Imports through the Port of Los Angeles surged 32 percent in June to reach the highest monthly level since August of 2008.   Imports last month totaled 371,888 TEUs, by far the highest number of the year. The port's marketing staff reported that peak-season vessel strings are returning to the trans-Pacific and ships are arriving full or close to capacity.  Carriers are also returning empty containers to Asia at a record pace to help relieve a severe shortage of equipment there. Empty containers handled at the port were up almost 53 percent compared to June 2009. 

A.P. Moeller-Maersk raised its profit forecast, saying its container line, the world's largest, recovered faster than anticipated as freight prices have returned to levels before the global financial crisis, Bloomberg reported Thursday.  Maersk said its full-year net income will exceed the $3.5 billion it reported for 2008. That would be the highest level since the record year of 2004, when the Copenhagen-based company had a $4.69 billion profit, Bloomberg reported.  Maersk last month said it had started production of new containers and leasing of others after an "unexpectedly strong rebound" in demand led to a shortage of equipment, Bloomberg reported.

CSX Corporation reported that earnings from continuing operations jumped 51 percent to $414 million, or $1.07 per share, and revenue soared 22 percent to $2.66 billion compared with second-quarter 2009 figures. In addition, CSX's traffic volume rose 13 percent to 1.6 million units, operating income increased 33 percent to a record $768 million and operating ratio improved 2.4 points to a quarterly record 71.2. For the fourth time in six quarters, CSX beat consensus expectations by more than 10 percent, said Robert W. Baird & Co. Inc. analysts in a report issued this morning.  "Momentum in the business remained high through the second quarter, with volume growth accelerating, real pricing growth solid and continued operating execution driving sustained operating margin expansion," they wrote.  
 

Cargo-handling operations in Los Angeles-Long Beach are fairly normal as a strike by office clerical workers continue.  The Office Clerical Unit of International Longshore and Warehouse Union Local 63, possibly in a show of good faith, removed its pickets on Monday from the five facilities that were being struck.  "The pickets were unconditionally pulled," said Stephen Berry, the attorney representing 14 shipping lines and terminal operators in contract negotiations with the OCU. "We hope it's a genuine desire to resolve the dispute," he said.  The OCU contract, which covers about 585 full-time office workers and several hundred part-time workers, known as casuals, expired at midnight on June 30. The union began to picket several facilities.  Three major issues are at stake in the contract negotiations, Berry said. Employers insist upon flexible staffing. Secondly, the OCU wants to turn the clock back on technology, Berry said. Finally, the two sides are far apart on wages and benefits.