Importers face soaring ocean freight as carriers shift the cost of inflated bunker fuel caused by the effective closure of the Strait of Hormuz. The Shanghai Containerized Freight Index jumped to 2,572 points, a 16% weekly rise and the highest level since September 2024. Spot rates now double February levels. The surge reflects carriers passing on surcharges to maintain profitability as alternative routes remain congested.

Maersk’s CEO Vincent Clerc disclosed a monthly fuel surcharge of roughly $500 million, while Hapag‑Lloyd absorbs €50‑60 million weekly. Bunker prices surged 68% for very low‑sulphur fuel, reaching $856 per tonne, and high‑sulphur oil climbed to $736.50. Higher costs push carriers to throttle speeds, shaving another 2% of effective capacity. These expenses force shippers to renegotiate contracts and consider slower, more fuel‑efficient vessels.

Reduced capacity from rerouted traffic, slow steaming and port congestion trims supply by 19%, yet spot indices still climb: SCFI’s Shanghai‑Mediterranean rate hit $7,500 per FEU, up 63% since February, while Shanghai‑US West Coast surged 129%. The combined fuel surcharge and capacity squeeze forces importers to absorb record freight bills. Consequently, manufacturers reassess inventory strategies, opting for higher safety stock to hedge against volatile transport costs.