Because of the continuing gridlock on the ports in Los Angeles and Long Beach, cargo ships still linger on the horizon long after they have docked. It is further delayed due to pending dockworkers contract negotiations
Some companies are moving to domestic sources instead.
It may be still very pricey for shipping containers filled with goods. Spot rates globally usually are still more compared to quadruple pre-pandemic ranges. But rates usually are now reduced from where they had been several months ago— and continues to drop. The Shanghai Containerized Freight Index (SCFI) logged its fifteenth consecutive weekly loss on Friday.
The big unknown is whether rates will spike again. It's challenging to predict what will happen with China lockdowns and port labor issues and port congestion.