Zencargo Market Update: 12th January 2026

Ocean

• January levels have moved up versus December, but the peak looks to have passed, with further 2H Jan increases not materialising and carriers are extending 1H Jan levels into 2H January.
• Demand remains strong ahead of CNY, keeping upward pressure on space, with overall utilisation around 97%.
• Space and allocations remain tight and increasingly difficult. CMA remains overbooked (~4 weeks) and is rolling cargo/limiting intake via earlier cut-offs and equipment controls; Premier Alliance (YML/HMM) is full through end-Jan with limited allocation released for pending bookings; MSC has port-specific constraints and is applying cargo-mix controls (while largely honouring filed allocations); Gemini is also full.
• European congestion and disruption has been exacerbated by poor weather and holidays, impacting terminal productivity.
• Very few blank sailings announced through to CNY.

Air

Central China (SHA/NGB)

• SHA: Rates are trending up this week, but space is tight due to a blizzard-driven backlog (heaviest pinch after Thursday); book early and quote case by case.
• NGB: Europe/DE demand is picking up post-holiday and space is tightening, with rates firmer and increasingly handled case by case.

North China (DLC/TSN/TAO/PEK)

• TSN: Market is steady; lower-cost options to London are available with longer transit, but confirmed space needs longer lead times.
• DLC/PEK: Rates have softened slightly week on week; spot works for dense cargo, while volume needs earlier booking and may be split across flights.
• TAO: Europe lanes are warming up; space is generally available to main hubs, but rates have moved higher and remain very flight/date dependent.

South China (CAN/SZX/XMN)

• CAN: Little change so far, but the market may tighten after this week; pricing and space need checking shipment by shipment.
• SZX: Stable conditions; deferred services remain available, with rates quoted case by case.
• XMN: Largely unchanged week on week, though airlines are signalling upward cost pressure; final levels depend on live booking.

Ocean

• The 2H January GRI is currently in place, driven by an increase in demand due to the upcoming Chinese New Year.
• General rate increases have been confirmed by carriers for the US West Coast, East Coast, and inland destinations such as Chicago.
• No PSS is currently applied on long-term contracts, as MSC has confirmed the surcharge is now postponed until 1st February.
• January capacity remains high, with levels reaching 83–90%, whereas the same period last year was set at 75–80%.
• Rate peaks have occurred earlier than usual, hitting the peak roughly 3-4 weeks ahead of traditional seasonality.
• Market trends suggest a potential rate decrease for the second half of the month following the PSS postponement, though this is not yet confirmed.

Air

Central China (SHA/NGB)

• SHA: Overall picture is mixed: some lanes are edging up, but capacity is generally sufficient and pricing remains sensitive to e-commerce volumes, advisable to quote and book case by case.
• NGB: Updates are limited this week, with guidance to quote case by case depending on carrier and cargo profile.

North China (DLC/TSN/TAO/PEK)

• TSN: Market is normal and broadly stable; some carriers offer competitive options to the US West Coast, with moderate lead times for space.
• DLC/PEK: Rates have eased materially week on week for many airlines; dense cargo can still access spot rates, but volume may face higher levels and flight splits with longer lead times.
• TAO: Market is steady with space generally available right now, though West/East Coast pricing has firmed. The forward view points to tighter space and sustained higher rates.

South China (CAN/SZX/XMN)

• CAN: Limited movement currently, but potential tightening after this week, so treat as case by case for both price and space.
• SZX: Stable, with pricing negotiable case by case; East Coast lanes remain the firmer end of the market.
• XMN: Similar to last week, but carriers are indicating cost increases, so  final rates depend on actual flight availability at booking.

Ocean

• 1H Jan pricing is mostly stable, with modest reductions from a handful of carriers; the Xeneta trendline has been broadly flat since mid-December.
• Bangladesh to North Europe conditions are more volatile, with Asia–Europe space constraints spilling over; shippers are seeing a mix of extensions and fresh increases, and the Xeneta trend is edging up into January.
• Space is generally reliable from the main Indian ports, with no major congestion/disruption flagged.
• Chittagong is seeing short vessel queues (c. 1–2 days) with yard utilisation around the mid-60% range.

Ocean

• Demand remains soft, keeping downward pressure on rates and limiting carrier ability to push through increases.
• Schedule reliability has weakened versus late 2025, with Northern Europe disruption a key driver.
• Capacity is building into January, with tonnage increasing despite weak volumes, pointing to greater overcapacity in Q1 2026.
• Blank sailings are being used more aggressively to manage soft demand, with westbound cancellations elevated (early January showing a meaningful share of sailings cancelled).
• Northern European port congestion persists (notably Antwerp/Rotterdam), continuing to impact network fluidity and reliability.
• US ports remain relatively uncongested on the lane, supported by lower volumes.
• Cost headwinds are rising as ETS-related charges step up in January 2026, adding to overall all-in transport cost pressure.
• Temporary schedule adjustments are in place on Hapag’s AL2 through mid-February (North Europe ↔ North America), while Montreal services continue to face draft constraints.

