Market Pulse 2026 Week 34

Port congestion has reached a new high with over 4.3m TEU waiting to berth at container ports globally, driven mainly by delays across East Asia as fresh storms continued to disrupt vessel schedules. In terms of total TEU, the stranded capacity is higher now compared to the previous peak of 4.0m TEU reached during the COVID pandemic in 2022. The current stranded capacity accounts for 12.6% of the global fleet at 34.4m TEU, which is lower than the peak of 15.7% recorded in 2022 when the total fleet stood at just 25.3m TEU. Congestion at the Panama Canal is also starting to build up with transit slots set to be cut further in September, although delays for containerships with pre-booked transit slots remain minimal.

These disruptions has created a shortage of vessels that continue to lift freight rates with the SCFI rising further last week and is now 156% higher since the start of the Iran war. Charter rates also continue to firm with demand from charterers still very strong, with Maersk in particular still scrambling for additional tonnage. This has been one of the main drivers behind Maersk’s decision to risk an early return to the Red Sea even though the majority of carriers are still reluctant to do so, including its Gemini Cooperation partner Hapag-Lloyd.

CMA CGM, Maersk and MSC continue to push for early return to Red Sea
Maersk has ramped up the number of trans-Suez transits through the Bab el Mandeb as it joins CMA CGM in pushing for the early return of containership traffic to the Red Sea, with 11 transits in both directions last week just behind CMA CGM’s 15 transits. However, Maersk’s Gemini Cooperation partner Hapag-Lloyd continues to delay its return, with no ships sent through the Red Sea in the past 3 weeks along with most of the other mainstream Asian carriers who continue to shun the route. A notable exception is MSC who only started to send its ships through the Suez since the end of July and continues to use the route last week including its first northbound voyage since 2024 on the revised Himalaya Express connecting India with the Med.