The crisis in maritime security has escalated dramatically this week with the official entry of the Iran-backed Houthis into the conflict.
Weekly Ocean Freight Update – Week of April 2, 2026
The crisis in maritime security has escalated dramatically this week with the official entry of the Iran-backed Houthis into the conflict. This has complicated the situation, raising supply chain issues and costs for carriers to critical levels in the Middle Eastern waters.
Port Strikes and Security Threats
The immediate danger to commercial navigation was starkly underscored when Iran struck a fully laden Kuwaiti oil tanker directly within the Dubai port area. Further complicating regional logistics, Maersk reported a major security incident at the vital transhipment hub of Salalah in Oman. With primary chokepoints highly compromised, these attacks on secondary safe harbours and anchorages are severely restricting the few remaining logistical lifelines in the region.
Fractured Access and COSCO's Resumption
Amidst the effective blockade of the Strait of Hormuz, fragmented diplomatic and strategic breakthroughs are emerging. Pakistan recently announced that Iran agreed to allow 20 of its national vessels safe passage to transit the Strait. Simultaneously, two Chinese container ships operated by COSCO are making a renewed attempt to exit the chokepoint.
Furthermore, COSCO has officially resumed accepting dry container bookings for Gulf shippers. This highlights a growing divergence in the market: while major Western carriers continue to completely avoid the region, select operators like COSCO are attempting to navigate the high-risk environment to capture premium rates and serve stranded cargo.
Asian Fuel Crisis and Sweeping Surcharges
The mass diversion of the global fleet around the Cape of Good Hope has pushed bunker fuel shortages at major Asian transhipment hubs to a critical tipping point. The surging demand for marine fuel for extended voyages has severely outstripped local supply, forcing carriers to ration fuel and delay sailings.
To offset these skyrocketing operational costs, top-tier ocean carriers have unleashed a barrage of new fees this week. Massive Emergency Fuel Surcharges (EFS) and Emergency Bunker Surcharges (EBS) are being implemented globally by lines including CMA CGM, MSC, Hapag-Lloyd, and Maersk, heavily impacting routes from Asia to North America and Europe.
Freight Rate Update
Astronomical carrier costs and severe Asian fuel shortages continue to drive up global spot rates.
• Asia to U.S. West Coast: Rates are climbing rapidly past $3,000 per FEU as stringent new EFS implementations from carriers like MSC and Hapag-Lloyd take effect across the Trans-Pacific.
• Asia to North Europe: Spot rates remain extremely volatile, averaging $3,300 - $3,500 per FEU, driven by mandatory capacity reductions, extended transit times, and severe bunker fees.
Short-Term Future Outlook
The cost environment for shippers remains extremely hostile going into April. With the capabilities of the militants expanding and fuel supplies in Asia drying up, emergency surcharges have become the new normal. Supply chain managers must pre-book vessel space in advance and closely manage the availability of alternative sea-air and rail routings.
