Freight Market Update – March

In this month’s webinar, Judah Levine, Freightos’ Head of Research, breaks down the freight fallout from the war in Iran – from oil shocks and Gulf disruptions to new tariff twists, fresh legal drama in the U.S., and air cargo networks scrambling to reroute.

From surcharges spreading beyond the Gulf to a Supreme Court ruling that reshapes tariff policy again, here’s what’s shaping global freight in March.

Highlights from This Month’s Update:

• Iran War Hits Freight – But Unevenly
  For ocean, the biggest disruption is still mostly regional. For air cargo, the impact is broader and more immediate, with major Gulf hubs partially shut and capacity suddenly missing from key east-west lanes.

• Container Shipping: Localized Pain, Global Nerves
  Only a small share of global container trade moves through Hormuz, but Gulf cargo is getting rerouted, transshipment hubs are feeling the pressure, and carriers are already filing surcharges and GRIs well beyond directly affected lanes.

• Fuel Costs Are the Wildcard
  If oil stays high, freight gets more expensive everywhere. Emergency fuel surcharges are already being rolled out across ocean lanes, with wider cost pass-throughs likely if energy markets stay elevated.

• Red Sea Recovery Just Got Pushed Back
  Carriers had started inching back toward Suez. Iran-related Houthi threats reversed that momentum fast, delaying any broader Red Sea return – and keeping one big source of capacity relief off the table.

• Tariff Rules Changed Again
  The U.S. Supreme Court struck down IEEPA tariffs, but the White House moved fast with a 10% global tariff under Section 122. That keeps tariffs in place for now – but adds fresh legal and planning uncertainty for importers.

• Air Cargo Feels It First
  With Emirates, Qatar, and Etihad hubs disrupted, air cargo saw the sharper shock. Capacity fell, rerouting surged, and rates jumped – especially from South and Southeast Asia, where dependence on Gulf hubs is highest.