WEBVTT - Port of L.A. Leader Gene Seroka Talks Shipping

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news, and.

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<v Speaker 2>Chris cross the Pacific from San Diego up to Vancouver.

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<v Speaker 2>There's just so much that we don't cover being here

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<v Speaker 2>on the far and distant shore. Geens Soroca owns the

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<v Speaker 2>high ground here driving all of the Los Angeles Park technology.

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<v Speaker 2>He's been doing it for twelve fourteen years. We're thrilled

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<v Speaker 2>to We love when he comes in because he just

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<v Speaker 2>gives us a flavor thumb up or thumb down. Right now,

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<v Speaker 2>on Pacific transport, given a war thumbs up.

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<v Speaker 1>We've seen a lot of fits and starts because of

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<v Speaker 1>trade policy, the warner around. There are five conflicts happening

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<v Speaker 1>in the Middle East right now. Yeah, the sewiz Canal

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<v Speaker 1>effectively has been running at ten to twenty percent efficiency

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<v Speaker 1>for four years. So cargo has really started to move

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<v Speaker 1>into that southern California gateway over this time because it didn't.

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<v Speaker 3>Have that many options.

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<v Speaker 1>But you know, Tom, compared to COVID nineteen when we

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<v Speaker 1>saw those ships backed up and the pilots of cargo,

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<v Speaker 1>things are moving normal. We've moved more cargo during this

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<v Speaker 1>time period than we did during the peak of the

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<v Speaker 1>peak then, and not one ship is.

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<v Speaker 2>The back onion members happy? Are they working triple overtime?

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<v Speaker 4>Kind of bait.

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<v Speaker 1>I see some of these guys at the Elks Club

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<v Speaker 1>for happy Hour. They're getting a lot of hours on

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<v Speaker 1>the job. They're working, they're throwing the cargo, they're hustling. Yeah,

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<v Speaker 1>they're the best in the business.

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<v Speaker 4>Like, Yeah, it's like overtimes.

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<v Speaker 5>Making comparisons to what the market was like at the

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<v Speaker 5>height of the pandemic and how improved, how much more

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<v Speaker 5>efficient it's running. I mean, talk to us a little

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<v Speaker 5>bit about those lessons you learn from the pandemic. Are

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<v Speaker 5>they paying off?

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<v Speaker 3>Yeah, Damien. Two things.

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<v Speaker 1>Number One, we had to be humble, lean on each other,

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<v Speaker 1>kind of open up the books a little bit and see.

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<v Speaker 3>Where it went wrong.

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<v Speaker 1>And it was probably a little bit of communication laps,

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<v Speaker 1>folks doing things on their own. Nobody trying to do

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<v Speaker 1>anything sinister, but everybody was out there just trying to

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<v Speaker 1>edge ahead for themselves. Second, the advent of technology, whether

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<v Speaker 1>it's the truck reservation system, being able to see cargo

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<v Speaker 1>forty days before it lands on the shore of Los Angeles,

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<v Speaker 1>all of that makes us smarter.

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<v Speaker 3>Leaning on each other made us better.

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<v Speaker 5>You know, Tom, This is amazing because you know, if

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<v Speaker 5>you look at JP Morgan, a lot of these people

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<v Speaker 5>and what they're talking about, what they got wrong here

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<v Speaker 5>about the impact of inflation, of horror moves of Iran

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<v Speaker 5>on inflation here in the US, is that the demand

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<v Speaker 5>destruction is real, like the way that the consumer has

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<v Speaker 5>adjusted their demand patterns in order to adjust to the supply.

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<v Speaker 5>Shop talk to us about what else you're seeing from

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<v Speaker 5>the perspective of the consumer. Are you seeing volumes still

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<v Speaker 5>continuing to expand, Are they, you know, kind of getting

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<v Speaker 5>a little constrained here?

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<v Speaker 4>What are your thoughts?

