The Global Container Index (WCI) compiled by Drewry has risen by 1% in the last week to stand at $2,309 per 40-foot container, marking the sixth consecutive week of increases. The global index is 2% above the level recorded a year ago, driven by rising prices on trans-Pacific and transatlantic routes.
On trans-Pacific connections, freight rates between Shanghai and New York have increased by 7% to $3,671 per 40-foot container, while those from Shanghai to Los Angeles have risen by 9% to $2,910. On the transatlantic route, rates between Rotterdam and New York have recorded a jump of 25% to $1,968, an unusual rise on a typically stable connection explained by a 13% contraction in oceanic capacity available for April.
Maersk has sought regulatory approval in the United States to introduce an emergency fuel surcharge without adhering to the usual 30-day notice period. The Danish shipping company argues that the volatility in fuel prices caused by tensions in the Middle East justifies the measure, which would mean a surcharge of $200 per TEU for headloads and $100 for returns. Drewry expects spot rates to continue rising in the coming weeks due to sustained pressure from shipping companies.
On routes between Asia and Europe, rates have trended down this week. Freight rates between Shanghai and Genoa have fallen by 3% to $3,420 and those from Shanghai to Rotterdam have decreased by 9% to $2,308. According to Drewry, only one canceled call has been announced for next week on this route, indicating a relatively stable capacity.
The two-week ceasefire in the Strait of Hormuz has allowed for a partial resumption of maritime activity, but the situation remains uncertain. Vessels must coordinate their transit with Iranian authorities and, in the absence of clear guidelines and uncertainty about potential transit fees, shipping companies act cautiously. The immediate priority is to facilitate the departure of vessels that remain stranded in the Persian Gulf, rather than sending new vessels to the area.
Disruptions in oil flow through the strait, which accounts for nearly 20% of global supply, could take months to fully normalize, which will continue to reduce fuel availability for vessels and keep freight rates elevated in the short term.