Global ocean shipping spot rates have reached a four-year high, matching levels not seen since the peak of the pandemic in 2022, as reported by Splash247.
The latest ocean freight analysis by Freightos indicated that the peak-season rush, and cargo frontloading were the main catalysts driving the current rate spikes.
Drewry’s World Container Index, released on July 2, recorded a 9% week-over-week increase in spot rates on the Trans-Pacific and Asia–Europe trade routes. “Carriers continue to announce GRIs and PSS for July in anticipation of strong cargo volumes,” Drewry said in its assessment of the Trans-Pacific trade. On the Asia–Europe route, spot rates have also increased as carriers implement higher FAK rates and PSS. Drewry expects the upward pressure on rates across both corridors to persist in the near term.
Data from Freightos also points to the continued upward pressure on freight rates across major trade lanes. Rates from Asia to both the U.S. East and West Coasts have increased by 8%. Over the past six weeks, rates to the U.S. West Coast have increased by 120%, while rates to the East Coast have increased by 85%. On the Asia–Europe trades, rate increases have been more pronounced, with North Europe pricing up 70% since mid-May and Mediterranean rates rising by 85% over the same period.
Around 10% of the global container fleet is currently tied up at anchorages, contributing to network imbalances and disrupting container availability. The existing congestion is further intensified by the surge in cargo volumes, Freightos pointed out. This is leading to significant delays at major hubs in South Asia, the Far East, and Europe. The delays are reducing available capacity, which is further contributing to the upward pressure on ocean freight rates.
Additional reporting from splash247, citing Linerlytica data, indicated that the current demand–supply imbalance is the widest observed since late 2024.