DHL – Ocean Freight Market Update, Feb 2025

In February 2025, concerns over potential early implementation of higher US import tariffs have led to a rush in cargo to avoid these tariffs. The market is expected to experience a holiday lull after the Lunar New Year, with December PMI® data indicating subdued global goods inflation. Growth disparities have widened by region, with the US outperforming other major developed economies and India far outpacing other major emerging markets. However, business confidence has slipped lower worldwide. The SCFI has dropped by 17% since the start of the year due to an averted port strike on the US East Coast, with continued rate volatility expected from service disruptions and developments in the Red Sea. Blank sailings Far East westbound of 30% are expected. Additionally, as of January 1st, 2025, the EU ETS has increased its coverage of maritime emissions, leading to a significant rise in the ETS surcharge. The ICS2 Release 3, European Union’s electronic security screening system, is set to go live for ocean, road, and rail on April 1st, 2025. The USTR has warned of possible actions against Chinese ships over concerns of unfair dominance in shipbuilding, with Chinese-built ships accounting for 17% of US-bound vessels.