Zencargo Market Update: 20th May 2024
May 20, 2024
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May 20, 2024
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The race for capacity has started, with shippers showing strong demand due to shippers moving significant cargo in the first four months of 2024 to avoid potential Q3 constraints.
Combined with an average of 5% ongoing blanked sailings, there is a looming future of tighter capacity, higher rates and sellers’ market swings ahead.
With GRIs already successfully implemented for the second half of May, we will see further hikes coming in June.
Overall, this carries the signs of a significant upswing compared to recent performance, with capacity shrinking in the face of resurgent port congestion, driven by equipment shortages in China and longer routes around the Cape of Good Hope.
The market is tight across various regions with strong demand for air cargo rates increasing across multiple routes from China to Europe. For instance, from SHA to Europe, the market is busy with slightly increasing rates. From NGB to Europe, rates are stable but subject to case-by-case fluctuations.
Central China to Europe (SHA/NGB):
North China to Europe (TSN/DLC/PEK/TAO):
South China to Europe (CAN/SZX/XMN):
Central China to USA (SHA/NGB)
North China to USA (TSN/DLC/PEK/TAO)
South China to USA (CAN/SZX/XMN)
Ocean
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.
May 20 – Austria, Belgium, Denmark, France, Germany, Hungary Luxembourg, Netherlands
May 24 – Bulgaria
May 30 – Austria, Croatia, Germany*, Poland, Portugal, Spain*
May 31 – Spain*
June 1 – Moldova, Romania
June 2 – Italy, Lithuania
June 3 – Ireland (Eire)
June 5 – Denmark*, Faroe Islands*
June 6 – Sweden
June 7 – Isle of Man, Malta
June 9 – Aland (Ahvenanmaa)
June 10 – Portugal, Spain*
June 12 – Russia
June 13 – Portugal*, Spain*
June 15 – Türkiye*
June 16 – Albania, Bosnia & Herzegovina (FBIH)*, Kosovo, North Cyprus, Türkiye
*Not in all regions
The information that is available in the Zencargo Market Update comes from a variety of online sources, partners and our own teams. Click below to learn more about how Zencargo can help make your supply chain your competitive advantage.
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