new clothes and pet food. It has also pushed up consumer prices.
Together, LA and Long Beach are the main seaborne gateway to the US, particularly for imports from China. Some cargo ships have been diverted because of the backlog, but nearby ports like Oakland do not have the capacity to deal with the volume of trade. Head of the Port of LA, Gene Seroka, last week warned of a "significant volume" of trade "headed our way throughout this year and into 2022". "We continue to monitor a host of variables, disruptions continue at every note in the supply chain," he added.
Cargo volume at the Port of LA is up 30% this year to date, compared to the whole of 2020. And on Saturday a record 73 ships were stuck outside the port - almost twice as many as last month.
https://www.bbc.com/news/business-58643717
Whoa there negro!!...Not AF1 Joe is actually early today
Not AF1 Joe 82-8000 USAF 747 departed JFK to JBA
BoJo hitching a ride cause his AC is already at Dulles and was moved there on Sunday evening-cap #2
Not AF1 Joe participates in a bilateral meeting with The Right Honorable Boris Johnson, M.P., Prime Minister of the United Kingdom of Great Britain and Northern Ireland
https://factba.se/biden/calendar
Korean AF KAF001 747 departed Dulles Int'l and hanging out over New Jersey while Not AF1 Joe departs JFK
09-0016 USAF C-32A over New Jersey and back to JBA
NICE32 USAF KC-135 tanker over NYC
>>93784 pb
Nancy inbound to JBA from London departure
BOXER41 USAF C-40C began it's descent to JBA from Stansted Airport depart earlier today
Korean AF KAF001 747 on ground at JFK from Dulles depart
NICE32 USAF KC-135 tanker west after mobile gas can dooty over NYC-back to Pittsburgh Int'l Airport
Homebuilders join chorus of supply chain warnings
America’s largest homebuilders are warning that supply chain disruptions caused by COVID-19 are not going away anytime soon.
Both D.R. Horton Inc. and Lennar Corp., the two biggest U.S. homebuilders by market capitalization, said the materials shortages and higher prices that occurred in the wake of the pandemic are preventing them from meeting prior delivery guidance. "The supply chain for both land and construction is significantly stressed and that will continue into the fourth quarter and beyond," said Lennar Executive Chairman Stuart Miller on the company’s third-quarter conference call on Tuesday. Homebuilders have since the reopening of the economy grappled with supply chain disruptions that resulted in materials shortages and skyrocketing costs amid a period of strong demand for building projects.
Categories most impacted at the national level include engineered wood, windows, glass doors, paint and vinyl siding, according to Lennar co-CEO Jon Jaffe. He added that regional problems include brick and lumber capacity in Texas, concrete block in Central Florida, insulation in north and southwest Florida, and severe labor constraints in Phoenix and Minnesota.
Lennar delivered 15,199 homes in the quarter ended Aug. 31, about 600 below the low end of its guidance. The company also lowered its fourth-quarter delivery guidance to about 18,000 homes. The warning from Lennar comes a day after rival D.R. Horton lowered its outlook for homes closed and revenue in the current quarter due to "shortages and delivery delays in certain building materials along with tightness in the labor market."
The Arlington, Texas-based homebuilder on Monday updated its guidance and said it expects to close on between 21,300 homes and 21,700 homes in the fourth quarter, down from its previous range of 23,000 homes to 24,500 homes. Fewer homes closed caused the company to also reduce its revenue forecast to a range of $7.7 billion to $7.9 billion compared to the prior range of $7.9 billion to $8.4 billion.
While homebuilders remain concerned that supply chain issues could persist, they are beginning to see some relief. Lumber prices, which had surged by as much as 500% earlier this year, are starting to ease. The decline is a welcome sign to Lennar, and other builders, who saw costs jump by $5.40 per square foot in the third quarter. About 95% of the increase was due to lumber.
The drop in the price of lumber and other materials is already showing up in builder sentiment surveys. The National Association of Home Builders (NAHB) said in a report released Monday that sentiment ticked up one point in September as materials prices eased.
https://www.foxbusiness.com/markets/homebuilders-supply-chain-warnings
talkin contract and a qualified buyer for yer old place
Worth the wait you gotta do considering wut coming