Shanghai-LA Container Rate Hits $6,482, Highest Since 2024
The spot rate for a 40-foot container from Shanghai to Los Angeles rose to $6,482 last week, marking the 10th consecutive weekly increase and nearly tripling since the Iran War began. Importers are rushing goods ahead of tariff deadlines, driving record June volumes at the Port of Los Angeles.
Container shipping rates continue to climb. The spot rate for a 40-foot container from Shanghai to Los Angeles reached $6,482 last week, the highest level since 2024. This marks the 10th weekly increase in a row, and the rate has nearly tripled since the Iran War started in February.
The Port of Los Angeles processed over 530,500 loaded inbound containers in June, up 13% year-on-year, setting a record for any June. The surge is driven by importers accelerating shipments ahead of the expiration of temporary tariffs on July 24 and expected new import taxes, while ongoing conflict in Iran disrupts global shipping patterns.
Supply chain stress is rising again as these factors combine to push freight costs higher and strain port capacity.
Source: The Kobeissi Letter