Only 27% of Asia–Europe container capacity uses Suez

The Global Trade Brief · 23 September 2026

Five minutes to understand what matters in global trade.

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What to Watch

• Russia and Ukraine’s response to Turkey’s proposal to end attacks on Black Sea merchant shipping.
• Italy’s decision on a possible naval mission to protect its fleet in the Bab el-Mandeb Strait.
• The outcome of Barcelona’s Príncep d’Espanya terminal tender after Boluda received the highest technical score.

The full day in global trade

Today’s Headlines

• Insurers expand the Black Sea high-risk zone
• Middle East Gulf–China VLCC earnings exceed $1m a day
• Japan completes first ammonia ship-to-ship bunkering
• Gdańsk reopens Rudowe Quay for vessels up to 35,000dwt
• Klaipeda builds a €36.6m offshore wind logistics hub
• CU Lines orders its first containership above 10,000 TEU
• US sanctions exchange linked to Hormuz transit fees
• EU ETS voyage exposure diverges from carrier surcharges
• Hercules Star attack death toll rises to two
• Container rates rise 1% to USD 4,500 per FEU
• Transpacific rates stay elevated despite softer demand
• Vessel attacked near Khasab as crew remains safe
• Saudi pipeline attack may reduce tanker transport demand
• Yang Ming adds 15,600 TEU LNG vessel to MS2 service
• Estes invests nearly $56m in cross-border freight capacity

Today’s Analysis

⚠️ Insurers widen the Black Sea high-risk zone, increasing war-risk costs

Why it matters: More voyages will attract war-risk premiums as the geographic scope of vessel targeting expands.

• Insurers expanded the designated high-risk area across the Black Sea.
• Shipowners must pay war-risk premiums across a wider area.
• The change follows the targeting of commercial vessels.

🛢️ Gulf attacks and sanctions lift tanker earnings while clouding demand

Why it matters: Security restrictions are producing exceptional tanker earnings while attacks and sanctions disrupt crews, payments and oil transport demand.

• The Baltic Exchange’s Middle East Gulf–China VLCC benchmark exceeded the equivalent of $1m a day for the first time.
• VLCCs loading outside the Gulf were earning close to $1m a day.
• The United States sanctioned an Iranian bitcoin exchange linked to Hormuz transit fees.
• A second seafarer from the Hercules Star attack was confirmed dead.
• Another vessel was struck in the Strait of Hormuz.
• UKMTO reported an attack near Khasab; the crew was safe.
• An attack on a Saudi Arabian pipeline could reduce global tanker transport demand.

🚢 Asian operators add larger and alternative-fuel ships, expanding capacity

Why it matters: New vessel capacity and fuel systems will affect available space, bunker operations and service economics on Asian and Mediterranean routes.

• An NYK-led consortium completed the world’s first ammonia ship-to-ship bunkering in Japan.
• The ammonia was transferred to a newbuild carrier scheduled for delivery in November.
• CU Lines contracted its first containership above 10,000 TEU at Hudong-Zhonghua.
• The CU Lines order is for a 14,000 TEU containership.
• Yang Ming added the approximately 15,600 TEU YM Weight to its Asia–West Mediterranean MS2 service.
• YM Weight can use LNG or low-sulphur fuel oil.
• Yang Ming said 148 officers had completed advanced IGF Code training.

🏗️ Gdańsk, Klaipeda and Estes expand infrastructure for heavier flows

Why it matters: Quay, rail and terminal investments are adding capacity for bulk, offshore wind and cross-border freight.

• Gdańsk completed the modernisation of Rudowe Quay after part of it was removed from service in 2019.
• Rudowe Quay can now handle vessels drawing up to 10.60m and displacing up to 35,000dwt.
• Gdańsk added a 265m railway track and deepened part of the Mining Basin to 11.20m.
• Klaipeda’s €36.6m offshore wind hub is scheduled to open by the end of 2026.
• The Klaipeda hub will provide up to 453m of quay and a 21-hectare staging area.
• The hub is designed to handle components for 15 MW-class wind turbines.
• Estes is investing nearly $56m in freight capacity serving Canada, Mexico, Alaska, Hawaii and Puerto Rico.
• Estes is retrofitting a larger facility at its primary Mexico gateway in Laredo.

🌿 VesselBot finds EU ETS surcharges exceed route-level exposure

Why it matters: Standard carrier surcharges may not track the carbon cost generated by an individual container voyage.

• VesselBot analysed more than 20,000 EU and EEA-linked voyages completed in the second quarter of 2026.
• The voyages generated 11.8m tonnes of CO₂ equivalent emissions.
• Around 7.15m tonnes, or 60%, required EU emissions allowances.
• At €80 per tonne, VesselBot estimated quarterly exposure at €572.4m.
• Singapore–Valencia exposure was €26.3 per TEU against a published CMA CGM surcharge of €56.
• Singapore–Piraeus exposure was €30.5 per TEU against a published surcharge of €56.
• Singapore–Rotterdam exposure was €28.1 per TEU against a published surcharge of €70.

📦 Container rates reach USD 4,500 per FEU as Asia congestion supports pricing

Why it matters: Elevated spot rates and sailing cancellations keep landed-cost and booking risks high despite signs of moderating demand.

• The Drewry World Container Index increased 1% to USD 4,500 per FEU.
• Transpacific rates remained at elevated levels despite signs of softer demand.
• Congestion at Asian ports could continue supporting spot rates.
• Sailing cancellations could also sustain pricing.

Sources

1. Insurers expand high-risk zone across Black Sea
2. Middle East Gulf–China VLCC earnings exceed $1m a day
3. Japan completes first ammonia ship-to-ship bunkering
4. Gdańsk reopens Rudowe Quay for vessels up to 35,000dwt
5. Klaipeda builds a €36.6m offshore wind logistics hub
6. CU Lines orders its first containership above 10,000 TEU
7. US sanctions exchange linked to Hormuz transit fees
8. EU ETS voyage exposure diverges from carrier surcharges
9. Hercules Star attack death toll rises to two
10. Container rates rise 1% to USD 4,500 per FEU
11. Transpacific rates stay elevated despite softer demand
12. Vessel attacked near Khasab as crew remains safe
13. Saudi pipeline attack may reduce tanker transport demand
14. Yang Ming adds 15,600 TEU LNG vessel to MS2 service
15. Estes invests nearly $56m in cross-border freight capacity