<div class="phx-topic abstract-wrapper">A drive to put a lower auto insurance rate proposal before New Jersey voters in November is picking </div>

A drive to put a lower auto insurance rate proposal before New Jersey voters in November is picking

<div>A drive to put a lower auto insurance rate proposal before New Jersey voters in November is picking up speed and an organizer of the campaign says it will force elected officials to act.''You cannot legally force legislators to do anything," Jay Angoff, one of the campaign organizers, said Monday. "But if it is supported by a substantial majority of the people in New Jersey, I think it would be very difficult to ignore."Top elected officials in Hudson and Camden counties agreed Monday to place a non-binding referendum on the ballot that would roll back auto insurance rates by 20...

A drive to put a lower auto insurance rate proposal before New Jersey voters in November is picking up speed and an organizer of the campaign says it will force elected officials to act. ''You cannot legally force legislators to do anything," Jay Angoff, one of the campaign organizers, said Monday. "But if it is supported by a substantial majority of the people in New Jersey, I think it would be very difficult to ignore."Top elected officials in Hudson and Camden counties agreed Monday to place a non-binding referendum on the ballot that would roll back auto insurance rates by 20 percent. The Citizens Auto Revolt has asked each of the 21 county freeholder boards to vote to place the referendum on their ballots. Organizers say the campaign aims to let politicians know that New Jersey voters want rates slashed. "That's the most effective pressure there is on a politician," Mr. Angoff said. Hudson County Executive Robert C. Janiszewski called soaring auto insurance rates in the state "scandalous" and said he would ask the board of freeholders to approve putting the insurance referendum on the county ballot. "It's time we allowed the people to speak up on the issue," Mr. Janiszewski said Monday. "When the people of New Jersey talk, the governor, the Legislature and the insurance companies are going to get a strong message - lower insurance rates or get out." In southern New Jersey, Camden County Freeholder Director Robert E. Andrews said he also would ask the board of freeholders to formally accept the proposal at its meeting Thursday. "New Jersey residents have suffered the injustices of the auto insurance law long enough," Mr. Andrews said. "Price increases are being forced upon all of us." The announcements came a week after the Citizens Auto Revolt and the New Jersey Public Interest Research Group began the latest in a series of grassroots efforts to reduce the state's automobile insurance rates, which are among the highest in the nation. Mr. Angoff said Atlantic County Freeholder Director John Gaffney has also endorsed the proposal. "If 21 counties say we want this referendum, the politicians ignore it at their own peril," Mr. Angoff said in launching the statewide referendum drive last week. The proposed referendum also calls for abolishing the $152 per car the average motorist pays in surcharges toward keeping the troubled Joint Underwriting Association afloat. The JUA, a state-backed insurance agency that covers high-risk drivers, faces a deficit of nearly $3 billion and insures about half of the state's 4 million drivers.

DRIVE LAUNCHED TO PUT RATE-CUTTING MEASURE ON NEW JERSEY BALLOTS

<div class="phx-topic abstract-wrapper">Excess capacity is keeping spot and contract truckload pricing in check, though imports into the West Coast generated demand in that region last month. </div>

Excess capacity is keeping spot and contract truckload pricing in check, though imports into the West Coast generated demand in that region last month.

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<div class="phx-topic">The US truckload market is stuck in a three-year rut, with no sign of a catalyst that will substantially increase demand, according to interviews with industry sources and data analyzed by the Journal of Commerce. Throughout the third quarter of each year, short-term events such as produce season, the Fourth of July holiday and a nationwide brake inspection week in late August temporarily tightened truck capacity and pushed up spot rates. But the market snapped back to its baseline each time. “There was no momentum beyond those short periods,” said Corey Klujsza, vice president of pricing and procurement strategy at logistics provider RXO, which produces the quarterly RXO Curve report on truckload market pricing. There was more rate volatility within those “short periods” this year than in 2024 or 2023, which could indicate excess truckload capacity is diminishing, Klujsza said. “We saw rates (this year) outperform seasonality compared to the last two years,” he said. But short-lived gains didn’t break the spot rate ceiling set by the three-year freight downturn. The Journal of Commerce average US shipper-paid truckload spot rate in August was flat with July at $2.23 per mile, according to data released this week. That all-inclusive rate, based on data from more than 4,000 lanes longer than 250 miles, was up 3 cents per mile from a year ago, but down 3 cents from August 2023. The West Coast last month provided an exception to the spot market malaise. Spot rates out of California rose 12 cents per mile month over month in August to an average of $2.65 per mile as cargo landing in West Coast ports in July worked its way into domestic networks, according to the Journal of Commerce analysis. The average outbound truckload spot rate from Ontario, Calif., rose 12.5% from April through August, hitting $2.71 per mile last month. ”Import activity has been a positive overall, but intermodal has been the winner,” Klujsza told the Journal of Commerce. “Intermodal is showing sequential and year-over-year growth. [Freight] isn’t falling into the truckload market.” Railroads kept ocean containers <a href="https://www.joc.com/article/bnsf-up-kept-rail-terminals-fluid-in-august-amid-ipi-surge-6075488">flowing smoothly in August</a> as July’s import surge moved inland, according to data and market participants. Data from the Journal of Commerce and other sources was supported by shippers who noted tighter trucking capacity in Southern California and the Pacific Northwest but abundant truck capacity nationwide. <h3>Narrow pricing band </h3>The Journal of Commerce pricing data aligns with data from other sources, including the US long-distance truckload producer price index (PPI). That PPI, an all-inclusive measure of prices, was 172.7 in July, up from 170.8 in June but down from 175.8 a year ago. The PPI, which represents contract and spot rates, has moved in a narrow band between 170 and 180 since May 2023, and is now at the lower end of that band. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="75c6a726-cc97-4bf7-90a3-a352fd2ace2d"></dynamic-object></div>“It feels like the market is stuck,” said Dean Croke, principal analyst at load board operator DAT Freight &amp; Analytics. “I don’t see anything that would say the market has turned.” DAT’s dry-van linehaul rates rose 2 cents per mile week to week to an average of $1.67 per mile, excluding fuel surcharges, in the week ended Aug. 28. That’s 4 cents higher than a year ago and 7 cents above the average rate for the same week in 2023. “We’ve had three years of this tough freight environment,” said Croke. The truckload market hasn’t been able to find a new balance, he said, because “demand keeps moving. It’s still a guessing game.” Although spot rates are slowly rising, new replacement contract rates in routing guides are flat, Croke said. “We’re still seeing shippers having pricing power, which tells us there’s plenty of truck capacity,” he said. Contact William B. Cassidy at <a href="mailto://bill.cassidy@spglobal.com">bill.cassidy@spglobal.com</a></div>

