Global container freight rates have recorded their strongest weekly increase in months as carriers simultaneously impose peak season surcharges and tighten capacity through blank sailing strategies. In Vietnam, shipping costs to the US market have surged by as much as 20%, directly threatening profit margins across major export industries and forcing businesses to restructure logistics plans amid expectations of further freight rate escalation.
The Drewry World Container Index (WCI) has recorded a sharp 12% increase within a single week, pushing the average freight rate to USD 2,553 per 40-foot container and ending a three-week decline. The rebound was driven mainly by trans-Pacific routes, where rates from Shanghai to New York climbed 14% to USD 4,252/FEU, while Shanghai-Los Angeles rates rose 10% to USD 3,357/FEU. The sudden market reversal was not fueled by a surge in consumer demand but rather by carriers’ efforts to regain pricing power through aggressive capacity tightening and widespread blank sailings.
Major ocean carriers including MSC and CMA CGM have simultaneously introduced new surcharges to offset rising operational costs and geopolitical risks. MSC has implemented an Emergency Fuel Surcharge (EFS) of USD 644/FEU on Asia-US East Coast services, while CMA CGM began applying a Peak Season Surcharge (PSS) of up to USD 2,000 per container from May 1. At the same time, Yang Ming announced a General Rate Increase (GRI) of an additional USD 2,000/FEU effective from mid-May, further intensifying logistics cost pressures for shippers.
Ongoing instability in the Strait of Hormuz and the Red Sea continues to create uncertainty, forcing carriers to maintain a cautious approach toward network management. Vessel space shortages have become increasingly visible as cargo owners accelerate shipments to avoid potential disruptions linked to escalating US-Israel-Iran tensions. In Vietnam, container freight rates from Ho Chi Minh City to New York have surged to USD 4,000-4,500 per container, representing a 20% increase within just one month and significantly eroding exporters’ profit margins.
Pressure on the shipping market extends beyond freight rates to the availability of vessel space for bulky cargo such as furniture and agricultural products. Some carriers are increasingly prioritizing high-value shipments such as electronic components while limiting acceptance of heavy or oversized cargo. Key Vietnamese export sectors including cashew nuts and coffee are facing transportation costs rising faster than sales margins, forcing businesses to reassess surcharge clauses in shipping contracts to minimize additional risks.
Market outlooks for Q3 suggest continued volatility as the peak shipping season arrives earlier than usual. Research firms such as Drewry forecast that freight rates from Vietnam to the US could reach USD 6,000/FEU if vessel supply constraints and surcharge pressures persist. In response, industry associations including VASEP are advising exporters to proactively secure bookings with freight forwarders and carriers while closely monitoring geopolitical developments to adjust shipment schedules accordingly.
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