Ports

Transpacific Rates Close in on Pandemic Peaks as Carriers Boost Capacity

Container shipping spot rates from the Far East to the US are approaching pandemic-era highs, with carriers expanding capacity on eastbound transpacific routes to capitalize on surging demand. As of September 17, rates reached $7,960 per forty-foot equivalent unit to the US west coast and $11,259 to the US east coast, representing increases of 324% and 325% respectively since late February. According to Xeneta chief analyst Peter Sand, west coast rates sit 9% below their pandemic record of $9,699 set in February 2022, while east coast rates trail their January 2022 peak of $12,683 by 11.2%. Rising bunker costs could push rates beyond previous highs, particularly on the US east coast route. Carriers are responding aggressively, with offered capacity 6-7% higher in September compared to August. The market's sensitivity to geopolitical disruption underscores how regional Middle East tensions translate into global shipping implications.