Global shipping rates are rising, especially on routes between the U.S. and China, as the nations’ trade war continues and U.S. courts consider the legality of President Donald Trump’s tariff program.
Shipping rate indexing and analysis firm Xeneta has reported a continued surge in spot rates between East Asia and the U.S., significantly driving up prices for importers.
“Right now, it seems [ocean] carriers are telling shippers to jump, and some are replying, ‘How high?’” Xeneta Chief Analyst Peter Sand said.
On 5 June, Xeneta reported that average spot rates between East Asia and the West Coast of of the U.S. amounted to USD 5,082 (EUR 4,450) per 40-foot equivalent unit (FEU) and mid-high average rates up to USD 6,100 (EUR 5,342) per FEU, marking an 88 percent jump.
“The 88 percent increase in mid-high spot rates … shows shippers are so concerned about getting goods moving again during the 90-day window of opportunity of lower tariffs that they are willing to pay more,” Sand said.
Average spot rates between East Asia and the East Coast of the U.S. also saw big surges, with average rates reaching USD 6,160 (EUR 5,394) per FEU and mid-high rates averaging USD 7,180 (EUR 6,287) per FEU, marking a 67 percent increase.
Sand said he did not expect the ...
