<div class="phx-topic abstract-wrapper">The homes of four of the first five presidents, located within a short drive of each other, encapsulate a dramatic time in our history and reflect some of today’s realities. Make sure this is on your travel agenda someday.
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The homes of four of the first five presidents, located within a short drive of each other, encapsulate a dramatic time in our history and reflect some of today’s realities. Make sure this is on your travel agenda someday.

<div>Having just returned from a visit with my civil engineer son (traffic and transportation … go figure) and his family in the Washington, D.C., area, here are some impressions of the historical sightseeing we did in the Virginia countryside.Whenever I visit such places, my thoughts turn to the early days of America. President Jefferson charged Lewis and Clarke with exploring the new Louisiana Territory at the start of the 19th century to determine what America got for the lordly $15 million we’d just paid to Napoleon for the acreage. Dolly Madison, wife of James — who, as our fourth president...

Having just returned from a visit with my civil engineer son (traffic and transportation … go figure) and his family in the Washington, D.C., area, here are some impressions of the historical sightseeing we did in the Virginia countryside. Whenever I visit such places, my thoughts turn to the early days of America. President Jefferson charged Lewis and Clarke with exploring the new Louisiana Territory at the start of the 19th century to determine what America got for the lordly $15 million we’d just paid to Napoleon for the acreage. Dolly Madison, wife of James — who, as our fourth president succeeded, Jefferson — largely arranged the financing for the trip. Without this new Louisiana territory and other lands later obtained from Spain, America as we know it would have ended at the Mississippi River. Imagine the impact of that on the enlarged Panama Canal, American railroads and trucking. The story of the Louisiana Purchase and Dolly Madison’s role are well told as part of the displays and tours at Monticello and Montpelier, the family homes of Presidents Jefferson and Madison, respectively. Located about 30 miles apart outside Charlottesville, Va., the two homes offer many other examples of what life was like in the America of the late 18th and early 19th centuries. The drive from Jefferson’s home to Madison’s took us less than 45 minutes, but it was a full day’s trip in their day. We got our tickets online the day before and arrived in plenty of time. Back then, without any electronic means of communication and only a rudimentary postal service, visitors routinely just showed up at the door and took their chances. These two men and James Monroe, whose home, Ash-Lawn Highland, was less than an hour’s horseback ride from his friend and mentor Jefferson (just over the hill from Monticello), understood the difficulties of logistics, but lacked the tools available today to work out these difficulties. For example, Jefferson loved French wine, which was expensive and took months to get to Monticello from Europe. He continued to buy it, but he also started his own vineyards — which still exist — to maintain a ready supply. Is this an early example of re-shoring? Jefferson’s head is the one on Mount Rushmore, but Madison was the author of the U.S. Constitution and Monroe framed the Monroe Doctrine, two documents that not only endure today but also continue to influence us in America and others around the world. Now, perhaps only a transportation geek like me can find a way to connect these three presidents with international trade and transportation, but it’s hard to avoid the linkages when one hears about the British Blockades during the Revolutionary War and again during the War of 1812, as just two of the most obvious examples we heard about. We also visited Mount Vernon, home of George Washington, who got us off to a pretty good start as our first president and who stepped down after two terms. There was no constitutional amendment limiting a president to two terms then, but he felt it was time to head home to the farm. Another great innovator, Washington realized the importance of concepts such as product storage and time to market. As I’ve often said, “The more things change, the more they stay the same.” So the homes of four of the first five presidents, located within a short drive of each other, encapsulate a dramatic time in our history and reflect some of today’s realities. Make sure this is on your travel agenda someday. Summer is also a great time to catch up on your reading. I always seem to be catching up on mine, so it’s never a surprise when I come across some distracting, interesting tidbit. As a regular reader of The Economist, I often find these bits of interesting subjects. The sub-headline, “Containers have been more important for globalization than freer trade” in the magazine’s May 18 Free Exchange column , caught my eye. I don’t have space here to get into for details, but if you’re interested, check out this column and at least one of the referenced papers: “Estimating the effects of the container revolution on world trade” by Daniel Bernhofen, Zouheir El-Sahli and Richard Kneller. The authors basically credit our industry for the lion’s share of the growth of world trade! Kudos to us all and have a great summer. Barry Horowitz is principal of CMS Consulting Services. Contact him at 503-208-2232 or at barryh@cms-cs.com .

History Lessons

<div class="phx-topic abstract-wrapper">Strong demand for roll-on/roll-off cargoes is expected to continue through 2026 as China enjoys “exceptional” export growth.</div>

Strong demand for roll-on/roll-off cargoes is expected to continue through 2026 as China enjoys “exceptional” export growth.

