Ocean carriers on the Asia-Europe trade will impose steep spot rate increases and peak season surcharges from July 1, coinciding with a major quarterly bunker fuel adjustment, reports London S&P Global.

Mediterranean Shipping Co (MSC) will raise freight-all-kinds rates to US$7,500 per FEU on Asia-North Europe and Asia-West Mediterranean, and $7,400 per TEU on Asia-East Mediterranean, including a $289 per TEU fuel surcharge. CMA CGM will lift Asia-North Europe rates to $6,300 per FEU, Asia-West Mediterranean to $7,700 per FEU, and East Mediterranean to $8,500 per FEU, while adding surcharges of $2,000 per FEU and $2,800 per FEU respectively. Maersk will apply a surcharge of $1,000 per FEU from July 1.

Platts assessed Asia-North Europe rates at $4,333 per FEU, up 46 percent year on year, with Asia-Mediterranean rates at $5,467 per FEU, up 20 percent. Xeneta data showed similar increases, with Asia-North Europe spot rates at $3,826 per FEU and Asia-Mediterranean at $5,188 per FEU. Analysts said carriers' capacity discipline since 2023 has given general rate increases more weight.

HSBC's Parash Jain stated that surcharges are sticking because demand exceeds supply, with premiums covering peak season, war risks, and cargo imbalances. Contract cargo will also face steep fuel adjustments, with Maersk's fossil fuel fee rising from $332 to $595 per FEU.

The Middle East war and the blockage of the Strait of Hormuz have driven bunker fuel costs higher, adding an estimated US$5.5 billion to carriers' expenses since February. Container Trades Statistics reported Asia-Europe imports in April rose 12.3 percent year on year to 1.8 million TEU, the highest monthly volume in two years. Overall European imports rose 16 percent in the past two years, with Asia-Europe trade up 21.4 percent.