Tariff deadlines, peak season demand and geopolitical uncertainty are affecting capacity, costs and transit reliability across several key trade lanes. Here is what customers should consider now.

LEMAN Market Updates provide a concise overview of developments that may affect freight costs, transit times and logistics planning.

Published 4 August 2026. Market information is based on conditions in week 31.

Ocean Freight Market Update

Market Highlights

• Transpacific rates continue to soften as new capacity enters the market, though services to the U.S. East and Gulf Coasts remain notably tighter than to the West Coast.
• Weather-related disruptions in South China are still affecting vessel schedules, terminal operations, and inland transport connections.
• Global schedule reliability declined to 62.6% in June, according to Sea-Intelligence, underscoring ongoing network pressures.
• New U.S. Section 301 tariffs took effect on July 24, raising import costs for goods originating from roughly 60 trading partners.
• Congestion at major Asian transshipment hubs continues to impact multiple trade lanes.

Asia and Transpacific

Typhoons and heavy rainfall in South China are causing continued vessel delays, terminal congestion, and localized trucking disruptions. Spot rates are trending downward following the early peak season, while capacity to the U.S. East and Gulf Coasts remains constrained due to Panama Canal restrictions, carrier capacity management, and limited extra-loader deployments. Although space availability has improved, we expect demand to remain stable through September as a result of earlier peak season front-loading.

Transatlantic

Carriers have announced a General Rate Increase effective August 15, though actual implementation will depend on market demand and vessel utilization. In Montreal, low water levels on the St. Lawrence River continue to affect vessel drafts and operations; we recommend considering alternative routing options for Europe–U.S. Midwest freight where feasible.

Panama Canal

The Panama Canal Authority has introduced additional draft restrictions for Neopanamax vessels, reducing available capacity by approximately 2,000 TEUs, with particular impact on Asia–U.S. East and Gulf Coast services as well as Transatlantic shipments to the U.S. West Coast. In response, carriers will begin implementing Panama Canal Transit Surcharges in August to offset operational costs.

North America

U.S. spot truckload and drayage rates are expected to rise through August as record import volumes move inland, compounded by tight truck capacity, driver shortages, and elevated fuel costs. In Canada, ongoing wildfires continue to disrupt rail operations, and we advise avoiding Canada routing to and from the U.S. wherever possible.

US Trade and Regulatory Update

Effective July 24, the United States implemented new Section 301 tariffs on imports from approximately 60 trading partners, with most affected countries subject to a 12.5% duty and qualifying countries receiving a reduced 10% rate. We recommend that importers review country of origin, product classification, and any applicable exemptions to assess the potential financial impact on their shipments.

Geopolitical Development

The U.S. administration has withdrawn its proposal for a security fee on vessels transiting the Strait of Hormuz, reducing the likelihood of additional related transportation costs.

Outlook

While freight rates continue to trend downward overall, ongoing weather disruptions in China, Panama Canal restrictions, tighter inland transportation capacity, and reduced schedule reliability are expected to keep creating operational challenges — particularly for cargo moving from Asia to the U.S. East and Gulf Coasts. We encourage you to plan your bookings early and allow additional transit time for inland deliveries.

APAC Market Update

Market Overview

The Asia–Europe market remains stable but operationally challenging, as sustained cargo flows from China, Taiwan, and Vietnam continue to drive strong demand into Northern Europe. While freight rates have softened from recent peaks, they remain above Q1 levels, reflecting persistent congestion at major North Continent gateways, longer vessel rotations, and ongoing schedule reliability challenges.

North Continent Gateways

Northern European ports, including Rotterdam, Antwerp-Bruges, and Hamburg, continue to experience congestion, elevated yard utilization, inland transportation bottlenecks, and vessel delays, resulting in longer transit times and reduced schedule reliability. Carriers are actively managing their networks through port omissions, schedule adjustments, and the use of alternative gateways to mitigate these disruptions.

Origin Perspective

• China: Export volumes remain strong across the industrial, consumer, EV, and machinery sectors.
• Taiwan: Continues to benefit from robust semiconductor, AI, and technology-related exports into Europe.
• Vietnam: Maintains strong growth, driven by manufacturing expansion and increasing Europe-bound exports under the China+1 sourcing strategy and the EVFTA framework.

Outlook

Demand is expected to remain healthy through August and into early September. We encourage customers to continue booking early, build additional transit buffers into their supply chain planning, and closely monitor inland delivery arrangements when utilizing North Continent gateways. Continued congestion, inland transport constraints, and uncertainty around Red Sea/Suez routing remain the key risks facing Asia–Europe supply chains.

Need advice on a specific shipment or trade lane?

Contact your local LEMAN team to discuss routing options, capacity, rates and potential delivery risks.

This Market Update is based on information available at the time of publication and is intended as general market guidance only. Conditions may change at short notice. Customers should contact their local LEMAN representative for advice related to specific shipments, routes, rates and requirements.