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<div class="phx-topic">An unprecedented surge in Chinese vehicle shipments and a fledgling recovery in high and heavy cargo volumes are helping to tighten vehicle carrier markets and offset a war-related downturn in the Middle East, car carrier executives say. “We are facing quite exceptional growth in Chinese vehicle exports,” which grew 57% year over year to 2.2 million units in the first quarter, Andreas Enger, CEO of Höegh Autoliners, said during an online Q1 results briefing May 8. Enger said exports of hybrid vehicles from China increased 112% to 514,000 units in the quarter from a year ago, while the export volumes of electric vehicles rose 52% to 616,000, largely due to higher energy prices. Lasse Kristoffersen, Wallenius Wilhelmsen’s president and CEO, said China is on course to export approximately 8 million vehicles this year compared with 6 million last year. China, combined with vehicle exports from South Korea and Japan, meant manufacturers’ export push out of Asia “is enormous,” Kristoffersen said during a first-quarter briefing May 6. “We believe this (growth) story has just started,” he added. “It’s certainly not ending anytime soon.” <h3>Solid demand expected to continue </h3>Both Enger and Kristoffersen expected the strong demand to continue for the rest of this year, with solid volumes and high utilization to maintain pace despite geopolitical uncertainty. They said shipments of high and heavy equipment such as construction and mining trucks are also recovering this year following a two-year downturn. Deep-sea shipments of construction equipment from Asia were up 31% year over year in the first quarter, helped by a 39% increase in equipment exports from China, Enger said. Global high and heavy sales are expected to rise 4% this year to $237 billion, followed by a 5% increase to $249 billion next year, he added. Still, worries over US tariff policy, and higher fuel prices and interest rates are dampening export demand for US-made agricultural equipment, Kristoffersen added. He said demand for car carriers had reignited during the first quarter on the back of strong vehicle export demand and tight vessel capacity as carriers slow-steamed vessels to conserve fuel and vessels diverted away from the Middle East. That pushed up charter rates in the first quarter despite the addition of 16 new ships to the global fleet. Höegh Autoliners said rates for a 6,800-car equivalent unit (CEU) vessel surged 29% quarter over quarter to $55,000 per day in Q1, after having dropped to a nearly four-year low at the end of last year. Höegh Autoliners CFO Espen Stubberud said the carrier tried to charter ships for short-term cargo fixtures in the first quarter “but there were only a few vessels available.” Around 50 ships, equivalent to 7% of the global car carrier fleet, are scheduled for delivery this year, including 34 between now and the end of the year. But that extra tonnage is expected to be absorbed by increased cargo demand, especially vehicle exports from Asia. <h3>Limited impact from war </h3>Both Höegh and Wallenius said there has been little overall impact so far from the war in the Middle East. “Maybe 2% of our revenue is in ships linked to the Middle East,” Kristoffersen said. Wallenius Wilhelmsen has one vessel still inside the Strait of Hormuz, while Höegh’s Enger said its only vessel in the Persian Gulf, the 6,000-CEU Alliance Fairfax, was escorted out of the waterway by the US Navy on May 4. Enger said Höegh is continuing to call at ports in the northern Red Sea via the Suez Canal, but has suspended Persian Gulf services, a disruption that will likely impact the company by $10 million in the second quarter. Overall, Höegh saw net profit slide to $103 million in the first quarter from $155 million a year earlier, although that included a $41 million gain from the sale of a ship. First-quarter revenues were 9% higher at $360 million. Total cargo volumes climbed 15% year over year to 3.9 million cubic meters, while average freight rates were flat at $80/cu m. High and heavy volumes increased 23% to 856,000 cu m in the first quarter, or 22% of the total. That compared with 694,000 cu m, or 20% of total volumes, last year. Wallenius Wilhelmsen said its Q1 net profit fell 28% to $177 million, partly due to digital transformation costs and restructuring expenses. Revenues were largely unchanged at almost $1.3 billion. Wilhelmsen’s shipping division saw revenues slide 3% to $943 million due to a 5% drop in freight rates because of changes in the trade mix. The revenue slide also came despite a 4% increase in volumes to 13.1 million cu m. The carrier said its high and heavy volumes grew 20% year over year to 3.3 million cubic meters, its highest level in 18 months. Contact Keith Wallis on <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

