Lockdown in Shanghai Remains the main issues, while sharp increase in demand is expected once restrictions are over.
Destinations such as US and Canada ports, are experiencing less congestion and fewer dwelling vessels—trends likely to be temporary. Equipment deficits increase due to the lack of Chinese imports arriving into countries in the region.
Rates: Levels remain elevated relative to the pre-Covid market with softening in many major pockets, especially to the West Coast.
Recommendation: Book at least 2-4 weeks prior to cargo ready date (CRD). Consider premium options where needed. Be flexible in regard to equipment and routings. Check closely with suppliers to understand any Covid-related impacts or changes to production outputs and forecasts.