Container freight rates are rising sharply, setting Q3 up as one of the most profitable quarters in liner history. Drewry's composite global index jumped 10% in July to US$5,868 per FEU, significantly higher than the pre-pandemic average of US$1,420 in 2019, though still 43% below the September 2021 peak of US$10,377.

Rates on the main east-west trade routes have more than doubled since early May. Lars Jensen of Vespucci Maritime highlighted the "red-hot" transpacific routes. The Shanghai Containerized Freight Index also hit a peak since August 2022, reaching 3733.8 points.

Jefferies investment bank reported that Asia-US routes are nearing the highs of 2021/2022, while other markets lag slightly behind. The early start to peak season may lead to congestion and rate peaks in July and August, with potential relief by October before pressures rise again ahead of the Lunar New Year.