The US truckload market is stuck in a three-year rut, with no sign of a catalyst that will substantially increase demand, according to interviews with industry sources and data analyzed by the Journal of Commerce. Throughout the third quarter of each year, short-term events such as produce season, the Fourth of July holiday and a nationwide brake inspection week in late August temporarily tightened truck capacity and pushed up spot rates. But the market snapped back to its baseline each time. “There was no momentum beyond those short periods,” said Corey Klujsza, vice president of pricing and procurement strategy at logistics provider RXO, which produces the quarterly RXO Curve report on truckload market pricing. There was more rate volatility within those “short periods” this year than in 2024 or 2023, which could indicate excess truckload capacity is diminishing, Klujsza said. “We saw rates (this year) outperform seasonality compared to the last two years,” he said. But short-lived gains didn’t break the spot rate ceiling set by the three-year freight downturn. The Journal of Commerce average US shipper-paid truckload spot rate in August was flat with July at $2.23 per mile, according to data released this week. That all-inclusive rate, based on data from more than 4,000 lanes longer than 250 miles, was up 3 cents per mile from a year ago, but down 3 cents from August 2023. The West Coast last month provided an exception to the spot market malaise. Spot rates out of California rose 12 cents per mile month over month in August to an average of $2.65 per mile as cargo landing in West Coast ports in July worked its way into domestic networks, according to the Journal of Commerce analysis. The average outbound truckload spot rate from Ontario, Calif., rose 12.5% from April through August, hitting $2.71 per mile last month. ”Import activity has been a positive overall, but intermodal has been the winner,” Klujsza told the Journal of Commerce. “Intermodal is showing sequential and year-over-year growth. [Freight] isn’t falling into the truckload market.” Railroads kept ocean containers flowing smoothly in August as July’s import surge moved inland, according to data and market participants. Data from the Journal of Commerce and other sources was supported by shippers who noted tighter trucking capacity in Southern California and the Pacific Northwest but abundant truck capacity nationwide. Narrow pricing band The Journal of Commerce pricing data aligns with data from other sources, including the US long-distance truckload producer price index (PPI). That PPI, an all-inclusive measure of prices, was 172.7 in July, up from 170.8 in June but down from 175.8 a year ago. The PPI, which represents contract and spot rates, has moved in a narrow band between 170 and 180 since May 2023, and is now at the lower end of that band. “It feels like the market is stuck,” said Dean Croke, principal analyst at load board operator DAT Freight & Analytics. “I don’t see anything that would say the market has turned.” DAT’s dry-van linehaul rates rose 2 cents per mile week to week to an average of $1.67 per mile, excluding fuel surcharges, in the week ended Aug. 28. That’s 4 cents higher than a year ago and 7 cents above the average rate for the same week in 2023. “We’ve had three years of this tough freight environment,” said Croke. The truckload market hasn’t been able to find a new balance, he said, because “demand keeps moving. It’s still a guessing game.” Although spot rates are slowly rising, new replacement contract rates in routing guides are flat, Croke said. “We’re still seeing shippers having pricing power, which tells us there’s plenty of truck capacity,” he said. Contact William B. Cassidy at bill.cassidy@spglobal.com

Trucking News

Truckload

Surface

US truckload market mired in malaise as import surge wanes

<div class="phx-topic abstract-wrapper">A proposed amendment that could be included in the 2026 defense spending bill would allow terminal operators to receive the same tax breaks now available to the US shipbuilding industry. </div>

A proposed amendment that could be included in the 2026 defense spending bill would allow terminal operators to receive the same tax breaks now available to the US shipbuilding industry.

<div class="phx-topic">US ports, looking to leverage national security concerns over Chinese-made cargo handling equipment, want tax breaks for purchasing domestic ship-to-shore cranes to be included in Congress’s next defense spending bill.With the 2026 defense authorization bill introduced this week, the National Association of Waterfront Employers (NAWE) asked Congress on Wednesday to include an amendment that would expand a tax-deferral program for purchasing US-built ships to include US-built cargo handling equipment. The amendment, originally introduced in June by Rep. Mike Ezell (R-Miss.), would include cargo handling equipment as part of the Capital Construction Fund (CCF), which is overseen by the US Maritime Administration (MARAD). The program allows ocean carriers and vessel operators to defer taxes on any funds set aside for buying or building a US-built ship. Similarly, Ezell’s amendment would allow marine terminal operators to defer taxes on any funds set aside for US-built cargo handling equipment. NAWE, whose members operate at 16 US ports deemed critical for US defense, said in a statement the amendment would “allow the industry to safely and securely transition away from cargo handling equipment produced in China ... (and) ... sustain US military operations abroad.”“Expanding the CCF will ensure that private marine terminal operators can reinvest in safer, cleaner and more efficient equipment — strengthening America’s ports, boosting domestic manufacturing and enhancing national security,” NAWE President Carl Bentzel said.As part of the Defense Department’s broader goal of incentivizing US shipbuilding, the CCF was expanded in the 2023 defense spending authorization to cover a broader array of vessels. MARAD said the fund held $2.6 billion from 136 US vessel operators as of 2023. Ezell’s amendment comes as <a href="https://www.joc.com/article/ports-look-to-delay-proposed-us-tariffs-on-chinese-made-cranes-6007628">marine terminal operators face tariffs of up to 100%</a> on Chinese-made ship-to-shore cranes beginning Oct. 14. He is also backing a bill introduced over the summer that would provide <a href="https://www.joc.com/article/congress-eyes-a-tax-credit-for-reshoring-port-crane-manufacturing-6053124">tax credits to domestic manufacturers</a> of ship-to-shore cranes. Contact Michael Angell at <a href="mailto: michael.angell@spglobal.com">michael.angell@spglobal.com</a>. </div>

