Spot container rates from the Far East to the United States have more than quadrupled since late February, approaching pandemic-era records as the Hormuz crisis disrupts shipping markets. Xeneta reported a Sept. 17 rate of $7,960 per FEU on the Far East-US West Coast route and $11,259 on the Far East-US East Coast route, up 323.6% and 324.7%, respectively, since Feb. 28. The East Coast rate is 11.2% below its Jan. 1, 2022, record of $12,683, while the West Coast rate is 17.9% below its Feb. 1, 2022, peak of $9,699. Xeneta Chief Analyst Peter Sand said the East Coast trade is the likelier route to set a new record, although higher bunker costs, fuel surcharges and a further pre-Golden Week rate push could lift prices first. Carriers have increased offered East Coast capacity by 6% to 7% from August to capture elevated revenue before conditions potentially turn. Rates also rose on European routes, though less sharply, with Far East-North Europe at $4,103, Far East-Mediterranean at $4,434 and North Europe-US East Coast at $2,956. Earlier Shanghai-New York and Drewry figures used different methodologies and reported lower levels, but likewise showed rates nearing pandemic-era highs.