Market Overview
BDI (Baltic Dry Index)
Drewry WCI
Highest Disruption
Strait of Hormuz
Avg Port Wait Time
Freight Rate Indices
| Index Name | Value USD | Category | Trend | MoM % | YoY % |
|---|---|---|---|---|---|
| Baltic Dry Index (BDI) | $2,201 | Bulk | Up | +8.20% | +22.40% |
| Drewry World Container Index | $2,309 | Container | Stable | -1.30% | -14.50% |
| Middle East Freight Rate | $4,167 | Container | Up | +35.20% | +52.00% |
| Korea → US (March 2026) | $3,800 | Container | Stable | -2.50% | +5.30% |
| Korea → Middle East | $4,000 | Container | Up | +28.00% | +45.20% |
| Korea → Europe | $3,000 | Container | Up | +12.00% | +8.50% |
| Brazil → Mediterranean | $7,000 | Container | Up | +18.00% | +67.00% |
| Baltic Capesize Index (BCI) | $3,220 | Bulk | Up | +12.40% | +18.70% |
| Baltic Panamax Index (BPI) | $1,823 | Bulk | Up | +8.10% | +11.20% |
| Baltic Supramax Index (BSI) | $1,261 | Bulk | Up | +6.30% | +9.50% |
| Baltic Handysize Index (BHSI) | $692 | Bulk | Stable | -1.20% | +3.80% |
| SCFI (Shanghai Containerized) | $1,827 | Container | Up | +14.60% | -32.10% |
| Freightos Baltic Index (FBX Global) | $2,290 | Container | Stable | -0.80% | -18.40% |
| New ConTex (Container Charter) | $485 | Container | Down | -4.20% | -28.60% |
| Baltic Dirty Tanker Index (BDTI) | $812 | Tanker | Up | +22.50% | +35.00% |
| Baltic Clean Tanker Index (BCTI) | $634 | Tanker | Up | +18.30% | +28.70% |
| Platts APSI (Asia Pacific Spot) | $1,640 | Container | Stable | +2.10% | -9.30% |
| VLCC Spot TCE (300k DWT — Global) | $175,000 | Tanker | Up | +42.00% | +85.00% |
| Suezmax Spot TCE (150k DWT — Global) | $92,000 | Tanker | Up | +35.00% | +68.00% |
| Aframax Spot TCE (110k DWT — Global) | $68,000 | Tanker | Up | +28.00% | +55.00% |
| LR2 Clean Product Spot TCE (80k DWT) | $52,000 | Tanker (Clean) | Up | +22.00% | +40.00% |
| MR Clean Tanker Spot TCE (47k DWT) | $37,000 | Tanker (Clean) | Up | +18.00% | +32.00% |
| BLNG1 — LNG Spot Rate (Australia → Japan, 174k cbm) | $27,400 | LNG Tanker | Stable | -2.00% | +8.00% |
| BLNG2 — LNG Spot Rate (US Gulf → Europe, 174k cbm) | $35,000 | LNG Tanker | Up | +12.00% | +22.00% |
| BLNG3 — LNG Spot Rate (US Gulf → Japan, 174k cbm) | $35,802 | LNG Tanker | Up | +12.00% | +20.00% |
| CCFI (China Export Containerized Freight Index) | $1,097 | Container | Stable | -4.00% | -19.00% |
| FBX01 — China/East Asia → US West Coast | $2,127 | Container | Stable | +8.00% | +2.00% |
| FBX03 — China/East Asia → US East Coast | $3,069 | Container | Stable | -3.00% | -5.00% |
| FBX11 — China/East Asia → North Europe | $2,707 | Container | Up | +11.00% | +15.00% |
| FBX13 — China/East Asia → Mediterranean | $3,850 | Container | Up | +15.00% | +22.00% |
| FBX02 — US West Coast → China/East Asia (Backhaul) | $762 | Container (Backhaul) | Stable | +3.00% | -12.00% |
| FBX12 — North Europe → China/East Asia (Backhaul) | $592 | Container (Backhaul) | Stable | -2.00% | -8.00% |
| FBX21 — US East Coast → North Europe | $1,063 | Container (Transatlantic) | Up | +6.00% | +5.00% |
| FBX22 — North Europe → US East Coast (Transatlantic) | $1,492 | Container (Transatlantic) | Down | -10.00% | -15.00% |
| Drewry Intra-Asia Container Index (IACI) | $839 | Container (Intra-Asia) | Stable | -3.00% | +26.00% |
| Singapore VLSFO Bunker Price (IMO2020, 0.5%S) | $749 | Bunker Fuel | Up | +8.00% | +38.00% |
| Singapore MGO Bunker Price (LSMGO, 0.1%S) | $1,493 | Bunker Fuel | Up | +9.00% | +42.00% |
| Singapore IFO380 (HSFO) Bunker Price | $671 | Bunker Fuel | Up | +5.00% | +22.00% |
| Ultramax Bulk Carrier 1-Year Period TC Rate (62k DWT) | $17,000 | Bulk | Stable | -2.00% | +8.00% |
Active Route Disruptions
Strait of Hormuz
Est. Delay
12 days
Affected Volume
20%
Impact
$4,000+ rates — only a handful of ships transiting. 10-14 day Africa detour for alternatives.
Alternative Route
Cape of Good Hope via SE Asia coast
Suez Canal
Est. Delay
8 days
Affected Volume
35%
Impact
Carriers rerouting around Cape of Good Hope — adds distance, time, and cost.
