WEEK 17 Global Shipping Market Update

Space: Tight

Rate Trend: Although overall cargo volume in late April remains limited, freight rates are still exposed to volatility due to carrier network adjustments and force majeure linked to regional conflicts. Capacity to West Africa has improved slightly, and the momentum for general rate increases is beginning to weaken. It is becoming difficult for carriers to push rates higher at month-end, with most lines maintaining mid-month levels. However, carriers remain cautious in releasing rates, with many issuing quotations on a vessel-by-vessel basis.

East Africa

Space: Ample

Rate Trend: Capacity has improved toward month-end, and freight levels are forecast to stay unchanged week-on-week.

South Africa

Space: Ample

Rate Trend: Capacity has improved toward month-end, and freight levels are forecast to stay unchanged week-on-week.

Thailand & Vietnam

Space : +5%

Rate Trend: -25 — 50/TEU

Indonesia

Space: +6%

Rate Trend: +25 — 50/TEU

Update: Cargo volume continues to rise. Although carriers have deployed extra-loader vessels to ease pressure, overall supply remains relatively tight, supporting a slight upward movement in rates.

Singapore & Malaysia

Space: -2%

Rate Trend: Stable

Update: Capacity reduced due to blank sailings on long-haul routes. Supply and demand remain balanced; rates unchanged.

Philippines

Space: Stable

Rate Trend: Stable

Update: Cargo demand remains stable, with balanced supply and demand supporting current freight levels.

Japan & Korea

Space: Stable

Rate Trend: Stable

Update: Demand remains moderate, while capacity supply is stable. Market rates continue at current levels.

India

Space: Stable

Rate Trend: Stable

Update: Cargo volume shows signs of stabilizing after reaching a low point. Pressure from vessel redeployment has eased, and rates are beginning to stabilize.

Middle East

Space: Tight

Rate Trend: Stable

Update: Ongoing geopolitical tensions in the region continue to affect operations. Most carriers remain cautious and have introduced transshipment services via Khor Fakkan and Fujairah. Freight rates are holding steady for now.

Red Sea

Space: Tight

Rate Trend: Upward

Update: Freight rates increased slightly compared with last week. As the May Day holiday approaches, space is becoming slightly tight. Direct vessel rates to JEDDAH remain at around USD 3,600/4,700, while transshipment vessel rates stay at around USD 2,500/3,500.

Australia & New Zealand

Space: Stable

Rate Trend: Upward

Update: Export cargo from Australia has increased, while previous blank sailings and reduced capacity have caused cargo accumulation, resulting in a sharp rise in rates. West Australia remains relatively balanced, with rates unchanged. Transit services remain unstable, with no significant improvement in transit times.

Europe & Mediterranean

Space: Stable

Rate Trend: Downward

Update: Space remained stable compared with last week, but demand stayed below available capacity, leading to further rate declines in late April.

East Coast USA

Rate Trend: Stable

Update: Mainstream carriers, except EMC, are maintaining rates through the end of April. Although e-commerce cargo demand remains soft, factory shipments ahead of the Labor Day holiday and multiple blank sailings have significantly reduced effective capacity.

West Coast USA

Rate Trend: Stable

Update: Rates are expected to remain stable through the end of April. However, carrier space control and blank sailings continue to tighten available capacity. Shippers are advised to secure bookings early.

South America West & Mexico

Central America

Panama & Caribbean

South America East