Drewry’s composite index for average spot container shipping rates rose by 3% in the first week of May 2026, ending three consecutive weeks of decline. The increase was driven by routes to the United States, where new surcharges had an immediate impact, while Asia-Europe services remained constrained by excess capacity and structurally weak demand. The rebound in the index was mainly caused by the application, from 1 May, of new surcharges on Transpacific routes. The main shipping lines have introduced Emergency Fuel Surcharges (EFS) and Peak Season Surcharges (PSS), instruments designed to recover operating margins and anticipate the typical dynamics of the summer peak season. The impact on spot rates was immediate.
The Shanghai-New York route recorded the sharpest increase, rising by 7% to bring the freight rate to 3,721 dollars per FEU, while Shanghai-Los Angeles was also up by 5%, reaching 3,062 dollars. According to industry analysts, this upward trend is unlikely to run its course in the short term: the new rates are expected to settle over the coming weeks, with further increases anticipated as the surcharges become fully established.
The picture is very different on routes linking Asia with Europe. Here, the spot market’s response to carriers’ rate announcements remained limited, revealing a clear gap between the commercial intentions of shipping lines and the market’s real capacity to absorb them. CMA CGM, Hapag-Lloyd and MSC have announced the introduction of new FAK rates from 15 May, with targets ranging from 3,500 to 4,500 dollars for North Europe and up to 4,600 dollars for the Mediterranean. The market responded cautiously: Shanghai-Rotterdam rose by 2%, taking the freight rate to 2,170 dollars, while Shanghai-Genoa was limited to a 1% increase, with a rate of 3,075 dollars.
The reasons for this divergence are structural. European demand is unable to absorb the vessel capacity currently available, in a context where the continent’s economic growth remains under pressure. To contain the deterioration in prices, carriers have stepped up their use of blank sailings, the scheduled cancellation of individual departures. In May, effective capacity to North Europe will be reduced by 3%, while capacity to the Mediterranean will be cut by 10%. This is a defensive move which, according to industry experts, will at most stabilise freight rates in the short term, making the full implementation of the announced FAK rates unlikely.
These rate dynamics continue to be shaped by international geopolitical tensions. Operators are keeping a close watch on the situation in the Strait of Hormuz, with potential repercussions for routes and operating costs for fleets deployed in the area. It is also in this climate of uncertainty that the rush to introduce surcharges should be understood: for carriers, EFS and PSS are a tool to protect margins in a scenario where operational risks remain high and difficult to predict.
M.G.