Alternative Route
Cape of Good Hope (around Africa)
Bab al-Mandab
Est. Delay
5 days
Affected Volume
15%
Impact
Houthi threat active — new chokepoint concern alongside Hormuz disruption.
Alternative Route
Suez Canal (if Houthis stand down) or Cape
Taiwan Strait
Est. Delay
4 days
Affected Volume
12%
Impact
PLA exercises simulate blockade of Taiwan. ~Half global container fleet transits here. Insurance premiums spiking. $5T/yr trade at risk. Semiconductor supply chains directly threatened.
Alternative Route
Luzon Strait (east of Philippines) or Pacific routing — adds 3-5 days, higher fuel cost
Panama Canal
Est. Delay
2 days
Affected Volume
5%
Impact
Full water capacity restored Aug 2024. Target 36 transits/day for 2026. BUT LNG transits still down 73% vs pre-drought (4/month vs 26/month). Any El Niño could re-impose draft restrictions.
Alternative Route
Suez Canal or Cape Horn (South America tip) — adds 14-21 days
Red Sea (Broader)
Est. Delay
11 days
Affected Volume
30%
Impact
95% of ships bypassing Red Sea since Dec 2024. Houthi attacks continue despite US-led coalition. Suez Canal traffic down 60%+ vs 2023 peak. All major carriers diverting around Cape.
Alternative Route
Cape of Good Hope — adds 10-14 days and ~$500-800 bunker cost per voyage
Strait of Malacca
Est. Delay
2 days
Affected Volume
8%
Impact
130+ piracy incidents in 2025. 90,000 ships/yr — busiest strait globally. $2.8T in annual trade (23.7% of seaborne). Geopolitical risk from US-China-India competition rising.
Alternative Route
Sunda Strait or Lombok Strait — adds 1-2 days; limited capacity for large vessels
Black Sea / Turkish Straits
Est. Delay
7 days
Affected Volume
15%
Impact
Ukraine attacking Russian tankers tied to oil trade. Limpet mine attacks spreading to Mediterranean. Bosphorus open for commercial traffic (Montreux Convention). Grain exports from Ukraine/Russia/Romania disrupted — 20% of global wheat exports affected.
Alternative Route
No viable alternative for Black Sea trade — cargo must fly or take 8,000km overland route
Danish Straits (Baltic Access)
Est. Delay
3 days
Affected Volume
3%
Impact
Shadow fleet tankers carrying Russian oil transiting through with minimal oversight. NATO vessels monitoring. Baltic states pushing for tighter Bosphorus/Danish Strait controls on Russian oil shipments.
Alternative Route
Arctic route (seasonal, summer only) or pipeline alternatives
Cape of Good Hope
Est. Delay
0 days
Affected Volume
0%
Impact
Not a disruption in itself — now the PRIMARY route for Asia-Europe due to Red Sea/Suez avoidance. 85+ vessels daily (vs normal 35-40). South Africa ports congested. Fuel consumption +25% vs Suez routing.
Alternative Route
Suez Canal (if/when reopens fully) — saves 10-14 days
Route Rates
| Route | Rate USD | Origin | Destination | Transit | Risk | YoY % |
|---|---|---|---|---|---|---|
| Shanghai → Genoa (Italy) | $3,420 | Asia East | Mediterranean | 30d | Medium | -2.10% |
| Shanghai → Los Angeles (WCI) | $2,910 | Asia East | North America West | 16d | Low | +9.00% |
| New York → Rotterdam | $1,063 | North America East | North Europe | 14d | Low | +6.00% |
| Los Angeles → Shanghai (Backhaul) | $762 | North America West | Asia East | 16d | Low | +3.00% |
| Rotterdam → Shanghai (Backhaul) | $592 | North Europe | Asia East | 26d | Low | -2.00% |
| China → US West Coast (FBX01) | $2,127 | Asia East | North America West | 15d | Low | +8.00% |
| China → US East Coast (FBX03) | $3,069 | Asia East | North America East | 27d | Low | -3.00% |
| China → Northern Europe (FBX11) | $2,707 | Asia East | North Europe | 28d | Medium | +11.00% |
| China → Mediterranean (FBX13) | $3,850 | Asia East | Mediterranean | 25d | High | +15.00% |
| North Europe → US East Coast | $1,492 | North Europe | North America East | 14d | Low | -10.00% |
| Far East → Nigeria (West Africa) | $6,200 | Asia East | West Africa | 38d | High | +38.00% |
| China → Saudi Arabia (Gulf) | $1,950 | Asia East | Middle East | 18d | High | +32.00% |
| Shanghai → Singapore (Feeder) | $380 | Asia East | Asia Southeast | 4d | Low | +5.00% |
| Singapore → Mumbai (India) | $720 | Asia Southeast | South Asia | 6d | Low | +12.00% |
| Busan → Long Beach | $2,250 | Asia East | North America West | 12d | Low | +4.50% |
| Shanghai → Rotterdam | $3,420 | Asia East | North Europe | 32d | Medium | -5.30% |
| Shanghai → Los Angeles | $3,671 | Asia East | North America West | 16d | Low | +2.10% |
| Shanghai → New York | $3,909 | Asia East | North America East | 28d | Low | +3.40% |
