The Platts Container Index, a weighted average of key container routes, rose to $7,565/FEU on Aug. 21, increasing by $3,052.3/FEU and surpassing the previous 2026 high of $4,512.7/FEU on June 1 amid volatility on major container routes.

Panama restrictions
The North American trade lanes, which have the highest weightings in the PCI, hit a four-year high on Aug. 19 as Panama Canal draft restrictions continued to tighten.

While the early peak season initially boosted market momentum, driven by the expiration of Section 122 tariffs in July, higher spot rates have been primarily attributed to space constraints, weather-related disruptions and the Panama Canal draft reduction affecting shipping.

The canal draft reduction has also widened the spread between spot container freight rates from North Asia to the east and west coasts of North America.

The spread, which began strengthening in mid-July, had widened to $3,300/FEU as of Aug. 21 from the $1,400-$1,900/FEU range, according to Platts data from S&P Global Energy.

Platts assessed the Platts Container Rate 5 — North Asia to East Coast North America — at $11,000/FEU on Aug. 21, up $1,500/FEU from Aug. 3, and Platts Container Rate 13 — North Asia to West Coast North America — at $7,700/FEU, up $1,200/FEU.

Weather disruptions
Weather disruptions during the typhoon season have led to delays at certain North Asian ports, including Shanghai and Ningbo. As carriers skipped ports, this also caused space constraints and a spike in spot rates for multiple trade lanes, including North America, Europe, South America, Australia and intra-Asia.

According to S&P Global Commodities at Sea, there were 77 container vessels at anchorage off Shanghai as of Aug. 23, nine off Ningbo and 37 off Zhoushan.

Market sources expect rates to remain strong until the Golden Week holidays in October, although sentiment toward carrier-led rate hikes has been mixed. While some customers have shown acceptance of surcharges imposed by carriers, others have been more hesitant, opting to delay cargo shipments in anticipation of softer rates.

Indian subcontinent freight rises
In the Indian subcontinent, spot container freight surpassed $10,000/FEU in August, reaching $10,700/FEU on Aug. 21.

Box rates on this trade lane have risen due to space constraints and cargo rollovers. Some shippers reported accepting higher peak season surcharges for September shipments to secure spot bookings and guarantee space for their cargo.

The European market also contributed to the rise in the Platts Container Index, despite a slight decline in spot rates in August. The ripple effects of delays in Asia have permeated the market, further exacerbated by low Rhine water levels and a strike at six German ports on Aug. 17.

On Aug. 20, carrier Hapag-Lloyd announced a €50/TEU congestion surcharge for all inland shipments via Antwerp and Rotterdam, effective Sept. 1.

PCR 1 — North Asia to North Europe — and PCR 11 — North Asia to the UK — were both assessed at $4,500/FEU on Aug. 21, down $200/FEU from Aug. 3.

Source: Platts