Global – October 17, 2026 -- Transpacific container rates rose 2% last week to new peak-season highs on both US coasts, with West Coast prices above $7,600/FEU and East Coast prices near $9,800/FEU, according to the Freightos Baltic Index (FBX).
Carriers add September capacity as volumes stay elevated
Volume strength has run through August, despite peak-season demand starting early in late May. Carriers are adding slightly more capacity for September and may push further rate increases, especially to the East Coast, at the start of the month. Blanked sailings are scheduled around October's Golden Week holiday.
The source identifies no clear explanation for the demand. Possible contributors are the absence of tariff hikes in late July and higher data center hardware volumes. Tariff refunds may also be letting some retailers cut prices while building inventories.
Low-water restrictions at the Panama Canal have some carriers planning September surcharges on transiting containers, which could add pressure to East Coast rates.
Typhoons close Shanghai and Ningbo, leaving up to 90 ships waiting
A succession of typhoons since mid-July has kept Far East hubs congested. Typhoon Saudel closed ports including Shanghai and Ningbo for several days last week and disrupted operations as far north as Busan. It could stay strong enough to affect Shenzhen later this week.
Ports have not cleared backlogs before each new shutdown. As many as ninety ships have waited more than a week for a slot in Shanghai. Carriers skipping calls at backed-up ports are shifting transhipment volumes to other regional ports.
Asia-Europe rates fall from July peak but stay far above May levels
Asia-N. Europe prices (FBX11) fell 1% last week and Asia-Mediterranean prices (FBX13) fell 4%. N. Europe port backlogs, partly from low but improving Rhine water levels, add to the capacity constraints.
Asia-N. Europe prices are down more than $1,000/FEU from their July peak, but at $4,600/FEU remain about 70% above mid-May levels. Mediterranean rates of $4,800/FEU are down more than $2,000/FEU but still 40% higher than three months ago.
Transatlantic rates gained $400/FEU over two weeks to $2,600/FEU as carriers cut capacity. Several carriers plan significant September increases, though some observers doubt the hikes will hold.
Air cargo benchmark drops 10% but stays more than 20% above last year
The Freightos Air Index global benchmark eased 10% last week. Elevated fuel costs and lingering capacity constraints keep it above year-ago levels. China-N. America prices fell 7% to about $6.00/kg, while China-N. Europe prices rose 1% to $4.60/kg. N. Europe-N. America prices were flat. Both Far East lanes are trending up this week, possibly because of typhoon disruptions.
Hormuz tensions escalate with strikes on vessels and US sites
The Strait of Hormuz standoff heated up despite reported progress on an Iran-Oman authority-sharing agreement. Iran struck more vessels, and the US reported demining progress. The US hit Iranian rocket launchers possibly intended for deploying more mines, and Iran responded by targeting US sites in Jordan.