| Rotterdam → New York | $2,308 | North Europe | North America East | 14d | Low | -8.20% |
| Rotterdam → New York (via alt) | $2,309 | North Europe | North America East | 16d | Low | -8.00% |
| Qingdao → Long Beach | $2,380 | Asia East | North America West | 17d | Low | +6.00% |
| Tianjin → Los Angeles | $2,450 | Asia East | North America West | 18d | Low | +7.00% |
| Ningbo → New York | $3,150 | Asia East | North America East | 27d | Low | +4.00% |
| Shanghai → Vancouver (Canada) | $2,520 | Asia East | North America West | 17d | Low | +8.00% |
| Hong Kong → Los Angeles | $2,480 | Asia East | North America West | 16d | Low | +5.00% |
| Guangzhou → New York | $3,250 | Asia East | North America East | 28d | Low | +3.00% |
| Shanghai → Houston (Gulf) | $3,400 | Asia East | North America Gulf | 30d | Low | +6.00% |
| Ningbo → Savannah (US Southeast) | $3,200 | Asia East | North America East | 28d | Low | +5.00% |
| Shenzhen → Seattle | $2,300 | Asia East | North America West | 16d | Low | +4.00% |
| Busan → New York | $3,050 | Asia East | North America East | 24d | Low | +3.00% |
| Tokyo → Los Angeles | $2,350 | Asia East | North America West | 14d | Low | +5.00% |
| Osaka → Long Beach | $2,400 | Asia East | North America West | 14d | Low | +4.00% |
| Shanghai → Santos (Brazil) | $4,800 | Asia East | South America East | 35d | High | +30.00% |
| Shanghai → Buenos Aires (Argentina) | $4,050 | Asia East | South America East | 42d | High | +34.00% |
| Shanghai → Callao (Peru) | $3,600 | Asia East | South America West | 30d | Medium | +22.00% |
| Shanghai → Valparaiso (Chile) | $3,800 | Asia East | South America West | 32d | Medium | +25.00% |
| Shanghai → Buenaventura (Colombia) | $4,000 | Asia East | South America West | 30d | Medium | +20.00% |
| Shanghai → Manzanillo (Mexico) | $2,100 | Asia East | North America West | 18d | Low | +5.00% |
| Los Angeles → Tokyo (Backhaul) | $820 | North America West | Asia East | 12d | Low | +5.00% |
| Los Angeles → Singapore (Backhaul) | $900 | North America West | Asia Southeast | 14d | Low | +4.00% |
| Shanghai → Hamburg (Germany) | $2,840 | Asia East | North Europe | 30d | Medium | -4.00% |
| Ningbo → Felixstowe (UK) | $2,920 | Asia East | North Europe | 30d | Medium | -3.00% |
| Shenzhen → Barcelona (Spain) | $3,750 | Asia East | Mediterranean | 28d | Medium | +12.00% |
| Shanghai → Piraeus (Greece) | $3,510 | Asia East | Mediterranean | 26d | Medium | +9.00% |
| Busan → Rotterdam | $3,200 | Asia East | North Europe | 28d | Medium | -6.00% |
| Tokyo → Hamburg | $3,420 | Asia East | North Europe | 32d | Medium | -2.00% |
| Shanghai → Antwerp (Belgium) | $2,790 | Asia East | North Europe | 31d | Medium | -6.00% |
| Singapore → Rotterdam | $2,820 | Asia Southeast | North Europe | 24d | Low | -8.00% |
| Shanghai → Jebel Ali (UAE) | $2,200 | Asia East | Middle East | 18d | High | +30.00% |
| Shekou → Dammam (Saudi Arabia) | $2,550 | Asia East | Middle East | 17d | High | +35.00% |
| Shanghai → Sohar (Oman) | $2,100 | Asia East | Middle East | 17d | High | +32.00% |
| Shanghai → Aqaba (Jordan) | $2,400 | Asia East | Middle East | 20d | High | +38.00% |
| Shekou → Karachi (Pakistan) | $2,700 | Asia East | South Asia | 20d | Medium | +22.00% |
| Nansha → Mundra (India) | $1,900 | Asia East | South Asia | 12d | Low | +18.00% |
| Shekou → Chennai (India) | $1,150 | Asia East | South Asia | 14d | Low | +10.00% |
| Shanghai → Chittagong (Bangladesh) | $1,500 | Asia East | South Asia | 11d | Low | +15.00% |
| Shanghai → Colombo (Sri Lanka) | $1,200 | Asia East | South Asia | 10d | Low | +12.00% |
| Shanghai → Bandar Abbas (Iran) | $1,850 | Asia East | Middle East | 16d | High | +28.00% |
| Busan → Tokyo (Intra-Asia) | $380 | Asia East | Asia East | 2d | Low | +5.00% |
| Shanghai → Busan (Intra-Asia) | $260 | Asia East | Asia East | 2d | Low | +4.00% |
| Shanghai → Ho Chi Minh City (Vietnam) | $620 | Asia East | Asia Southeast | 5d | Low | +8.00% |
| Shanghai → Jakarta (Indonesia) | $850 | Asia East | Asia Southeast | 7d | Low | +5.00% |
| Busan → Singapore | $780 | Asia East | Asia Southeast | 6d | Low | +10.00% |
| Hong Kong → Bangkok (Thailand) | $580 | Asia East | Asia Southeast | 5d | Low | +6.00% |
| Shanghai → Manila (Philippines) | $720 | Asia East | Asia Southeast | 5d | Low | +9.00% |
| Tianjin → Kuala Lumpur (Malaysia) | $680 | Asia East | Asia Southeast | 6d | Low | +7.00% |
| Shanghai → Sydney (Australia) | $3,200 | Asia East | Oceania | 21d | Medium | +25.00% |
