Transatlantic container rates spiked 50% last week, climbing from $1,400/FEU to more than $2,100/FEU, as Emergency Fuel Surcharges and Peak Season Surcharges (PSSs) of $500–$1,000/FEU announced in March by MSC, Maersk and CMA CGM took effect on North Europe trades.

Which carriers are raising transatlantic rates next?

CMA CGM has scheduled additional PSS increases ranging from $1,000/FEU to $2,000/FEU on East Mediterranean lanes to the US East Coast, US Gulf and US East Coast for late April and early May. The surcharges hit shippers as bunker fuel availability tightens across Asian hubs, forcing some vessels onto longer routings that consume more fuel.

What happened to Transpacific and Asia-Europe rates?

Transpacific moves were more contained. Asia-US West Coast prices (FBX01 Weekly) climbed 3% to roughly $2,500/FEU, while Asia-US East Coast rates (FBX03 Weekly) gained 10% to $3,678/FEU. Both lanes run about $700/FEU above pre-war levels.

Carriers are seeking another $500–$2,000/FEU on these trades for early May, but sustaining those increases will require demand support that has yet to materialize.

Asia-N. Europe prices (FBX11 Weekly) slipped 4% to $2,800/FEU and Asia-Mediterranean rates (FBX13 Weekly) held at $3,800/FEU. Both lanes sit roughly $1,000/FEU below the General Rate Increases (GRIs) that carriers targeted in March and early April.

What is driving the surcharge wave?

A ceasefire that briefly raised hopes of restoring Strait of Hormuz traffic collapsed late last week. The US has since imposed a naval blockade on Iran-linked shipping, and Iranian disruption has already reduced global oil supply by 10%. Several governments have begun conservation measures as Gulf bunker stocks dwindle.

How are US shippers positioned heading into peak season?

The National Retail Federation projects level US ocean import volumes through June, then a 5% jump in peak-season demand from July. Year-to-date volumes through August would land 3% below the same period last year.

That the projection has barely shifted since early February, just before the Supreme Court invalidated IEEPA tariffs and the White House imposed a temporary global 10% tariff under Section 122 in July, suggests most shippers are not frontloading ahead of the July deadline, when tariffs could rise again.

Multiple plaintiffs are asking the same trade court that struck down IEEPA to scrap the Section 122 measures, even as US Customs and Border Protection prepares to start processing IEEPA refunds on April 20.

What is happening in air freight?

The Middle East supplies roughly a fifth of the world's jet fuel, and prices have more than doubled since the Strait of Hormuz closure. China has stopped exporting jet fuel, leaving Vietnam and Myanmar short. Vietnam Airlines has canceled an estimated 20% of its flights; Cathay Pacific will cut 2% of its network from mid-May. Delta and United have also trimmed unprofitable services on higher costs.

Even with a fragile ceasefire, non-Gulf carriers have not resumed Middle East flights. Total flights in and out of the region remain roughly 60% below pre-war levels, weighing on Gulf carrier cargo capacity that depends largely on passenger bellies.

Freightos Air Index South Asia-Europe rates hit $5.15/kg, double pre-war levels, while Southeast Asia-Europe prices climbed to $5.30/kg, up 60%. China-North America rates held at $6.30/kg, only 7% above late February after peaking above $7.50/kg in late March.

Further PSS and Emergency Fuel Surcharge filings from CMA CGM, MSC and Maersk on Europe-US and Asia-US trades landing in late April and early May will test whether shippers absorb the adds or push back as Q2 contract negotiations continue against a backdrop of fragile Hormuz security and unresolved tariff policy.