An unprecedented surge in Chinese vehicle shipments and a fledgling recovery in high and heavy cargo volumes are helping to tighten vehicle carrier markets and offset a war-related downturn in the Middle East, car carrier executives say. “We are facing quite exceptional growth in Chinese vehicle exports,” which grew 57% year over year to 2.2 million units in the first quarter, Andreas Enger, CEO of Höegh Autoliners, said during an online Q1 results briefing May 8. Enger said exports of hybrid vehicles from China increased 112% to 514,000 units in the quarter from a year ago, while the export volumes of electric vehicles rose 52% to 616,000, largely due to higher energy prices. Lasse Kristoffersen, Wallenius Wilhelmsen’s president and CEO, said China is on course to export approximately 8 million vehicles this year compared with 6 million last year. China, combined with vehicle exports from South Korea and Japan, meant manufacturers’ export push out of Asia “is enormous,” Kristoffersen said during a first-quarter briefing May 6. “We believe this (growth) story has just started,” he added. “It’s certainly not ending anytime soon.” Solid demand expected to continue Both Enger and Kristoffersen expected the strong demand to continue for the rest of this year, with solid volumes and high utilization to maintain pace despite geopolitical uncertainty. They said shipments of high and heavy equipment such as construction and mining trucks are also recovering this year following a two-year downturn. Deep-sea shipments of construction equipment from Asia were up 31% year over year in the first quarter, helped by a 39% increase in equipment exports from China, Enger said. Global high and heavy sales are expected to rise 4% this year to $237 billion, followed by a 5% increase to $249 billion next year, he added. Still, worries over US tariff policy, and higher fuel prices and interest rates are dampening export demand for US-made agricultural equipment, Kristoffersen added. He said demand for car carriers had reignited during the first quarter on the back of strong vehicle export demand and tight vessel capacity as carriers slow-steamed vessels to conserve fuel and vessels diverted away from the Middle East. That pushed up charter rates in the first quarter despite the addition of 16 new ships to the global fleet. Höegh Autoliners said rates for a 6,800-car equivalent unit (CEU) vessel surged 29% quarter over quarter to $55,000 per day in Q1, after having dropped to a nearly four-year low at the end of last year. Höegh Autoliners CFO Espen Stubberud said the carrier tried to charter ships for short-term cargo fixtures in the first quarter “but there were only a few vessels available.” Around 50 ships, equivalent to 7% of the global car carrier fleet, are scheduled for delivery this year, including 34 between now and the end of the year. But that extra tonnage is expected to be absorbed by increased cargo demand, especially vehicle exports from Asia. Limited impact from war Both Höegh and Wallenius said there has been little overall impact so far from the war in the Middle East. “Maybe 2% of our revenue is in ships linked to the Middle East,” Kristoffersen said. Wallenius Wilhelmsen has one vessel still inside the Strait of Hormuz, while Höegh’s Enger said its only vessel in the Persian Gulf, the 6,000-CEU Alliance Fairfax, was escorted out of the waterway by the US Navy on May 4. Enger said Höegh is continuing to call at ports in the northern Red Sea via the Suez Canal, but has suspended Persian Gulf services, a disruption that will likely impact the company by $10 million in the second quarter. Overall, Höegh saw net profit slide to $103 million in the first quarter from $155 million a year earlier, although that included a $41 million gain from the sale of a ship. First-quarter revenues were 9% higher at $360 million. Total cargo volumes climbed 15% year over year to 3.9 million cubic meters, while average freight rates were flat at $80/cu m. High and heavy volumes increased 23% to 856,000 cu m in the first quarter, or 22% of the total. That compared with 694,000 cu m, or 20% of total volumes, last year. Wallenius Wilhelmsen said its Q1 net profit fell 28% to $177 million, partly due to digital transformation costs and restructuring expenses. Revenues were largely unchanged at almost $1.3 billion. Wilhelmsen’s shipping division saw revenues slide 3% to $943 million due to a 5% drop in freight rates because of changes in the trade mix. The revenue slide also came despite a 4% increase in volumes to 13.1 million cu m. The carrier said its high and heavy volumes grew 20% year over year to 3.3 million cubic meters, its highest level in 18 months. Contact Keith Wallis on keithwallis@hotmail.com .

Container lines

Asia-Europe

Maritime

Surging Asia vehicle exports, high/heavy rebound buoy carrier operators

<div class="phx-topic abstract-wrapper">Even before the war-driven spike in gasoline prices, the US automotive industry was expecting lower vehicle sales due to import tariffs and higher borrowing costs for vehicle buyers. </div>

Even before the war-driven spike in gasoline prices, the US automotive industry was expecting lower vehicle sales due to import tariffs and higher borrowing costs for vehicle buyers.

