Far East-US Container Rates Hit $11,259
Ocean freight costs have surged significantly, with the Far East to US East Coast rate reaching $11,259 per FEU.
The market average spot rate for the Far East to US East Coast trade reached USD 11,259 per FEU. This figure represents a 325% increase since late February. The rate is currently 11% below the all-time high recorded in January 2022.
Xeneta, the source of the data, reports similar gains on the West Coast route. Rates on that trade stand at USD 7,960 per FEU. This is a 324% rise from the pre-crisis baseline. Both trades are approaching pandemic-era peaks.
Rates Near Historical Highs
The current pricing levels are close to the records set during the 2021-2022 disruption. The West Coast rate is 17.9% away from its peak of USD 9,699. The East Coast rate is 11.2% away from its peak of USD 12,683. Analysts note that fuel surcharges are driving these costs higher.
A breach of the previous all-time high is possible. The East Coast trade is the most likely candidate for a new record. Such an event would signal extreme market sensitivity to geopolitical events. The Middle East conflict is the primary driver of this volatility.
Carriers Increase Available Capacity
Shipping lines are adding vessels to the US East Coast route. Offered capacity in September is 6-7% higher than in August. This move occurs as the market remains hot. Carriers aim to capture revenue before a potential downturn.
A further price increase is expected in early October. Shippers are moving cargo out of Asia before the Golden Week holiday. Rates may soften or slow their growth after this period. The market is expected to turn within two to three weeks.
Global Trade Route Comparison
Other major routes show different price movements. The Far East to North Europe rate is USD 4,103 per FEU. This is an 84.9% increase since February. The Far East to Mediterranean rate is USD 4,434 per FEU, up 33.2%. The North Europe to US East Coast rate is USD 2,956 per FEU, up 100%.
The data highlights the uneven impact of the crisis. US-bound trades are seeing the steepest climbs. European trades are rising but at a slower pace. The GN auto markets/forex spot rates data confirms the sharp divergence. These figures reflect the immediate cost pressure on global supply chains.
