Zencargo Market Update: 17th November 2025

Ocean

• The November GRI has only been partially implemented, with carriers achieving mixed success in keeping the increase in place. Some lines are holding to higher levels on core UK/North Europe loops, while others have seen erosion where competition is stronger or demand is softer.
• Space performance is mixed across the trades, with certain services still offering relatively open capacity while others are running tight:
  • Headhaul space on some main loops is under pressure around key cargo weeks and public holidays.
  • Other services remain more flexible, but are subject to later changes as carriers rebalance capacity.
• Bank sailings continue to disrupt schedules, particularly around the end of the month and alliance network restructurings. This is creating uneven weekly capacity and making it harder to plan fixed ETDs/ETAs, with some bookings being pushed to alternative sailings or routings at short notice.
• Congestion in Europe is still causing vessel omissions and delays, especially at busier North Europe hubs. Carriers are occasionally skipping or cutting short calls to recover schedules, which can lead to longer dwell times, increased transhipment and a higher risk of rolled or re-routed cargo into both the UK and mainland Europe.

Air

Central China (SHA/NGB)

• SHA: Rates to Europe rising and space remains hot across the board, with airlines applying high floating rates and prioritising dense cargo. Volume bookings are frequently deferred or split, and most larger enquiries are now being priced strictly case by case.
• NGB: Market to Germany continues to strengthen, with demand and rates both trending higher and space becoming tighter. Export and import movements are increasingly handled on a case-by-case basis.

North China (DLC/TSN/TAO/PEK)

• TSN: Market is a little hot this week. SQ and JL are offering lower-rate options into LHR at the cost of longer transit times, while KE and OZ provide earlier ETDs at higher overall costs. Space generally requires 4–7 days’ advance booking.
• DLC/PEK/TAO: Main services (SQ/CX/LH/CA/KL/NH/JL) have lifted rates again, with dense cargo still able to access spot opportunities, while volume shipments need 6–7 days’ lead time and may need to accept split flights.

South China (CAN/SZX/XMN)

• CAN: Peak season pressure continues, with space very tight and bookings assessed case by case. Current A/F levels are running high to main EU gateways, final pricing depends on flight date and profile.
• SZX/XMN: SZX remains hot, with further rate increases expected and all shipments are being confirmed directly with carriers on a case-by-case basis. From XMN, costs have risen again; space is tight but operational handling is normal, with rates and uplift confirmed per booking.

Ocean

• The GRI introduced at the start of November was short-lived and has already been largely rolled back, reflecting only a modest uplift in demand.
• Since early November, the spot market has been easing, with carriers competing more aggressively on short-term deals as volumes have not strengthened enough to sustain higher levels.
• A new PSS on key corridors now looks unlikely in the near term, and most prepaid and FAK products are tracking the same downward trend, with only premium or late-booking cargo seeing firmer levels.
• Demand from Asia to the US has increased, but not significantly, and remains broadly in line with seasonal expectations rather than showing a strong Q4 peak.
• Vessel capacity, which had been trimmed around Golden Week, has returned sharply through November, with additional sailings and upsized tonnage coming back into the network.
• Carriers are expected to add further capacity in the coming weeks to cover incremental demand, keeping overall utilisation at healthy but manageable levels and limiting their ability to drive sustained rate increases.
• Port congestion is generally under control, with operations on both coasts running relatively smoothly.
• On the US West Coast there are signs of slightly longer turnarounds at a few terminals as volumes pick up, but these remain localised and are not yet translating into significant delays or widespread schedule disruption.

Air

Central China (SHA/NGB)

• SHA: Rates into both West and East Coast gateways are elevated levels, with space stable but tightening. Rapid growth in e-commerce volumes is adding upward pressure on pricing. Black Friday driving demand, further increases likely.
• NGB: Most export and import enquiries are now quoted case by case, reflecting limited spare capacity and a market that remains skewed towards denser cargo.

North China (DLC/TSN/TAO/PEK)

• TSN: Market remains a little hot, with freighter capacity from KE/OZ/JL providing earlier ETDs but typically at a premium. JL is relatively more competitive into West Coast gateways (LAX/SFO/SEA), but 4–5 days’ advance booking is still required.
• DLC/PEK: Carriers ex DLC/PEK are maintaining rates at consistently high levels compared with earlier in the quarter. Dense cargo can still secure spot capacity, while volume shipments often need 6–7 days’ lead time.
• TAO: The US market ex TAO is busy, with space slightly tight into both West and East Coast. Airlines continue to hold rates at strong, elevated levels, and while spot solutions for dense or volume cargo are still available.

South China (CAN/SZX/XMN)

• CAN: Peak-season dynamics: space very tight and all bookings on case by case. Rate levels remain above normal, and shippers should be prepared for firm carrier stances and limited room for negotiation on primary routings and dates.
• SZX: Market is hot into both coasts, with all shipments being individually confirmed with carriers. There is strong upward pressure into East Coast gateways in particular.
• XMN: Conditions have stabilised slightly compared with last week, with costs improving modestly but still sitting at a relatively high level into both West and East Coast base ports. 

