Lowered export volume from China to the U.S. has resulted in cancellations of sailings during the first part of Q2 with a consequential reduction in rates.  The FDX Asia-West Coast charge fell 25 percent to $12,000 per FEU container between May 2nd and May 11th.  This was approximately 33 percent lower than the all-time high in September 2021.

Ship queues off West Coast ports have declined with 29 container vessels near Long Beach during mid-May.  The number of container ships waiting for berths at Gulf and East Coast ports has dropped by half from February 2022 with 45 vessels in queues.