<div class="phx-topic">(The following story appears in the Top 100 Importers and Exporters issue of the Journal of Commerce magazine published on May 4, 2026.) US demand for automobiles and auto parts has been straining under higher inflationary costs, but buyers, both consumers and manufacturers, will face another level of sticker shock if the war in the Middle East extends into the summer. Even before the war-driven spike in gasoline prices, the US automotive industry was steeling for a tough year. Prior to the start of the conflict, Journal of Commerce parent company S&amp;P Global forecast that vehicle sales would fall 2% from the previous year due to a long list of headwinds for the industry, including higher borrowing costs for vehicle buyers and steel tariffs upping input prices. But already relatively high prices for new vehicles and auto parts — the cheapest new 2026 model car available is $20,550, according to CARFAX — will increase significantly if the war continues through May, according to a mid-March report from S&amp;P Global. If the war lasts through the end of 2026, that elevated pricing will negatively impact consumer demand and, by extension, container volumes. A war scenario of more than a year will result in continued inflation and declining demand until prices reach a new “set point,” S&amp;P Global analysts said. Containerized US imports of automobiles and auto parts fell 9.4% year over year in 2025, dragging the five-year compound annual growth rate (CAGR) down to 3.8%, according to PIERS, a Journal of Commerce sister product within S&amp;P Global. Exports, meanwhile, spiked 15.3%, boosting the five-year CAGR to 6.6%. The majority of seaborne vehicle imports and exports travel via roll-on/roll-off (ro/ro) ships; those volumes are not captured by PIERS data. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="21c4be02-a1d9-4421-8e74-cde94062cc7d"></dynamic-object></div>The uncertainties surrounding the length of the war will undoubtedly impact the US container trade in vehicles and parts as importers and exporters in the automotive sector review and possibly modify their business plans, said Chris Hopson, principal analyst for the global light vehicle forecast group at S&amp;P Global. “2025 was an uncertain year because of the tariffs, and the auto industry digested it better than we might have expected,” Hopson said. However, due to the war in Iran, how long the industry can continue to bear those higher costs “is open to question.” The weakening market for new US car sales has a silver lining for importers of aftermarket parts used to maintain and repair vehicles, such as filters, batteries and brakes. Customers of Advance Auto Parts, who are often in one of the most economically depressed cohorts, typically would rather keep their cars running a little longer than shop for a new car, said CEO Shane O’Kelly. “That car is how they get to work; it’s how they get to church; [how] they get the kids to activities,” O’Kelly told investors during a March 11 earnings call. “If that thing is not running, they’re getting it fixed, so I don’t necessarily see demand curtailing.” <h3>‘General inconsistencies’ </h3>Auto parts importers have been looking — and will continue to look — at changing sourcing away from China to Southeast Asia and the Indian subcontinent because of the higher tariffs imposed last year, according to Steve Hughes, a consultant for the aftermarket auto parts industry. But those changes can’t happen overnight, Hughes explained, because it takes anywhere from six months to two years to set up operations in a new location. Mainland China accounted for 35.2% of US containerized autos and parts imports last year, down from more than 40% as recently as 2021, according to PIERS. The primary beneficiaries of China’s declining market share, South Korea and Japan, have increased their combined share of the market to 27% from 20.8% during that period. Noel Hacegaba, CEO of the Port of Long Beach, said the port has experienced a general shift of sourcing of most imports, including autos and auto parts, away from China to other countries. Imports of passenger vehicles landing in Long Beach, mostly on ro/ro ships, were flat in 2025, while exports rose 6.2% year over year, according to Hacegaba. Containerized auto parts imports through the port rose 1.1%, while exports fell 15%. Los Angeles-Long Beach is the busiest US port complex for containerized auto imports. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="fec38ae3-22df-41b8-94f2-7b395028700a"></dynamic-object></div>The Port of Baltimore, also a major gateway for ro/ro and containerized auto imports and exports, continues to feel the impact of tariffs. Those impacts are reflected in the higher prices consumers must pay, but the problem runs even deeper than cost, said Jonathan Daniels, executive director of the Maryland Port Administration (MPA). “The biggest issue we have seen with shippers is the general inconsistencies in the tariffs,” Daniels told the Journal of Commerce. Although original equipment manufacturers take higher tariff costs as a given, not knowing the exact rate for finished vehicles and components makes it difficult to make strategic sourcing and production decisions, Daniels explained. Depending on the level of tariffs on each, it might be cheaper to import fully assembled cars, or it might make more sense to import the necessary pieces and assemble them in the US. Despite these uncertainties, more than 700,000 automobiles and light trucks crossed Baltimore’s docks for the 13th consecutive year in 2025, according to MPA data. Daniels said the port continues to develop infrastructure to support processing facilities in the region, adding that exports of damaged cars to West Africa to be used for parts remains a bright spot for the industry. For containerized exports, the largest individual markets are the United Arab Emirates and Georgia, which accounted for 12% and 11.8% of outbound auto and part shipments, respectively, with no other country exceeding 10%, according to PIERS. Contact Bill Mongelluzzo at <a href="mailto:bill.mongelluzzo@spglobal.com">bill.mongelluzzo@spglobal.com</a>. </div>

