Zencargo Market Update: 8th April 2024

Ocean

• April GRIs have been announced by carriers in the ocean market. 
  • Negotiations for quarterly deals have been impacted by the GRI announcement, complicating the finalisation of discussions at the anticipated rate.
  • Space is stable in April and vessel utilisation is not full at the moment.

Air

Air

Central China to Europe

• From SHA to Europe, the market has normalised this week and rates have decreased.
• From NGB to Europe, rates have decreased this week and final rates depend on a case-by-case basis. 
  • We suggest booking space 4-5 days prior to the cargo ready date.  

North China to Europe

• Rates from Korean Airlines from TSN to Europe are high and fluctuating. Asiana Airlines are confirming rates on a case-by-case basis. 
  • The market is busier compared to last week.
• On DLC/PEK to Europe, rates with most airlines are increasing this week. 
  • To secure space, book a week in advance. 
• The market is stable this week from TAO to Europe and space is not as tight. Estimated Time of Departure is 3-4 days after booking. 
  • Rates have remained the same as last week and spot rates can be applied for dense cargo. 

South China to Europe

• From CAN to Europe, the market is stable but there may be a rate increase next week. 
• From SZX to Europe, the market is busy and carriers have increased their rates.
• From XMN to Europe, final rates will need to be checked on a case-by-case basis. 

Air

Central China to USA

• From SHA to the USA, space and rates are stable this week, although there have been some cancelled flights to Chicago O’Hare International airport.
• From NGB to the USA, rates have decreased this week and the market is stable. 
  • Final rates depend on a case-by-case basis.

North China to USA

• Rates from Korean Airlines from TSN to the USA have increased and are fluctuating. 
  • Asiana Airlines are confirming rates on a case-by-case basis. 
  • Market is tight compared to last week. 
• On DLC/PEK to the USA, rates with most airlines have increased this week. 
  • Dense cargo can be booked with spot rates.
  • Space needs to be booked 10 days in advance.  
• The market from TAO to the US is stable this week. 
  • Space is still tight and air freight rates remain similar to last week. 

South China to USA

• From CAN to the USA, the market is stable but airlines may increase rates next week. 
• From SZX to the USA, the market is recovering and carriers have increased rates this week. 
• From XMN to the USA, rates remain stable and final rates depend on a case-by-case basis.

Ocean

• Remains remain stable, but carriers are looking to introduce GRIs in May.
  • Space and equipment is stable, however there are some issues at certain inland depots in the south of Germany.

USA

Ocean

• Here is the most recent port update from the US: 
  • The Ports of LA and Long Beach have 4 vessels waiting to berth.
    • There is a 0 day wait to berth with a 9 day dwell on the rail terminals. 
  • Oakland has 1 vessel waiting with a 6 day dwell on rail.
  • New York/ New Jersey has 1 vessel waiting to berth with a 4 day dwell on the rail.
  • Savannah has 5 vessels waiting with a 2 day dwell on rail. 

• Recently, the Maersk operated containership, DALI, struck the Francis Scott Key Bridge in Baltimore.
  • The port is now closed for the foreseeable future, with demolition work well under way. The only route to port was under the bridge.
  • Baltimore Port handled 4.5% of the total containers for main East Coast ports in 2023. 
  • The closure will not have a significant impact as there is sufficient handling capacity at neighbouring ports such as Norfolk and New York.
  • Cargo is currently being diverted to those ports.

Benelux

Ocean

• Here is an update from Hapag-Lloyd on ports in the Benelux region:
  • Antwerp, Belgium
    • PSA 913: Yard has been fully repaired after damage from last year’s accident from a collapsed crane. 
      • Yard utilisation remains at 75-80%, with reefers at 45-50%.
    • PSA 869: Yard utilisation is at 65-70%, with reefers at 35-40%.
    • AGW: Antwerp Gateways yard utilisation remains at 60-65%. Reefer plugs are at 50-55%.
• Rotterdam, The Netherlands
  • ECT: Yard utilisation is at 60-65%.
  • RWG: Yard utilisation is at 70-75% and the berth line-up is high. 

United Kingdom

Road 

• UK commercial vehicle (CV) production almost doubled in February, according to the Society of Motor Manufacturers and Traders (SMMT).
  • 12,927 vans, trucks, taxis, buses and coaches were produced and driven by overseas demand rather than domestic demand. 
  • Exports increased by 188.0% to 10,011 units, representing 77.4% of all CVs made in the month, with 97.6% headed for the EU. 
  • On the other hand, domestic demand decreased for the second month in a row, declining by 4.0% to 2,916 units.

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.

April 10 – Spain*, 

April 23 – Spain*

April 25 – Italy, Portugal

April 27 – Netherlands, Slovenia

May 1 – Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Estonia, Finland, France, Germany, Hungary, Italy, Latvia, Lithuania, Luxembourg, Malta, Polan, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden

May 2 – Romania*, Slovenia, Spain*

May 3 – Bulgaria, Cyprus, Greece, Poland, Romania

May 4 – Austria*, Bulgaria, Cyprus*, Latvia

May 5 – Bulgaria, Cyprus*, Greece, Lithuania, Netherlands*, Romania

*Not in all regions