Global demand remains subdued. Head-haul volumes are muted after the holidays, with only pockets of pre-Lunar New Year uplift. Spot rates are volatile and generally easing, especially on transpacific lanes, as general rate increases (GRIs) struggle to hold in an oversupplied Market. Fleet capacity continues to expand with strong deliveries of new vessels. Idle capacity remains below 1%, keeping pressure on rates. Most carriers continue to avoid the Red Sea/Suez Canal, maintaining routes with extended transit times via the Cape of Good Hope. Regional port congestion and winter weather, especially in Europe and Southeast Asia, are leading to temporary capacity crunches which, in turn, are driving short-term rate spikes.

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