USA

Ocean

• US West Coast (LA/LB): 2 vessels waiting, with 5-day rail dwell.
• Oakland: 3 vessels waiting, with 5-day rail dwell.
• Seattle/Tacoma: No vessels waiting; rail dwell remains at 5 days.
• Canada (Vancouver): 3 vessels waiting, with 4-day rail dwell.
• US East Coast (NY/NJ): 3 vessels waiting (up by 1), with 4-day rail dwell.
• Savannah: 10 vessels waiting (up by 6), with 3-day rail dwell.

Benelux

Antwerp

• PSA 913: Yard utilisation is stable at a level of 85–90%, with reefer utilisation at 60–65%.
• PSA 869: Yard utilisation increased to a level of 75–80%, reefer on high utilisation of 65–70%.
• AGW: Yard utilisation has remained stable at 60–65%, with reefer utilisation reducing to 60–65%, Empties at 70–75%. Cargo opening times remain 5 days prior to vessel ETA.

Rotterdam

• ECT: Yard remains stable at 65–70% utilisation.
• RWG: Yard utilisation remained on a critical level of 80–85% utilisation.
• DELTA II: Yard on a low level of 45–50% utilisation ~ Reefers at a level of 30–35%.

APMT MVII: Yard on stable level of 85–90%.

Europe Public 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.

• 14 January (Wed): Bosnia and Herzegovina (FBiH).
• 24 January (Sat): Romania.
• 27 January (Tue): Monaco.
• 2 February (Mon): Ireland (Eire), Liechtenstein.

• 5 February (Thu): San Marino.
• 8 February (Sun): Slovenia.
• 10 February (Tue): Malta.
• 11 February (Wed): Holy See (Vatican City).
• 15 February (Sun): Serbia.
• 16–17 February (Mon–Tue): Regional holidays across Andorra, Gibraltar, Lithuania, Luxembourg, Kosovo, Portugal, Serbia, and Liechtenstein.
• 21–22 February (Sat–Sun): Russia.
• 23 February (Mon): Cyprus, Greece, Estonia, Russia, Transdniestria (PMR).
• 24 February (Tue): Estonia.
• 28 February (Sat): Spain (regional observance).

• 1 March (Sun): Bosnia and Herzegovina (FBiH), Switzerland.
• 2 March (Mon): Spain.
• 3 March (Tue): Bulgaria.
• 7 March (Sat): Russia.
• 8 March (Sun): Belarus, Germany, Moldova, Russia, Transdniestria (PMR), Ukraine.
• 9 March (Mon): Russia, Transdniestria (PMR), Ukraine.
• 11 March (Wed): Lithuania.
• 14 March (Sat): Albania, Andorra.
• 15 March (Sun): Hungary.
• 16 March (Mon): Albania.
• 17 March (Tue): Ireland (Eire), UK (United Kingdom).
• 19 March (Thu): Austria, Holy See (Vatican City), Liechtenstein, Malta, Spain, Switzerland, Türkiye.
• 20 March (Fri): Albania, Bosnia and Herzegovina (FBiH), Kosovo, Macedonia, North Cyprus, Spain, Türkiye.
• 21 March (Sat): North Cyprus, Türkiye.
• 22 March (Sun): Albania, North Cyprus, Türkiye.
• 23 March (Mon): Albania.
• 25 March (Wed): Cyprus, Greece, San Marino.
• 31 March (Tue): Malta.

Traffic bans

12.01.2026

• AT | Austria 00:00 – 05:00; 22:00 – 24:00
• CH | Switzerland 00:00 – 05:00; 22:00 – 24:00
• LI | Liechtenstein 00:00 – 05:00; 22:00 – 24:00

13.01.2026

• AT | Austria 00:00 – 05:00; 22:00 – 24:00
• CH | Switzerland 00:00 – 05:00; 22:00 – 24:00
• LI | Liechtenstein 00:00 – 05:00; 22:00 – 24:00

14.01.2026

• AT | Austria 00:00 – 05:00; 22:00 – 24:00
• CH | Switzerland 00:00 – 05:00; 22:00 – 24:00
• LI | Liechtenstein 00:00 – 05:00; 22:00 – 24:00

15.01.2026

• AT | Austria 00:00 – 05:00; 22:00 – 24:00
• CH | Switzerland 00:00 – 05:00; 22:00 – 24:00
• LI | Liechtenstein 00:00 – 05:00; 22:00 – 24:00

16.01.2026

• AT | Austria 00:00 – 05:00; 22:00 – 24:00
• CH | Switzerland 00:00 – 05:00; 22:00 – 24:00

LI | Liechtenstein 00:00 – 05:00; 22:00 – 24:00