Maritime freight costs hit two-year high as tariff deadline looms

Shipping costs for maritime freight have climbed to their highest level in two years. Businesses are rushing to move goods before new tariffs begin at the end of July. This surge in demand has pushed prices sharply upwards. The cost of sending a 40-foot container from China to the U.S. East Coast rose to $7,800 in a week. This marks a 62% increase compared to a month earlier. Rates from China to Mediterranean countries have also jumped by 47%, reaching $6,400.

Companies are stockpiling goods to avoid the upcoming tariffs. These range from 10% to 12.5% and may apply to China, India, Japan, the UK, and EU member states. The uncertainty over tariffs and fuel costs has led shippers to speed up deliveries, especially to the U.S.

The last time rates were this high was in summer 2024. Back then, Houthi attacks in the Red Sea disrupted one of the busiest trade routes in the world. The sharp rise in shipping costs reflects a scramble to beat the deadline for new import tariffs. Companies are now paying significantly more to secure space on vessels. The situation mirrors the disruptions seen during the Red Sea crisis last year.