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<v Speaker 1>Yeah, Davian, the example is happening right now. We saw

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<v Speaker 1>small to middle sized importers bringing in their cargo a

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<v Speaker 1>little bit earlier than a traditional peak season. Two main reasons. One,

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<v Speaker 1>the temporary tariffs were expiring on July twenty fourth. I

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<v Speaker 1>know my price, I've got a window. I've got to

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<v Speaker 1>speed the cargo to market. And then second, the fuel

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<v Speaker 1>adjustment factors in the shipping industry lag by about three months,

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<v Speaker 1>so they saw a day when that price was going

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<v Speaker 1>to spike. Let me average my cost down, get as

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<v Speaker 1>much product in as I can.

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<v Speaker 4>I look at this Jane and wrapped around it is.

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<v Speaker 2>I think it's eighty eight different cities in Los Angeles,

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<v Speaker 2>and Los Angeles is like bigger than Rhode Island.

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<v Speaker 3>That's right, in eighty eight cities in LA County.

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<v Speaker 4>What's the state?

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<v Speaker 2>You'res such a great voice for a La down trodden

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<v Speaker 2>billionaires tax everybody's moving to Austin, Texas, or they're moving

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<v Speaker 2>up to the Central Valley, et cetera, et cetera.

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<v Speaker 4>What's the real story of LA right now that you see.

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<v Speaker 1>One in fifteen working Angelinos have a job related to

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<v Speaker 1>this port complex and supply chain.

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<v Speaker 3>Wow, that's super powerful.

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<v Speaker 1>We've got twenty million people that live in southern California,

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<v Speaker 1>so when we do all these imports, we got a

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<v Speaker 1>lot of mouths to feed. We've got a lot of consumers.

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<v Speaker 1>We also have the largest manufacturing base of employment in

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<v Speaker 1>the country, four hundred thousand jobs in La County.

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<v Speaker 4>Dot knows.

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<v Speaker 2>My father used to lecture me on this, like McDonald,

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<v Speaker 2>douglass and the rest of the way back aerospace in all.

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<v Speaker 3>It's aerospace defense four hundreds.

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<v Speaker 2>And thousand Richfield, you know, I mean, you're not even

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<v Speaker 2>old enough to remember Atlanta Richfield. But the bottom line

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<v Speaker 2>is did you just say it's the largest manufacturing base.

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<v Speaker 3>Of employment in the country La County.

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<v Speaker 5>You know, I have to ask you this, Gina, and

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<v Speaker 5>I'm sorry to shift gears, but you know, I haven't

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<v Speaker 5>heard much about the rebuilts into the wildfires hit Malibu

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<v Speaker 5>in La County. I mean, can you give us a

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<v Speaker 5>little bit of insight as a local there? I mean,

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<v Speaker 5>are we seeing people, you know, move back into the area.

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<v Speaker 5>Are people building there again? Talk to us a little

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<v Speaker 5>bit about that.

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<v Speaker 1>The progress and the resolver two different things. Folks absolutely

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<v Speaker 1>want to get back into Alta Dina to Pacific Palisades

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<v Speaker 1>and even the edges of Malibu that were that were

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<v Speaker 1>burned so badly. But one thing that's real are the

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<v Speaker 1>international and tariff policies. Softwood lumber that comes out of Canada.

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<v Speaker 1>Appliances that are made in the Makuiladora areas of Mexico

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<v Speaker 1>steal with fifty percent tariffs. Furniture and footweark are up

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<v Speaker 1>ten percent or more over last year. It's more expensive

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<v Speaker 1>to rebuild, and then, of course, as you guys have reported,

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<v Speaker 1>there's a gap between the insurance coverage and the rebuild cost,

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<v Speaker 1>only exacerbated by teriffs.

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<v Speaker 2>She's a rucker where there's from Los Angeles driving all

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<v Speaker 2>over the port there. Love having them in with the

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<v Speaker 2>flavor of southern California. You grew up in New Orleans.

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<v Speaker 2>You're in school in New Orleans, which is humidity and heat.

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<v Speaker 2>Now you're out in Southern California, which is I guess

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<v Speaker 2>dry and heat, and it's getting a hotter. Discuss climate change.

