Liner giants MSC Mediterranean Shipping Company and Cosco Shipping are among the latest names to launch new transpacific services as freight rates continue to soar.

The sharp rise came after lines pushed through peak season surcharge on the back of strong US demand and Red Sea-driven congestion.

Growing box volumes and strikes helping to drive port congestion, says Linerlytica
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Asia-US West Coast prices increased 15%, or $907, to $6.865