The ocean freight market became significantly more volatile in March 2026. The first phase, visible in late February, was still characterized by a soft post-Lunar New Year market with easing Transpacific and Asia-Europe rates. The second phase began after the 28 February escalation in the Middle East, which quickly shifted pricing power back toward carriers, particularly on Europe- and Middle East-linked trades.
By 20 March, Xeneta reported Far East–North Europe spot rates at USD 2,705/FEU and Far East–Mediterranean at USD 4,211/FEU, representing month-on-month increases of 22% and 26% respectively. Far East–USWC increased more moderately to USD 2,118/FEU. Freightos and Drewry confirmed the rebound, especially on Europe and Mediterranean trades. (....)