Peak season from Asia to the US continues to intensify. Spot rates increased again as of June 15, and carriers continue to implement higher peak season surcharges on long-term contract rates. Extra loaders have been deployed, and space has remained tight despite the additional capacity. Carriers are severely limiting space on long-term rates in favor of higher spot cargoes.
Peak season surcharges for July have been announced at even higher levels. If spot rates continue to rise as of July 1, which appears likely, we expect the higher peak season surcharges to be implemented.
This peak follows a similar pattern seen in 2025 and 2024, when the market surged in May. The 2024 surge was longer, lasting into July, while the 2025 surge lasted only a few weeks before a pullback caused rates to settle. 2026 is slightly different, as rates have been rising for many weeks already, since the start of the Hormuz crisis.
There are a variety of forces behind this surge. Frontloading due to tariff uncertainty and expected third-quarter bunker increases, as well as an earlier Amazon Prime Day this year, are some of the factors at play.
An agreement between US and Iran has been announced, though details are scarce. There is no practical impact on shipping yet. Once the Strait of Hormuz opens, it will take time for fuel markets and ocean services to adjust.
In the US, truckload rates have surged to record high levels due to tight capacity. The May Supreme Court decision that opened truck brokers up to more liability has resulted in stricter vetting, pushing thousands of truckers out of the market. The capacity crunch is impacting all US domestic trucking modes, including drayage.
In this challenging environment, early booking at least 4-6 weeks in advance is highly recommended.
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Rachel Shames
VP, Pricing & Procurement
CV International, Inc.