Container Spot Rates Snap Back as Carriers Push Emergency Surcharges Amid Hormuz Tensions

Container spot rates rebounded this week after three consecutive weekly declines, as ocean carriers pushed through a new wave of emergency fuel and peak season surcharges tied to rising operational risks and continued uncertainty surrounding the Strait of Hormuz crisis.

According to the latest Drewry World Container Index (WCI), the composite index increased 3% to $2,286 per 40-foot container, driven primarily by gains on major Transpacific routes.

Rates from Shanghai to New York climbed 7% week-over-week to $3,721 per FEU, while Shanghai to Los Angeles rose 5% to $3,062 per FEU.

The increases come as carriers implement Emergency Fuel Surcharges (EFS) and Peak Season Surcharges (PSS) amid elevated bunker costs, longer voyage planning uncertainty, and continued caution surrounding Middle East operations.

MSC raised its EFS charges on Asia–U.S. East Coast cargo from $430 to $644 per FEU and on Asia–U.S. West Coast shipments from $272 to $467 per FEU. CMA CGM separately introduced a new $2,000 per FEU peak season surcharge effective May 1.

Drewry said it expects freight rates on Transpacific trades to continue rising next week.

The latest increase follows weeks of volatility tied to the ongoing U.S.-Iran conflict and disruptions surrounding the Strait of Hormuz, where carriers remain cautious despite limited U.S.-escorted commercial transits under the Trump administration’s short-lived “Project Freedom” initiative.

While vessel movements through the region have stabilized compared to the sharp collapse seen earlier in the crisis, carriers continue adjusting pricing and operational strategies to account for elevated war-risk insurance costs, rerouting uncertainty, and fuel market volatility.

On the Asia-Europe trade, spot rates were more stable. Shanghai-to-Rotterdam rates increased 2% to $2,170 per FEU, while Shanghai-to-Genoa edged up 1% to $3,075 per FEU.

Carriers are nevertheless attempting another round of aggressive rate hikes later this month.

CMA CGM, Hapag-Lloyd, and MSC have announced new Freight All Kinds (FAK) rates ranging between $3,500 and $4,500 per FEU for Asia–North Europe cargo and between $4,500 and $4,600 per FEU for Asia–Mediterranean shipments beginning May 15.

Drewry cautioned that successful implementation remains uncertain due to weak underlying demand and persistent vessel overcapacity.

To support pricing, carriers continue deploying blank sailings and trimming effective capacity. Drewry estimates effective capacity on Asia–North Europe routes will decline 3% month-over-month in May, while Asia–Mediterranean capacity is expected to fall 10% month-over-month.

Despite the latest rebound, the broader freight market remains highly reactive, with carriers increasingly relying on surcharges and capacity management rather than underlying cargo demand to support rates.

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