DSV Global Market update – February 2026

Dear Customers,

Key highlights from February 2026 global freight market update, are summarized below for your reference.

LOCAL UPDATE

Israel is closely monitoring the crisis in Iran and its potential implications for the supply chain.

Air Freight

• International airlines are closely monitoring the evolving crisis between the United States and Iran and its potential impact on operations to and from Israel

• The Lufthansa Group has resumed operating its overnight flights; however, the flights include a stop in Athens to avoid overnight stays in Israel for their crew.
• To view the list of airlines operating to/from Israel – click here 👉

Ocean Freight

• Over recent months, major seaports in Northern Europe, as well as transshipment hubs (such as Gioia Tauro, Piraeus, and others), have been facing significant operational challenges affecting the supply chain, due to adverse weather conditions, strikes, and industrial actions. This situation is leading to vessel delays, port congestion, reduced productivity across the European logistics network, and schedule changes on services to and from Israel.

VAT in China

Starting January 2026, VAT will be imposed in China at varying rates on ORIGIN/DESTINATION charges, based on the Incoterms of the transaction. A link to the official announcement

We continue to closely monitor the situation, and our teams are available to support you with appropriate solutions

GLOBAL UPDATE 

🔹Global Economy

• Big tech companies to spend over $600B in Capex in 2026 as AI race intensifies, Google and Amazon lead with 2026 CAPEX guidance of $175–185B and $200B

• Taiwan’s exports surged by 69.9% in January, marking the fastest growth for the month in 16 years, driven by AI demand.

• US: Healthcare Jobs Have Become the Engine of America’s Labor Market Nearly all of the 130,000 new jobs added in January were healthcare jobs, marking a clear shift in the labor market.

• German Factory Orders Unexpectedly Soar as Industrial Rebound: German manufacturing orders unexpectedly rose 7.8% in December, the strongest monthly increase in two years, following a 5.7% rise in November

• US-India deal: US lowers reciprocal rate to 18% removes 25% “Russian oil” penalty

• US Aluminium Market Under Severe Pressure: Prices soar: U.S. buyers now pay 68% above LME prices, with the Midwest premium adding another $560/ton, pushing aluminium above $5,000/ton.

• China’s Consumer Inflation Eases, Producer Prices Stay in Decline, China’s consumer-price index increased 0.2% year-over-year in January, a decrease from December’s 0.8% rise.

🔹Ocean Freight

• Rates are softening after Chinese New Year, though port congestion and return of Red Sea/Suez routings are reshaping available capacity and schedule reliability.

🔹Air Freight

• Demand remains steady with strong Asia–Europe flows, but overall, the market remains balanced as capacity growth keeps pricing contained.

🔹Ocean freight highlights

• Asian and European ports still suffering severe congestion At Hamburg and Rotterdam, yard density exceeds 85%. Dwell times are also significantly beyond the norm, at 7 to 10 days.
• Freight rate erosion: The post Chinese New Year Reality Carriers are announcing USD 3000 GRI for March after Chinese New Year, typically a period with less volume. Capacity discipline, the resuming of use of Suez Canal if more carriers are adding to Maersk and CMA-CGM announcements the “Red Sea Premium” might disappear
• Order book reaches an all-time high of 15 years: The ordering frenzy is driven by energy transition, not demand growth
• Maersk and CMA CGM are reinstating the MECL and Indamex services via Suez
• January U.S. container imports decline year-over-year but remain seasonally resilient
• Hong Kong’s CK Hutchison warns of legal action over Panama Canal ports, Panama’s Supreme Court ruled in late January that the concession held by a subsidiary of CK Hutchison to operate the two ports on the Panama Canal was unconstitutional. A subsidiary of Denmark-based A.P. Moller-Maersk would be operating the ports in a transitional phase

🔹Airfreight highlights

• Global airfreight demand continues to grow at a moderate pace, supported by improving manufacturing activity, with capacity expansion broadly keeping the market balanced and pricing under limited upward pressure.
• PMI signals from the US, eurozone, and China – alongside the diffusion index – indicate mild manufacturing expansion (Global PMI 50.9, Jan). The GDP outlook remains steady into 2026–27 as inflation eases; jet fuel has ticked up WoW but remains below 2024 averages, keeping cost pressures contained overall.
• High Tech and Healthcare are dominating the growth on airfreight while automotive is contracting
• Regional demand: strong growth from APAC and Middle East with a 9,4% and +10,1 growth in compare with slow demand coming from North America and +4,9% growth
• As governments around the world revisit tax policy in response to fiscal pressures, climate objectives, and shifting economic priorities, airfreight is emerging as one of the transport modes most exposed to these developments.
• Singapore Aviation Market Update: New Sustainable Aviation Fuel (SAF) Levy Announced, The levy will support Singapore’s 1% SAF uplift target in 2026, with ambitions to increase to 3–5% by 2030.
• Middle East Aviation Disruption, IRAN: EU aviation regulators have formally recommended avoiding Iranian airspace, affecting flight planning and routing