Spot container shipping rates worldwide have climbed to a new high since the end of the pandemic in 2022, driving a sharp surge in shipment costs for foreign trade enterprises.

Trans-Pacific US lanes are the primary driver behind this round of freight hikes. In late April, the spot rate for a 40-foot container (FEU) from Ningbo to the US West Coast stood at around USD 2,900, while the rate to the US East Coast was approximately USD 3,900. Starting in May with US President Trump’s visit to China, ocean freight rates for US-bound shipments posted marked increases, alongside widespread overstocking congestion at overseas warehouses.

Space on all US routes remained extremely tight throughout June, with overbooking and cargo rolling (containers failing to load onto booked vessels) becoming commonplace and widespread cargo backlogs emerging. In late June, spot rates from Ningbo to the US West Coast neared USD 6,300 per 40-foot container, while rates to the US East Coast stood close to USD 7,500.

Carriers’ new round of General Rate Increase (GRI) officially took effect on July 1, with multiple shipping lines raising US-bound freight rates by approximately USD 1,300 to USD 1,500. Current market quotations put the rate for a 40-foot container to the US West Coast at around USD 7,500, and rates to the US East Coast between USD 8,900 and USD 9,000.

The primary driving factor lies in the United States’ current 10% global temporary import tariff under Section 122, which is set to expire on July 24. Industry insiders predict that upon its expiry, President Trump will raise tariffs under alternative grounds such as launching Section 301 investigations. Amid the uncertainty surrounding tariff policies, cargo shippers are rushing to ship goods ahead of the policy shift.