Asia‑U.S. container spot rates top $11,000, nearing pandemic highs
Spot container rates from Asia to the U.S. West Coast hit $7,960 per FEU and East Coast rates reached $11,259 per FEU as of September 17. East Coast rates are just 11.2% below the January 2022 record of $12,683 per FEU, while both trades have risen more than 320% since late February.
Carriers have added 6% to 7% more space on the Far East‑U.S. East Coast lane for September compared with August, aiming to capture revenue while rates stay near historical highs. Xeneta expects another rate increase in early October as shippers rush cargo ahead of China’s Golden Week factory shutdowns. The Far East‑North Europe route rose nearly 85% from pre‑crisis levels to $4,103 per FEU, and the Far East‑Mediterranean lane increased 33.2% to $4,434 per FEU. North Europe‑U.S. East Coast spot rates more than doubled to $2,956 per FEU, showing a smaller but still significant uplift. Rising bunker costs could lift carrier fuel surcharges, potentially pushing Asia‑U.S. rates even closer to the pandemic‑era peaks. Sand noted that carriers are seizing the opportunity while the market is hot, adding capacity ahead of a possible turn in the next two to three weeks. The Hormuz crisis in late February disrupted global shipping markets, triggering the initial rate surge that has since been amplified by strong demand.
“Spot rates from Far East to U.S. West Coast and U.S. East Coast are up 324% and 325% respectively since pre-Hormuz crisis at the end of February,” Peter Sand, chief analyst at Xeneta said.
“We should expect one more freight rate push at the start of October as shippers rush cargo out of Asia ahead of the Golden Week shutdown,” Peter Sand, chief analyst at Xeneta said.
Before the Hormuz crisis in late February, spot rates on Asia‑U.S. lanes were far lower; they have since more than quadrupled. The January 2022 pandemic peak for the East Coast was $12,683 per FEU, and the West Coast peak was $9,699 per FEU. Europe‑Asia trades have also strengthened, though the magnitude of increa
What we know
Rates from the Far East to the U.S. West Coast reached $7,960 per forty foot equivalent unit as of Sept. 17, while Far East-U.S. East Coast prices climbed to $11,259 per FEU.
Both trades have more than quadrupled since late February, before the Hormuz crisis disrupted global shipping markets.
The current East Coast spot rate is just 11.2% below its record of $12,683 per FEU, established Jan. 1, 2022, amid the supply-chain disruption of the Covid-19 era.
Offered capacity on that route in September is 6% to 7% above August levels.
“We should expect one more freight rate push at the start of October as shippers rush cargo out of Asia ahead of the Golden Week shutdown,” Sand said