Hapag-Lloyd and CMA CGM have applied peak season surcharges to shipping rates from Europe to North America of $500 per FEU (forty-foot equivalent units) and $1,000 per FEU respectively for departures from June 1. For context Hapag-Lloyd’s new rate on Mediterranean to U.S. east coast routes is now $8.275 per FEU. The increases follow a 22.7% year over year surge in shipments to U.S. east coast ports from European ports in April to a record of over 425,000 TEUs. Notably there hasn’t been a consistent peak season for shipments on the lanes in the past four years. Both CMA CGM and Hapag-Lloy...