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:
|FBX Lane||Global||Asia – US West Coast||Asia – US East Coast||Asia – North Europe||North Europe – US East Coast|
|* Compared to the corresponding week in 2021|