The ongoing conflict in the Middle East, along with knock-on disruption in Southeast Asia ports, plus growing fears of an energy crisis in the second half of 2026, has created a wave of freight rate increases that is gathering momentum across global ocean container shipping trades, said Peter Sand, chief analyst with Xeneta. 

According to data from Xeneta, the ocean and air freight rate benchmarking and market analytics platform, average spot rates from Far East to US West Coast increased 20% in the week to June 5, and now sit +109% compared to pre-Middle East conflict on February 28. From Far East to North Europe and Mediterranean, spot rates have increased 27% and 17% respectively in the past week.

The freight rate increases are partly due to delays at major Southeast Asia ports including Singapore and Port Klang as services adjust to new networks and workarounds in response to the Strait of Hormuz blockade, Sand said in a June 5 statement. “Port disruption is toxic for supply chains, especially at transshipments hubs with global significance in Southeast Asia, so this is driving massive market spikes on trades such as the Transpacific which does not transit the Middle East,” he commented

“The prospect of an energy crisis caused by the Strait of Hormuz blockade and increasing oil prices may be enticing shippers to bring imports forward if they face higher manufacturing costs and higher freight rates later in the year,” Sand said. “If shippers do look to frontload imports, then carriers will look to push rates higher and higher, so the market may yet be far from its peak across trades globally.”