Zencargo Market Update: 16th December 2025

Ocean

• The second December GRI has held more effectively than the first, with carriers managing to sustain higher rate levels into late December.
• Rates remain elevated across most carrier services, with only limited erosion seen compared with early December.
• Demand continues to strengthen ahead of CNY, adding further pressure to already tight vessel utilisation.
• Space remains constrained, with several major carriers fully booked through year-end and others limiting intake via earlier cut-offs or rolling cargo.
• Overall utilisation is very high, sitting close to full capacity across the trade.
• European port congestion persists, most notably at Rotterdam RWG where waiting times remain extended, while ECT is comparatively better but still experiencing delays.
• Blank sailings remain limited for the second half of December, reflecting full vessels and strong load factors rather than capacity withdrawal.

Air

Central China (SHA/NGB)

• SHA: Market remains very tight with sustained demand; space is constrained and rates continue to trend upward, making early booking essential.
• NGB: Volumes into Europe are building steadily, with space tightening week on week and continued upward pressure on rates.

North China (DLC/TSN/TAO/PEK)

• TSN: Market remains busy, with limited lower-cost options available on longer transit routings and advance booking required.
• DLC: Rates remain firm, with dense cargo better positioned as space for volume shipments tightens.
• PEK: Capacity remains constrained, with airlines holding elevated rate levels.
• TAO: Tight space continues into major European hubs, with pricing holding above recent averages.

South China (CAN/SZX/XMN)

• CAN: Peak season conditions persist, with bookings assessed strictly case by case and continued upward rate momentum.
• SZX: Market remains very active, with further increases expected and carrier-controlled allocations.
• XMN: Space remains tight, with rates quoted on a flight-by-flight basis and little flexibility.

Ocean

• The 2H December GRI has been broadly successful, supported by previously depressed rate levels. Carriers have been more effective in holding increases this time, particularly into the East Coast and inland via the West Coast.
• No PSS is currently applied on long-term contracts, though a surcharge is still expected to be introduced from early January.
• Demand remains stable, with no significant volume surge reported. Capacity levels remain high for the remainder of December, with utilisation broadly strong but not constrained.
• Blank sailings are lower than last year, reflecting carriers maintaining capacity rather than aggressively withdrawing supply.
• Port congestion remains manageable overall, with conditions improving on the West Coast. East Coast congestion has increased, driven by higher yard utilisation and inland rail pressures.
• Schedule reliability has softened slightly on both coasts, though performance remains carrier-dependent.

Air

Central China (SHA/NGB)

• SHA: Strong pre-holiday demand continues to constrain space to both coasts, keeping rates elevated and volatile.
• NGB: Market remains active, driven by e-commerce volumes, with pricing and space managed case by case.

North China (DLC/TSN/TAO/PEK)

• TSN: Stable but firm market, with freighter capacity supporting demand while rates remain elevated.
• DLC: Tight space persists, with higher rates and split shipments increasingly common for volume cargo.
• PEK: Rates have firmed again this week, with limited space availability across services.
• TAO: Very tight space to both US coasts, with sustained upward pressure on pricing.

South China (CAN/SZX/XMN)

• CAN: Strong peak season demand continues, keeping space constrained and rates elevated.
• SZX: Market remains hot, with limited availability and firm carrier pricing.
• XMN: Tight capacity and recent cost increases are maintaining upward pressure on rates.

Ocean

• Late December rates have edged up modestly, with India–North Europe seeing incremental increases as carriers adjust capacity, while Bangladesh–North Europe remains elevated due to wider Asia–Europe space pressure.
• Premier Alliance carriers and CMA CGM have reduced capacity through blank sailings in December, while MSC is operating largely full schedules.
• Space and equipment remain generally available across the subcontinent, although some pockets of 20ft equipment tightness persist on smaller carriers in North India.
• Colombo continues to face berthing delays, while Mundra and Nhava Sheva are operating as normal.
• Chittagong has announced a partnership with APM to construct and operate a new terminal, aimed at improving long-term efficiency.
  

