The MPL Customer Letter - May '26

Market/Trade Information

Asia

• Rates out of Asia have been on a steep rise for the past weeks. From beginning of May to the beginning of June, the rates between Asia and Europe have close to doubled on the spot market. Many carriers have, and keep on, announcing increases, current predictions for July indicate a rate even above 6,000 USD / 40’ from Asia to Europe. A similar trend is seen on the Trans-Pacific-routes. Both from Asia to America West Coast as well as to the American East Coast rates have almost doubled in one month’s time.

• The rising rates are explained by the absorbed capacity by the Red Sea situation (estimated at 2.5 mln TEU) and an early summer peak, in combination with a (still) low schedule reliability and void sailings.

Europe/Mediterranean/Black Sea

• In Belgium and the Netherlands as from July 1st, road pricing will increase as a part of the governments’ enforced decisions. This will obviously affect the road pricing from and to these both countries. In Belgium an indexation will take place & a CO2-tax will be introduced. In the Netherlands a new compensation per km for the road tax will apply.

• Gdansk is transforming more and more from a feeder-connected-port to a direct hub. Thanks to some schedule changes, the Ocean Alliance will be calling Gdansk direct. The only alliance which is not calling Gdansk direct is Gemini as the Polish port is not considered as a hub in their hub & spoke strategy. Gemini connects Poland via Bremerhaven, Wilhelmshaven or Hamburg.

• The Gemini Alliance is shifting capacity from North Europe to the Mediterranean area for several big Far East services. The megamax vessels (19.000 TEU and more) are being replaced by vessels of 11-15.000 TEU. This will result in a shift of +/- 6.000 TEU per week from North Europe to the (East-) Med. Gemini wants to increase their share in the Mediterranean area and will increase their capacity from 23% market share to nearly 30%.

North and Central America

• A new proposal by the US Office of the United States Trade Representative (USTR) would re-implement tariffs on more than 60 countries. Prior to any implementation, public hearings will be held. The tariffs are mostly targeting import countries wherein the USTR has doubts on their labour practices.

• Businesses who paid the previous now-invalidated duties on imports have been applying for refunds in the US. First reimbursements have been paid in May. An estimated USD 166 bn has been reported collected in duties under the now-cancelled programme.

Approximately USD 85 bn is in process for a refund.

• As from beginning of July, the maximum depth for passage through the Panama Canal will be limited for neopanamax locks. The Panama Canal Authority (PCA) has reduced the draft to 49.5 ft or 15.09 m. This is linked to the expected water levels in the Gatún Lake. The reduction in draft means less payload on the vessels, leading to less capacity, eventually causing higher passage rates per tonnage. Because of the Middle East situation, the passages through the Panama Canal (in an attempt to find alternative, shorter, routes) have sky-rocketed. Especially tankers with LPG and ethane. (Ethane is mainly used as base product for raw materials to be converted into finished products like chemicals, plastics, composting,…).

Indian Subcontinent

• End of May a transport strike disrupted in- and outgoing flows at the Jawaharlal Nehru port, India’s largest container gateway. (Nhava Sheva) The strike started because of high Lift-On Lift-Off (LOLO) charges imposed by container yards.

Latin America

• In Chile new labor regulations, linked to working-hour adjustments, have become effective. This results in a reduced productivity and a longer vessel turnaround time.

• Brazilian exports have been strong thanks to a lot of agricultural volumes. Space will remain tight and will even become more rigid when the coffee season starts.

• Brazilian imports have also been very strong, mainly out of Asia, with increased volumes of electric cars.

• Argentina, mainly the Buenos Aires area, has seen severe equipment shortages making it difficult for exports to get a hold of empty containers to load. The equipment flows are disrupted because of canceled and changed services in combination with draft restrictions in the port.

• Hanseatic Global Terminals (HGT), the port division of Hapag-Lloyd has acquired a 50% stake in Imetame Logistica Porto (ILP). ILP is a company developing the container terminal project in Aracruz, Espirito Santo, Brazil. The ambition is to develop Aracruz as a transshipment hub and gateway to the Eastern part of Brazil. Operation of the hub is expected mid-2028.

Red Sea / Middle East

• The USA and Iran have agreed to end the war on June 15th. This peace treaty will include a (step-by-step) reopening of the Strait of Hormuz. The US President Trump speaks of a full reinstatement of international shipping in the area however this remains uncertain according to all other sources and stakeholders. The ceasefire includes Lebanon according to Iran. Lebanon however is still being targeted by the Israeli army. Next to the uncertain position of Israel, the area needs to be checked by minesweepers to make sure no mines will form a threat for passing vessels.

• Maersk has decided to adjust their routing policy to/over Jeddah to relieve pressure on the port’s infrastructure. Cargo booked to Kuwait, Iraq, Qatar, Bahrain and the U.A.E. will transship in Salalah and Khor Fakkan, then move, via Landbridge, to Sharjah before connecting to the required POD. Cargo booked to Jeddah but with a delivery outside of

• Saudi Arabia will be discharged in Khor Fakkan (although you have booked to Jeddah). Additional charges in connection with rerouting will be for the account of the principal who gives the booking instruction. Cargo destined for Jeddah, Riyadh and Dammam still can go over the port of Jeddah.