Another factor is a secular shift in container delivery direct to the Gulf Coast and East Coast, thanks to the widening of the Panama Canal (2016) and the fact that 60% of the US population lives east of the Mississippi.
What's with Biden's announcement that wait times are down a bit at Los Angeles/Long Beach ports?
Key roadblocks summarized here. A feature I overlooked is "Loitering Offshore & Slow Steaming". See chart. The number of ships"in harbour" is going downbut the number of ships not completing their trips has not.
"(The) secular trend was interrupted by COVID, which flipped the balance of power back to the west. Passenger planes were grounded, slashing air cargo capacity. Air freight rates spiked at the very time locked-in Americans accelerated their use of e-commerce. Importers needed goods faster to accommodate surging consumer demand. Some that had previously used air shifted to premium, high-speed trans-Pacific ocean service. Others that had previously favored the East Coast switched to LA/LB to save two weeks in transit time.
According to new data from Shifl, average transit time from China to New York is now actually lower than from China to Los Angeles."
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