Zencargo Market Update: 9th February 2026

Ocean

• Space is critical on Spot/FAK with major alliances (PA, MSC, Gemini) full until CNY, though some capacity is still being released for NAC and long-term deals.
• CMA remains overbooked by four weeks, creating a chain of rolled bookings that will likely push cargo to later vessels rather than securing immediate release.
• Operational backlogs mean last-minute bookings are unlikely to sail before 16th February, with some cargo for late-February ETDs (21st-24th) potentially rolling into early March.
• Gate-in windows have been extended by carriers, allowing cargo to gate-in two weeks prior to ETD to help manage the pre-holiday accumulation.
• Severe weather between Morocco and the English Channel is disrupting schedules, with knock-on congestion expected at Northern European ports. Asia-bound ships impacted by these delays are expected to arrive in late February.
• Blank sailing programs commencing in the third week of February will remove approximately 40% of capacity.

Air

Central China (SHA/NGB)

• SHA: Space generally available and rates broadly stable for now, but quoting remains case-by-case by lane based on cargo details.
• NGB: Europe demand is picking up into the holiday period, with space tightening and rates becoming more volatile. Recommendation to confirm case-by-case.

North China (DLC/TSN/TAO/PEK)

• TSN: Market running hot; lower-cost options available with longer transit times, and bookings typically need close to a week’s lead time for confirmed space.
• DLC/PEK: Rates broadly steady, with spot options mainly for dense cargo; volume cargo needs advance booking and may face split flights, with pre-CNY space heavily committed.
• TAO: Slightly busier market with space a bit tight to key EU hubs; rates have eased marginally week-on-week, with spot rates still possible for dense/volume cargo.

South China (CAN/SZX/XMN)

• CAN: Final week pre-CNY is very tight on space; spot quoting case-by-case by flight date.
• SZX: Market trending up with deferred services; most shipments require carrier-by-carrier quoting as conditions tighten into the holiday run-up.
• XMN: Pre-holiday booking activity remains elevated, with market broadly steady and handling normal; final rates and space still confirmed case-by-case at booking.

Ocean

• Rate levels are expected to hold until the end of February, though this trend is not yet fully confirmed. Peak Season Surcharges (PSS) have been officially postponed until 1 March.
• Capacity utilisation held strong at approximately 85-88% leading up to the Lunar New Year.
• Blank sailings are in force to adjust for the holiday period and are scheduled to continue into March.
• Demand has remained steady, with only a slight dip observed immediately prior to the CNY sailings.
• A new US-India trade agreement was announced on 2nd February, aiming to reduce effective duties on Indian goods from 50% to 18%; however, the executive order required to implement this immediately has not yet been issued.

Air

Central China (SHA/NGB)

• SHA: Rates are edging up and space is slightly “hot” as factories push pre-CNY volumes, though increases are less aggressive than expected.

North China (DLC/TSN/TAO/PEK)

• TSN: Market hot but broadly stable on price; freighter options support earlier departures, with stronger availability typically requiring close to a week’s booking lead time.
• DLC/PEK: Rates mostly steady with spot possibilities for dense cargo; volume moves need advance booking and may split, with space pressure elevated ahead of CNY.
• TAO: US market slightly busy with tightening space to both coasts; rates are firmer than last week and remain high, with spot rates still sometimes available for dense/volume cargo.

South China (CAN/SZX/XMN)

• CAN: Space is very tight in the final week before CNY, with potential for softer pricing during the holiday window. Recommended to confirm spot rates by flight date.
• SZX: Market heating up, with stronger pressure on West Coast lanes and higher levels on East Coast; quoting remains carrier-by-carrier.
• XMN: Market broadly steady week-on-week despite heavier pre-holiday booking; West Coast looks more workable than East Coast, with final rates confirmed case-by-case.

