Trans-Pacific Container Rates Top $10,000 as SCFI Extends Rally to Eighth Week

Asia-to-US East Coast container spot rates have surpassed $10,000 per 40-foot container for the first time since June 2022, according to Xeneta data as of Sept. 11, with the Shanghai Containerized Freight Index rising 25.65 points to 3,687.83 on Sept. 18 — its eighth consecutive weekly gain. Bank of America analyst Lorraine Hutchinson warned ocean freight rates are up 201% year-over-year, approaching the 250% peak seen during the 2021 container shortage. Shippers cited Panama Canal drought restrictions, which cut daily transits to 32 vessels from Sept. 15, Red Sea diversions and pre-holiday cargo frontloading as drivers. US average diesel prices climbed to $6.505 per gallon as of Sept. 20, versus $3.70 a year earlier, per AAA. Forwarders warn high rates and fuel costs will squeeze margins, while analysts expect no near-term relief given strong US demand and persistent capacity constraints. Some carriers, including Maersk and MSC, have begun limited Red Sea route restorations.