The tanker OOCL Portugal entered the Suez Canal on September 16, 2026, an event that is considered the first southbound passage of COSCO SHIPPING Lines since the onset of the Red Sea crisis. This passage, occurring as container ship traffic is returning to the Suez Canal, could have significant impacts on the maritime transport market, particularly on the Asia-Europe routes.
Decline in Container Shipping Rates
The global container shipping index decreased by 1 percent this week, reaching $4,468 per 40-foot container. This decline is primarily due to falling shipping rates on the Asia-Europe routes, as effective capacity has been added to the market with the return of ship traffic to the Suez Canal.
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According to reports, shipping rates from Shanghai to Genoa decreased by 5 percent to $3,835 and from Shanghai to Rotterdam decreased by 4 percent to $3,485 per 40-foot container. Meanwhile, container ship traffic in the Suez Canal increased from 38 to 48 this week.
Capacity Management and Future Forecasts
Shipping companies are preparing for the Golden Week holidays in China by reducing planned capacity. A total of 7 empty trips from Asia to Europe have been announced for next week, an increase from 3 empty trips last week. However, the expected increase in capacity due to the return of traffic to the Suez Canal is anticipated to offset these reductions.
The transit market on Transpacific routes is faring better. Shipping rates from Shanghai to Los Angeles increased by 2 percent to $7,838, while rates from Shanghai to New York remained nearly stable at $10,373. As the Golden Week holidays approach, 15 empty trips from Transpacific routes have been announced for next week.
The market situation remains uncertain. Security threats in the Red Sea continue to influence companies' routing decisions, while capacity constraints in the Panama Canal persist. Labor disruptions in Germany and reduced water levels in the Rhine River have also complicated the European supply chain.
Given these conditions, overall shipping rates between East and West are expected to decline again next week as the market moves toward the Golden Week holidays and more effective capacity returns to the market.
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