Zencargo Market Update: 1st December 2025

Ocean

• The push for a further December GRI continues, with carriers signalling that this round is more likely to hold compared with the erosion seen in recent months.
• Selected NACs and long-term agreements have received new surcharges, adding upward pressure into early December.
• Demand strengthened in the second half of November versus the first half and is expected to build further into December as peak season carries through.
• Space conditions are becoming more challenging overall:
  
  • CMA remains heavily overbooked, limiting intake through earlier cut-offs and controlled equipment release.
  • Other carriers still showing workable availability, but this is tightening gradually.
• European port congestion continues to disrupt vessel schedules, with further service adjustments and ongoing port omissions, particularly into North Europe. No near-term improvement is expected.
• CMA has announced a return to the Suez route on the eastbound leg, which should support improved westbound schedule reliability, though other carriers are still assessing their positions.
• Schedule reliability has deteriorated again, driven by a combination of:
  • Ongoing typhoon disruption in Asia,
  • Storm activity and industrial action in Europe, and
  • Persistent port congestion across key North European hubs.
• Reliability performance declined across all major alliances and carriers, with week-to-week volatility increasing and recovery expected to be slow through December.

Air

Central China (SHA/NGB)

• SHA: Market remains very tight with continued upward pressure on rates; airlines prioritising dense cargo and early booking is essential.
• NGB: Demand into Germany continues to build with space tightening further; pricing remains volatile and assessed case by case.

North China (DLC/TSN/TAO/PEK)

• TSN: Market broadly stable, with lower-cost options available to London on longer transit services, while faster services remain at elevated levels.
• DLC: Market steady with most carriers holding firm; dense cargo can still access spot opportunities, but volume shipments face tighter planning.
• PEK: Conditions mirror DLC with stable pricing directionally but continued pressure on space for larger volumes.
• TAO: Space to Europe remains constrained with higher airline levels holding, although limited spot availability is still being released selectively.

South China (CAN/SZX/XMN)

• CAN: Peak season pressure continues with very tight space and bookings handled strictly case by case.
• SZX: Market remains extremely active with further upward pressure expected and all shipments managed directly with carriers.
• XMN: Costs have moved up again recently, space remains tight, and all pricing continues to be quoted individually per flight.

Ocean

• Rates for the first half of December have been highly volatile, changing multiple times over the past few weeks.
• No PSS applies on long-term contracts. The PSS originally planned for 1st December was deferred to 15th December and is now expected to begin 1st January.
• Capacity is expected to increase through December, trending towards 80–90% utilisation. Demand remains stable, with no significant volume surge currently being seen.
• For Sep/Oct, overall schedule reliability on the US West Coast decreased by 2.4% m/m.
  • OA: 69.4% | MSC: 71.4% | PA: 67.2% | Gemini: 94.6%
• On the US East Coast, overall schedule reliability fell by 2.1%.

Air

Central China (SHA/NGB)

• SHA: Pre-holiday demand is keeping space extremely tight to both coasts, with further upward pressure expected into next week.
• NGB: Import demand remains strong and pricing continues to fluctuate based on FBA cargo volumes and daily market conditions.

North China (DLC/TSN/TAO/PEK)

• TSN: Market slightly hotter this week with rate volatility, freighter options offering earlier departures but remaining elevated.
• DLC: Market broadly stable directionally, with dense cargo still able to access limited spot space, while volume shipments face tighter controls.
• PEK: Conditions remain firm with limited softening visible and space still constrained for larger shipments.
• TAO: Market to the US remains stable but tight on both West and East Coast routings, with elevated airline levels holding.

South China (CAN/SZX/XMN)

• CAN: Strong peak season conditions continue with very limited capacity and all movements confirmed case by case.
• SZX: Market remains hot to both coasts with continued upward pressure and limited flexibility from carriers.
• XMN: Airlines have pushed costs higher again ahead of Christmas demand, with tight space and all pricing confirmed per booking.

Ocean

• India to Northern Europe has seen a modest upward correction following several months of rate softening, with the market now stabilising and space remaining generally healthy.
• Bangladesh to Northern Europe has also edged upward, though overall movement remains mixed across carriers.
• Overall space availability remains good across the subcontinent, with only minor transhipment-related pressure via Singapore on Far East routings. Equipment is largely sufficient, though pockets of 20ft shortages persist with some smaller carriers in North India.
• Colombo experienced storm-related closures from late November due to Tropical Storm Ditwah, causing notable delays. South Indian ports remain on high alert, including Chennai, Ennore and Kattupalli, while Mundra and Nhava Sheva continue to operate normally.
• Chittagong Port has announced a new terminal partnership aimed at improving long-term operational efficiency.
• Reliability on the India–Europe trade lane softened slightly month-on-month during September/October. Maersk and Hapag-Lloyd continue to lead performance, with MSC following behind.

Ocean

• Carrier levels have stabilised and are now being extended through the end of December, with no meaningful softening visible as available space remains tight toward year-end.
• The transatlantic corridor is showing a more stable demand profile than Asia trades, supported by shifts in capacity allocation and steady forward bookings.
• Availability remains limited across most services, with several carriers already effectively full until late December.
• Northern European ports continue to experience congestion, driven by labour action, infrastructure constraints and inland transport disruptions. This is resulting in vessel delays, high yard utilisations, operational restrictions and ongoing schedule reliability challenges.
• Westbound reliability remains stronger than Eastbound, with Gemini outperforming other alliances.
• Mediterranean routings continue to outperform North Europe on reliability.
• With additional labour actions planned in Portugal and Italy, further disruption through December remains likely.
• CMA CGM has acquired a 20% stake in Eurogate Hamburg, reinforcing long-term carrier investment into North European terminal capacity.

USA

Ocean

• US WC (LA/LB): 1 vessel waiting (down by 3), 5-day rail dwell.
• Oakland: 3 vessels waiting, 5-day rail dwell.
• Seattle & Tacoma: 0 vessels waiting, 5-day rail dwell.
• Vancouver: 1 vessel waiting, 4-day rail dwell.
• US EC (NY/NJ): 2 vessels waiting, 4-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 high at 65–70%.
• AGW: Yard utilisation remains stable at 60–65%, with reefer utilisation reduced to 60–65%. Empty yard at 70–75%, and cargo opening remains 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 remains low at 45–50%, with reefers at 30–35%.
• APMT MVII: Yard utilisation remains stable but high at 85–90%.

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.

• • 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

01.12.2025

AT | Austria 00:00 – 05:00; 22:00 – 24:00

RO | Romania 06:00 – 22:00

CH | Switzerland 00:00 – 05:00; 22:00 – 24:00

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

02.12.2025

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

03.12.2025

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

04.12.25

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

05.12.25

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