| Shanghai → Melbourne (Australia) | $3,100 | Asia East | Oceania | 22d | Medium | +22.00% |
| Shanghai → Brisbane (Australia) | $3,300 | Asia East | Oceania | 22d | Medium | +26.00% |
| Busan → Auckland (New Zealand) | $2,600 | Asia East | Oceania | 18d | Low | +20.00% |
| Shanghai → Mombasa (Kenya) | $4,700 | Asia East | East Africa | 28d | High | +40.00% |
| Shanghai → Durban (South Africa) | $4,200 | Asia East | South Africa | 26d | High | +38.00% |
| Shanghai → Dar es Salaam (Tanzania) | $5,100 | Asia East | East Africa | 30d | High | +42.00% |
| Shanghai → Casablanca (Morocco) | $3,250 | Asia East | North Africa | 22d | Medium | +18.00% |
| Shanghai → Alexandria (Egypt) | $3,100 | Asia East | North Africa | 24d | High | +28.00% |
| Rotterdam → Santos (Brazil) | $3,100 | North Europe | South America East | 18d | Medium | +15.00% |
| Rotterdam → Jebel Ali (UAE) | $1,850 | North Europe | Middle East | 20d | High | +28.00% |
| Rotterdam → Mumbai (India) | $2,550 | North Europe | South Asia | 20d | Low | +12.00% |
| Hamburg → New York | $1,900 | North Europe | North America East | 14d | Low | -7.00% |
| New York → Santos (Brazil) | $2,500 | North America East | South America East | 12d | Low | +10.00% |
Bunker Fuel Prices
| Port | VLSFO | IFO380 | MGO | VLSFO Chg | IFO380 Chg |
|---|---|---|---|---|---|
| Singapore | $762 | $671.5 | $1,585 | +4.50% | -14.50% |
| Rotterdam | $687.5 | $663 | $1,318 | +17.00% | -25.50% |
| Houston | $849 | $648.5 | $1,246 | +7.50% | -19.50% |
| Fujairah | $778 | $680 | $1,420 | +12.00% | -10.00% |
| Shanghai | $741 | $658 | $1,510 | +6.00% | -18.00% |
| Busan | $755 | $665 | $1,540 | +5.50% | -16.00% |
| Hong Kong | $808.5 | $722 | $1,593 | +2.00% | +7.00% |
| Los Angeles / Long Beach | $1,043.5 | $919 | $0 | +34.50% | +28.00% |
| New York | $754 | $600.5 | $0 | +32.00% | +24.50% |
| Santos (Brazil) | $862 | $0 | $0 | 0.00% | 0.00% |
| Zhoushan (China) | $736 | $648 | $1,495 | +5.00% | -12.00% |
| Kaohsiung (Taiwan) | $748 | $660 | $1,520 | +4.50% | -11.00% |
| Tokyo | $772 | $675 | $1,560 | +6.00% | -9.00% |
| Colombo (Sri Lanka) | $758 | $668 | $1,540 | +3.50% | -13.00% |
| Gibraltar | $698 | $670 | $1,340 | +15.00% | -22.00% |
| Piraeus (Greece) | $704 | $678 | $1,355 | +14.00% | -20.00% |
Port Congestion
Los Angeles / Long Beach
USA
Avg Wait
3.3d
Weekly Vessels
95
Key Issue
Import processing up 8.7% from Jun 2025 low; intermodal rerouting to inland hubs
New York / New Jersey
USA
Avg Wait
3d
Weekly Vessels
78
Key Issue
Labor tensions; elevated dwell times at some terminals
Savannah
USA
Avg Wait
2d
Weekly Vessels
42
Key Issue
Benefiting from LA diversion; capacity stable
Rotterdam
Netherlands
Avg Wait
2.8d
Weekly Vessels
120
Key Issue
Labor tensions; Cape rerouting adding volume from Middle East disruptions
Hamburg
Germany
Avg Wait
2.5d
Weekly Vessels
88
Key Issue
Infrastructure constraints; worker shortages at terminals
Shanghai
China
Avg Wait
2.5d
Weekly Vessels
185
Key Issue
High export volumes; tariff-rush shipments to US before deadline
Singapore
Singapore
Avg Wait
1.5d
Weekly Vessels
220
Key Issue
Key transshipment hub; stable but increased feeder traffic
Port Klang
Malaysia
Avg Wait
1.5d
Weekly Vessels
75
Key Issue
Growing as alternative to Singapore for feeder routes
Busan
South Korea
Avg Wait
1.2d
Weekly Vessels
68
Key Issue
Efficient operations; gateway for Korea-US and Korea-EU routes
Jebel Ali (Dubai)
UAE
Avg Wait
5d
Weekly Vessels
55
Key Issue
Severe congestion from Hormuz crisis — vessels rerouting through here
Colombo
Sri Lanka
Avg Wait
3.8d
Weekly Vessels
48
Key Issue
Transshipment surge as Suez/Hormuz disruptions push Cape-route traffic
Tanjung Pelepas
Malaysia
Avg Wait
2d
Weekly Vessels
62
Key Issue
Absorbing overflow from Colombo and Singapore
Ningbo-Zhoushan
China
Avg Wait
1.72d
Weekly Vessels
195
Key Issue
Post-CNY backlog cleared. MSICT yard 80% capacity. Blank sailings helping relieve pressure.
Tianjin Xingang
China
Avg Wait
9d
Weekly Vessels
65
Key Issue
GoComet live tracker shows 9-day delays — severe congestion due to infrastructure constraints and high inbound volume.
Felixstowe
UK
Avg Wait
1.75d
Weekly Vessels
55
Key Issue
Berth congestion from delayed vessel arrivals; weather impacts; reduced weekend gang availability causing cargo cuts.
Antwerp (Belgium)
Belgium
Avg Wait
1.32d
Weekly Vessels
98
Key Issue
PSA Q913 yard at 85% capacity. Q869 stable at 53%. Truck turnaround efficient.
