Shipping costs for a standard 40-foot container from Shanghai to New York have soared to nearly US$10,000, causing frustration among importers and raising concerns about a potential market bubble. The Drewry World Container Index reported a spot rate of US$9,387 on July 11, more than double the rate from February, though still below the pandemic peak of US$16,000.

The sharp rise in off-contract shipping prices is largely due to missile and drone attacks by Yemen's Houthi rebels, which have forced ships to avoid the Suez Canal. The longer alternative route around Africa requires more vessels, leading to shortages, delays, and increased costs for sea transport.

In response, U.S. retailers have begun importing goods earlier for the peak season, driving up rates for back-to-school, Halloween, and Christmas merchandise. Simon Heaney of Drewry expects rates to decline in the first half of next year.

Concerns are growing among industry experts and customers, with some fearing further increases. There is also worry about potential tariffs increase from Republican presidential candidate Donald Trump if he wins the election, which could drive rates even higher. The Shanghai Containerized Freight Index for Shanghai to the U.S. West Coast set a new record at over US$8,100 this month, despite sea cargo volumes remaining below early pandemic highs.