Global container spot rates increased again, extending a month-long upward trend as the war involving Iran disrupts fuel flows and adds pressure to global shipping costs, according to the latest update from supply chain analytics firm Drewry.
The Drewry World Container Index rose 5% to $2,279 per 40-foot container in its March 26 assessment, marking the fourth consecutive weekly increase. The gains were driven by higher rates on both Asia-Europe and trans-Pacific trade lanes, with Europe-bound routes seeing the sharper rise.
Spot rates from Shanghai to Genoa jumped 12% to $3,474 per 40-foot container, while rates to Rotterdam rose 3% to $2,552. Drewry attributed the increase in part to continued disruption linked to the Strait of Hormuz, a critical energy chokepoint affected by the conflict.
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Carriers are also pushing higher Freight All Kinds (FAK) rates, with CMA CGM announcing new levels around $3,500 per FEU effective April 1.
On the trans-Pacific, spot rates from Shanghai to New York increased 3% to $3,393 per 40-foot container, while rates to Los Angeles rose 4% to $2,686. Capacity remains relatively stable, with six blank sailings scheduled next week across U.S. East and West Coast routes. Drewry expects rates to continue rising in the near term.
Fuel pressure builds as Hormuz disruption persists
The conflict has significantly disrupted tanker traffic through the Strait of Hormuz, which handles nearly 20% of global oil supply. According to reporting from the Associated Press, the situation has prompted increased scrutiny of shipping through the region, with some vessels rerouting or delaying transits due to security concerns and higher insurance costs.
Rising crude prices are now feeding directly into container shipping costs. Drewry said bunker fuel availability is tightening in key hubs such as Singapore and China, forcing carriers to adjust operations. Measures include slow steaming, alternative refueling strategies and the introduction of emergency fuel surcharges.
The China connection is also becoming more pronounced. As one of the largest importers of Middle Eastern oil and a major trading partner in the region, China’s shipping and logistics networks are increasingly exposed to disruptions in the Gulf. AP reporting notes that any sustained instability in Hormuz could ripple through global supply chains, particularly for energy-dependent manufacturing and export flows.
Implications for importers
For U.S. importers, the latest increase in spot rates reflects a shift from the softer pricing seen earlier this year. While demand is gradually recovering following Lunar New Year slowdowns, rising fuel costs and geopolitical risks are emerging as key drivers of freight pricing.
Drewry said that even with relatively stable capacity levels, the combination of higher operating costs and carrier pricing actions is likely to keep upward pressure on rates in the coming weeks. As a result, importers may face a more volatile cost environment heading into the second quarter, with energy markets and geopolitical developments playing an increasingly central role in ocean freight pricing.
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