Weekly highlights

Air and ocean volumes out of Shanghai continue to be impacted by the drop in manufacturing and available trucking. When possible, exports are being diverted to nearby Ningbo where ocean volumes have increased 14% since the lockdown and congestion has increased.

Though some carriers are skipping Shanghai or canceling services, most ships continue to arrive. With Shanghai-bound imports and empty containers in place, some expect the eventual reopening to have less of an impact in terms of delays, congestion and increased rates than previous closures. 

Strong demand – including a pull forward of peak season shipments – has likely kept transpacific rates about level since Lunar New Year (LNY) and through the slowdown. 

Meanwhile, Asia-Europe rates have fallen 27% since LNY and 20% since mid-March to their lowest level in nearly a year, likely a combination of seasonality, the drop in available exports, and inflation’s impact on European consumer demand.

Asia-US rates for this week:

  • Asia-US West Coast prices (FBX01 Daily) were level at $15,552/FEU. This rate is 162% higher than the same time last year.
  • Asia-US East Coast prices (FBX03 Daily) were also unchanged at $17,148/FEU, and are 176% higher than rates for this week last year.
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FBX Lane Global Asia – US West Coast Asia – US East Coast Asia – North Europe North Europe – US East Coast
This Week $8,963 $15,552 $17,148 $10,836 $6,972
Last Week -2% 0% 0% -7% -15%
Last Year* 105% 162% 176% 40% 103%
* Compared to the corresponding week in 2021