Suez return a major threat to carrier efforts to halt transpac spot rate slide

Photo : © Dreamstime.com By Alison Koo 6 October 2026 Teu-mile demand growth has regressed for the first time since January, reflecting a combination of blanked sailings by major carriers during China’s Golden Week, increased newbuild vessel deliveries, and more ships returning to the Suez Canal on Asia-Europe routes. According to container shipping consultancy Linerlytica, several long-haul services have been cancelled in response to weaker Chinese export volumes during the week-long holiday that began on 1 October. The blanked sailings are concentrated on Asia-US East Coast and Asia-Europe trades. Linerlytica said: “The return to the Suez route poses the biggest threat to carrier efforts to reverse the rate slide on the Asia-Europe route that have persisted for the past three months. “All carriers are making a concerted rate push from the end of October, with MSC among the latest to announce new Asia-North Europe FAK (freight all kinds) rates from 19 October of $3,150 per teu and $4,500 per 40ft.” Rates on that trade have fallen around 60% since July as the early peak-season momentum faded. On 2 October, the Shanghai Containerised Freight Index showed prices at $2,199 per teu, and $3,378 per 40ft. Meanwhile, deliveries of new container vessels have accelerated after the usual summer lull. Nearly 200,000 teu of new capacity arrived last month, against no vessels demolished, adding further pressure to market capacity. Linerlytica said its market barometer had now moved into negative territory, with shipping activity expected to remain subdued over the next two weeks. The faster-than-expected resumption of Suez Canal transits, however, remains the biggest obstacle to carrier efforts to support and increase freight rates. ONE has become the latest major carrier to resume Suez Canal operations, following CMA CGM, Maersk, MSC, Hapag-Lloyd, and Cosco/OOCL. The 8,110 teu ONE Continuity , on the Japanese carrier’s South-east Asia-North Europe service, is scheduled to transit the Suez Canal later this month, after leaving Thailand’s Laem Chabang Port on 17 October. Other members of the Premier Alliance have yet to follow, still citing security concerns. At the same time, cargo demand continues to weaken, adding further pressure to an already challenging container shipping market.