Container spot freight rates experienced another weekly surge, elevating global benchmarks to levels not seen since the 2022 pandemic-era peak, driven by tariff-induced cargo frontloading and ongoing disruptions near the Strait of Hormuz.
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Drewry’s World Container Index increased 9% week-over-week to $4,530 per 40-foot container, buoyed by advances on both transpacific and Asia-Europe routes. The Shanghai-to-New York rate rose 11% to $7,902 per FEU, while Shanghai to Los Angeles gained 10% to $6,349 per FEU. Drewry noted eight blank sailings scheduled on the transpacific for the upcoming week, signaling constrained capacity. On Asia-Europe, only one blank sailing was recorded, with Shanghai-to-Rotterdam climbing 7% to $4,682 per FEU and Shanghai-to-Genoa rising 10% to $6,360 per FEU.
Freightos data mirrored this trend. Its Asia-US West Coast and East Coast indices each advanced 8% last week, reaching approximately $6,200 and $8,000 per FEU respectively, representing gains of 120% and 85% since mid-May. Asia-North Europe rates hit $4,900 per FEU, up 70% over the same period, while Asia-Mediterranean reached $6,500 per FEU, an 85% increase. Freightos indicated that East Coast and Mediterranean rates have already exceeded last year’s seasonal highs, with West Coast pricing slightly above its 2025 peak.
S&P Global’s Platts Container Index confirmed the rally, rising 80% over the 30 days ending June 24 to its highest point since April 2022.
Carriers moved to lock in these gains. HMM introduced a $3,000 per 40-foot peak season surcharge effective July 15. CMA CGM raised its Asia-North Europe freight-all-kinds rate to $6,300 per 40-foot container from July 1, adding a $1,000 per TEU peak season surcharge, while its Mediterranean FAK rates reached as high as $10,200 per 40-foot container for Algeria-bound shipments.
Frontloading remains the primary catalyst, as importers accelerate cargo movements ahead of a threatened US tariff of 10-12.5% on numerous countries over forced labor concerns, amid ongoing uncertainty. Lars Jensen, a prominent container analyst, remarked via LinkedIn that these sharp increases appear fueled by robust demand and full vessels. He noted that pandemic-era disruptions taught carriers that pricing can align with supply and demand without being tied to cost.
Linerlytica estimates global TEU-mile demand is currently expanding at 7.3%, comfortably outpacing fleet supply growth of 5.4%, creating the widest demand-supply gap since late 2024. Congestion has also intensified, with nearly 11% of the world’s containership fleet currently waiting outside ports, the highest level since 2022.
Splash reported earlier this week that Maersk raised its full-year financial outlook. Just months ago, the Danish shipping giant cautioned investors it could post an underlying EBIT loss of up to $1.5 billion this year. Now, following a sustained freight rate surge and stronger-than-expected cargo demand, Maersk anticipates an underlying operating profit between $2 billion and $4 billion. Underlying EBITDA guidance has been increased to $8 billion-$10 billion from a prior range of $4.5 billion-$7 billion, while the company’s global container demand forecast has been revised upward to around 4% growth this year from an earlier estimate of 2% to 4%.