(The following story appears in the Top 100 Importers and Exporters issue of the Journal of Commerce magazine published on May 4, 2026.) US demand for automobiles and auto parts has been straining under higher inflationary costs, but buyers, both consumers and manufacturers, will face another level of sticker shock if the war in the Middle East extends into the summer. Even before the war-driven spike in gasoline prices, the US automotive industry was steeling for a tough year. Prior to the start of the conflict, Journal of Commerce parent company S&P Global forecast that vehicle sales would fall 2% from the previous year due to a long list of headwinds for the industry, including higher borrowing costs for vehicle buyers and steel tariffs upping input prices. But already relatively high prices for new vehicles and auto parts — the cheapest new 2026 model car available is $20,550, according to CARFAX — will increase significantly if the war continues through May, according to a mid-March report from S&P Global. If the war lasts through the end of 2026, that elevated pricing will negatively impact consumer demand and, by extension, container volumes. A war scenario of more than a year will result in continued inflation and declining demand until prices reach a new “set point,” S&P Global analysts said. Containerized US imports of automobiles and auto parts fell 9.4% year over year in 2025, dragging the five-year compound annual growth rate (CAGR) down to 3.8%, according to PIERS, a Journal of Commerce sister product within S&P Global. Exports, meanwhile, spiked 15.3%, boosting the five-year CAGR to 6.6%. The majority of seaborne vehicle imports and exports travel via roll-on/roll-off (ro/ro) ships; those volumes are not captured by PIERS data. The uncertainties surrounding the length of the war will undoubtedly impact the US container trade in vehicles and parts as importers and exporters in the automotive sector review and possibly modify their business plans, said Chris Hopson, principal analyst for the global light vehicle forecast group at S&P Global. “2025 was an uncertain year because of the tariffs, and the auto industry digested it better than we might have expected,” Hopson said. However, due to the war in Iran, how long the industry can continue to bear those higher costs “is open to question.” The weakening market for new US car sales has a silver lining for importers of aftermarket parts used to maintain and repair vehicles, such as filters, batteries and brakes. Customers of Advance Auto Parts, who are often in one of the most economically depressed cohorts, typically would rather keep their cars running a little longer than shop for a new car, said CEO Shane O’Kelly. “That car is how they get to work; it’s how they get to church; [how] they get the kids to activities,” O’Kelly told investors during a March 11 earnings call. “If that thing is not running, they’re getting it fixed, so I don’t necessarily see demand curtailing.” ‘General inconsistencies’ Auto parts importers have been looking — and will continue to look — at changing sourcing away from China to Southeast Asia and the Indian subcontinent because of the higher tariffs imposed last year, according to Steve Hughes, a consultant for the aftermarket auto parts industry. But those changes can’t happen overnight, Hughes explained, because it takes anywhere from six months to two years to set up operations in a new location. Mainland China accounted for 35.2% of US containerized autos and parts imports last year, down from more than 40% as recently as 2021, according to PIERS. The primary beneficiaries of China’s declining market share, South Korea and Japan, have increased their combined share of the market to 27% from 20.8% during that period. Noel Hacegaba, CEO of the Port of Long Beach, said the port has experienced a general shift of sourcing of most imports, including autos and auto parts, away from China to other countries. Imports of passenger vehicles landing in Long Beach, mostly on ro/ro ships, were flat in 2025, while exports rose 6.2% year over year, according to Hacegaba. Containerized auto parts imports through the port rose 1.1%, while exports fell 15%. Los Angeles-Long Beach is the busiest US port complex for containerized auto imports. The Port of Baltimore, also a major gateway for ro/ro and containerized auto imports and exports, continues to feel the impact of tariffs. Those impacts are reflected in the higher prices consumers must pay, but the problem runs even deeper than cost, said Jonathan Daniels, executive director of the Maryland Port Administration (MPA). “The biggest issue we have seen with shippers is the general inconsistencies in the tariffs,” Daniels told the Journal of Commerce. Although original equipment manufacturers take higher tariff costs as a given, not knowing the exact rate for finished vehicles and components makes it difficult to make strategic sourcing and production decisions, Daniels explained. Depending on the level of tariffs on each, it might be cheaper to import fully assembled cars, or it might make more sense to import the necessary pieces and assemble them in the US. Despite these uncertainties, more than 700,000 automobiles and light trucks crossed Baltimore’s docks for the 13th consecutive year in 2025, according to MPA data. Daniels said the port continues to develop infrastructure to support processing facilities in the region, adding that exports of damaged cars to West Africa to be used for parts remains a bright spot for the industry. For containerized exports, the largest individual markets are the United Arab Emirates and Georgia, which accounted for 12% and 11.8% of outbound auto and part shipments, respectively, with no other country exceeding 10%, according to PIERS. Contact Bill Mongelluzzo at bill.mongelluzzo@spglobal.com .