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<v Speaker 2>Is it affects your staff, the customers of your operation.

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<v Speaker 2>It's getting hotter out in Phoenix over to La, isn't it? It?

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<v Speaker 1>Sure is?

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<v Speaker 3>Tom and feel it. I feel it.

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<v Speaker 1>And the thing that we look at the most is

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<v Speaker 1>in that harbor enclave at the Port of LA. We've

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<v Speaker 1>got two hundred and sixty thousand residents in San Pedro, Wilmington,

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<v Speaker 1>Harbor City, Harbor Gateway, and Watts. There are millions more

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<v Speaker 1>that live along these key commerce corridors. We believe it's

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<v Speaker 1>our job to bring that health risk down through reduction

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<v Speaker 1>and pollution. We've reduced diesel particulate matter tailpipe pollution by

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<v Speaker 1>ninety one percent since we started our clean Air Action

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<v Speaker 1>plan in two thousand and six.

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<v Speaker 2>Did Jay once again a month? I got to get

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<v Speaker 2>this one question and Damien takeover. Gee, how do you

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<v Speaker 2>respond to forty five tankers stuck in the Persian Gulf?

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<v Speaker 1>Having lived and worked in the Middle East for five years, Tom,

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<v Speaker 1>I'm keeping up with my business contacts and lifelong friends

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<v Speaker 1>that I made during my time stationed in Dubai. This

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<v Speaker 1>is really tough because it's the crew members that are

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<v Speaker 1>on these vessels that have been stranded. Now we're in

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<v Speaker 1>our six month of this war, and there are other

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<v Speaker 1>conflicts happening throughout the region that have put an unbelievable

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<v Speaker 1>amount of stress on these people that guide the ships

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<v Speaker 1>and the supply chains they support. There's an adage in

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<v Speaker 1>our industry. If your port gets shut down for a day,

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<v Speaker 1>whether whatever the case may be, it takes about three

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<v Speaker 1>days to catch up. We're now six months in this war,

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<v Speaker 1>straight of horror, moves closed, open, really closed. It's going

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<v Speaker 1>to take a long time not only to get these

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<v Speaker 1>ships back into rotation, but to repair the damage that's

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<v Speaker 1>been done through this war torn region and future proof it.

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<v Speaker 5>You know, I'd love to ask him about why the

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<v Speaker 5>Dodgers have just lost six in a row, whether or

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<v Speaker 5>not you're worried about it. But Geen, what I really

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<v Speaker 5>will ask you is about a Nino and how you

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<v Speaker 5>expect the port to adapt, you know, to climate change.

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<v Speaker 5>To rightly point out, I mean, Tom, I think he

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<v Speaker 5>hit the nail on the head here. You know, there's

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<v Speaker 5>going to be some interesting dynamics. What are you expecting

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<v Speaker 5>through the second half of this yearfl Ninho really does

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<v Speaker 5>continue and it starts to even you know, get stronger here.

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<v Speaker 1>Well, this is not meant to be to the detriment

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<v Speaker 1>of any other port.

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<v Speaker 3>Ricardo Vasquez, who.

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<v Speaker 1>My friend Katin, who runs the Panama Canal Authority, good friend,

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<v Speaker 1>great businessman. He's now faced with some issues. Yeah, what

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<v Speaker 1>we're doing is not taking his cargo. We're planning in

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<v Speaker 1>the event he can't move as much product through his

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<v Speaker 1>three locks in the canal. How do we prepare in

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<v Speaker 1>Los Angeles to get ready? I see that just on

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<v Speaker 1>the drawing board here probably a five percent up ticking

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<v Speaker 1>cargo because some of it will move to avoid any

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<v Speaker 1>type of concerns in the supply chain. And we're working

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<v Speaker 1>with our Harbor Trucking Association Robert Loyer, our terminal operators,

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<v Speaker 1>our rail partners, and longshore labor to make sure guys

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<v Speaker 1>down the pipe. We see a little bit of an uptick.

