Robust U.S. consumer demand has driven container shipments from Asia to the U.S. to grow for 9 consecutive months, with 8 of those months seeing double-digit (over 10%) increases. The surge in cargo flow and container shortages have led to skyrocketing freight rates, while increased shipping chaos has caused a significant drop in punctuality.

Reports indicate that ships avoiding the Red Sea and detouring around the Cape of Good Hope have extended travel times. Combined with increased cargo volumes, this has resulted in insufficient container ship capacity (container shortages), leading to a surge in spot freight rates. The Shanghai Containerized Freight Index (SCFI), an international benchmark for container freight rates, reached 3,475.6 points on June 21, up 96.38 points from the previous week (June 14). This marks the 11th consecutive week of increases and the highest level since August 2022.

Specifically, the spot rate for a 40-foot container from Shanghai to the U.S. West Coast surged to US$7,173, nearly doubling since the end of April. Rates for the U.S. East Coast (40-foot containers) have risen by nearly 80%, while European routes (20-foot containers) have seen an almost 90% increase.