Container shipping rates are skyrocketing again: The spot rate for a 40-foot container from Shanghai to Los Angeles rose to $6,482 last week, the highest since 2024. This marks the 10th consecutive weekly increase. Spot rates for this route have nearly TRIPLED since the Iran War began in February. Still, the Port of Los Angeles processed more than 530,500 loaded inbound containers in June, up +13% YoY, the highest volume in any June on record. The surge has been driven by importers rushing goods into the US ahead of the expiration of temporary tariffs on July 24th and expected new import taxes, while the Iran War continues to disrupt shipping patterns. Supply chain stress is surging again.(The Kobeissi Letter)