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<v Speaker 1>Let's get ready with our skilled labor, land and machinery

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<v Speaker 1>to take that on. And if it doesn't happen, there's

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<v Speaker 1>no shame in that. But we've got to have the

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<v Speaker 1>preparedness based on these changes in supply chain patterns.

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<v Speaker 4>We welcome all.

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<v Speaker 2>Of you across America and of course early morning Pacific

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<v Speaker 2>rim as well, from San Diego up to Vancouver farther

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<v Speaker 2>north through good Morning Whistler, where I think it's almost

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<v Speaker 2>sixty degrees. It is probably nicer the way you choose

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<v Speaker 2>to listen to us. Thank you so much on Serious XM,

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<v Speaker 2>and of course Good Morning ninety two NINEFM, Boston, ninety

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<v Speaker 2>nine one FM, Nathan Hager Radio Washington in Bloomberg eleven

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<v Speaker 2>three to zero Jobs Day and about I'm doing the

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<v Speaker 2>math fifteen sixteen minutes with a great lineup. But this

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<v Speaker 2>is just a joy on a summer Friday to talk

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<v Speaker 2>to Gene Soroca about the pulse going north from the port.

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<v Speaker 2>We have stereotypes here, but as you go up to

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<v Speaker 2>San Francisco up to Portland, Oregon, all that Carnie and

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<v Speaker 2>Canada is doing on their west coast. It's basically a

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<v Speaker 2>booming How many miles I'm going to say one thousand miles?

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<v Speaker 4>Am I guessing pretty close?

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<v Speaker 1>It's booming right absolutely, and so are we. This Port

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<v Speaker 1>of Los Angeles is in a period of time right now, Tom,

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<v Speaker 1>where we've really lined up our commercial business. The relationships

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<v Speaker 1>run deep across the supply chain, and the financial setting

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<v Speaker 1>that we're in right now has never been better. We've

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<v Speaker 1>got one hundred and sixty capital improvement projects on our dashtar.

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<v Speaker 4>Give us an example of that. Give us a capital improvement.

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<v Speaker 1>One of the reasons I'm in New York this week.

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<v Speaker 1>We just signed an agreement with the Newsomb administration California

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<v Speaker 1>Governor Gavin Newsom's administration build a new bridge that traverses

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<v Speaker 1>from the residential areas in San Pedro to Terminal Island.

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<v Speaker 1>I'm here seeing banks and financial institutions to work on

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<v Speaker 1>a P three concept that's never been done before.

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<v Speaker 3>We're really excited about this.

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<v Speaker 1>We're also building a new cruise terminal that's being helped

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<v Speaker 1>out by a number in the industry, including Carricks at SSA,

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<v Speaker 1>and for the first time in a generation, we've got

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<v Speaker 1>bids due in December for a brand new container change.

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<v Speaker 1>The investment at the Port of la is off the time.

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<v Speaker 4>I'm sorry. The bridge has got to be the truck

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<v Speaker 4>Scooball Bridge. Oh my god, it's got to be.

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<v Speaker 5>Well, you know, I just thought Gene was in town

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<v Speaker 5>basically meeting with his colleagues at the Port of New

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<v Speaker 5>York and New Jersey, you know, like going golfing and

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<v Speaker 5>outside of port of limits.

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<v Speaker 2>The state of the ports here from three thousand miles away, Yeah,

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<v Speaker 2>it's quick to the state of the ports here.

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<v Speaker 1>Beth Rooney runs the Port of New York and New Jersey.

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<v Speaker 1>She is one of the best in the business. And

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<v Speaker 1>these guys mean so much. You're within drive time of

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<v Speaker 1>two thirds of the American population. With cargo coming in

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<v Speaker 1>and out of this gateway. It is essential for the

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<v Speaker 1>American economy.

