China-North America Ocean Spot Rates Surge Over 75% in Eight Weeks Ahead of Peak Season

Ocean container spot rates from China to North America jumped more than 75% in the eight weeks through late May, driven by rising fuel costs, while import demand remained flat and the Iran conflict simmered, Freightos Baltic Index data showed. Rates for a 40-foot container to the East Coast topped $5,000 as of the week ended May 30, 2026, nearly double the $2,600 recorded in late March. West Coast rates rose to $3,200 from about $1,800 over the same period. The surge is largely fuel-cost-driven amid ample capacity, analysts said. Import demand has been steady since early April, trailing 2024 and 2025 levels, but early signs point to a pickup in recent days as the traditional July-August peak nears. The Iran conflict and residual tariff uncertainty could add pressure, though any resolution may cool rates. Elevated transit times and lean inventories risk transmitting higher costs to domestic freight markets if sustained.