Container spot rates still rising, heading toward Red Sea crisis highs
- SCFI global composite index is now 2.2 times its level in late February, prior to the Hormuz crisis, and at its highest point since August 2024, during the Red Sea crisis
- One driver of frontloading: bunker adjustment factors are set to surge on July 1; 3Q26 BAFs will be second-highest ever, only exceeded by 3Q22 after Russia’s invasion of Ukraine
- Spot rate gain is translating into higher share pricing; Maersk shares are up 27% since early May and up 50% year on year
In early February, Maersk executives were talking about the depth and duration of a looming downturn. Four months later, the container market has completely changed. Liners are booking lucrative spot cargoes and there are reports of contract cargoes getting rolled
