Weekly Freight Report: May 21, 2026

Iran is moving to make its grip on the Strait of Hormuz permanent, opening talks with Oman about a formal toll system that would let it charge for safe passage long after the war ends. The pressure is already showing up in fuel markets and shipping rates, with US crude inventories dropping the most on record and trans-Pacific spot prices climbing roughly $1,000 per FEU since the conflict began.

On the policy front, the EU moved to lock in its trade pact with the US while building in safeguards, China signaled it could accept higher US tariffs within agreed limits, and the Justice Department indicted four of the world’s biggest container makers in a cartel conspiracy stretching back to 2019.

Dive into the full update to see what’s driving costs, tightening capacity, and reshaping the playing field for global shippers right now.

Iran Talks With Oman Over Permanent Toll System for Hormuz

Iran is in talks with Oman to formalize a permanent toll system for vessels transiting the Strait of Hormuz, according to Iranian ambassador Mohammad Amin-Nejad. Tehran is using its three-month closure of the strait as leverage to lock in long-term fee authority over a chokepoint that normally handles a fifth of the world’s oil and LNG. Traffic has collapsed from a pre-war average of 135 ships a day to roughly 26 over a recent 48-hour window, with Iran reportedly demanding as much as $2 million for safe passage. The US, EU, and Gulf Arab states are warning that letting Iran extract tolls would set a dangerous precedent for global freedom of navigation, but Tehran has signaled it intends to keep monetizing Hormuz long after hostilities end.

US Crude Inventories Drop by Most on Record as Exports Surge

US crude inventories, including the Strategic Petroleum Reserve, fell by 17.8 million barrels last week, the largest weekly draw ever recorded by the Energy Information Administration. The drop pushed total stocks to a near one-year low as the US has become the world’s supplier of last resort with Hormuz traffic largely halted. SPR releases hit a record 1.4 million barrels a day to soften the global shock, and crude exports averaged 5.3 million barrels a day in May, on pace for an all-time monthly high. For shippers, oil is hovering near $100 a barrel, pump prices have climbed above $4.55 a gallon (the highest since 2022), and fuel surcharges are now baked into ocean and trucking quotes heading into peak summer driving demand.

Spot Rate Surge May Signal Early Peak Season on Trans-Pacific

Trans-Pacific spot rates have climbed roughly $1,000 per FEU since the Iran war began in late February, with current benchmarks sitting at about $2,800 per FEU to the West Coast and $4,300 per FEU to the East Coast. Ocean Network Express has filed a $2,000 per FEU peak season surcharge on eastbound trans-Pacific cargo effective June 1, and other carriers are expected to follow with mid-month hikes. The underlying strength of this early peak is unclear, however, with blank sailings, fuel-linked surcharges, and the annual service contract changeover all putting upward pressure on spot and FAK levels. Plan for tighter capacity and higher landed costs through summer, even if the demand picture stays soft.

China Signals Acceptance of Limited US Tariff Hike Within Agreed Levels

China’s Ministry of Commerce said this week it would accept higher US tariffs as long as they stay within the levels agreed at the Kuala Lumpur talks in October, which brought the effective rate to about 30%. That rate was later trimmed to roughly 21% after the Supreme Court struck down some tariffs, but Treasury Secretary Scott Bessent has signaled the administration could restore the higher rate through new Section 301 investigations by July. Both sides plan to discuss extending the one-year truce formalized at the Busan summit, which suspended select tariffs, rare earth restrictions, and shipbuilding investigations through November. For shippers sourcing from China, a near-term tariff floor is in sight, but a step-up to the 30% level remains on the table.

EU Lawmakers Back US Trade Pact With Built-In Safeguards

The European Parliament and EU Council reached a tentative deal Wednesday to eliminate tariffs on all US industrial goods and ease market access for select US farm and seafood products. The agreement writes the August 2025 framework into EU law, but it also gives the European Commission authority to suspend the new tariff breaks if the US allows duties on European steel and aluminum derivatives to exceed the agreed 15% ceiling past December 31. A trade committee vote is expected June 2, with a full Parliament vote scheduled June 15 to 18, and the law would take effect the day after publication. The clock is tight: President Trump has set a July 4 deadline for the EU to ratify, warning duties will rise sharply if it slips.

US Move Against Container Makers Is Latest Entry in Logistics Battle With China

The Department of Justice unveiled charges Monday against CIMC, Singamas Container Holdings, Dong Fang International Containers, and CXIC Group Containers, plus seven executives, for orchestrating a cartel that allegedly doubled the price of standard dry containers between November 2019 and January 2024. The indictment, filed in the Northern District of California under the Sherman Antitrust Act, details how the firms cut production shifts, installed 87 surveillance cameras across 49 lines to police output, and imposed financial penalties on any member that exceeded its quota. CIMC’s container manufacturing earnings reportedly jumped from $19.8 million in 2019 to $1.75 billion in 2021. The action follows reciprocal port fees and tariffs on China-made port equipment, signaling sustained US pressure on China’s grip over container manufacturing and the broader maritime supply chain.

Weekly Freight Report: May 21, 2026

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