US ports, looking to leverage national security concerns over Chinese-made cargo handling equipment, want tax breaks for purchasing domestic ship-to-shore cranes to be included in Congress’s next defense spending bill. With the 2026 defense authorization bill introduced this week, the National Association of Waterfront Employers (NAWE) asked Congress on Wednesday to include an amendment that would expand a tax-deferral program for purchasing US-built ships to include US-built cargo handling equipment. The amendment, originally introduced in June by Rep. Mike Ezell (R-Miss.), would include cargo handling equipment as part of the Capital Construction Fund (CCF), which is overseen by the US Maritime Administration (MARAD). The program allows ocean carriers and vessel operators to defer taxes on any funds set aside for buying or building a US-built ship. Similarly, Ezell’s amendment would allow marine terminal operators to defer taxes on any funds set aside for US-built cargo handling equipment. NAWE, whose members operate at 16 US ports deemed critical for US defense, said in a statement the amendment would “allow the industry to safely and securely transition away from cargo handling equipment produced in China ... (and) ... sustain US military operations abroad.” “Expanding the CCF will ensure that private marine terminal operators can reinvest in safer, cleaner and more efficient equipment — strengthening America’s ports, boosting domestic manufacturing and enhancing national security,” NAWE President Carl Bentzel said. As part of the Defense Department’s broader goal of incentivizing US shipbuilding, the CCF was expanded in the 2023 defense spending authorization to cover a broader array of vessels. MARAD said the fund held $2.6 billion from 136 US vessel operators as of 2023. Ezell’s amendment comes as marine terminal operators face tariffs of up to 100% on Chinese-made ship-to-shore cranes beginning Oct. 14. He is also backing a bill introduced over the summer that would provide tax credits to domestic manufacturers of ship-to-shore cranes. Contact Michael Angell at michael.angell@spglobal.com .

Marine terminals

Port infrastructure

North American ports

US ports look to Congress for tax breaks on replacing Chinese cranes

<div class="phx-topic abstract-wrapper">The smooth flow of containers is an improvement from the near gridlock of four years ago during the COVID-linked volume surge and the elevated dwell times during last year’s peak season, progress trucking companies say they have noticed.</div>

The smooth flow of containers is an improvement from the near gridlock of four years ago during the COVID-linked volume surge and the elevated dwell times during last year’s peak season, progress trucking companies say they have noticed.

<div class="phx-topic">Western US railroads BNSF and Union Pacific (UP) largely kept ocean containers flowing smoothly in August through the key hubs of Chicago, Dallas, Kansas City and Memphis as Southern California’s July import surge moved inland, according to data and market participants. That’s an improvement from the near gridlock of four years ago during the COVID-linked volume surge and the elevated dwell times during last year’s peak season, progress trucking companies say they have noticed. Chassis were easy to find in inland cities and overall turn times for drivers were manageable, truckers say. “Surprisingly, everything's been relatively smooth,” Paul Brashier, vice president of global logistics for ITS Logistics, told the Journal of Commerce. “The ports were busy in July. Then the cargo moved inland in August, and for the most part, the ecosystem handled it fine. The freight is flowing relatively well.” Some truck drivers have faced longer waits at UP’s Global IV terminal in Joliet, Ill., and at Norfolk Southern’s Landers terminal in Chicago, but those delays have been sporadic and predated the recent uptick in international intermodal traffic. BNSF’s <a href="https://www.joc.com/article/bad-weather-early-peak-demand-slowed-bnsf-trains-last-month-6074860">train speeds slowed</a> in August, but the railroad attributed that to flash flooding near Amarillo, Texas, and extreme heat in California’s Mojave Desert. While the bad weather extended transit times, it did not create congestion inside terminals. The Pacific Merchant Shipping Association (PMSA) reported that the average rail container dwell in Los Angeles and Long Beach in July was 5.18 days, down from 5.66 days a year earlier. August figures are expected in the coming weeks. Last year, rail dwells jumped to 8.2 days in August, 9.25 days in September and 9.86 days in October. Mike Jacob, president of the PMSA, doesn’t expect that to happen this year. "We really don't see a lot out there that's going to be super-challenging," Jacob told the Journal of Commerce. “[Railroads are] as good as or even better than last year. … The railroads were making sure they weren't leaving anything on the docks. The total structural performance versus the pandemic is like night and day.” Marine terminal executives in Los Angeles and Long Beach offered a similar view, saying railcar supply and service have been solid since early August. At Yusen Terminals, where dwell times swelled to more than 10 days last August and September, conditions appear unlikely to repeat, according to Yusen President Alan McCorkle. <h3>Rails cite investment </h3>UP’s service metrics have held up better during this peak season so far than in the last two. In the final week of August, its average intermodal train speeds ranked in the 96th percentile of all weeks since 2017, according to a Journal of Commerce analysis of US Surface Transportation Board data. The number of intermodal trains held in route was likewise lower than in 96% of weeks over that span, even as the number of loaded railcars idling for more than 48 hours was the highest for the month of August in three years. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="cffd049d-9f51-41dc-be55-f79bcf5d15a5"></dynamic-object></div>Nevertheless, UP’s Intermodal Service Z-Score, a Journal of Commerce metric focused on how a railroad performs against its own historical norms, has stayed positive during this peak season thus far, a contrast to 2023 and 2024 when the score flipped negative during the peak months. “Union Pacific has invested $1.4 billion in our intermodal terminals since 2020, opening four new terminals,” said Robynn Tysver, a spokesperson for UP. “Investment in technology has been a game changer at intermodal terminals, notably the new gate technology that gives drivers a seamless, efficient experience in-gating and out-gating, helping us to deliver a strong and reliable service to the market.” BNSF has zeroed in on Memphis this summer, where drivers have lodged more complaints than at its hubs in Chicago, Kansas City and Fort Worth. In response, the railroad deployed a resource team to Memphis to monitor wait times in real time and coordinate with drivers and crane operators to move boxes faster. Jon Gabriel, BNSF’s group vice president of consumer products, said the effort has already paid off. “Our driver average turn time has come down about 30% since this summer,” Gabriel said. “This dedicated resource (in Memphis), strictly focused on driver throughput and the driver experience, has made a big difference. It was a pilot program, but it’s been very successful. If need be, we’ll certainly look to scale it elsewhere in our network.” Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a> and Bill Mongelluzzo at <a href="mailto:bill.mongelluzzo@spglobal.com">bill.mongelluzzo@spglobal.com</a>. </div>

