SIMIC

"We have seen some carriers offer us small increases in space, maybe 10 or 20 containers here and there out of multiple ports in Asia, but it's the first time we've seen that in two years," a major shipper told Newark's Journal of Commerce.

Increased lockdowns in China could create even more slot availability as some shippers have seen factory production stall due to a lack of raw materials and components.

Ningbo and Shanghai have been hit hardest, with the shipping industry watching how Beijing will manage its recent Covid scare.

"We expect the last five weeks of Covid-related shutdowns at the largest shipping port in the world is about to begin to impact freight with a potential big splash whenever that faucet gets turned back on," said Derek Leathers, CEO of Werner trucking.

US imports from Asia between January and the week ended April 23 on a week-to-week basis fluctuated between increases as high as 32 per cent and declines as steep as 67 per cent, according to PIERS data through March and preliminary readings in April.

Asia imports to the US this year through April 23 were up 7.6 per cent compared with a year ago.

Vietnam has been the biggest beneficiary of orders shifting from China, with India, Bangladesh, Indonesia, and Cambodia also benefitting to a lesser degree, according to Infor Nexus, a global network platform for direct procurement, origin order management, multi-modal freight management, and trade finance services.

Compared with five weeks ago, the cost of shipping an FEU this week from Asia to the US west and east coasts is up nearly one per cent and 1.3 per cent, respectively, according to Xeneta, an ocean freight rate benchmarking platform. On a year-over basis, FEU rates to the west and east coasts are up more than 120 per cent, with this week's readings at $8,804 and $11,935.