Spot rates for shipping a 40-foot container from China to the U.S. East Coast have climbed to $10,948, more than quadrupling since the U.S. and Israeli war on Iran began on February 28. The increase has followed a surge in marine fuel costs after attacks involving the U.S. and Iran in the Strait of Hormuz and Saudi Arabia’s closure of its East-West pipeline. Very low sulphur fuel oil, or bunker (marine fuel used by ships), reached $901.50 per metric ton, up from $543.50 on February 27 but below its March 20 peak of $1,053. Higher fuel expenses are being passed through to customers via surcharges and other pricing tools. Xeneta chief analyst Peter Sand said rates could exceed the pandemic-era record of $11,900 set in January 2022, potentially this month, as retailers including Walmart and Amazon.com increase shipments before China’s early-October Golden Week factory holiday. Drewry’s Shanghai-New York benchmark also rose nearly 7% week over week to $10,394, although its methodology differs from Xeneta’s. Drewry’s rate reached $16,000 during the pandemic, when homebound consumers used federal incentive money to buy furniture, large televisions and home exercise equipment.