While North America West Coast port volumes have started to contract sharply in 2022-Q3 (both Y/Y and on an annualised basis compared to 2019), the same is not the case for the North America East Coast ports. As shown in figure 1, the Y/Y laden inbound growth in 2022-Q3 was between 4%-11%, and the annualised growth was between 7%-10%. Total handling volumes also exhibited a similar growth trend, albeit shifted slightly downwards. There is also an increase in the laden export volumes, growing Y/Y for four consecutive months in September, which shows that the carriers are starting to clear out laden export backlog a little more. That said, empty exports are still growing at a rate of 17%-20% Y/Y, when annualised against 2019. (....)