Zencargo Market Update: 16th December 2024

Ocean

• Space remains tight, with carriers reporting full bookings 2-3 weeks in advance. Blank sailings continue to impact capacity, particularly through the second half of December, with reductions close to 25% in Week 52.
• December rate increases have been partially successful, pushing overall levels higher than November. 
• Forward bookings are recommended 3-4 weeks ahead due to reduced availability and peak seasonal demand​.

Air

Central China (SHA/NGB)

• Shanghai (SHA): The market remains soft with decreasing rates. Bookings are recommended at least one week in advance to secure capacity​.
• Ningbo (NGB): Rates are trending downward and it is recommended to confirm bookings at least a week in advance, 

North China (TSN/DLC/PEK/TAO)

• Tianjin (TSN): Demand remains strong. Space must be secured 5-6 days ahead, particularly on routes to LHR​.
• Dalian/Beijing (DLC/PEK): Stable rates overall. Airlines continue offering spot rates for dense cargo, but larger shipments need 7-10 days ahead to book and may face flight splits​.
• Qingdao (TAO): Space is stabilising compared to previous weeks, with rate decreases on key European routes​.

South China (CAN/SZX/XMN)

• Guangzhou (CAN): The market remains strong with limited space availability.
• Shenzhen (SZX): Rates are increasing, and space remains constrained. All bookings require case-by-case rate confirmations​.
• Xiamen (XMN): Rates are decreasing and demand to the EU market is down.  

Ocean

• The Transpacific (TP) trade has seen container fleet capacity grow by 4.2% year-on-year.

• MSC will introduce its standalone East-West network ‘Mustang’ in 2025, servicing key hubs like Xiamen, Ningbo, Shanghai, Busan, Seattle, Vancouver, and Portland.
• In September, Maersk and HPL announced an additional TP7/ WC5 loop, expanding service coverage to include Busan, Ningbo, LA, and Yokohama.

Air

Central China (SHA/NGB)

• Shanghai (SHA): Rates remain elevated, driven by a significant reduction in space availability. Early bookings are necessary to secure capacity​.
• Ningbo (NGB): Rates are decreasing to most US destinations, though space remains tight on key routes​. It is recommended to book space one week in advance. 

North China (TSN/DLC/PEK/TAO)

• Tianjin (TSN): Rates are increasing as demand remains high. Bookings need to be secured 5-6 days in advance​.
• Dalian/Beijing (DLC/PEK): Most airlines have increased rates this week. Volume cargo will need 7-10 days notice before booking with the possibility of a flight split. 
• Qingdao (TAO): Space to the USA is extremely tight, with rates remaining the same as last week to most US airports. 

South China (CAN/SZX/XMN)

• Guangzhou (CAN): The market remains hot with constrained space availability. Rate stability is expected in the coming days​.
• Shenzhen (SZX): Space remains tight, with rates holding firm on both East and West Coast routes​.
• Xiamen (XMN): Rates are stable, however final rates depend on a case-by-case basis.

Ocean

• Rates remain stable following recent volatility, supported by increased carrier allocations.

• The threat of strikes at Indian ports has subsided following a wage and pension contract agreement, which has been officially approved. This resolution has alleviated some concerns about disruptions to cargo flow from major ports.

• Transshipment delays persist at Colombo, where adverse weather and congestion continue to affect schedules​.

• Carriers are preparing for an expected rise in demand in early January as the traditional peak season begins. Shippers are advised to confirm bookings early to avoid potential space constraints​.

Ocean

• Vessel capacity for January departures from Northern and Southern Europe is expected to remain fully utilised. 
• Blank sailings persist through the end of December, particularly affecting the U.S. East Coast.
• Carriers report stable rates through to the end of January.

USA

• Los Angeles/Long Beach: 3 vessels waiting, 8-day rail dwell, yard capacity at 75%.
• Oakland: 6 vessels waiting, 7-day rail dwell. Conditions remain steady.
• Seattle/Tacoma: 8 vessels waiting, with an 8-day rail dwell.
• New York/New Jersey: 4 vessels waiting, 3-day rail dwell, yard capacity at 73%.
• Norfolk: 6 vessels waiting, 2-day rail dwell, with berth availability improving after ongoing crane rearrangement.
• Savannah: 3 vessels waiting, with a 2-day rail dwell.

Benelux

Belgium – Antwerp:

• PSA 913: Yard utilisation at 80%, with reefer capacity at similar levels.
• PSA 869: Yard utilisation at 5%, with reefer utilisation at 50%.
• AGW (Antwerp Gateway): Yard utilisation is at 62% and reefers are at 55%. 

Netherlands – Rotterdam:

• ECT: Yard utilisation is currently 70%.
• RWG: Yard utilisation stands at 70-75%

United Kingdom

Road/Rail

• The cost to refuel electric vans has dropped significantly in 2024, providing some relief to transport operators managing mixed fleets. Reports highlight a steady decline in energy tariffs, improving operational costs for last-mile and regional logistics​.

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.

December 3: Spain*

December 6: Finland, Spain

December 8: Austria, Italy, Malta, Portugal, Spain

December 9: Spain*

December 13: Malta

December 23: Estonia*, Latvia

December 24: Austria*, Bulgaria, Czech Republic, Denmark*, Estonia, Finland*, Germany*, Hungary, Latvia, Lithuania, Luxembourg*, Portugal*, Slovakia, Sweden*

December 25: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland (Eire), Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden

December 26: Austria, Belgium*, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France*, Germany, Greece, Hungary, Ireland (Eire), Italy, Latvia, Lithuania, Luxembourg, Malta*, Netherlands, Poland, Romania, Slovakia, Slovenia, Spain*, Sweden

December 27: Hungary, Ireland (Eire), Romania

December 30: Latvia

December 31: Denmark*, Estonia*, Germany*, Latvia, Sweden*

January 1: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland (Eire), Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden

January 2:  Romania, Slovenia

January 3: Romania

January 6: Austria, Croatia, Cyprus, Finland, Germany*, Greece, Italy, Poland, Romania, Slovakia, Spain, Sweden

January 7: Romania

January 24: Romania

*Not in all regions