the freight rates will remain high until congestion is eased

Forwarders and importers have transferred some of their imports from Asia to ports on the east coast or the Gulf of Mexico. The proportion of containers imported from Asia on the west coast of the US fell to a low of 58.2% in February from 62% last year, according to IHS Markit.

Based on the report from McKinsey, the freight rates will remain high until congestion is eased. It is estimated that congestion has effectively reduced the capacity of trans-Pacific container ships by nearly 25%. It is warned that if current congestion levels do not fall by the end of 2022, the freight rates may be 25-50% higher by 2023 than those in 2019.