Houston (Barbours Cut + Bayport)
USA
Avg Wait
4.05d
Weekly Vessels
48
Key Issue
Barbours Cut 4.5d dwell, Bayport 3.6d. 4 new STS cranes commissioning (May 2026). Rail dwell 9-10 days worst in US.
Norfolk / Virginia
USA
Avg Wait
3.3d
Weekly Vessels
52
Key Issue
NIT: up to 15hr vessel wait. Gate turn 32-47min. Norfolk experienced +0.3d delay increase vs 2023.
Charleston
USA
Avg Wait
4.65d
Weekly Vessels
40
Key Issue
Wando Welch 4.2d, North Charleston 5.1d dwell. +0.7d increase causing 16hr+ vessel delays vs 2023.
Seattle / Tacoma
USA
Avg Wait
1.9d
Weekly Vessels
38
Key Issue
No vessel wait time reported. Rail dwell 1.9-3 days. Gate turn 40-63 min. Among best performers in US.
Mombasa
Kenya
Avg Wait
5.19d
Weekly Vessels
22
Key Issue
DHL Red status — 5+ day delays. Equipment shortages, vessel bunching, workers strike (Jan 9). Uganda internet outage caused cargo suspension.
Durban
South Africa
Avg Wait
3.5d
Weekly Vessels
35
Key Issue
DHL Amber status. Weather disruptions + crane malfunctions at Pier 1/2. Historically peaked at 9.8 days (Jun 2025).
Lagos / Apapa
Nigeria
Avg Wait
2.5d
Weekly Vessels
28
Key Issue
DHL Amber status. 2-3 day berthing delays. Seasonal rains adding risk. MSC concession deal in progress to expand capacity.
Port Said / Suez Gateway
Egypt
Avg Wait
4.2d
Weekly Vessels
44
Key Issue
Suez Canal rerouting away from Red Sea shifted traffic here as transshipment hub. Volume surge without proportional capacity increase.
Piraeus (Greece)
Greece
Avg Wait
2.1d
Weekly Vessels
60
Key Issue
Cosco-managed — benefiting from Cape rerouting as Mediterranean gateway. Handling Asia-Europe overflow.
Valencia (Spain)
Spain
Avg Wait
1.8d
Weekly Vessels
52
Key Issue
Strong performance. Key Spain + North Africa gateway. Absorbing some Algeciras overflow.
Algeciras (Spain)
Spain
Avg Wait
3.2d
Weekly Vessels
88
Key Issue
Major transshipment hub at Atlantic-Med junction. High traffic from Cape rerouting — vessels bypassing Suez now call here.
Carrier Performance
| Rank | Carrier | Alliance | On-Time % | Fleet (TEU 000s) | Avg Rate | Revenue | Volume YoY |
|---|---|---|---|---|---|---|---|
| 0 | Industry Average (Global) | All Carriers | 62.4% | 0 | $1,450 | $0B | +5.5% |
| 1 | Maersk | Gemini Cooperation (Maersk + Hapag-Lloyd) | 74.1% | 4,100 | $1,850 | $55B | +7.2% |
| 2 | Hapag-Lloyd | Gemini Cooperation (Maersk + Hapag-Lloyd) | 68.5% | 2,100 | $1,397 | $21.3B | +9.0% |
| 2 | Hapag-Lloyd 2025 Confirmed Results | Gemini Cooperation | 68.5% | 2,100 | $1,376 | $21.1B | +8.0% |
| 3 | ONE (Ocean Network Express) | Premier Alliance | 53.0% | 1,700 | $1,550 | $16.5B | +5.8% |
| 4 | MSC | Independent | 58.0% | 6,100 | $0 | $54B | +5.0% |
| 5 | CMA CGM | Ocean Alliance | 52.0% | 3,600 | $0 | $48B | +6.5% |
| 5 | ZIM + Hapag-Lloyd COMBINED POST-MERGER | Gemini Cooperation | 72.0% | 3,100 | $1,390 | $27.6B | +8.5% |
| 6 | COSCO | Ocean Alliance | 50.0% | 3,100 | $0 | $22B | +8.1% |
| 7 | Evergreen | Ocean Alliance | 49.0% | 1,900 | $1,480 | $10.7B | +4.5% |
| 8 | OOCL (Orient Overseas) | Ocean Alliance | 53.0% | 740 | $1,590 | $6.2B | +5.2% |
| 8 | HMM (Hyundai) | Premier Alliance | 51.0% | 1,000 | $1,520 | $7.5B | +6.0% |
| 9 | ZIM | Independent | 55.0% | 580 | $1,620 | $6.5B | -18.0% |
| 10 | Yang Ming | Premier Alliance | 48.0% | 727 | $1,440 | $5.24B | +3.2% |
| 11 | Wan Hai Lines | Premier Alliance (associate) | 52.0% | 600 | $1,380 | $4.2B | +12.0% |
| 12 | PIL (Pacific International Lines) | Independent | 50.1% | 383 | $1,310 | $3.8B | +3.5% |
| 13 | SITC Container Lines | Independent | 45.0% | 187 | $950 | $1.9B | +8.5% |
| 15 | Grimaldi Group | Independent | 61.0% | 320 | $1,200 | $3.2B | +4.0% |
| 16 | X-Press Feeders | Independent | 58.0% | 95 | $980 | $0.9B | +6.5% |
| 17 | Arkas Line | Independent | 55.0% | 58 | $1,050 | $0.7B | +3.8% |
Commodity Prices
| Commodity | Price | Unit | Category | Shipping Relevance | YoY % | Source |
|---|---|---|---|---|---|---|
| Iron Ore (62% Fe) | $105 | USD/tonne | Metals & Mining | Core BDI driver — used for steel production. Price rise means more bulk vessels needed. | +3.00% | S&P Global Platts |
| Thermal Coal (Newcastle) | $130 | USD/tonne | Energy | Major bulk commodity. Price decline reflects energy transition but still drives dry bulk demand. | -8.00% | Argus Media |
| Wheat (CBOT) | $5.4 | USD/bushel | Agriculture | Food supply chain sensitivity. War in Ukraine/Middle East pushes prices up and reroutes grain ships. | +12.00% | CME Group |
| Soybeans (CBOT) | $10.2 | USD/bushel | Agriculture | Key Brazil/US export. Brazil-Mediterranean surge directly tied to soybean shipments. | +5.00% | CME Group |
