The impact of U.S.-Iran tensions has driven container shipping rates on Middle Eastern routes to rise for five consecutive weeks.
Shipping industry sources reported on March 20 that rates for Middle Eastern routes have climbed to 3,324 USD per twenty-foot equivalent unit (TEU), marking a 104 USD increase from the previous week.
This surge, which began in the third week of February, has pushed rates to their highest level in three years, not seen since March 2022.
Meanwhile, rates for East Coast U.S. routes decreased by 189 USD to 2,922 USD per forty-foot equivalent unit (FEU). West Coast U.S. routes also saw a decline, with rates dropping 195 USD to 2,054 USD.
Mediterranean routes experienced an uptick of 118 USD, reaching 2,784 USD per TEU, while European routes saw a modest increase of 18 USD, settling at 1,636 USD.
Routes to Australia and New Zealand witnessed a slight dip of $3, bringing rates to 621 USD, and South American routes fell by 102 USD to 2,457 USD.
The Shanghai Containerized Freight Index (SCFI), a key indicator of global maritime transport rates, recorded a marginal decrease of 3.40 points this week, falling from 1,710.35 to 1,706.95.