What’s going on in freight

Hormuz got more dangerous on both sides of the strait while Iran denied any talks, even as Suez traffic and revenue show the Red Sea route is back at scale and pushing Asia–Europe rates down. Elsewhere, scarce capacity rather than demand is setting the price in US trucking and air cargo, and Taiwan’s carriers are reporting peak-level profits going into contract season.

War, chokepoints and disruption

• An ADNOC vessel was damaged in an attack in UAE waters on 10 November, and UKMTO reported a tanker hit by a projectile 19 nautical miles off Lima, Oman, the same day. Iran’s security chief Mohsen Rezaei said “we are not currently conducting any negotiations with the Americans”, and about 162 ships were at anchor off Fujairah and Khor Fakkan on 8 November. (gCaptain, Anadolu via A News) Our story →
• The EU has pledged €10m each to Romania and Bulgaria for Black Sea search and rescue, plus up to €50m for a Constanta–Varna maritime security hub due by 2027. CMA CGM’s $35 per 20ft container Black Sea war-risk charge is already in force. (Euronews, Al Jazeera) Our story →

Rates and markets

• The Suez Canal earned $724m in October, up 94% on a year earlier, from 1,490 transits. Freightos says Asia–North Europe spot rates fell 5% to $3,400 per 40ft in the week to 10 November, as carriers appear to have dropped their 1 November increases. (The Middle East Observer, Freightos) Our story →
• DAT’s US dry van spot rate averaged $3.05 a mile in October, the highest since February 2022, while volumes were down 2% on last year and the van contract rate matched its record at $3.28. US diesel fell 16.5 cents to $6.127 a gallon, which trims fuel surcharges by only a few cents a mile. (GlobeNewswire (DAT), FreightWaves) Our story →
• Air cargo spot rates averaged $3.67 a kilo in October, up 37% year on year on only 6% more tonnage, WorldACD says. China and Hong Kong to Europe tonnage fell 17% while rates on that lane rose 14%, and IAG Cargo flew 13.9% less traffic in Q3 at 20.7% higher yields. (WorldACD, Air Cargo News) Our story →

Tariffs, customs and policy

• Europe’s port associations ESPO and FEPORT, the World Shipping Council and Italy’s Assarmatori have jointly asked EU lawmakers for three changes to a proposed EU ETS measure meant to stop transshipment moving to non-EU hubs. (El Estrecho Digital) Our story →

Forwarders, carriers and deals

• Yang Ming made TWD (Taiwan dollars) 18.57bn (585m US dollars) after tax in Q3 2026, about three times a year earlier. Its October revenue was up 82% year on year but down 3% on September, while Evergreen and Wan Hai posted October revenue up 96% and 124%. (AJOT, BigGo Finance) Our story →

Software, AI and automation

• Freightos launched a new Freightos for Forwarders on 10 November, with AI agents that turn customer inquiries into quotes using each forwarder’s own margins and live capacity from more than 75 carriers. It comes as founder Zvi Schreiber seeks the chairman’s removal at a December shareholder vote. (PR Newswire, FreightWaves via Yahoo Finance) Our story →
• Amazon’s Prime Air drones can now reach around 8,000 Darlington households, up from about 600 pilot customers, after the UK Civil Aviation Authority granted it a SAIL 4 approval. (ITV News) Our story →

Coming up

• Around Thursday 19 November: Drewry’s week-47 World Container Index reading Our story →
• Monday 23 November: Freightos full third-quarter results Our story →
• Early December: DAT’s November truckload rates Our story →
• By 10 December: Yang Ming’s November revenue filing Our story →
• December: Freightos shareholder meeting with the founder’s board resolutions Our story →
• 2027: target date for the EU’s Constanta–Varna Black Sea maritime security hub Our story →