Trans-Pacific

Supply chain

Container Shipping News

Prolonged Middle East war to weigh on sputtering US auto demand

<div class="phx-topic abstract-wrapper">The issue of carrier terminal control is front and center with the coming sale of Maher given that carriers overall have become aggressive acquirers and developers of terminal capacity globally, including on the US East Coast. </div>

The issue of carrier terminal control is front and center with the coming sale of Maher given that carriers overall have become aggressive acquirers and developers of terminal capacity globally, including on the US East Coast.

<div class="phx-topic">As Maher Terminals, the largest terminal at the Port of New York and New Jersey, is being prepped for sale with active discussions under way with potential buyers, a possible unfavorable outcome for the port is for all major terminals ending up owned by ocean carriers. The 450-acre Maher facility in New Jersey, at approximately one-third of container capacity and market share within the port, is the last remaining non-carrier-owned terminal following the 2023 acquisition by CMA CGM of previously neutral Global Container Terminals facilities at Bayonne and Howland Hook, other than a small facility in Brooklyn under control of the NYC Economic Development Corp. <div class="wrapper-narrow float-right-element"><img src="/images/phoenix/6218881_0.1.jpg"></img></div>If Maher were to be sold to a carrier by its owner, Macquarie Asset Management, the result could be several large carriers who don’t own terminals at the port ending up as customers of other carriers. Those carriers and their customers would thus be left at a perpetual disadvantage in terms of berth windows and cargo handling when serving New York-New Jersey. That would make the port less attractive for such carriers versus competitive ports for inland cargo such as Virginia that are operated on a neutral basis. “Maher Terminals has combined an exceptional leadership team with expansive capital investment to create a leading neutral stevedoring operation on the East Coast,” said Ken O’Brien, CEO of Gemini Shippers Group. “It is hard to envision how a purchase of the terminal by one of the liner companies would lead to improved service levels.” The other major terminals partly or fully carrier-owned are APM Terminals, a unit of AP Moller-Maersk; and Port Newark Container Terminal, or PNCT, which is 50% owned by Terminal Investment Limited (TiL), the terminal operating business of Mediterranean Shipping Co. Different outcomes are possible. If Maher were sold to MSC, the world’s largest carrier and an aggressive acquirer of terminal space in the US and globally, it would likely force MSC to sell its PNCT stake due to antitrust concerns over market dominance at the East Coast’s largest port, according to a knowledgeable source. MSC is one of the parties that have expressed interest in Maher, according to a February <a href="https://www.wsj.com/articles/maritime-giants-target-major-new-york-area-port-terminal-3ba57f47?mod=Searchresults&amp;pos=1&amp;page=1">report</a> in the Wall Street Journal. Such a scenario could leave PNCT in the hands of neutral owners, giving the port a common-user facility. “It is important to the port’s competitiveness to retain a common-user facility,” a source said. <h3>Carriers’ healthy appetite for terminal assets </h3>The issue of carrier terminal control is front and center with the impending sale of Maher given that carriers overall have become aggressive acquirers and developers of terminal capacity globally, <a href="https://www.joc.com/article/more-carrier-controlled-terminal-operations-could-be-coming-to-the-east-coast-6207482">including on the US East Coast</a>. For example, if Maher were to fall into the hands of Hapag-Lloyd or Ocean Network Express (ONE), both top 10 carriers that are expanding their terminal portfolios, it could leave the port as essentially a closed shop where non-terminal operating carriers are deprioritized, making the port less competitive overall. The reason is that while carrier-owned terminals often claim to be neutral, in reality they are not. “Within carriers that own terminals, internal debates take place between the port operations team and the liner teams regarding terminals the carrier owns,” said George Goldman, former president of Zim Integrated Shipping Services and CMA CGM in the US. “Third-party terminal revenue is a big deal for the terminal guys, but ultimately decisions pay homage to the mothership and ultimately preference is given to the carrier.” He added: “Independent carriers really have very little leverage so ... I think ultimately it’s a disadvantage for them and the industry.” Such are the implications for non-terminal-owning carriers that — depending on who the buyer is — it could impact alliances and port calls on the US East Coast, said a port expert who asked to remain anonymous. <h3>‘Single-most attractive terminal target in the world’ </h3>The Maher sale, moreover, isn’t just any transaction. It’s the premier terminal property in the heart of the world’s <a href="https://financesonline.com/10-wealthiest-cities-in-the-world-its-not-new-york-or-london-at-the-top/">second-largest</a> metropolitan region by GDP, as well as a dominant player within a strategically located port that over several years has held its own among competitors. The Maher facility is “the single-most attractive terminal target in the world today,” according to the knowledgeable source. The import market share of New York-New Jersey among Northeast ports (including Boston, Philadelphia, Baltimore and Virginia) was 63.1% in 2025 versus 63.6% in 2020, according to S&amp;P Global Market Intelligence. A further benefit to NY-NJ stems from long-term growth in East Coast market share as Asia manufacturing gravitates south from China, which favors the westbound route into North America. It has been widely reported that Maher will be put up for sale in the coming months by Macquarie. JP Morgan has been named as the sell-side advisor, according to Infralogic, an infrastructure publication. The bank is incentivized to achieve a price possibly as lofty as $6 billion, said the knowledgeable source. Macquarie in December renewed Maher’s lease with the Port Authority of New York and New Jersey for 33 years through 2063, <a href="https://www.joc.com/article/macquarie-seals-deal-for-new-maher-lease-at-nynj-through-2063-6137751">agreeing</a> to terms that include responsibility for upkeep of wharves and berths and a commitment to increase capacity in line with demand. The lease renewal was seen as a critical step in Macquarie’s ability to put the terminal up for sale as it removes uncertainty as to what a buyer is committing to. The knowledgeable source said the terminal, which was acquired by Macquarie from Deutsche Bank in 2016, will attract interest from potential buyers including carrier-owned terminal operators, independent operators such as DP World, PSA or Carrix, as well as potentially infrastructure-focused financial players. Yet with indications the port is committed to maintaining a common-user facility within the port, it remains to be seen whether it will intervene to achieve that result given that it has the right to approve the Maher transaction but can’t dictate who the buyer would be. Some port sources speculate that Macquarie would not have renewed the Maher lease without a commitment from the port not to reopen the lease as a condition for approving the sale, which it did to force concessions from CMA CGM regarding the Global terminals deal. A spokesperson for the port of NY-NJ would only say: “We are unable to comment on possible sales or negotiations.” Macquarie could not be reached for comment. Contact Peter Tirschwell at <a href="mailto:peter.tirschwell@spglobal.com">peter.tirschwell@spglobal.com</a>. </div>