Western US railroads BNSF and Union Pacific (UP) largely kept ocean containers flowing smoothly in August through the key hubs of Chicago, Dallas, Kansas City and Memphis as Southern California’s July import surge moved inland, according to data and market participants. That’s an improvement from the near gridlock of four years ago during the COVID-linked volume surge and the elevated dwell times during last year’s peak season, progress trucking companies say they have noticed. Chassis were easy to find in inland cities and overall turn times for drivers were manageable, truckers say. “Surprisingly, everything's been relatively smooth,” Paul Brashier, vice president of global logistics for ITS Logistics, told the Journal of Commerce. “The ports were busy in July. Then the cargo moved inland in August, and for the most part, the ecosystem handled it fine. The freight is flowing relatively well.” Some truck drivers have faced longer waits at UP’s Global IV terminal in Joliet, Ill., and at Norfolk Southern’s Landers terminal in Chicago, but those delays have been sporadic and predated the recent uptick in international intermodal traffic. BNSF’s train speeds slowed in August, but the railroad attributed that to flash flooding near Amarillo, Texas, and extreme heat in California’s Mojave Desert. While the bad weather extended transit times, it did not create congestion inside terminals. The Pacific Merchant Shipping Association (PMSA) reported that the average rail container dwell in Los Angeles and Long Beach in July was 5.18 days, down from 5.66 days a year earlier. August figures are expected in the coming weeks. Last year, rail dwells jumped to 8.2 days in August, 9.25 days in September and 9.86 days in October. Mike Jacob, president of the PMSA, doesn’t expect that to happen this year. "We really don't see a lot out there that's going to be super-challenging," Jacob told the Journal of Commerce. “[Railroads are] as good as or even better than last year. … The railroads were making sure they weren't leaving anything on the docks. The total structural performance versus the pandemic is like night and day.” Marine terminal executives in Los Angeles and Long Beach offered a similar view, saying railcar supply and service have been solid since early August. At Yusen Terminals, where dwell times swelled to more than 10 days last August and September, conditions appear unlikely to repeat, according to Yusen President Alan McCorkle. Rails cite investment UP’s service metrics have held up better during this peak season so far than in the last two. In the final week of August, its average intermodal train speeds ranked in the 96th percentile of all weeks since 2017, according to a Journal of Commerce analysis of US Surface Transportation Board data. The number of intermodal trains held in route was likewise lower than in 96% of weeks over that span, even as the number of loaded railcars idling for more than 48 hours was the highest for the month of August in three years. Nevertheless, UP’s Intermodal Service Z-Score, a Journal of Commerce metric focused on how a railroad performs against its own historical norms, has stayed positive during this peak season thus far, a contrast to 2023 and 2024 when the score flipped negative during the peak months. “Union Pacific has invested $1.4 billion in our intermodal terminals since 2020, opening four new terminals,” said Robynn Tysver, a spokesperson for UP. “Investment in technology has been a game changer at intermodal terminals, notably the new gate technology that gives drivers a seamless, efficient experience in-gating and out-gating, helping us to deliver a strong and reliable service to the market.” BNSF has zeroed in on Memphis this summer, where drivers have lodged more complaints than at its hubs in Chicago, Kansas City and Fort Worth. In response, the railroad deployed a resource team to Memphis to monitor wait times in real time and coordinate with drivers and crane operators to move boxes faster. Jon Gabriel, BNSF’s group vice president of consumer products, said the effort has already paid off. “Our driver average turn time has come down about 30% since this summer,” Gabriel said. “This dedicated resource (in Memphis), strictly focused on driver throughput and the driver experience, has made a big difference. It was a pilot program, but it’s been very successful. If need be, we’ll certainly look to scale it elsewhere in our network.” Contact Ari Ashe at ari.ashe@spglobal.com and Bill Mongelluzzo at bill.mongelluzzo@spglobal.com .

Rail News

BNSF, UP kept rail terminals fluid in August amid IPI surge

<div class="phx-topic abstract-wrapper">Weather-related slowdowns were compounded by track work that typically wraps up in August but overlapped this year with an earlier-than-usual surge in international and domestic intermodal demand.</div>

Weather-related slowdowns were compounded by track work that typically wraps up in August but overlapped this year with an earlier-than-usual surge in international and domestic intermodal demand.

<div class="phx-topic">BNSF Railway’s intermodal train speeds in August were its slowest of 2025 and among its lowest in more than eight years, with the railroad blaming the slowdown on an early peak season that clashed with construction projects, flash flooding in parts of its network and extreme heat in the California desert. The disruptions didn’t impact BNSF’s terminal operations — the loading and unloading of trains and cargo handoffs to trucks — but rather trains in transit. Weather-related slowdowns were compounded by track work that typically wraps up in August but overlapped this year with an earlier-than-usual surge in international and domestic intermodal demand, the railroad said. “[August is] the time of year that we typically have our highest capital gain maintenance activity [repairing our] infrastructure needs ahead of domestic intermodal peak season and parcel holiday shipments,” Jon Gabriel, BNSF’s group vice president of consumer products, told the Journal of Commerce. “But with the pull forward, we saw more demand than we would typically see in July and August. The capital projects have been wrapped up.” BNSF expects weather to be less of a factor this fall, particularly between Amarillo, Texas, and Emporia, Kansas, where flash flooding was a problem in July and August. In Amarillo, there was flash flooding on July 24–25, Aug. 12, and Aug. 29–30. BNSF’s southern transcontinental network crosses New Mexico and then loops northeast through Amarillo and Emporia en route to Kansas City. “With flash flooding, we bring our trains down to 20 miles per hour or less,” Gabriel said. “Train crews need to visually look out for any water over the top of rail. You think about our [southern US network] at any given day, we may have 250 to 300 trains operating on it, and especially in the middle of the night, we had traffic slowed down.” <h3>‘Z Score’ flips to negative </h3>Heat, meanwhile, was a disruption in the California desert, with tracks requiring close inspection to monitor for any deformities in the steel that could cause a derailment. Two major heat waves hit the Mojave Desert in California, sending temperatures above 110 degrees on several days last month. The earlier demand and weather-related factors caused BNSF’s intermodal train speeds for all four weeks of August to be slower than 95% of all weeks dating back to 2017, according to a Journal of Commerce analysis of data from the US Surface Transportation Board (STB). <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="ef92b52a-168e-4e14-88eb-3b647a1dd66e"></dynamic-object></div>As train speeds fell, the number of loaded BNSF railcars idling excessively jumped. In the last week of August, an average of nearly 279 loaded railcars each day were classified as idling excessively on the BNSF network, meaning not moving for more than 48 hours. The figure was higher than 72% of all weeks dating back to 2017, according to the STB data. BNSF’s Intermodal Service Z-Score, a Journal of Commerce metric focused on how a railroad performs against its own historical norms, flipped from positive to negative last month. Positive scores indicate outperformance versus norms; negative scores indicate underperformance. Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>.</div>

