Summary
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The Shanghai Containerized Freight Index (SCFI) extended its rally for a sixth consecutive week, with transpacific spot rates surging as the US 10% global tariff expiry on July 24 triggers a front-loading wave. US West Coast rates jumped to $4,149/FEU (up 31.5% week-on-week), US East Coast hit $5,333/FEU (up 23.6%), and North Europe rose to $2,475/TEU (up 29.9%). In parallel, CMA CGM announced a new Peak Season Surcharge (PSS) effective immediately on Asia-to-North Europe, Mediterranean, and North Africa trades, citing severe space constraints and equipment shortages. Shippers are racing to lock in space ahead of further rate escalation, with carriers warning of potential rollovers at major Asian load ports.