FT reports surge in global sea freight prices ahead of new US tariffs

Global sea freight costs have climbed to their highest level in two years ahead of the introduction of new US customs tariffs, the Financial Times (FT) reports, citing industry experts.

Rates on routes between Asia and the US East Coast, as well as between Asia and Europe, reached their highest level since summer 2024 last week, according to the shipping data platform Freightos.

Data from Freightos shows that the cost of shipping a standard 40-foot container (12.9 meters long, 2.44 meters wide and 2.59 meters high) from China to the US East Coast rose to $7,880, up 62% from a month earlier. Freight costs on the China–Mediterranean route increased by 47% to $6,431.

“Uncertainty around tariffs and bunker costs has triggered frontloading of cargo, particularly into the US, pushing freight rates sharply higher,” the global shipping association BIMCO said in a statement.

According to Freightos representative Judah Levine, shippers and clients are advancing deliveries to earlier dates to avoid potential disruptions during the summer, as well as fuel price increases driven by the crisis in the Middle East.

As previously reported, the United States is set to impose new tariffs in July, ranging between 10% and 12.5% on goods from around 60 countries.

The decision follows an investigation launched in March into import regulations in those countries concerning goods produced using forced labour.

By Jeyhun Aghazada