Containers are up by 8%; air cargo is down by 2%
We are sharing the latest version of the cargo report.
Some highlights discussed this week include the following:
1. South African port throughput sees massive gains in July:
a. In July alone, Transnet Port Terminals handled nearly 100 000 more containers than the same period last year – a remarkable sign of recovery and improved terminal productivity after years of disruption.
b. Year-to-date container throughput is now +0,3% above 2024 levels and only -2,1% below 2019 – a pre-pandemic baseline that signals how close South Africa is to a full return to normality. And the subsequent weeks’ throughput has continued to be high – which is encouraging for the full-month August numbers to follow.
c. Lastly, bulk cargoes are down by -8% (m/m), but up by +3% (y/y) and up by +5,1% YTD.
2. Global shipping:
a. The global containership orderbook has surged to a record 10,4 million TEU – ~32% of the fleet – raising fears of a structural overcapacity reminiscent of the 2004–2009 glut.
b. Container markets remain volatile: the US is experiencing “trade whiplash” from tariff-driven front-loading earlier in the year, while congestion and blank sailings remain stable.
c. Spot freight rates fell for a ninth straight week, although the charter market continues to defy the downturn with resilient demand across several key corridors.
