Zencargo Market Update: 2nd June 2025

Ocean

• June rates have substantially increased from May. FAK rates are now at elevated levels. Some short-term NACs exist at lower, but still significant, levels. Space is scarce for the first half of June. Capacity issues have pushed end-of-May bookings into June, creating space constraints. Last-minute bookings will face considerable issues finding space as vessels are full 2-3 weeks ahead. Capacity is also being removed and shifted to the Transpacific trade.
• Schedule reliability continues to increase and is now at 54.4%. Pure Gemini services performed between 69.2% and 100%, while MSC solo services were between 57.1% and 80%. Premier services are performing between 50% and 78.6%.
• Congestion in North European ports (Rotterdam, Hamburg, Bremerhaven, Antwerp, Le Havre) remains severe, affecting vessel berthing, barge connections, and general container movement. In the UK, London Gateway is most affected by the surge of volume from Gemini, prompting PA and MSC to move services to Felixstowe. Maersk has also moved some Transatlantic and South America services from Gateway due to congestion.
• Despite news around the suspension of attacks on commercial vessels by Houthis, carriers have not indicated a move back to the Suez Canal any time soon.

Air

For Week 22

Central China to Europe:

• Shanghai (SHA): The market is stable so far. Space is full midweek and available at weekends; urgent cargo requires pre-booking. Rates liable to change based on market FBA cargo situation.
• Ningbo (NGB): The European route is closely following the US market and requires careful observation; pre-flight rates are expected to continue rising next week, in line with fluctuations in the US market.

North China to Europe:

• Tianjin (TSN): Market slightly hot, and space will need to be booked 4-5 days in advance. 
• Dalian/Beijing (DLC/PEK): Rates with most airlines are rising. Spot rates for dense cargo; volume cargo needs 6-7 day booking lead and shippers may need to accept flight splits.
• Qingdao (TAO): The EU market is stable however, space to FRA & LHR/CDG is slightly tight. Air freight rates are similar to the previous week; spot rates for dense/volume cargo available.

South China to Europe:

• Guangzhou (CAN): The market is improving due to the new trade situation; check shipments and spot rates per actual flight date.
• Shenzhen (SZX): The market is hot to the EU; advised to check all shipments with carriers case-by-case.
• Xiamen (XMN): The market is stable, down slightly post-holiday. Current rate to EU base port stable but final rates case-by-case upon booking.

Ocean

• Rate increases have occurred on both FAK and long term contracts. FAK rates are at very high levels for both West Coast and East Coast shipments. Peak Season Surcharges (PSS) are being implemented on long-term contracts. General Rate Increases (GRIs) are expected to hold, with potential for further significant rate hikes if the market remains strong.
• A significant volume surge is leading to space tightening. This is driven by renewed Sino-American trade activity and tariff anticipation strategies from importers. Weekly TEU shipment numbers have surged.
• Carriers are reinjecting capacity onto the trade, with more capacity being added to the West Coast. 
  • MSC is deploying larger vessels, CMA is reintroducing services, and Hapag and Maersk have launched a new Transpacific Gemini service. 
  • CU Lines is also re-entering the Transpacific trade, adding further capacity. June and July show significant capacity injections compared to the pre-tariff pause period. Carriers are currently prioritising the US West Coast.
• Schedule reliability increased on Asia-NAWC by 14.4 and on Asia-NAEC by 11.6 percentage points month-over-month to 67.6% and 52.6%, respectively, for March/April 2025.

Air

For Week 22

Central China to USA:

• Shanghai (SHA): 
• USWC: Space is less busy with market conditions declining; rates expected to decrease, influenced by FBA cargo volumes, check details case-by-case.
• USEC: Space is very hot. Check details on a case-by-case basis.

North China to USA:

• Tianjin (TSN): Market is slightly hot with increased rates. Book space up to 5 days in advance.  
• Dalian/Beijing (DLC/PEK): Rates with most major airlines continued increasing; spot rates for dense cargo. Volume cargo needs 6-7 day lead, accepts splits, and applies a higher rate. Expect all airline rates to remain high; check space/rate case-by-case.
• Qingdao (TAO): The U.S. market is stable, and space is  not very tight (West & East US), with airfreight rates to some airports slightly down; spot rates for dense/volume cargo available. Expect USA space to be tight and rates to remain high; always check space/rate case-by-case.

South China to USA:

• Guangzhou (CAN): The market is hot, space tight, rates firm; check all shipments and spot rates case-by-case per actual flight date.
• Shenzhen (SZX): The market is hot with rates increasing; check all shipments with carriers and quote rates case-by-case.
• Xiamen (XMN): The market is stable with costs slightly down post-holiday; final rates depend on actual flight. Expect conditions to remain similar; quote rates case-by-case.

Ocean

• June remains soft for the first half of the month with rates from India. Pakistan has seen an increase in rates. Bangladesh is mixed depending on the carrier, as Far East increases influence this market. FAK/NAC rates for India in the first half of June are stable from several carriers. Bangladesh rates for the first half of June show mixed trends, with some carriers implementing significant increases. MSC has announced a GRI for the second half of June for India/Pakistan.
• A container shortage is expected in Pakistan. ICDs in India also have shortages, especially for HMM/ONE/YML. Tailwind is switching their Asia hub from Colombo to Port Klang, with the updated rotation starting on June 1st ex Chittagong.
• Schedule reliability improved for ISC-EUR services, increasing from 45.4% in Feb/Mar to 55.5% in Mar/Apr. 

