US West Coast Rates Surge 31.9%! Freight Rates Rebound Across Multiple Routes!

Recently, the latest SCFI (Shanghai Containerized Freight Index) released by the Shanghai Shipping Exchange stood at 1310.32 points, up 12.9% from the previous period, with freight rates on the four major routes rising collectively.

Among them, the US West Coast route saw a surge of 31.9%, and the US East Coast route also rose by 16.4%. The Europe and Mediterranean routes increased by 7.2% and 3.5% respectively.

According to data from the General Administration of Customs, China’s exports to the EU in September rose 14.2% year-on-year, the fastest growth in three years; in the first three quarters, China’s exports to the EU increased 8.2% year-on-year.

In terms of freight rates, on October 17, the market rate (including sea freight and surcharges) for exports from Shanghai Port to basic European ports was $1145/TEU, up 7.2% from the previous period.

Freight rates on the Mediterranean route also rose but at a slower pace than Europe. On October 17, the market rate (including sea freight and surcharges) for exports from Shanghai Port to basic Mediterranean ports was $1613/TEU, up 3.5% from the previous period.

Industry insiders analyzed that in the long-haul market from the Far East to Europe, negotiations for the 2026 new annual contracts have begun, and large shipping companies have stated they are unwilling to sign at low prices, which will also prompt European route rates to stop falling and rebound.

On the North American routes, since October 14, the US Section 301 investigation and restrictive measures targeting China’s shipbuilding and other industries have been formally implemented, affecting the stability of global supply chains.

Analysts believe that these measures have put Sino-US trade prospects to the test, and a short-term "rush to export" effect may reoccur. Currently, demand on trans-Pacific routes remains relatively stable, with spot market booking prices rebounding from low levels.

On October 17, the market rates (including sea freight and surcharges) for exports from Shanghai Port to basic US West Coast and US East Coast ports were $1936/FEU and $2853/FEU respectively, up 31.9% and 16.4% from a week earlier.

Prior to this, major global shipping companies carried out extensive sailing reductions on North American routes in late September. With the end of the National Day holiday, shipping demand for the Christmas and New Year holidays has emerged, further driving up freight rates.

Freight rates on the Persian Gulf route continued to rise. On October 17, the market rate (including sea freight and surcharges) for exports from Shanghai Port to basic Persian Gulf ports was $1248/TEU, up 28.0% from the previous period.

Demand on the Australia-New Zealand route performed well. On October 17, the market rate (including sea freight and surcharges) for exports from Shanghai Port to basic Australia-New Zealand ports was $1311/TEU, up 13.1% from the previous period.

Cargo volume on the South America route remained stable. On October 17, the market rate (including sea freight and surcharges) for exports from Shanghai Port to basic South American ports was $2658/TEU, up 8.7% from the previous period.

Freight rates on the Japan route fell slightly. On October 17, the freight index for China’s exports to Japan stood at 946.31 points.