Ocean container shipping rates could test record highs as Iran war fuel spike drives rise, analysts say

Crude oil prices soared after hostilities intensified with the U.S. and Iran attacking and sinking some oil tankers in the Strait of Hormuz and Saudi Arabia closing its vital East-West pipeline due to aerial attacks in the widening Middle East war.

Those events pushed up the global 20-port average price for the very low sulphur fuel oil, known as bunker, used by many container ships. It hit $901.50 per metric ton on Thursday, up from $543.50 per metric ton on February 27 but still below the March 20 peak of $1,053 per metric ton, according to marine fuel price publisher Ship & Bunker. Container ship owners recoup those higher costs via surcharges and other pricing tools.

"With bunker prices pushing fuel surcharges higher, surpassing the pandemic peak cannot be ruled out," Sand said of the China to East Coast container spot rate.