As Maher Terminals, the largest terminal at the Port of New York and New Jersey, is being prepped for sale with active discussions under way with potential buyers, a possible unfavorable outcome for the port is for all major terminals ending up owned by ocean carriers. The 450-acre Maher facility in New Jersey, at approximately one-third of container capacity and market share within the port, is the last remaining non-carrier-owned terminal following the 2023 acquisition by CMA CGM of previously neutral Global Container Terminals facilities at Bayonne and Howland Hook, other than a small facility in Brooklyn under control of the NYC Economic Development Corp. If Maher were to be sold to a carrier by its owner, Macquarie Asset Management, the result could be several large carriers who don’t own terminals at the port ending up as customers of other carriers. Those carriers and their customers would thus be left at a perpetual disadvantage in terms of berth windows and cargo handling when serving New York-New Jersey. That would make the port less attractive for such carriers versus competitive ports for inland cargo such as Virginia that are operated on a neutral basis. “Maher Terminals has combined an exceptional leadership team with expansive capital investment to create a leading neutral stevedoring operation on the East Coast,” said Ken O’Brien, CEO of Gemini Shippers Group. “It is hard to envision how a purchase of the terminal by one of the liner companies would lead to improved service levels.” The other major terminals partly or fully carrier-owned are APM Terminals, a unit of AP Moller-Maersk; and Port Newark Container Terminal, or PNCT, which is 50% owned by Terminal Investment Limited (TiL), the terminal operating business of Mediterranean Shipping Co. Different outcomes are possible. If Maher were sold to MSC, the world’s largest carrier and an aggressive acquirer of terminal space in the US and globally, it would likely force MSC to sell its PNCT stake due to antitrust concerns over market dominance at the East Coast’s largest port, according to a knowledgeable source. MSC is one of the parties that have expressed interest in Maher, according to a February report in the Wall Street Journal. Such a scenario could leave PNCT in the hands of neutral owners, giving the port a common-user facility. “It is important to the port’s competitiveness to retain a common-user facility,” a source said. Carriers’ healthy appetite for terminal assets The issue of carrier terminal control is front and center with the impending sale of Maher given that carriers overall have become aggressive acquirers and developers of terminal capacity globally, including on the US East Coast . For example, if Maher were to fall into the hands of Hapag-Lloyd or Ocean Network Express (ONE), both top 10 carriers that are expanding their terminal portfolios, it could leave the port as essentially a closed shop where non-terminal operating carriers are deprioritized, making the port less competitive overall. The reason is that while carrier-owned terminals often claim to be neutral, in reality they are not. “Within carriers that own terminals, internal debates take place between the port operations team and the liner teams regarding terminals the carrier owns,” said George Goldman, former president of Zim Integrated Shipping Services and CMA CGM in the US. “Third-party terminal revenue is a big deal for the terminal guys, but ultimately decisions pay homage to the mothership and ultimately preference is given to the carrier.” He added: “Independent carriers really have very little leverage so ... I think ultimately it’s a disadvantage for them and the industry.” Such are the implications for non-terminal-owning carriers that — depending on who the buyer is — it could impact alliances and port calls on the US East Coast, said a port expert who asked to remain anonymous. ‘Single-most attractive terminal target in the world’ The Maher sale, moreover, isn’t just any transaction. It’s the premier terminal property in the heart of the world’s second-largest metropolitan region by GDP, as well as a dominant player within a strategically located port that over several years has held its own among competitors. The Maher facility is “the single-most attractive terminal target in the world today,” according to the knowledgeable source. The import market share of New York-New Jersey among Northeast ports (including Boston, Philadelphia, Baltimore and Virginia) was 63.1% in 2025 versus 63.6% in 2020, according to S&P Global Market Intelligence. A further benefit to NY-NJ stems from long-term growth in East Coast market share as Asia manufacturing gravitates south from China, which favors the westbound route into North America. It has been widely reported that Maher will be put up for sale in the coming months by Macquarie. JP Morgan has been named as the sell-side advisor, according to Infralogic, an infrastructure publication. The bank is incentivized to achieve a price possibly as lofty as $6 billion, said the knowledgeable source. Macquarie in December renewed Maher’s lease with the Port Authority of New York and New Jersey for 33 years through 2063, agreeing to terms that include responsibility for upkeep of wharves and berths and a commitment to increase capacity in line with demand. The lease renewal was seen as a critical step in Macquarie’s ability to put the terminal up for sale as it removes uncertainty as to what a buyer is committing to. The knowledgeable source said the terminal, which was acquired by Macquarie from Deutsche Bank in 2016, will attract interest from potential buyers including carrier-owned terminal operators, independent operators such as DP World, PSA or Carrix, as well as potentially infrastructure-focused financial players. Yet with indications the port is committed to maintaining a common-user facility within the port, it remains to be seen whether it will intervene to achieve that result given that it has the right to approve the Maher transaction but can’t dictate who the buyer would be. Some port sources speculate that Macquarie would not have renewed the Maher lease without a commitment from the port not to reopen the lease as a condition for approving the sale, which it did to force concessions from CMA CGM regarding the Global terminals deal. A spokesperson for the port of NY-NJ would only say: “We are unable to comment on possible sales or negotiations.” Macquarie could not be reached for comment. Contact Peter Tirschwell at peter.tirschwell@spglobal.com .