| Crude Oil (Brent) | $82 | USD/barrel | Energy | Feedstock for bunker fuel. Lower oil = lower VLSFO prices = cheaper shipping costs. | -5.00% | ICE |
| LNG (TTF Gas) | $9.5 | USD/MMBtu | Energy | Hormuz crisis forcing LNG rerouting — critical for Europe energy security and shipping costs. | +22.00% | ICE TTF |
| Copper | $9,200 | USD/tonne | Metals & Mining | Indicator of global industrial demand. Rising copper = rising manufacturing = rising container demand. | +8.00% | LME |
| Aluminum | $2,450 | USD/tonne | Metals & Mining | Packaging and auto sector. Tariff impacts on US aluminum imports affecting bulk/container mix. | -3.00% | LME |
| Palm Oil | $920 | USD/tonne | Agriculture | Key Southeast Asia export (Malaysia, Indonesia). Drives tanker and container volumes on Asia routes. | +15.00% | Bursa Malaysia |
| Corn (CBOT) | $4.3 | USD/bushel | Agriculture | Large bulk volumes from US and Argentina. BDI-correlated — corn season spikes dry bulk demand. | -2.00% | CME Group |
| Steel (USA Hot-Rolled Coil) | $1,048 | USD/tonne | Metals & Manufacturing | Major container cargo globally. 25% US tariff on imports reshaping trade flows from EU, Japan, Korea. Drives bulk vessel demand. | +3.90% | FocusEconomics / TradingEconomics |
| Lumber (SPF 2x4 Western) | $490 | USD/mfbm | Forestry & Construction | Key US housing input. Down 10% YoY but supply tightening. Tariff on Canadian lumber adding cost pressure. Bulk/container cargo. | -10.00% | ScrapMonster / Random Lengths |
| Nickel (LME 3-Month) | $17,698 | USD/tonne | Battery Metals / EV | EV battery supply chains. Oversupply from Indonesia keeping prices soft. Indonesia export policy shifts affect shipping volumes. | -8.50% | London Metal Exchange |
| Zinc (LME 3-Month) | $3,317 | USD/tonne | Metals & Mining | Galvanizing steel, batteries. Regional price disparities driving arbitrage shipping. Tightening supply expected mid-2026. | +3.20% | London Metal Exchange / FRED |
| Tin (LME 3-Month) | $50,331 | USD/tonne | Battery Metals / Electronics | Multi-year high. Supply constraints from Myanmar and Indonesia disrupting shipments. Critical for electronics soldering. | +18.40% | London Metal Exchange |
| Cobalt | $56,290 | USD/tonne | Battery Metals / EV | Extraordinary +161% YoY spike. EV battery demand surge + DRC supply concerns. Reshaping battery supply chains globally. | +161.20% | TradingEconomics / LME |
| Natural Gas (Henry Hub) | $3.85 | USD/MMBtu | Energy | US benchmark. Hormuz blockade pushing LNG rerouting — US LNG exports to Europe surging, driving LNG tanker demand. | +28.30% | NYMEX / EIA |
| Gold | $3,215 | USD/troy oz | Precious Metals | Safe-haven demand surging from geopolitical tensions. Affects air cargo volumes — high-value bullion shipments rising. | +32.60% | COMEX / LBMA |
| Silver | $31.8 | USD/troy oz | Precious Metals / Industrial | Industrial + safe-haven dual demand. Solar panel manufacturing (largest use) driving Asia-origin cargo flows. | +11.20% | COMEX / LBMA |
| Diesel (US Average) | $5.4 | USD/gallon | Energy / Logistics | Highest since mid-2022. Directly impacts trucking costs (+16-17% YoY). Affects inland distribution costs for all imported containers. | +22.70% | EIA / DOE |
| Ethylene (Asia) | $820 | USD/tonne | Petrochemicals | Petrochemical feedstock. Low margins suppressing Asian chemical plant output — reducing bulk tanker demand on key routes. | -5.20% | ICIS / S&P Global Platts |
| Polysilicon | $6.5 | USD/kg | Renewable Energy / Chemicals | Solar panel input. Massive oversupply from China. Low prices driving surge in solar panel exports from China to US/EU — container volumes rising. | -42.00% | InfoLink / BloombergNEF |
| Coffee (Arabica) | $3.82 | USD/lb | Agriculture / Perishables | Near all-time high. Climate disruptions in Brazil/Vietnam cutting supply. Reefer container demand rising for perishable cargo. | +68.40% | ICE Futures / USDA |
| Cocoa | $8,900 | USD/tonne | Agriculture / Perishables | Remained elevated post-2024 spike. West Africa production still impacted. CMA CGM Reefer + specialized container demand rising for cocoa bulk. | +35.00% | ICE Futures |
| Cotton (ICE) | $0.68 | USD/lb | Agriculture / Textiles | Lower prices reflecting weak apparel demand. US-China tariff war diverting cotton trade flows to India/Bangladesh/Vietnam. | -12.00% | ICE Futures / USDA |
Tariff & Trade Alerts
US ← China (Electronics)
Import Tariff
Effective Date
Apr 2026
Supply Chain Impact
Massive sourcing shift underway — Vietnam, India, Mexico absorbing displaced production. Lead times +30-60 days.