BNSF Railway’s intermodal train speeds in August were its slowest of 2025 and among its lowest in more than eight years, with the railroad blaming the slowdown on an early peak season that clashed with construction projects, flash flooding in parts of its network and extreme heat in the California desert. The disruptions didn’t impact BNSF’s terminal operations — the loading and unloading of trains and cargo handoffs to trucks — but rather trains in transit. Weather-related slowdowns were compounded by track work that typically wraps up in August but overlapped this year with an earlier-than-usual surge in international and domestic intermodal demand, the railroad said. “[August is] the time of year that we typically have our highest capital gain maintenance activity [repairing our] infrastructure needs ahead of domestic intermodal peak season and parcel holiday shipments,” Jon Gabriel, BNSF’s group vice president of consumer products, told the Journal of Commerce. “But with the pull forward, we saw more demand than we would typically see in July and August. The capital projects have been wrapped up.” BNSF expects weather to be less of a factor this fall, particularly between Amarillo, Texas, and Emporia, Kansas, where flash flooding was a problem in July and August. In Amarillo, there was flash flooding on July 24–25, Aug. 12, and Aug. 29–30. BNSF’s southern transcontinental network crosses New Mexico and then loops northeast through Amarillo and Emporia en route to Kansas City. “With flash flooding, we bring our trains down to 20 miles per hour or less,” Gabriel said. “Train crews need to visually look out for any water over the top of rail. You think about our [southern US network] at any given day, we may have 250 to 300 trains operating on it, and especially in the middle of the night, we had traffic slowed down.” ‘Z Score’ flips to negative Heat, meanwhile, was a disruption in the California desert, with tracks requiring close inspection to monitor for any deformities in the steel that could cause a derailment. Two major heat waves hit the Mojave Desert in California, sending temperatures above 110 degrees on several days last month. The earlier demand and weather-related factors caused BNSF’s intermodal train speeds for all four weeks of August to be slower than 95% of all weeks dating back to 2017, according to a Journal of Commerce analysis of data from the US Surface Transportation Board (STB). As train speeds fell, the number of loaded BNSF railcars idling excessively jumped. In the last week of August, an average of nearly 279 loaded railcars each day were classified as idling excessively on the BNSF network, meaning not moving for more than 48 hours. The figure was higher than 72% of all weeks dating back to 2017, according to the STB data. BNSF’s Intermodal Service Z-Score, a Journal of Commerce metric focused on how a railroad performs against its own historical norms, flipped from positive to negative last month. Positive scores indicate outperformance versus norms; negative scores indicate underperformance. Contact Ari Ashe at ari.ashe@spglobal.com .

North-American rail

Bad weather, early peak demand slowed BNSF trains last month

<div class="phx-topic abstract-wrapper">The dismal outlook for the second half of the year is prompting Wall Street analysts to rein in earnings expectations as many carriers also report steep declines in their profit margins amid a mix of overcapacity and “tariff-driven cost escalation.”</div>

The dismal outlook for the second half of the year is prompting Wall Street analysts to rein in earnings expectations as many carriers also report steep declines in their profit margins amid a mix of overcapacity and “tariff-driven cost escalation.”

<div class="phx-topic">Ocean carrier earnings this year are expected to fall by more than half compared with last year, as profit margins slip to 2023 levels. And with vessel capacity outstripping demand for the foreseeable future, liner operators face the prospect of a loss-making 2026.Full-year 2025 earnings for eight publicly-traded ocean carriers are expected to fall by an average of 61% compared with 2024, according to Capital IQ Estimates, a sister company of the Journal of Commerce within S&amp;P Global. The consensus analyst estimates as of September mark a further ratcheting down from the 53% drop in 2025 earnings expected as of March 31. The downward revision comes after carriers reported second-quarter results and offered up dismal forecasts for the remainder of 2025. Out of all the carriers, only Maersk saw its earnings estimates revised upward after Chief Executive Vincent Clerc said <a href="https://www.joc.com/article/maersk-ceo-vows-to-reach-logistics-profit-margin-target-by-year-end-6059993">its non-ocean logistics business would hit its 2025 profit margin targets</a>.Investment bank HSBC said in a report on Tuesday that import frontloading during the second quarter will dampen demand throughout the rest of 2025. The investment bank added that as retail goods that came in ahead of tariffs get replaced with goods subject to tariffs, consumers could rein in spending, thus hurting further inventory replenishment.“We think tariff-driven cost escalation would suppress consumer demand while frontloadings from Q2 to early Q3 could retard retailer restocking cycles in H2,” HSBC said. “In this context, we argue that carriers would face margin compression as they balance capacity cuts against softening demand in the rest of the year.”<h3>Big decline in operating margins</h3>Alphaliner noted the margin compression in its weekly report Tuesday. Since hitting their most recent peak of 38.4% in the third quarter of 2024, operating profit margins for ocean carriers have since fallen to 9.9% as of the second quarter of 2025, the lowest level since the fourth quarter of 2023, according to Alphaliner. It said the rerouting of ships away from the Suez Canal was the big factor in 2024 margin strength.“This time round, margins are falling while the Red Sea crisis continues,” Alphaliner said, adding that a weaker earnings outlook and margin compression were seen in carriers reporting the steepest declines in their freight rates. South Korea’s HMM reported a 22% year-over-year decline in revenue per TEU for the second quarter, Alphaliner said. The carrier’s operating margins fell from 30% last year to 9% for the second quarter of 2025, according to Capital IQ, while earnings for 2025 are now expected to fall 50% compared with a consensus estimate of a 28% decline back in March. Zim reported an 11% year-over-year decline in freight rates during the second quarter, Alphaliner said. While the carrier reported a 29% operating margin in 2024, its most recent operating margin was 9%, according to Capital IQ. Analysts’ consensus estimates now show Zim’s profits falling 82% this year. Alphaliner noted that Wan Hai Lines, Evergreen Marine and Cosco Shipping reported second-quarter operating margins well above the industry average, attributing their margin strength to exposure to trades outside of the US that have proved more resilient. As for 2026, the outlook is not much better. A <a href="https://www.joc.com/article/rocky-stretch-ahead-for-shippers-carriers-in-2026-and-beyond-6069904">J.P. Morgan report last week</a> said shipping rates globally could slip below $1,000 per TEU due to tepid demand and an oversupply of vessels. With <a href="https://www.joc.com/article/ocean-carriers-intensify-cost-cutting-efforts-as-rates-slide-on-major-trades-6069811">operating costs increasing</a> and the potential return of Suez Canal transits exacerbating oversupply, “we expect material EBIT losses” in 2026 for the liner operators under its analyst coverage, the bank said. Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com ">michael.angell@spglobal.com</a>.</div>

