Hormuz Strait Disruptions Push Ocean Shipping Rates to 2025 Peaks

Key Details Ocean shipping rates have climbed significantly as the Strait of Hormuz remains partially closed following Iran's restrictions. Trans-Pacific spot rates to the West Coast jumped $700 per forty foot equivalent unit (FEU) and nearly 40% since late February, now exceeding $2,400 per FEU. Asia-North Europe rates are up 20% and $500 to $2,900 per FEU. Why It Matters Fuel costs and availability at major bunker centers like Singapore are now the top concerns for carriers navigating global supply chains. Maersk has asked the Federal Maritime Commission three times in one month to waive the 30-day waiting period for emergency fuel surcharges, with two requests already denied. Reports indicate Iran is charging as much as $2 million per vessel for safe passage through the strait. Current Impact Despite weak seasonal demand, rising rates have overturned earlier predictions that fleet growth and overcapacity would suppress pricing. Trans-Pacific rates are now 8% higher for Asia-U.S. West Coast and 22% higher for Asia-Europe compared to last year. Major carriers including Hapag-Lloyd continue avoiding the Strait of Hormuz due to ongoing safety uncertainties around mine navigation and vessel interception threats.