China shipping rates double as Middle East conflict fuels costs

Major maritime carriers aggressively updated their surcharges.

China’s container shipping experienced a peak season surge in June as ocean freight rates on key export lanes doubled since the outbreak of the Middle East conflict.

Due to surging bunker fuel costs, and early frontloading by importers, major maritime carriers aggressively updated their surcharges and fleet deployment across Chinese supply hubs, according to a Transport Intelligence report.

Effective 4 June, Maersk has implemented a Peak Season Surcharge on routes from the Far East to the East Coast of South America, adding $1,000 per 20-foot container and $2,000 per 40-foot container.

The carrier has also enforced identical $1,000 to $2,000 surcharges on China to East Africa routes.

Moreover, Mediterranean Shipping Company pushed Mediterranean and Black Sea container quotes sharply upward, with some exceeding $5,700 per forty-foot equivalent, whilst Hapag-Lloyd rates climbed past $5,200.

Further, exporters out of China are navigating tighter regulatory controls implemented this month.

Effective 1 June 1, China’s General Administration of Customs introduced strict random export inspections whilst the United States directed US Customs and Border Protection to overhaul rules for importers of record.