Transatlantic freight rates surge as container lines cancel sailings

Strong demand and scarce capacity is leading container freight rates to spike on the transatlantic trade.

Rates from Europe to North America increased by 30% to a multi-year high of $2,851 per 40-foot container unit (feu) on Tuesday.

That is up nearly $700 or 30% from $2,187 per feu a week earlier, according to the Freightos Baltic Index (FBX).

Rates on the transatlantic trade have increased by 55% since the start of the year, with the recent surge likely to be linked to the disruption in the Suez Canal, according to Judah Levine, research lead of the Freightos booking portal.