A report from Industrial Securities indicates that container shipping freight rates rose month-on-month in March 2026, primarily driven by increased fuel costs. Rates on the Shanghai-Europe and Shanghai-US West Coast routes increased by 14.9% and 18.4% month-on-month, respectively. The tanker sector was significantly affected by the US-Iran conflict and the blockade of the Strait of Hormuz, with the average VLCC-TCE rate surging 97.5% month-on-month. The dry bulk shipping sector showed a "strong off-season" performance, with the Baltic Dry Index (BDI) rising 34.2% year-on-year. The main views of Industrial Securities are as follows:
Container Shipping Sector: Fuel Price Hikes Drive Significant Freight Rate Increases Freight Rate Review: The average China Containerized Freight Index (CCFI) for March 2026 was 1096.52 points, up 1.1% month-on-month but down 5.9% year-on-year. By route: The average Shanghai Containerized Freight Index (SCFI) rate for the Shanghai-Europe route was $1,602.25 per TEU, up 14.9% month-on-month and 15.5% year-on-year; the average SCFI rate for the Shanghai-US West Coast route was $2,148.75 per FEU, up 18.4% month-on-month and 3.5% year-on-year; the average Ningbo Containerized Freight Index (NCFI) for the Ningbo-Thailand/Vietnam route was 925.39 points, up 19.1% month-on-month but down 16.6% year-on-year. Supply and Demand Dynamics: Demand Side: In February 2026, the Clarksons Container Shipping Monthly Demand Index stood at 117.40 points, up 6.7% year-on-year but down 10.5% month-on-month. China's total exports in March reached $321.03 billion, up 7.1% month-on-month and 2.5% year-on-year. Supply Side: As of March 2026, the global registered fleet consisted of 7,073 container ships with a total capacity of 33.2356 million TEU. In March, 6 new container ships were delivered globally, adding 60,400 TEU of capacity; 1 container ship was scrapped, removing 1,000 TEU of capacity. New orders for container ships in March totaled 22 vessels, representing 65,800 TEU of capacity. The global orderbook at the end of March stood at 1,445 vessels, or 12.1728 million TEU, accounting for 36.63% of the total fleet.
Tanker Sector: Strait of Hormuz Blockade Due to US-Iran Conflict Drives Freight Rates Higher Freight Rate Review: The average VLCC-TCE rate was $246,688.70 per day, surging 97.5% month-on-month and 493.7% year-on-year. The weighted average earnings for MR product tankers were $53,114.87 per day, up 74.5% month-on-month and 148.8% year-on-year. Supply and Demand Dynamics: Demand Side: In February 2026, the Clarksons Crude Oil Transportation Demand Index was 104.79 points, down 7.4% month-on-month but up 7.2% year-on-year; the Product Tanker Transportation Demand Index was 98.13 points, down 5.8% month-on-month but up 1.2% year-on-year. Supply Side: By the end of March 2026, the global registered fleet included 2,359 crude oil tankers with a total capacity of 469 million deadweight tons (dwt), and 3,576 product tankers with a total capacity of 201 million dwt. In March, 8 new crude oil tankers were delivered globally, adding 1.91 million dwt; 2 crude oil tankers were scrapped, removing 310,000 dwt. New orders for VLCCs (Very Large Crude Carriers) in March totaled 28 vessels, representing 8.615 million dwt of capacity. The crude oil tanker orderbook at the end of March stood at 432 vessels, or 95.7473 million dwt, accounting for 20.41% of the total fleet. As of April 10, 2026, a total of 506 crude oil tankers globally were under sanctions, representing 90.0978 million dwt of capacity, accounting for 19.13% of the total fleet.
Dry Bulk Shipping Sector: Notably Strong Off-Season Performance May Lift Annual Average Freight Rate Review: In March 2026, the average Baltic Dry Index (BDI) was 2051.60 points, up 0.5% month-on-month and 34.2% year-on-year. Supply and Demand Dynamics: Demand Side: In February 2026, the Clarksons Global Dry Bulk Transportation Demand Index was 107.8 points, down 6.2% month-on-month but up 6.8% year-on-year. Supply Side: As of March 2026, the global registered fleet consisted of 14,705 dry bulk carriers with a total capacity of 1.073 billion dwt. In March, 44 new dry bulk carriers were delivered globally, adding 2.8326 million dwt of capacity; 5 dry bulk carriers were scrapped, removing 271,200 dwt of capacity. New orders for dry bulk carriers in March totaled 28 vessels, representing 2.7085 million dwt of capacity. The dry bulk carrier orderbook at the end of March stood at 1,557 vessels, or 139 million dwt, accounting for 12.96% of the total fleet.
Risk Warning: Risks include international trade conflicts, geopolitical risks, and transportation operational risks.
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