Affected Industries
Consumer Electronics, Semiconductors, Telecom
US ← China (Manufacturing)
Import Tariff
Effective Date
Apr 2026
Supply Chain Impact
Nearshoring acceleration — US companies building domestic or Mexico supply chains. Short-term cost spike +20-35%.
Affected Industries
Industrial Machinery, Auto Parts, Textiles
US ← All Imports (Baseline)
Universal Baseline Tariff
Effective Date
Apr 5, 2026
Supply Chain Impact
10% floor on ALL US imports. Affects every shipping lane globally — embedded cost for all importers.
Affected Industries
All Industries
US ← Steel & Aluminum (Global)
Section 232 Tariff
Effective Date
Mar 2025
Supply Chain Impact
Continued from 2018/2025 — raises cost for manufacturing sectors dependent on imported metals.
Affected Industries
Automotive, Construction, Packaging, Defense
EU Carbon Border (CBAM)
Carbon Border Tax
Effective Date
Jan 2026
Supply Chain Impact
Energy-intensive goods now taxed on carbon content at EU border. Reshaping steel, cement, fertilizer trade flows.
Affected Industries
Steel, Cement, Fertilizer, Aluminum
China ← US (Retaliation)
Retaliatory Tariff
Effective Date
Apr 2026
Supply Chain Impact
China retaliating on US goods — soybeans, aircraft, chemicals, cars most affected. US agri exporters rerouting.
Affected Industries
Agriculture, Aerospace, Automotive, Chemicals
US ← Mexico (USMCA Compliant)
USMCA Exemption
Effective Date
Ongoing
Supply Chain Impact
USMCA-compliant goods face zero tariff — driving massive reshoring of supply chains to Mexico (nearshoring boom).
Affected Industries
Auto Parts, Electronics, Textiles, Food
EU ← Russia (Energy & Metals)
Sanctions Tariff
Effective Date
Ongoing
Supply Chain Impact
Russian oil, gas, metals blocked or heavily taxed — reshaping European energy and raw material sourcing.
Affected Industries
Energy, Metals, Fertilizer
India ← US
Reciprocal Tariff
Effective Date
Apr 9, 2026
Supply Chain Impact
90-day pause on India reciprocal tariffs — India emerging as major beneficiary of China diversification.
Affected Industries
Pharmaceuticals, Textiles, IT Hardware
ASEAN ← US
Baseline Tariff
Effective Date
Apr 2026
Supply Chain Impact
Higher ASEAN-specific tariffs paused 90 days. Vietnam (46%), Cambodia (49%) rates suspended temporarily.
Affected Industries
Electronics, Textiles, Footwear, Furniture
US from Canada Lumber
Anti-Dumping CVD Duty
Effective Date
Ongoing 2026
Supply Chain Impact
Softwood lumber tariff driving US lumber prices up. Canadian mills losing market share. Bulk shipping from BC reduced.
Affected Industries
Construction, Furniture, Packaging
US from EU Steel and Aluminum
Section 232 Tariff
Effective Date
Mar 2025 reimposed
Supply Chain Impact
EU steel exports to US down 40% since reimposition. EU threatening retaliation on motorcycles, bourbon, jeans.
Affected Industries
Steel, Automotive, Construction, Defense
EU from China EVs
Anti-Subsidy Countervailing Duty
Effective Date
Nov 2024
Supply Chain Impact
EU imposed 35.3% duties on Chinese EVs on top of existing 10% tariff. China retaliating with EV parts and brandy tariffs.
Affected Industries
Electric Vehicles, Auto Parts, Batteries
US Section 301 Investigations 16 Countries
Pending Section 301 Investigation
Effective Date
Mar 11, 2026
Supply Chain Impact
USTR investigations on China, EU, Singapore, Japan, Korea, Vietnam, India, Mexico + more for excess manufacturing capacity. Could trigger new tariffs.
Affected Industries
All Manufacturing Sectors
US from Japan Autos
Reciprocal Auto Tariff
Effective Date
Apr 3, 2026
Supply Chain Impact
Japan auto exports to US face 25% tariff. Toyota Honda Nissan rerouting production to US/Mexico. Japan threatening WTO complaint.
Affected Industries
Automotive, Auto Parts
US from South Korea Autos and Electronics
Reciprocal Tariff
Effective Date
Apr 2026
Supply Chain Impact
Hyundai/Kia accelerating Georgia factory expansion. Samsung/LG supply chain adjustments underway. Korea filed WTO consultation request.
Affected Industries
Automotive, Consumer Electronics, Semiconductors
US from Vietnam Manufacturing
Reciprocal Tariff
Effective Date
Apr 9, 2026
Supply Chain Impact
46% rate suspended 90 days during US-Vietnam talks. Vietnam is now #2 apparel/footwear exporter to US after China tariff war.
Affected Industries
Textiles, Footwear, Electronics, Furniture
EU Retaliation Threat on US Goods
Threatened Retaliation
Effective Date
TBD 2026
Supply Chain Impact
EU threatening counter-tariffs on $28B of US goods including aircraft, autos, agri if US steel tariffs not lifted. Airbus-Boeing dispute reactivated.
