Ocean Carriers Lift Long-Term Box Rates 40%-41% Since February as Middle East War Disrupts Trade
Updated
Updated · Riviera Maritime Media · Aug 14
Ocean Carriers Lift Long-Term Box Rates 40%-41% Since February as Middle East War Disrupts Trade
1 articles · Updated · Riviera Maritime Media · Aug 14
Summary
Long-term container contract rates from the Far East have climbed 41% to the US West Coast, 40% to the US East Coast and 41% to North Europe since late February, Xeneta said.
Nearly six months of war-driven disruption in the Middle East has tightened shipping networks and shifted pricing power to carriers, which Xeneta said are now dictating both short- and long-term rates.
Spot prices have surged even faster: on the trans-Pacific to the US West Coast, spot rates now sit $4,103 per FEU above long-term rates, giving carriers room to keep pushing contract prices higher.
Xeneta urged shippers to avoid locking in one-year deals at current levels and instead seek shorter contracts with adjustment clauses, arguing the market remains structurally distorted and unlikely to normalize soon.