Platts Container Index rises to $7,565/FEU, hitting highest level in 2026

On August 21, the Platts Container Index reached an all-time high of $7,565/FEU, a significant increase of $3,052.3/FEU since June 1. This surge in container freight rates was primarily driven by space constraints, weather-related disruptions, and the reduced draft capacity at the Panama Canal. The North American trade lanes, which carry the most weight in the index, reached a four-year high on August 19 due to these factors.

The Panama Canal draft reduction has widened the gap between spot container freight rates from North Asia and the east and west coasts of North America. In the North Asia to East Coast North America lane, the Platts Container Rate 5 surged to $11,000/FEU, up $1,500/FEU from August 3. Similarly, the North Asia to West Coast North America lane, or PCR 13, reached $7,700/FEU, an increase of $1,200/FEU.

The situation at North Asian ports due to typhoon season disruptions, such as delays in Shanghai and Ningbo, has intensified the space crunch and pushed spot rates higher. As of August 23, 77 container vessels were anchored off Shanghai, nine off Ningbo, and 37 off Zhoushan, indicating significant congestion. While market experts predict that rates will stay strong until October, the sentiment towards carrier-led rate increases has been mixed, with some customers accepting surcharges while others delay shipments in hopes of lower rates.

In the Indian subcontinent, spot container freight rates also climbed above $10,000/FEU, peaking at $10,700/FEU on August 21, driven by space constraints and cargo rollovers. European market dynamics, including low Rhine water levels and a strike at six German ports, further contributed to the rise in the Platts Container Index.

Hapag-Lloyd announced a €50/TEU congestion surcharge for shipments via Antwerp and Rotterdam from September 1, reflecting the ongoing congestion issues.