Affected Industries
Aerospace, Agriculture, Automotive, Spirits
China from Australia All Goods
Tariffs Removed
Effective Date
Ongoing improvement
Supply Chain Impact
China lifted all restrictions on Australian goods. Iron ore, coal, barley, wine shipping flows normalizing. Bilateral trade recovering.
Affected Industries
Agriculture, Mining, Wine
WTO DS633 US Section 301 on China
Active WTO Dispute
Effective Date
Ongoing since 2018
Supply Chain Impact
WTO panel ruled US Section 301 tariffs on China WTO-inconsistent. US appealing into void. Appellate Body has no quorum since Dec 2019.
Affected Industries
All US-China Trade Flows
EU Carbon Border CBAM Full Phase-In
Carbon Border Adjustment Mechanism
Effective Date
Jan 2026
Supply Chain Impact
100% EUA cost now required for EU importers of steel, cement, fertilizer, aluminum. Adds $50-120 per tonne for carbon-intensive goods.
Affected Industries
Steel, Cement, Aluminum, Fertilizer, Chemicals
US Semiconductors Non-CHIPS Act Tariff
Proposed Section 232 Tariff
Effective Date
Expected 2026
Supply Chain Impact
USTR reviewing national security case for semiconductor tariffs on non-allied suppliers. Taiwan/Korea carve-outs expected but uncertain.
Affected Industries
Semiconductors, Electronics, AI Hardware
US Pharmaceuticals from India Ireland Switzerland
Proposed Executive Tariff
Effective Date
Expected mid-2026
Supply Chain Impact
Trump signaled 25% tariff on pharmaceutical imports to push reshoring. India generics and Ireland branded drugs most exposed. Affects $200B annual pharma trade.
Affected Industries
Pharmaceuticals, Biotechnology, Healthcare
Russia G7 Oil Price Cap
Price Cap and Sanctions
Effective Date
Dec 2022 ongoing
Supply Chain Impact
G7 $60/barrel cap on Russian oil. Shadow fleet of 700+ vessels operating outside Western oversight. Sanctions compliance increasing shipping insurance costs.
Affected Industries
Energy, Tankers, Insurance
US from Canada Mexico Non-USMCA Goods
Non-USMCA Goods Tariff
Effective Date
Mar 2025
Supply Chain Impact
25% tariff on Canadian/Mexican goods not covered by USMCA rules. Adds complexity to integrated North American auto supply chains.
Affected Industries
Automotive, Steel, Agriculture, Consumer Goods
US ← China (EVs & Lithium Batteries)
Section 301 Tariff
Effective Date
May 2024
Supply Chain Impact
Chinese EV market effectively closed. Battery supply chain shift to LG, SK On, Panasonic. US CHIPS-adjacent IRA battery credits reshaping sourcing.
Affected Industries
Electric Vehicles, Batteries, Energy Storage, Auto Parts
Chinese-Built Vessels (US Port Fees)
USTR Port Fee / Levy
Effective Date
Apr 17, 2026
Supply Chain Impact
$1M–$1.5M per port call fee on Chinese-operated or Chinese-built vessels. Major disruption to container shipping — carriers rerouting, using non-Chinese flagged ships.
Affected Industries
Shipping, Logistics, All Importers/Exporters
RCEP (Asia-Pacific 15-Nation Bloc)
Regional Free Trade Agreement
Effective Date
Jan 2022 (phased)
Supply Chain Impact
Tariff eliminations covering 90% of goods among China, Japan, Korea, ASEAN, Australia, NZ. Shifting intra-Asia supply chains. Counterweight to US tariff pressure.
Affected Industries
Manufacturing, Agriculture, Electronics, Textiles
US ← China (Solar Panels & Cells)
Section 201 + Section 301 Tariff
Effective Date
May 2024
Supply Chain Impact
Chinese solar panels face 50% tariff. Massive procurement shift to Southeast Asia, India, US domestic manufacturing (IRA-funded). Solar project delays from supply gaps.
Affected Industries
Solar Energy, Construction, Utilities, Manufacturing
US Copper (Global)
Proposed Section 232 Tariff
Effective Date
Expected 2026
Supply Chain Impact
Section 232 national security investigation on copper imports. US relies 45% on imported copper. Affects EV, electronics, and construction pipelines if imposed.
Affected Industries
Construction, Electric Vehicles, Electronics, Defense
US ← China (Medical Devices & PPE)
Section 301 Tariff
Effective Date
Jan 2026
Supply Chain Impact
Critical medical device supply chains disrupted. Hospitals sourcing from Malaysia, India, Ireland. Domestic production insufficient short-term.
Affected Industries
Healthcare, Pharmaceuticals, Medical Devices, PPE
India-Australia CECA Free Trade
Bilateral Free Trade Agreement
Effective Date
Dec 2022
Supply Chain Impact
Interim trade deal unlocking $45B in trade. Australian coal, metals, agri into India; Indian pharma, textiles, IT services into Australia. Full CECA negotiations ongoing.
Affected Industries
Mining, Agriculture, Pharmaceuticals, Textiles
UK ← EU (Post-Brexit Trade)
TCA Free Trade Agreement
Effective Date
Jan 2021
Supply Chain Impact
TCA eliminates tariffs but imposes customs declarations, rules of origin, SPS checks. UK goods exports to EU down 15-20%. UK-EU reset talks ongoing in 2026 to reduce friction.
Affected Industries
Food & Agriculture, Automotive, Financial Services, Manufacturing