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I THINK AT THE END OF THE DAY TODAY, YOU WILL SEE ACTIVITY TOMORROW MORNING. >> WHAT’S THE TOTAL PERCENTAGE OF GDS THAT ARE COVERED BY THE PORTS THAT ARE GOING TO SEE STRIKERS ACROSS THE U.S.? CAN THE SLACK BE TAKEN UP BY — BY OTHER PORTS? >> YOU KNOW, I THINK ONE OF THE THINGS WE’VE SEEN AND WE’RE FOCUSED ON LEADING AND LAGGING INDICATORS IS THAT VOLUME HAS ALREADY SHIFTED TO THE WEST COAST.

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OUR LEAD INDICATORS SHOW OVER THE LAST FOUR OR FIVE WEEKS, WE HAVE SEEN CONTAINER VOLUME AND VESSEL VOLUME SIMILAR TO THE PEAK IN 2022 AND 2023 WHICH IS ALMOST 20,000 UNITS HANDLED BY THE WEST COAST PORT. 45% OF THE VOLUME IMPORTED IN THE UNITED STATES COMES THROUGH PORTS AFFECTED BY A WORK STOPPAGE ALONG THE EAST COAST.

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IS THAT ONE OF THE DOWN SIDES FOR THE PORTS AFFECTED? DOES ANY OF THAT SHIFT BECOME PERMANENT AND DOES THAT TAKE INTO THE CALCULUS OF THE STRIKERS? >> I THINK THAT’S AN INTERESTING THING WHEN YOU LOOK AT THE INDUSTRIES AFFECTED. CLEARLY, AUTOMOTIVE IS AFFECTED AND COMPONENTS IN PARTICULAR.

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THERE’S APPAREL THAT’S AFFECTED. THE PANAMA CANAL HAS WIDENED AND DEEPENED SO THE LARGE SHIPS CAN GET FROM THE FAR WEST TO THE EAST COAST TO ELIMINATE THAT LEG OF INTERNAL MOVEMENT INSIDE THE UNITED STATES OR THROUGH THE UNITED STATES. SO, YOU KNOW, AUTOMOTIVE AND APPAREL AND LASTLY PHARMACEUTICAL.

THE NORMAL ACTIONS TAKEN FOR THE AUTOMOTIVE ASSEMBLY PLANTS BECAUSE WE MOVED TO THE GLOBAL JUST IN TIME PRODUCTION MODEL IS THEY MADE AIR FREIGHT IN THE SHORT-TERM AND MAY PULL FORWARD SOME OF THE SCHEDULED SHUTDOWNS. FROM THE APPAREL STANDPOINT, IT IS MORE RETAIL RATHER THAN GENERAL MERCHANDISE LIKE T-SHIRTS AND SOCKS AND UNDERWEAR, RIGHT? PHARMACEUTICALS, THERE IS A BIG IMPACT THERE BECAUSE WE NEED TO MONITOR HOW THAT IMPACTS PATIENT CARE.

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LET’S NOT FORGET ABOUT EXPORTS. PORK AND BEEF. RANCHERS IN THE UNITED STATES RELY ON A CONSISTENT VOLUME OF VESSELS AVAILABLE FOR EXPORT. >> I CAN SEE HOW THIS IS INFLATIONARY AND DEFLATIONARY DEPENDING ON WHAT’S MORE AFF AFFECTED. >> CORRECT. IF YOU READ ANYTHING, EVERYBODY IS TALKING ABOUT THE PRICE OF ABO BANANAS BECAUSE THAT’S EXPORTED.

THERE COULD BE AN ISSUE WITH ITEMS INCLUDING PORK AND BEEF THAT MAY NOT BE EXPORTED LIKE THEY ARE TODAY. YOU ALSO SAID WHAT’S THE LONG-TERM IMPACT. I THINK WHAT WE LEARNED FROM COVID IS THAT, YOU KNOW, NEAR SHORING CONTINUES TO BE AN OPTION. I THINK MOVING MANUFACTURING INTERNALLY DOMESTIC TO THE UNITED STATES BECOMES AN OPTION AS WELL.

I THINK WHAT WE’VE SEEN IS THERE’S LESS FRICTION AND COMPLEXITY FROM THE TRADE STANDPOINT WHEN WE MOVE FROM MEXICO OR CENTRAL AMERICA WHERE GOODS ARE MANUFACTURED OUTSIDE THE U.S., BUT CONSUMED HERE INSIDE.