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Cyberattack at the Port of Nagoya and the Impacts

On July 4th, 2023, the port of Nagoya was hit by a Russian-led cyberattack, resulting in a complete halt of all operations at Japan’s largest port for over 48 hours. However, operations have now resumed earlier than initially expected, as of Thursday. While the impact is anticipated to be minimal due to the swift resumption, there will still be some delays as the port catches up after the temporary closure.

Update July 7th, 2023

With import volume increasing more than 3390% between the 5th and 6th of July, import dwell time has decreased by 78% back to a stable level of 6.7 days. Export dwell has also decreased, overall remaining unimpacted by the cyberattack.

Container Dwell at the Port of Nagoya

The chart below illustrates the daily import and export dwell times over the past two weeks. This event caused a complete halt in imports, while exports remained relatively steady, likely due to containers that had already been loaded onto vessels and were clearing out of the port. There is a possibility of a slight increase as port operations resume and work through the backlog of containers from the past three days.

When imports resumed on the 5th, there was a staggering 98% reduction in volume compared to the 3rd. The containers that were released had been sitting at the port for a significantly longer duration due to various reasons such as paperwork issues, inspections, or customer drayage delays. With the much lower volume, the release of these containers caused a drastic spike in import dwell time, which skyrocketed to an astounding 30.9 days, an increase of over 25 days.

Summary

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Disclaimer: The information conveyed herein, shared solely for summary and not contractual purposes, comes from both project44 and third-party reporting. The project44 data does not include all available market information, and project44 has not undertaken to independently verify the third-party reporting. Similarly, this type of data changes from day-to-day. Accordingly, the reader should not rely on this reporting to make any business decisions, and project44 expressly disavows any liability arising from any such reliance.

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