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<v Speaker 5>I mean, do you regularly interact obviously with the Port

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<v Speaker 5>of New York, New Jersey, but Port of Savannah, you

0:11:03.400 --> 0:11:05.080
<v Speaker 5>know all these I mean, do you guys kind of

0:11:05.120 --> 0:11:06.640
<v Speaker 5>you know, like like you readily point out, you know,

0:11:06.720 --> 0:11:09.200
<v Speaker 5>preparing for some you know, some sort of something happened

0:11:09.200 --> 0:11:11.040
<v Speaker 5>with the Panama Canals. You guys kind of all work

0:11:11.080 --> 0:11:13.240
<v Speaker 5>together to make sure that logistically speaking, you guys are

0:11:13.280 --> 0:11:13.840
<v Speaker 5>on the same page.

0:11:13.960 --> 0:11:16.720
<v Speaker 1>Yeah, and contrary to popular opinion, we all get along

0:11:16.800 --> 0:11:20.480
<v Speaker 1>extremely well. The pockets of cargo, the people that we serve,

0:11:20.840 --> 0:11:22.480
<v Speaker 1>and the jobs that we have to do every day

0:11:22.520 --> 0:11:25.760
<v Speaker 1>are so important to this country and our local communities.

0:11:26.040 --> 0:11:28.160
<v Speaker 1>It is a really good band of folks that we

0:11:28.200 --> 0:11:30.079
<v Speaker 1>have working together at ports in the US today.

0:11:30.080 --> 0:11:32.480
<v Speaker 4>He has never said anything negative.

0:11:34.800 --> 0:11:35.920
<v Speaker 5>He has the gift.

0:11:36.440 --> 0:11:38.480
<v Speaker 4>It's unbelievable. What's along shoreman make?

0:11:39.920 --> 0:11:42.760
<v Speaker 1>Oh, it depends. These guys out on the West coast

0:11:42.760 --> 0:11:45.600
<v Speaker 1>do really well. But this is one of the most dangerous.

0:11:45.679 --> 0:11:50.240
<v Speaker 2>Shouldn't answer my question. They're popping big six figures right.

0:11:50.120 --> 0:11:53.600
<v Speaker 1>Yeah, they make a good middle class wage. Now you've

0:11:53.640 --> 0:11:55.880
<v Speaker 1>got registered lawn shortman about nine thousand.

0:11:57.120 --> 0:11:58.520
<v Speaker 4>They make the middle class.

0:11:58.600 --> 0:12:02.040
<v Speaker 2>Ways if this America was build on after World War Two,

0:12:02.440 --> 0:12:06.120
<v Speaker 2>these are guys making a legit middle class.

0:12:05.760 --> 0:12:08.120
<v Speaker 3>Wage on average north of two hundred thousand.

0:12:08.240 --> 0:12:12.120
<v Speaker 2>It's why is it evaporated from America? Why have we

0:12:12.320 --> 0:12:15.680
<v Speaker 2>lost the jobs that were middle class in Detroit, the

0:12:15.800 --> 0:12:18.360
<v Speaker 2>jobs in New Jersey that were middle class, the ones

0:12:18.400 --> 0:12:20.520
<v Speaker 2>you're living right now at the port.

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<v Speaker 3>Again, we look at Detroit.

0:12:23.000 --> 0:12:26.199
<v Speaker 1>We do about thirty billion dollars worth of business with

0:12:26.360 --> 0:12:29.080
<v Speaker 1>the OEMs and Detroit and the tiered suppliers throughout the

0:12:29.080 --> 0:12:32.200
<v Speaker 1>Ohio Valley. I've been impressed by what Michigan has done

0:12:32.320 --> 0:12:36.840
<v Speaker 1>to modernize around the industry. You got four miles of

0:12:36.880 --> 0:12:40.160
<v Speaker 1>electrical cable and cars. Now the price being at fifty

0:12:40.200 --> 0:12:43.480
<v Speaker 1>thousand dollars for a new vehicle is problematic, and it

0:12:43.559 --> 0:12:46.080
<v Speaker 1>is symptomatic of what we've talked about with respect to

0:12:46.120 --> 0:12:50.200
<v Speaker 1>inflation and trade policies. But the state of Michigan is

0:12:50.240 --> 0:12:51.760
<v Speaker 1>behind its automotive industry.

