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LA/Long Beach Port Supply Chain Recovering With Announcement of New Fee

Mario Cordero, the executive director of the Port of Long Beach, California, told CNBC’s “Squawk Box” on Wednesday that the twin ports of Long Beach and Los Angeles are making progress in addressing the backlog of cargo ships and containers.

“I think we’re moving forward with some progress and hopefully, as we move into the next six months, we’re going to continue to mitigate the scenario that we’re seeing here,” Cordero said to host Becky Quick.

The twin ports account for roughly 40% of sea freight entering the United States. Fines of $100 a day per container left on the dock, referred to as “Container Dwell Fees,” were announced on Oct. 25 to address the unprecedented backlog.

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