As the lockdown in Shanghai continues and the volume of available exports remains suppressed, major ocean carriers announced additional cancellations totalling more than a third of the scheduled sailings out of Asia through early June.
Removing available capacity could stabilize container rates out of Asia to Europe and the US West Coast, which have fallen by more than 20% since the initial shutdown in Shenzhen in March.
Despite the slowdown, projections for ocean import volumes to the US through the summer months remain higher than last year, indicating importers are ordering goods early to avoid peak season delays and possible labor disruptions at West Coast ports. This is anticipated when an important dockworker labor contract expires at the end of June.
Asia-US rates for this week:
|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|