Ocean carrier earnings this year are expected to fall by more than half compared with last year, as profit margins slip to 2023 levels. And with vessel capacity outstripping demand for the foreseeable future, liner operators face the prospect of a loss-making 2026. Full-year 2025 earnings for eight publicly-traded ocean carriers are expected to fall by an average of 61% compared with 2024, according to Capital IQ Estimates, a sister company of the Journal of Commerce within S&P Global. The consensus analyst estimates as of September mark a further ratcheting down from the 53% drop in 2025 earnings expected as of March 31. The downward revision comes after carriers reported second-quarter results and offered up dismal forecasts for the remainder of 2025. Out of all the carriers, only Maersk saw its earnings estimates revised upward after Chief Executive Vincent Clerc said its non-ocean logistics business would hit its 2025 profit margin targets . Investment bank HSBC said in a report on Tuesday that import frontloading during the second quarter will dampen demand throughout the rest of 2025. The investment bank added that as retail goods that came in ahead of tariffs get replaced with goods subject to tariffs, consumers could rein in spending, thus hurting further inventory replenishment. “We think tariff-driven cost escalation would suppress consumer demand while frontloadings from Q2 to early Q3 could retard retailer restocking cycles in H2,” HSBC said. “In this context, we argue that carriers would face margin compression as they balance capacity cuts against softening demand in the rest of the year.” Big decline in operating margins Alphaliner noted the margin compression in its weekly report Tuesday. Since hitting their most recent peak of 38.4% in the third quarter of 2024, operating profit margins for ocean carriers have since fallen to 9.9% as of the second quarter of 2025, the lowest level since the fourth quarter of 2023, according to Alphaliner. It said the rerouting of ships away from the Suez Canal was the big factor in 2024 margin strength. “This time round, margins are falling while the Red Sea crisis continues,” Alphaliner said, adding that a weaker earnings outlook and margin compression were seen in carriers reporting the steepest declines in their freight rates. South Korea’s HMM reported a 22% year-over-year decline in revenue per TEU for the second quarter, Alphaliner said. The carrier’s operating margins fell from 30% last year to 9% for the second quarter of 2025, according to Capital IQ, while earnings for 2025 are now expected to fall 50% compared with a consensus estimate of a 28% decline back in March. Zim reported an 11% year-over-year decline in freight rates during the second quarter, Alphaliner said. While the carrier reported a 29% operating margin in 2024, its most recent operating margin was 9%, according to Capital IQ. Analysts’ consensus estimates now show Zim’s profits falling 82% this year. Alphaliner noted that Wan Hai Lines, Evergreen Marine and Cosco Shipping reported second-quarter operating margins well above the industry average, attributing their margin strength to exposure to trades outside of the US that have proved more resilient. As for 2026, the outlook is not much better. A J.P. Morgan report last week said shipping rates globally could slip below $1,000 per TEU due to tepid demand and an oversupply of vessels. With operating costs increasing and the potential return of Suez Canal transits exacerbating oversupply, “we expect material EBIT losses” in 2026 for the liner operators under its analyst coverage, the bank said. Contact Michael Angell at michael.angell@spglobal.com .

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In today’s competitive logistical landscape, efficiency is an absolute necessity for smooth operations. Yet, in the barge sector, many operators still rely on fragmented systems, delayed updates, and manual tracking methods that slow decision-making and increase operational risk. OpenTug’s new eBook, How Enhanced Visibility Transforms Barge Operations, reveals how unified, real-time data can become your competitive advantage leading to improved voyage management and more actionable insights. Drawing on industry best practices and real-world examples, it explores how operational transparency empowers teams to: ●	Reduce delays with accurate ETAs and proactive scheduling decisions ●	Improve asset utilization by identifying underused equipment and optimizing cargos ●	Strengthen safety and compliance through consistent, accessible documentation and reporting ●	Boost customer satisfaction with transparent status updates and faster response time You’ll learn how visibility can connect every part of your operation into a single, actionable view. The ability to see and act on real-time information transforms the way you plan, execute, and deliver. From managing a small regional fleet to running a large, national operation, this eBook will help you understand the measurable benefits of enhanced visibility and how technology like BargeOS is transforming the way barge logistics is managed. Get your copy today and see how clear insights lead to stronger performance, smarter decisions, and more profitable operations. <a href="https://9315820.fs1.hubspotusercontent-na1.net/hubfs/9315820/eBook/Nav-theFuture-AJW-08.19.25.pdf" rel="noreferrer" class="joc_admin__link">Click here</a><span class="joc_admin__inline-image joc_admin__inline-image-aspect-ratio-16_9 joc_admin__inline-image-position-left joc_admin__inline-image-size-small" data-figure-size="small" data-figure-position="left" data-figure-aspect-ratio="16:9"><img src="/content-assets/1756152344211_Opentug%20logo.png" alt="" class="joc_admin__inline-image-inherit">

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Transform Barge Operations with Total Visibility

