Market Pulse 2026 Week 35

Terminal operations in Ningbo and Shanghai were severely disrupted again by typhoon Saudel last week, resulting in extended delays of over 10 days in the most severe cases. The elevated port congestion continues to tie up vessel capacity with 3.92m TEU of 11.4% of the fleet still tied up at anchorages last week. Vessel availability remains very tight, keeping charter rates firm as the limited number of ships circulate within the same circle of charterers as new ship deliveries in August reached a 3-year low of just 64,640 teu. Freight rates remain very firm, with the Asia-Europe market being the sole exception as rates dropped for the 8th consecutive week.

CMA CGM, Maersk, MSC and Wan Hai retained their trans-Suez transits last week, sending 30 of their ships through the Bab el Mandeb last week even as hostilities in the Persian Gulf escalated over the weekend. None of the other main carriers have followed their lead, including Hapag-Lloyd who will not join Gemini partner Maersk to use the shorter route. Ships diverted to the Cape route continues to drop, with just 280 units for 4.0m TEU currently on the longer route from a high of 380 ships for 5.5m TEU earlier this year.

COSCO ramps up fleet expansion as it eyes Top 3 spot
COSCO added 18 new ship orders with a total capacity of 280,000 teu to its bulging orderbook, comprising of 12 units of 22,000 teu at Waigaoqiao, and 6 units of 3,200 teu at Wenchong. COSCO’s total orders have reached 1.89m TEU bringing it orderbook ratio to 52% of its current fleet of 3.67m TEU. COSCO has the highest orderbook ratio currently amongst the Top 10 carriers and the 2nd highest in terms of total TEU ordered behind MSC as it signalled its ambitions to become a Top 3 carrier as it is set to overtake Maersk in the global rankings by 2028. COSCO’s latest orders bring the global orderbook to a new record high of 14.84m TEU, representing 43.1% of the current fleet.