Ocean carriers have successfully implemented emergency fuel surcharges on US-bound shipments this week, triggering sharp spot rate increases across transpacific and transatlantic trades—though industry observers warn this is merely the opening salvo in a broader cost recovery offensive.
Drewry's World Container Index recorded a 9% week-on-week surge on the Shanghai-Los Angeles leg, reaching $2,910 per 40ft container, while the Shanghai-New York route climbed 7% to $3,671 per 40ft. The most dramatic movement materialized on the westbound transatlantic, where the WCI's Rotterdam-New York leg skyrocketed 25% to $1,968 per 40ft—restoring the trade to pricing levels last seen before President Trump's tariff "Liberation Day".
US west coast freight forwarder Freight Right attributed the transpacific increases "primarily to fuel surcharges rather than base rate adjustments." base rates on the Asia-US west coast trade held steady, while all-in pricing jumped to approximately $2,700 per 40ft—up from $2,400–$2,500 last week—driven by a newly introduced $300 fuel surcharge per container. The Asia-US east coast trade experienced similar dynamics.
The coming week could prove pivotal for the transpacific market, with new fuel surcharge levels scheduled for introduction on April 15. Linerlytica noted that "another rate increase is planned as carriers seek to recover part of the bunker cost increases through emergency bunker surcharges, with rates set to rise by another $400 per 40ft".
Maersk has sought US regulatory approval to waive the standard 30-day notice period and introduce an emergency bunker surcharge immediately, citing elevated and volatile fuel costs amid Middle East tensions. The proposed surcharge would reach $200 per TEU for head-haul and $100 per TEU for backhaul dry shipments.
The transatlantic's dramatic 25% spike caught market veterans off guard. "It was an unexpected rise; in my opinion this is related to Ocean Alliance dropping a loop at the start of the month and reducing capacity, and other carriers taking advantage," one veteran forwarder told The Loadstar. Drewry confirmed the capacity narrative, identifying "a 13% month-on-month contraction in available ocean capacity for April" as the primary catalyst.
Xeneta's eeSea liner database shows total monthly capacity on the westbound transatlantic at 745,000 TEU for April—down from 804,000 TEU scheduled in March. Carriers appear to be positioning for sustained rate strength: CMA CGM announced a peak season surcharge (PSS) of $2,100 per 40ft on east Mediterranean-US shipments effective May 1.
The surcharge momentum extends across CMA CGM's network, with the carrier implementing multiple PSS measures throughout March and April 2026, including $590–$740 per TEU on China-West Africa routes, $715 per TEU on China-Central Africa shipments, and $250 per TEU from Türkiye to Mexico.
Meanwhile, the Europe-Asia trades painted a starkly different picture. The WCI's Shanghai-Rotterdam leg shed 9% week-on-week to $2,308 per 40ft, ending four consecutive weeks of gains that began with the Iran conflict. The Shanghai-Genoa leg slipped 3% to $3,420 per 40ft. Linerlytica observed that carriers are discounting quoted rates to both the Mediterranean and North Europe to fill space.
"Spot rate quotations continue to show a downward bias, with capacity availability on both routes still being boosted while port congestion and box availability remains largely under control," the analyst noted. Drewry confirmed capacity remains "stable" into North Europe, with just one Ocean Alliance NEU1 sailing blanked next week and no Asia-Mediterranean service cancellations.
The divergence underscores a fragmented market: while US-bound trades absorb bunker-driven surcharges, Asia-bound capacity outpaces demand. Drewry expects spot rates to climb further on transpacific and transatlantic routes in coming weeks as carriers continue pushing for fuel cost recovery.