At SSA Marine Mexico, we firmly believe that business development must go hand in hand with social and environmental well-being. Our vision is not solely focused on operating efficiently, but also on creating a meaningful and positive impact in the communities where we are present. Since 1995, we have reaffirmed this commitment through tangible actions that reflect our core values of responsibility, solidarity, and sustainability. <span class="joc_admin__inline-image joc_admin__inline-image-aspect-ratio-3_2 joc_admin__inline-image-position-left joc_admin__inline-image-size-medium" data-figure-size="medium" data-figure-position="left" data-figure-aspect-ratio="3:2"><img src="/content-assets/1752584535914_Photo%201.jpg" alt="" class="joc_admin__inline-image-inherit"> A Year of Major Achievements Over the past year, we allocated more than $107,000 USD to the implementation of 60 social and environmental projects, positively impacting over 7,800 people across various regions of Mexico. Each initiative was designed with a holistic approach, addressing key areas that contribute to long-term community development. Education: Laying the Foundation for the Future Education is one of the most powerful tools to promote social mobility and equitable development. At SSA Marine Mexico, we support academic initiatives that inspire and empower the next generation of leaders. One of our most impactful partnerships was with the University of Colima, where we sponsored the “Reto Camp” program. This initiative encourages university students to develop innovative solutions in the fields of sustainability, logistics, and port operations, offering them mentorship, tools, and real-world challenges to solve. In addition, we donated microscopes, school supplies, and educational materials to institutions in underserved communities, helping to improve the learning environment and provide students with the resources they need to succeed. Health and Sports: Promoting Wellness We believe that healthy communities are strong communities. We have supported several local sporting events and provided direct assistance to talented athletes, enabling them to pursue their passions and represent their regions with pride. Beyond sports, we also strengthened our collaboration with critical emergency response organizations such as the Mexican Red Cross and Civil Protection. Our contributions helped enhance their readiness and capabilities in times of crisis, ensuring better outcomes for those affected by emergencies. Supporting Vulnerable Groups: Reaching Those Who Need It Most A core part of our social responsibility efforts is directed toward supporting vulnerable populations. We have contributed to a range of initiatives focused on children, migrants, and at-risk families. These efforts included donations to orphanages and shelters, as well as support for the National Institute of Migration and grassroots organizations dedicated to protecting and empowering people facing adversity. By standing with those in need, we reinforce our commitment to inclusion and social justice, values that are central to our identity as a responsible company. <span class="joc_admin__inline-image joc_admin__inline-image-aspect-ratio-3_2 joc_admin__inline-image-position-left joc_admin__inline-image-size-medium" data-figure-size="medium" data-figure-position="left" data-figure-aspect-ratio="3:2"><img src="/content-assets/1752584944645_Photo%202.png" alt="" class="joc_admin__inline-image-inherit">Culture: Strengthening Community Identity Cultural identity is a key element in building resilient and united communities. At SSA Marine Mexico, we actively participate in the organization and sponsorship of cultural events that celebrate local traditions and foster civic pride. Working alongside port authorities and municipal governments, we helped bring music, art, and heritage to the forefront, creating spaces for community engagement and intercultural dialogue. Environment: Investing in the Planet Our commitment to sustainability goes beyond operations—it’s a philosophy that drives every decision we make. We have partnered with environmental institutions to carry out reforestation campaigns, beach cleanups, and conservation efforts. In collaboration with the Institute for the Environment, we supported initiatives aimed at decarbonization, biodiversity protection, and environmental education. By involving our employees and local volunteers in these actions, we also foster a culture of environmental stewardship throughout our organization and our surrounding communities. Innovation for a Sustainable Future Sustainability is not just about doing good—it’s also about doing things better. In 2024, we invested $22 million USD in the acquisition of 11 state-of-the-art E-RTG cranes. These electric rubber-tired gantry cranes represent a significant technological advancement in port equipment. Seven of them are already operating on clean electric energy, resulting in a reduction of nearly 4,000 tons of CO₂ emissions and improving operational efficiency by 7%. The remaining four cranes are fully compatible with future electrification, underscoring our long-term strategy to modernize our operations in an environmentally responsible way. This investment is part of a broader innovation roadmap that includes digitalization, automation, and cleaner energy sources—all designed to ensure that our ports continue to grow without compromising the health of our planet. Building a Better Tomorrow, Together At SSA Marine Mexico, we understand that sustainability is a shared and ongoing responsibility. True impact requires collaboration across sectors, long-term vision, and unwavering commitment. That is why we continue to work hand-in-hand with local authorities, non-profit organizations, universities, and our own employees to create solutions that are both scalable and sustainable. Our journey is far from over. In the years ahead, we will continue to deepen our community engagement, explore cleaner technologies, and strengthen the social fabric of the regions where we operate. Each initiative, no matter the size, is a step toward building a future where business success goes hand-in-hand with human and environmental prosperity. We are proud of what we have achieved in 2024, but we are even more excited about what lies ahead. SSA Marine Mexico — Moving the World, Caring for People and Planet. LINK: https://www.ssamarine.mx/

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SSA Marine Mexico: True Commitment to Sustainability

