Port congestion in mainland China continued to remain high with extended lockdown measures
As COVID-19 lockdown measures were extended from Shanghai to more Chinese cities including parts of Beijing, port congestion rebounded in northern Chinese ports. Moreover, many vessels are trying to find alternative ports since social restrictions in major cities in east China including Shanghai are expected to continue into early May. This will likely increase congestion in southern ports as well.
According to S&P Global Commodities at Sea, total congestion levels at Shanghai's port has increased by about 30-40% since the start of March 2022, but it is still lower than the peak of last year over the third quarter. Since the manufacturing sector in mainland China has also been affected because of the lockdowns and labor shortage, Chinese import and export growth has been reduced from levels a year-ago. According to S&P Global Market intelligence AIS data, vessel capacity arrivals...
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