Hormuz crisis side effect: a sharp rise in container shipping rates

Container shipping rates have surged sharply due to the Strait of Hormuz crisis, with the Shanghai Containerized Freight Index doubling since late February and spot rates on major routes rising 59-66%. Ocean carriers are successfully passing along dramatically increased bunker fuel costs—up 68% since mid-February—to shippers, with major lines like Maersk and Hapag-Lloyd reporting hundreds of millions in monthly additional fuel expenses. Demand is also being pulled forward into June ahead of expected July fuel surcharges, further intensifying rate increases across transpacific and Asia-Europe trade lanes.