Ocean

• Rate increases (GRIs) have been announced for the second week of February on India to North Europe trades, though FAK implementation remains complex.
• Pricing levels remain largely unchanged from January for India exports, while Bangladesh rates are trending slightly downwards overall.
• Space is tight for mother vessel allocation from Chennai, while Tuticorin exports are facing rollovers of approximately two weeks at transshipment ports.
• Equipment challenges are being reported at Nhava Sheva, specifically affecting HPL bookings.
• Strike action at Chittagong has been suspended until 15 February in view of national elections and Ramadan, allowing port operations to gradually resume following recent disruptions.
• Strategic initiatives are underway to establish the ‘Bharat Container Shipping Line‘ to anchor container trade within India, aiming to boost self-sufficiency in container-trade, although current production remains significantly lower than China.

Ocean

• Schedule reliability has declined significantly, dropping to 61.5%, though niche carriers like ICL and ACL are maintaining much higher performance levels.
• Demand remains persistently soft with no immediate signs of recovery, leaving market conditions largely stagnant. Surplus capacity continues to be a primary challenge, with vessel space consistently exceeding volume requirements.
• Carriers continue to manage capacity and seek rate improvements through GRI but, as of yet, they are yet to successfully implement.
• Operational disruptions are ongoing, with severe weather impacting the US East Coast and low water levels in Canada continuing to cause delays.
• Congestion in Northern Europe persists, impacting vessel turnaround times and subsequently reducing effective capacity.

USA

Ocean

• LA/LB: 0 vessels waiting (down by 2), 7-day rail dwell.
• Oakland: 2 vessels waiting (down by 1), 6-day rail dwell.
• Seattle/Tacoma: 0 vessels waiting, 5-day rail dwell.
• Vancouver: 2 vessels waiting (down by 1), 6-day rail dwell.
• NY/NJ: 1 vessel waiting, 4-day rail dwell.
• Savannah: 3 vessels waiting (down by 2), 2-day rail dwell.

Benelux

Antwerp

• PSA 913: Yard utilisation is elevated at 70-75%, with reefer utilisation at 60-65%.

• PSA 869: Yard utilisation increased to 65-70%, with reefer utilisation high at 50-55%.
• AGW: Yard utilisation has increased to 70-75%, with reefer utilisation reducing to 60-65% and empties at 80-55%. Cargo opening times are now 6 days prior to vessel ETA.

Rotterdam

• ECT: Yard utilisation is elevated at 75-80%.

• RWG: Yard utilisation remains critical at 80-85%.

• DELTA II: Yard utilisation is low at 40-45%, with reefers at 30-35%.
• APMT MVII: Yard utilisation is higher at 90-95%.

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.

• 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, Transdniestria (PMR).
• 24 February (Tue): Estonia.
• 28 February (Sat): Spain (regional observance).

• 1 March (Sun): Bosnia and Herzegovina (FBiH), Switzerland.
• 2 March (Mon): Spain.
• 3 March (Tue): Bulgaria.
• 7 March (Sat): Russia.
• 8 March (Sun): Belarus, Germany, Moldova, Russia, Transdniestria (PMR), Ukraine.
• 9 March (Mon): Russia, Transdniestria (PMR), Ukraine.
• 11 March (Wed): Lithuania.
• 14 March (Sat): Albania, Andorra.
• 15 March (Sun): Hungary.
• 16 March (Mon): Albania.
• 17 March (Tue): Ireland (Eire), UK (United Kingdom).
• 19 March (Thu): Austria, Holy See (Vatican City), Liechtenstein, Malta, Spain, Switzerland, Türkiye.
• 20 March (Fri): Albania, Bosnia and Herzegovina (FBiH), Kosovo, Macedonia, North Cyprus, Spain, Türkiye.
• 21 March (Sat): North Cyprus, Türkiye.
• 22 March (Sun): Albania, North Cyprus, Türkiye.
• 23 March (Mon): Albania.
• 25 March (Wed): Cyprus, Greece, San Marino.
• 31 March (Tue): Malta.

Traffic bans

09.02.2026 (Monday)

• 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

10.02.2026 (Tuesday)

• 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

11.02.2026 (Wednesday)

• 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

12.02.2026 (Thursday)

• 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

13.02.2026 (Friday)

• 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