Ocean

• Demand is strong, as this is the typical peak season for this trade. European exporters have been ramping up shipments to the US, translating into healthy volumes to U.S. East Coast ports. Vessel utilisation is high on these routes as shippers took advantage of the recent tariff reprieve window to front-load cargo.
• Carriers responded by minimising blank sailings to accommodate this front-loaded demand; for May 2025, carriers withdrew only a small amount of TEU capacity.
• Rates are increasing. Long-term contract freight rates on Transatlantic lanes have so far been more stable (and higher) than the spot market. Large BCOs moving cargo Europe-to-US under contract are often paying more than the spot market in Q2 but are enjoying guaranteed space amid tight capacity. There is an expectation that new contracts later in 2025 may be negotiated downward if spot weakness persists.
• Northern European hub ports are particularly affected by congestion. In Rotterdam, average berth wait times now exceed 5.6 days as of spring 2025. Yard utilisation in Rotterdam is near capacity, partly due to backlogs from recent labor unrest and the simultaneous handling of old and new alliance service calls.

• At Antwerp, terminals have imposed restrictions on empty container returns to clear yard space, which has slowed the evacuation of import boxes inland and reduced overall cargo velocity.

USA

• Los Angeles/Long Beach: 5 vessels waiting to berth, with a 7-day rail dwell.
• Oakland: 2 vessels waiting, with a 6-day rail dwell.
• Seattle and Tacoma: 0 vessels waiting, with a 4-day rail dwell.
• New York/New Jersey: 2 vessels waiting, with an 11-day rail dwell.
• Norfolk: 5 vessels waiting, with a 3-day rail dwell.

Benelux

Antwerp:

• PSA 913: Yard utilisation remains on a very high level of 90 – 95%, with reefer utilisation at 70 – 75%.
• PSA 869: Yard utilisation increased to critical level of 90 – 95%, while reefer utilisation remained high at 90 – 95%.
• AGW: Yard utilisation has remained stable at 65 – 70%, with reefer utilisation stable as well at 60 – 65%. Cargo opening times remain 5 days prior to vessel ETA.

Rotterdam:

• ECT: Yard utilisation increased this week 80 – 85% but expected to drop again next week to 70 – 75%.
• RWG: Yard utilisation remained on a high level of 80 – 85%.
• DELTA II: Yard utilisation on a normal level of 65 – 70%.
• APMT MVII: Yard utilisation on a good level of 70 – 75%.

United Kingdom

• European road freight contract and spot rates declined quarter-on-quarter in Q1 2025, but remained slightly up year-on-year; the outlook suggests stable rates through 2025 due to weakening demand and slowing cost growth, though Q1 diesel prices rose before recent falls.

• Shippers moving goods between between GB and NI are still struggling with operational problems and a lack of clarity following the introduction of new arrangements under the Windsor Framework in May 2025; key issues include confusion over the definition of goods ‘not at risk’ of entering the EU and challenges with the Trader Support Service.

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.

• June 2, Monday: Ireland (Eire), Italy
• June 5, Thursday: Denmark*, Faroe Islands*, Türkiye*
• June 6, Friday: Albania, Bosnia and Herzegovina (FBiH), Isle of Man, Kosovo, North Cyprus, Spain, Spain*, Sweden, Türkiye
• June 7, Saturday: Malta, North Cyprus, Sweden*, Türkiye
• June 8, Sunday: Denmark, Estonia, Faroe Islands, Finland, Germany*, Greece, Greenland (Kalaallit Nunaat), Iceland, Netherlands, North Cyprus, Norway, Poland, Romania, Slovenia, Svalbard and Jan Mayen, Sweden, Türkiye, Ukraine, Åland (Ahvenanmaa)
• June 9, Monday: Andorra, Austria, Belgium, Cyprus, Denmark, Faroe Islands, France, Germany, Greece, Greenland (Kalaallit Nunaat), Hungary, Iceland, Liechtenstein, Luxembourg, Monaco, Netherlands, North Cyprus, Norway, Romania, Saint Helena, Spain*, Spain*, Svalbard and Jan Mayen, Switzerland*, Türkiye, Åland (Ahvenanmaa)
• June 10, Tuesday: Portugal
• June 12, Thursday: Russia
• June 13, Friday: Portugal*, Russia, Spain*
• June 14, Saturday: Russia
• June 15, Sunday: Russia
• June 16, Monday: Gibraltar
• June 17, Tuesday: Iceland
• June 19, Thursday: Austria, Croatia, Germany*, Liechtenstein, Monaco, Poland, Portugal, San Marino, Spain*, Switzerland*
• June 20, Friday: Finland*, Sweden*, Åland (Ahvenanmaa)*
• June 21, Saturday: Finland, Greenland (Kalaallit Nunaat), Sweden, Åland (Ahvenanmaa)
• June 22, Sunday: Croatia
• June 23, Monday: Estonia, Latvia, Luxembourg, Switzerland*
• June 24, Tuesday: Andorra*, Estonia, Latvia, Lithuania, Spain*
• June 25, Wednesday: Slovenia
• June 28, Saturday: Bosnia and Herzegovina (FBiH), Ukraine
• June 29, Sunday: Holy See (Vatican City), Italy, Malta, Switzerland*
• 3 Jul (Thu): Belarus
• 4 Jul (Fri): Belarus
• 5 Jul (Sat): Czech Republic, Slovakia
• 6 Jul (Sun): Czech Republic, Lithuania
• 7 Jul (Mon): Isle of Man
• 11 Jul (Fri): Belgium
• 12 Jul (Sat): UK (United Kingdom)
• 13 Jul (Sun): Montenegro
• 14 Jul (Mon): France, Montenegro, UK (United Kingdom)
• 15 Jul (Tue): Montenegro, Türkiye
• 20 Jul (Sun): North Cyprus
• 21 Jul (Mon): Belgium
• 25 Jul (Fri): Spain, Spain
• 28 Jul (Mon): Faroe Islands, San Marino, Spain
• 29 Jul (Tue): Faroe Islands