Zencargo Market Update: 10th February 2025

Ocean

• Rates continue to decline in February, with expectations of further drops in the second half. Space remains widely available as capacity ramps up following Chinese New Year (CNY), but booking more than a week ahead is advisable. 
• North European ports like Rotterdam and Felixstowe face delays of 5-12 days, while Southampton, Antwerp, Zeebrugge, and Le Havre experience shorter delays (2-5 days). 
• Carriers are maintaining Cape of Good Hope routings due to ongoing Red Sea uncertainties​.

Air

Central China (SHA/NGB):

• Shanghai (SHA): The market has picked up and rates are increasing on this lane. 
• Ningbo (NGB): Rates have decreased and space is not tight. Please check rates on a case-by-case basis. 

North China (DLC/TSN/TAO/CKG/BJS):

• Tianjin (TSN): The market has slowed, and rates will need to be checked on a case-by-case basis. Space is open but shippers should be booked 4-5 days ahead.
• Dalian/Beijing (DLC/PEK): Rates are holding steady across most airlines, and dense cargo can apply for spot rates. Volume cargo requires 6-7 days of lead time and may face split flights.
• Qingdao (TAO): The market is decreasing this week, with space readily available to most European destinations. Rates have decreased slightly across the board, and airlines continue to offer spot rates for larger shipments.

South China (CAN/SZX/XMN)

• Guangzhou (CAN): After Chinese New Year, the market has softened, and space is readily available. Rates are quoted depending on the destination. Early booking is advisable to secure optimal rates.
• Shenzhen (SZX): The market is relatively stable with available space. Rates have decreased slightly post-holiday, and airlines are offering competitive spot rates for dense cargo.
• Xiamen (XMN): Market conditions have improved, with space more accessible and rates stabilizing. It is recommended to check with airlines for the most updated rates on a case-by-case basis.

Ocean

• The Trump administration’s recent decision to delay the suspension of the de minimis provision means that shipments under $800 can continue entering the U.S. duty-free for now. While the delay offers temporary relief, it is still expected to return imminently.

Air

Central China (SHA/NGB):

• Shanghai (SHA): Rates have increased significantly and rates and space should be checked on a case-by-case basis. 
• Ningbo (NGB): Rates are decreasing this week and space is not tight. 

North China (DLC/TSN/TAO/CKG/BJS):

• Tianjin (TSN): The market has slackened, with rates stabilising this week. Space is available after the Chinese New Year holiday.
• Dalian/Beijing (DLC/PEK): Rates are steady, and dense cargo may qualify for spot rates. Volume cargo bookings should be made 6-7 days in advance. Space is available after the Chinese New Year. 
• Qingdao (TAO): Space is not tight to most U.S. airports and rates have decreased a lot this week. Shippers are advised to check availability and rates on a case-by-case basis.

South China:

• Guangzhou (CAN): After Chinese New Year, space is available, but early booking is recommended.
• Shenzhen (SZX): The market is stable and rates will need to be checked on a case-by-case basis. 
• Xiamen (XMN): Spot rates are available and final rates depend on a case-by-case basis. 

Ocean

• FAK rates from India are mixed, with some extensions and reductions as capacity remains available through February. 
• Space and equipment are largely stable.
• Bangladesh’s trucker strike is causing disruptions and delays in Chittagong, while transshipment ports like Colombo face congestion due to adverse weather. Schedule reliability has dipped slightly on this trade lane​.

Ocean

• MSC and Hapag-Lloyd will implement a PSS starting March 1 for shipments from North Europe to the U.S., Canada, and Mexico.
• Maersk and Hapag-Lloyd’s Gemini Cooperation aims to enhance efficiency and exceed 90% schedule reliability by focusing on major terminal hubs. MSC’s independent operations offer more direct services and flexible capacity deployment.
• Expect temporary irregularities like blank sailings and altered port calls during the network transition.
• New vessel deliveries and increased capacity may soon outpace demand.

USA

• Los Angeles/Long Beach: 4 vessels waiting to berth, 9-day rail dwell, and 61% yard capacity.
• Oakland: 5 vessels waiting, with an 11-day rail dwell.
• Seattle and Tacoma: 7 vessels waiting, 7-day dwell on the rail.
• New York/New Jersey: 6 vessels waiting, 5-day rail dwell, 83% yard capacity.
• Norfolk: 3 vessels waiting, with a 3-day dwell.
• Savannah: 10 vessels waiting, 3-day rail dwell. The port recently closed for two days due to adverse weather.

Benelux

Antwerp, Belgium:

• PSA 913: Yard utilisation at 75-80%, with reefer occupancy at 65-70%. Terminal operations were slightly affected by fog but no significant delays.
• PSA 869: Yard utilisation remains high at 80-85%, while reefers are moderately utilised at 55-60%.
• AGW (Antwerp Gateways): Yard stands steady at 65-70% utilisation, with reefer levels in the same range.

Rotterdam, Netherlands:

• ECT: Following the resolution of the labour dispute, terminal operations have normalised. Yard utilisation remains high at 80-85%.
• RWG: Yard utilisation increased to 75-80%, with the terminal maintaining high productivity and strong feeder demand.

Europe road freight:

• Contract rates for EU road freight rose by 2.8 points, and spot rates increased by 0.5 points in Q4 2024, though both remain slightly down year-on-year.
• Costs rose across most components including, labour costs rising 5% YoY, with a shortage of 500,000 truck drivers (12% of positions) pushing wages higher.
• Diesel prices fell to €1.50/L in September, its lowest value since January 2023, but rose to €1.57/L by December, limiting cost relief.

European Bank Holidays

We anticipate a shortage of availability and the occurrence of delays around the bank holiday periods. Plan ahead and allow extra time for your products to be delivered.

February 10 (Monday): Malta

February 16 (Sunday): Lithuania

February 24 (Monday): Estonia

February 28 (Friday): Spain

March 1 (Saturday): Spain

March 3 (Monday): Bulgaria, Cyprus, Greece, Luxembourg

March 4 (Tuesday): Portugal

March 8 (Saturday): Germany

March 11 (Tuesday): Lithuania

March 15 (Saturday): Hungary

March 17 (Monday): Ireland (Eire)

March 19 (Wednesday): Austria, Malta, Spain

March 25 (Tuesday): Cyprus, Greece

March 31 (Monday): Malta, Spain

*Not in all regions