Ocean

• Ex-India, 2H rates remain soft, with further erosion on some carriers, particularly where lines had been sitting at the top of the market. The gap between higher and lower-priced carriers has narrowed as the more expensive options have adjusted downwards.
• On the back of this, longer-term offers are emerging at relatively low levels versus earlier in the quarter, as carriers look to lock in volume for Q1 while overall demand into North Europe and the UK remains moderate.
• From Bangladesh into North Europe, rates are broadly stable, sitting in a relatively tight band with limited week-on-week movement. However, space is mixed across services:
  • Capacity on some Far East-connected loops is tighter, with certain weeks already well booked ahead.
  • Other services remain more open but can be affected by late changes in rotations and feeder connectivity.
• India space remains generally open, with congestion easing at many major Indian ports. Transhipment hubs can still see some delay at peak times, but overall operational performance has improved compared with earlier disruption periods.
• Bangladesh space conditions are more uneven. While congestion has improved, there are still weeks where political events, port productivity or feeder constraints can tighten effective capacity and lead to rolled bookings or longer transhipment times.

Ocean

• Congestion in key North European hubs remains an issue, with vessel bunching, long yard dwell and extended waiting times still impacting departures
• Congestion leading to knock-on schedule disruption on the westbound leg, with some sailings trimming time in port or adjusting rotations to recover services.
• Carriers are gradually reintroducing capacity back into the market, reinstating some blanked sailings and upsizing tonnage on core loops.
• With demand still relatively muted, this additional capacity is putting downward pressure on rate levels, particularly on base-port routings, although premium services and late bookings can still attract a surcharge.
  
• Equipment shortages persist across parts of Europe, especially for certain box types and at inland depots. Imbalances between import and export flows mean empty repositioning remains a challenge, which can delay pick-up or force shippers to accept alternative sizes or locations.

USA

Ocean

• Los Angeles/Long Beach: 4 vessels waiting (up by 4); 5-day average rail dwell.
• Oakland: 2 vessels waiting (down by 1); 4-day rail dwell.
• Seattle/Tacoma: No vessels waiting; 5-day rail dwell.
• Vancouver: No vessels waiting (down by 3); 5-day rail dwell.Savannah: 4 vessels waiting (no change); 2-day rail dwell.
• New York/New Jersey: 3 vessels waiting (up by 1); 4-day rail dwell.

Benelux

Antwerp

• PSA 913: Yard utilisation has increased to 80–85%, with reefer utilisation steady at 60–65%.
• PSA 869: Yard utilisation has eased to 65–70%, with reefers stable at 45–50%.
• AGW: Yard utilisation remains steady at 55–60%, with reefers reducing to 50–65% and empties stable at 55–80%. Cargo opening times remain five days prior to vessel ETA.

Rotterdam

• ECT: Yard utilisation stable at 65–70%.
• RWG: Operating at a critical level of 80–85%.
• Delta II: Yard utilisation remains low at 25–30%, with reefers at 30–35%.
• APMT MVII: Operating steadily at 85–90% utilisation.

UK

• Europe road freight recovery remains slow; contract and spot road freight indices in Europe have inched up again and converged, signalling a cautious recovery supported by slightly stronger retail volumes. However, hauliers still face a high share of unfilled driver positions plus rising structural costs from wages, tolls and CO₂ surcharges, so any rate uplift is expected to be gradual rather than sharp.
• Two new EU directives will overhaul driving-licence rules, bringing in digital licences, updated medical and training requirements, a two-year probation for new drivers and the option for CPC-qualified 18-year-olds to drive trucks. The changes should slowly support driver recruitment but will require operators to tighten compliance and cross-border enforcement processes. 

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.

• • Nov 18 (Tuesday): Croatia, Latvia
  • Nov 19 (Wednesday): Germany*, Monaco
  • Nov 21 (Friday): Bosnia and Herzegovina (FBiH)*
  • Nov 22 (Saturday): Albania
  • Nov 24 (Monday): Albania
  • Nov 25 (Tuesday): Bosnia and Herzegovina (FBiH)*
  • Nov 28 (Friday): Albania
  • Nov 29 (Saturday): Albania
  • Nov 30 (Sunday): Romania
  • 1 December (Monday) – Albania, Portugal, Romania
  • 3 December (Wednesday) – Spain
  • 6 December (Saturday) – Finland, Spain, Åland (Ahvenanmaa)
  • 8 December (Monday) – Albania, Andorra, Austria, Holy See (Vatican City), Italy, Liechtenstein, Macedonia, Malta, Monaco, Portugal, San Marino, Spain, Switzerland
  • 13 December (Saturday) – Malta
  • 15 December (Monday) – Guernsey and Alderney
  • 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)

Traffic bans

17.11.2025
AT | Austria 00:00 – 05:00; 22:00 – 24:00
HR | Croatia 15:00 – 23:00
CZ | Czech Republic 13:00 – 22:00
CH | Switzerland 00:00 – 05:00; 22:00 – 24:00
LI | Liechtenstein 00:00 – 05:00; 22:00 – 24:00

18.11.2025
AT | Austria 00:00 – 05:00; 22:00 – 24:00
HR | Croatia 14:00 – 23:00
CH | Switzerland 00:00 – 05:00; 22:00 – 24:00
LI | Liechtenstein 00:00 – 05:00; 22:00 – 24:00

19.11.2025
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

20.11.2025
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

21.11.2025
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