0:12:53.240 --> 0:12:55.000
<v Speaker 5>I mean, I mean, I know, if you're going to

0:12:55.080 --> 0:12:57.280
<v Speaker 5>lend me, I mean I'm happy to ask, please, Geane,

0:12:57.280 --> 0:12:59.800
<v Speaker 5>what outside of you know, meeting with banks and finance

0:13:00.280 --> 0:13:02.080
<v Speaker 5>and trying to get you know, funding for you know,

0:13:02.200 --> 0:13:05.840
<v Speaker 5>you for with our hopefully great investments. Talk to us

0:13:05.840 --> 0:13:09.480
<v Speaker 5>about you know, demand for those meetings, demand for infrastructure,

0:13:09.559 --> 0:13:12.920
<v Speaker 5>demand for infrastructure investments. Are you seeing you know, people

0:13:13.000 --> 0:13:14.520
<v Speaker 5>you know willing to put their hands in their pockets

0:13:14.559 --> 0:13:16.760
<v Speaker 5>in this enbob environment with yields where they are to

0:13:16.760 --> 0:13:18.680
<v Speaker 5>to to lend to you over the long term.

0:13:18.800 --> 0:13:21.160
<v Speaker 1>I do, And this week in New York it's been

0:13:21.280 --> 0:13:24.240
<v Speaker 1>super encouraging the way folks look at it is and

0:13:24.280 --> 0:13:28.560
<v Speaker 1>for agencies like ours, we have to invest through budget cycles,

0:13:28.679 --> 0:13:31.360
<v Speaker 1>economic cycles, and even election cycles.

0:13:31.360 --> 0:13:31.600
<v Speaker 4>Now.

0:13:32.120 --> 0:13:35.120
<v Speaker 3>To build this new bridge from Stem to Stern will

0:13:35.160 --> 0:13:36.840
<v Speaker 3>be about seven to ten years.

0:13:36.920 --> 0:13:39.560
<v Speaker 1>So we can't get to the point where we're wringing

0:13:39.559 --> 0:13:42.320
<v Speaker 1>our hands today because things don't look exactly perfect. And

0:13:42.320 --> 0:13:44.880
<v Speaker 1>that's what the big thinkers here in Manhattan we're telling

0:13:44.880 --> 0:13:45.440
<v Speaker 1>me this week.

0:13:45.559 --> 0:13:48.040
<v Speaker 2>The Turk Scooble Bridge. Do you know the Dodgers have

0:13:48.080 --> 0:13:50.280
<v Speaker 2>lost six in a row and they're still playing well.

0:13:50.320 --> 0:13:52.839
<v Speaker 5>They ran into a bus, they ran into the Red Sox, right,

0:13:52.880 --> 0:13:54.400
<v Speaker 5>and then I think the Cubs just got them the.

0:13:54.400 --> 0:13:57.040
<v Speaker 1>Cuts, right, Yeah, they got swept two series in a row,

0:13:57.040 --> 0:13:58.240
<v Speaker 1>one at home, one on the road.

0:13:58.559 --> 0:13:59.079
<v Speaker 4>Crisis.

0:13:59.360 --> 0:14:00.480
<v Speaker 5>Yes, I'm kidding.

0:14:00.480 --> 0:14:02.640
<v Speaker 3>It's one hundred and sixty two game season.

0:14:02.800 --> 0:14:05.640
<v Speaker 1>You're gonna go through bumps, Okay, back to back World

0:14:05.760 --> 0:14:06.480
<v Speaker 1>Series champs.

0:14:06.559 --> 0:14:07.559
<v Speaker 3>I'm not gonna count them out.

0:14:07.559 --> 0:14:07.839
<v Speaker 4>Okay.

0:14:07.880 --> 0:14:10.280
<v Speaker 2>Thank god Detroit named at the Gordy Howbridge and not

0:14:10.480 --> 0:14:11.680
<v Speaker 2>the Terrek School Bridge.

0:14:11.840 --> 0:14:13.800
<v Speaker 4>Jeans Soroka, thank you so much.