China to US East Coast Shipping Rates Near Pandemic Highs

Ocean container shipping rates from China to the US East Coast have climbed to $10,948 per 40-foot container, nearly matching the all-time highs recorded during the COVID-19 pandemic. This price surge represents a more than fourfold increase since February 28.

Xeneta and Drewry attribute the spike to rising bunker fuel costs, which reached $901.50 per metric ton on Thursday. These costs are driven by ongoing hostilities between Iran, the United States, and Israel, including the sinking of oil tankers in the Strait of Hormuz and aerial attacks that forced the closure of Saudi Arabia's East-West pipeline.

Analysts expect rates to potentially set new records this month. This outlook is driven by a rush from major shippers, including Walmart and Amazon.com, to move goods out of China before the October Golden Week holiday.