The world of LTL is slow to embrace change. Business anachronisms permeate current supply chain processes. These vestiges of the way things used to work define the LTL freight transportation procurement process of many modern shippers.David Knuth, logistics specialist at IEWC, a global supplier of cable and wire based in Wisconsin, is happy to have modernized the RFP process, automating the entire LTL bidding procedure with Bid$ense, SMC³’s automated truckload and LTL freight transportation sourcing solution. But when prompted, he can still recall what once was.In his previous job, a large part of his duties were consumed by creating an intermodal bid package for carriers. In a spreadsheet, Knuth detailed the company’s volumes lane by lane, taking care to delete any errant keystrokes or misleading data. He would then email out the information to each carrier, taking time to respond to detailed technical questions about the spreadsheet data. Finally, he had to compile all the results, create an algorithm that would compare the carriers on each lane, and award the business.“It was a huge undertaking. It took about four months to do,” Knuth said of the old process. “It was almost a full-time job for that part of the year, every year.”In his new job at IEWC, he sat down with Bid$ense on day one and was amazed at the capabilities. Knuth had never before used a bid tool. SMC³’s latest versions of Bid$ense automate the process even further, taking truckload and LTL RFPs entirely online. The tool draws on RFP best-practices protocols to streamline the bidding communication process, enabling bidding carriers to respond accurately and promptly to shipper requests. The solution also does all the distribution work automatically, electronically submitting shipper bid data to carriers based on their actual service capabilities and performance records. Carriers are alerted with timely prompts for RFP deliverables, so shippers aren’t waiting by the phone for responses.Another benefit of automating the process is the data-cleansing assistance. When Knuth sent spreadsheets to carriers, data errors might cloud the bidding process; he might have to resend data or simply accept a price that did not truly reflect the costs of doing business. Data cleansing is incredibly beneficial, he said.The spreadsheet technique also made bidding analysis an onerous task. Since Bid$ense automates and streamlines the entire RFP process, intensive examination is now simple. SMC³ knows that each bid has more than one best outcome. With uniform responses from each carrier, shippers can quickly rank results and create an unlimited quantity of what-if scenarios to make the optimal procurement decision.Jesse Burnett of Central Garden &amp; Pet experiences many of the same benefits. Founded in 1980, Central Garden &amp; Pet has spent the last three decades growing from a small garden supply company to a provider of a range of products from dog chews and bird seed to soil supplements and natural insecticides. For much of its life, the company shipped these disparate goods via LTL and truckload carriers to retailers throughout the country, relying on each business unit to negotiate directly with their freight transportation providers. This arrangement worked fairly well for a small company, but as Central Garden &amp; Pet expanded, leadership decided to consolidate decision making.Burnett helped centralize the transportation decision making in 2015 with SMC³’s Bid$ense. Before Bid$ense, every business unit operated independently as far as negotiating with carriers.“There were a lot of different things just floating around,” he said. “We didn’t have master agreements in place; no national pricing at all. The pricing from carriers was just all over the place, depending on where you were.”The transformations he saw with Bid$ense were immediate. Burnett has been using the tool about every other year since its implementation at the company. Central Garden and Pet’s $19.6 million 2019 LTL bid saved the company just more than 9 percent when compared to its historical average. For Burnett, though, bid automation extends far beyond savings.“We knew that we weren’t getting the best pricing offer from our carriers just because nothing was centralized,” he continued. “We knew that if we combined everything from all these business units and paired it with one corporate offering, then it would drive some cost benefit with it.”When the company initially decided to centralize bid procurement, executives researched a number of different methodologies and technologies. In the end, though, Burnett found that Bid$ense was both widespread and well known, and that his carrier partners already knew how to use the application. Burnett also highlighted the data-cleansing process as a major benefit, saying the rigorous process ensures that carriers always return the best price.“It definitely has helped drive savings,” he said. “Any time you go out there and you drive that competitiveness with the carriers and they know they’re in a bid environment, it seems to sharpen their pencils.”Transportation procurement is an integral part of the modern supply chain. With Bid$ense, shippers can develop a strategic implementation plan that saves them time and money, but also helps them create strong relationships with their carrier partners. These carriers appreciate the solution’s data-cleansing process; when carriers receive a complete shipment history and future volume forecast, they don’t have to guess on pricing. Carriers that receive more data from shippers get a complete picture of that shipper’s freight, allowing them to accurately plan instead of simply preparing for the worst-case scenario. Clean data presented through an automated system can lead to both bigger shipment savings and a lasting partnership between carrier and customer.Whether customers are looking to streamline over-the-road transportation bidding by automating the RFP process or create an entirely new, centralized sourcing process, Bid$ense has the analytical horsepower to get the job done.SMC³ 2020 Customer Case Study

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Shippers save money, time with automated transportation bidding tools

If there’s one immutable truth in the world of logistics, it’s this: LTL is an inherently complex form of transportation. Tariffs, rates, DIM weights, transit times — it’s enough to confuse even seasoned logistics professionals. The solution to this knowledge gap has historically been on-the-job training or university supply chain education, but for a variety of reasons there is now a pressing need for third-party, remote LTL training that prepares logistics workers for transportation success. Global Scope Can Overlook Local Intricacies In the past, professionals looking to move into a supply chain career learned about the basics of supply chain from universities. However, many of these college supply chain programs are now global in scope, focusing on worldwide supply chain management instead of the intricacies of specialized domestic transportation. And even these programs, which used to be widespread, are becoming less common. LTL is not an industry of broad-brush strokes; supply chain professionals really need a pointillistic understanding of the logistics of LTL in order to excel in the industry. Accelerating Need for Dedicated LTL Education This lack of specified training put the onus on employers to prepare new hires with the LTL knowledge needed to do their jobs. Dedicated LTL study is a necessity, not a luxury. At the same time, changes in LTL and the broader supply chain world are accelerating. The reliance on e-commerce has ballooned since the start of the pandemic, and last-mile LTL shipments and related e-commerce strains on the supply chain won’t diminish once social distancing abates. That genie isn’t going back into the bottle. So supply chain employers need logistics workers that are fully versed in all aspects of the industry, ready to solve unique shipping and delivery problems based on their extensive supply chain knowledge But why care about LTL? It’s been reported that some shippers in today’s world are no longer concerned with what mode is used to ship their goods. A Multimodal Approach Ensures On-Time Delivery This mode agnosticism means supply chain stakeholders have to be well versed in all modes of transportation. As unforeseen weather events and other disruptions, such as protests, become more common, savvy logistics employees will need to be armed with familiarity of all modes, not just the most popular, to ensure that freight is delivered on time, without damage, and in the most financially expedient way possible. Offerings like SMC³’s LTL online education courses cover a wide range of topics from LTL basics and operations to more advanced concepts like pricing analytics and transportation law. The company also has plans to continually refresh content, adding new expert presenters and taking the feedback of students to make the courses even better as time goes on. Learn more about&nbsp;<a href="https://logisticstrainingcenter.com/smc3-courses/" rel="noreferrer" class="joc_admin__link">SMC³’s LTL Online Education program</a>&nbsp;and view the 2021 hybrid schedule, featuring live industry experts,&nbsp;<a href="https://www.smc3.com/onlinelearning2021/" rel="noreferrer" class="joc_admin__link">here.</a>

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Filling the Supply Chain Education Gap with LTL Education Courses

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