Ocean

• Demand remains soft across the trade lane, continuing to put downward pressure on the market despite seasonal capacity management.
• The November GRI failed to hold due to weak demand, with pricing easing slightly into December. Further cost pressure is expected from ETS-related increases scheduled for January.
• Carriers have announced a high level of blank sailings from late December into January to manage oversupply, though this is not expected to materially disrupt flows. Maersk has confirmed no capacity constraints on TA1 and TA2 services in December. Capacity into Canada remains constrained due to low water levels.
• Schedule reliability continues to improve overall, particularly on westbound services, although eastbound performance remains more mixed.
• Northern European ports remain congested, most notably Rotterdam, Antwerp and Hamburg. In the Mediterranean, Valencia, Piraeus, Algeciras, Barcelona, Genoa and La Spezia are affected. On the US side, delays persist at New York/New Jersey, Long Beach, Savannah and Charleston.
• Container and chassis shortages persist in parts of Central and Northern Europe, particularly Austria, Slovakia, Hungary, Germany and Portugal, with conditions less severe but still present in Southern Europe.
• MSC is introducing a new Canada Express service from Northern Spain (Vigo) later in December, aimed at improving transit times to Canada.

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 remains stable at 80–85%, with reefer utilisation at 60–65%.
• PSA 869: Yard utilisation has increased to 80–85%, with reefer utilisation at a higher 65–70%.
• AGW: Yard utilisation remains stable at 60–65%. Reefer utilisation has reduced to 60–65%, with empties at 70–75%. Cargo opening times remain 5 days prior to vessel ETA.

Rotterdam

• ECT: Yard utilisation remains stable at 65–70%.
• RWG: Yard utilisation remains at a critical level of 80–85%.
• DELTA II: Yard utilisation is lower at 45–50%, with reefer utilisation at 30–35%.
• APMT MVII: Yard utilisation remains high but stable at 85–90%.

• 23 December (Tuesday) – Estonia
• 24 December (Wednesday – Christmas Eve) – Andorra, Austria, Belgium, Bulgaria, Czech Republic, Denmark, Estonia, Faroe Islands, Finland, Germany, Greenland, Hungary, Iceland, Latvia, Liechtenstein, Lithuania, Luxembourg, Norway, Poland, Portugal, San Marino, Slovakia, Svalbard and Jan Mayen, Sweden, Åland (Ahvenanmaa)
• 25 December (Thursday – Christmas Day) – Most of Europe, including UK, France, Germany, Spain, Italy, Netherlands, Poland, Portugal, Switzerland, and many others.
• 26 December (Friday – Boxing Day / St. Stephen’s Day) – Observed across much of Europe including Austria, Denmark, Finland, Germany, Ireland, Norway, Sweden, Switzerland, and the UK.
• 29 December (Monday) – Hungary, Ireland (Eire)
• 30 December (Tuesday) – Hungary
• 31 December (Wednesday – New Year’s Eve) – Andorra, Bulgaria, Denmark, Estonia, Faroe Islands, Germany, Greenland, Hungary, Iceland, Kosovo, Latvia, Liechtenstein, Russia, San Marino, Svalbard and Jan Mayen, Sweden, Switzerland, Transdniestria (PMR)
• 1 January (Thu) – Widespread public holiday across Europe, including Austria, Belgium, France, Germany, Italy, Netherlands, Spain, Switzerland, Nordics, Balkans, UK and Türkiye (significant cross-border disruption expected).
• 2 January (Fri) – Public holiday in parts of Eastern and Central Europe, including Romania, Bulgaria, Hungary, Slovenia and Switzerland.
  
• 3 January (Sat) – Transnistria (PMR).
  
• 5 January (Mon) – Russia, Transnistria (PMR).
  
• 6 January (Tue) – Epiphany observed in Austria, Germany, Italy, Poland, Spain, Switzerland and parts of Scandinavia (regional road restrictions likely).
  
• 7–10 January (Wed–Sat) – Extended holiday period in Russia and parts of Eastern Europe.
  
• 11 January (Sun) – Russia.
  
• 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, Transnistria (PMR).
• 24 February (Tue) – Estonia.
  
• 28 February (Sat) – Spain (regional observance).

Traffic bans

15.12.2025

• 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

16.12.2025

• 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

17.12.2025

• 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

18.12.2025

• 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

19.12.2025

• 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