Cargo Movement Update – 31 May 2026

Containers are down by 9% this week; air cargo is down by 13%.

We are sharing the latest version of the cargo report.

The following highlights are worth noting:

1. Ngqura LNG terminal concession:
   1. TNPA’s 25-year concession with Ukwanda LNG positions Ngqura as a strategic Eastern Cape LNG import and regasification node.
   2. The project improves long-term supply optionality but does not create domestic fuel supply or materially reduce near-term Middle East-linked exposure.
   3. It aligns with broader logistics reform through private-capital mobilisation, energy security and port-linked industrial development.
2. Global shipping update:
   1. Hormuz remains a high-risk but partially functioning corridor, with selective vessel passage, elevated risk pricing and reduced predictability.
   2. Schedule reliability improved to 62.4%, while late-vessel delays eased to 5.34 days; Suez activity remains subdued, with 46 containerships transiting in two weeks.
   3. Freight rates are rising again, with Drewry’s WCI up 3.2% to $2,811/FEU, but Q1 carrier EBIT fell to $1.35 billion.