Xeneta, a freight platform based in Oslo, indicated that the spot rate for a 40-foot container from Asia to northern Europe reached $3,649 as of Friday, reflecting a 27% increase from the prior week. Meanwhile, rates for shipments from Asia to the US West Coast rose by 20%, now sitting at $3,933.
Data from Xeneta revealed that container rates from Asia to the US have surged by 109% since the US engagement in the Iran conflict began on February 28, while charges for shipments to Europe have increased by over 50%.
Shipping companies have begun implementing fuel surcharges, transferring the higher costs associated with the energy crisis onto importers. The situation has been exacerbated by rerouted shipments due to the blockage of the Strait of Hormuz, resulting in congestion at crucial Southeast Asian ports, including Singapore and Port Klang in Malaysia.
Bloomberg highlighted that the rise in freight rates coincides with carriers facing limited capacity in anticipation of increased inventory demands typical during the July and August restocking period.
Peter Sand, chief analyst at Xeneta, noted that disruptions at major transshipment ports are straining global supply chains and leading to significant price increases across various trade routes, as reported by Bloomberg.
He warned that if concerns over persistently high oil prices continue into the latter half of the year, freight rates could escalate further as shippers may expedite imports and carriers raise prices even more.
The surge in freight costs has also affected land transport, with US transport expenses recording their fastest growth in the history of the monthly Logistics Managers’ Index report.
Shares of A.P. Moller-Maersk A/S, the world’s second-largest container shipping line, experienced a rise of approximately 13% over the past week.