North American ports

Marine terminals

Impending sale of Maher likely to reshape competitive dynamics at Port of NY-NJ

<div class="phx-topic abstract-wrapper">The 15,900-TEU container ships will be delivered between November 2028 and September 2029 and reflect the continuing dominance of LNG as the new generation fuel of choice for vessel operators ordering new ships.</div>

The 15,900-TEU container ships will be delivered between November 2028 and September 2029 and reflect the continuing dominance of LNG as the new generation fuel of choice for vessel operators ordering new ships.

<div class="phx-topic">Ocean Network Express (ONE) has become the latest carrier to invest in new vessels this year after signing a $1.2 billion order for six 15,900-TEU dual-fuel liquefied natural gas (LNG) container ships. The deal was confirmed by South Korean shipbuilder HD Hyundai Heavy Industries, which said it signed the contract on May 7. Independent shipbrokers also confirmed ONE’s order. British shipbroking house Clarksons said the ships were priced at $203.5 million each, giving a total contract value of over $1.2 billion, a figure confirmed by Hyundai Heavy in a filing to the South Korea stock exchange Friday. The ships will be delivered between November 2028 and September 2029, Clarksons said. HD Hyundai Heavy Industries also confirmed the final ship would be delivered by Sept. 30, 2030. MB Shipbrokers said discussions between ONE and the shipyard had been going on for several months before contracts were signed last Thursday. The deal “further expands ONE’s growing portfolio of alternative-fuel tonnage across multiple yards, including Hyundai Heavy Industries,” MB said in a market report Friday. The latest order follows an earlier contract for eight 15,900-TEU LNG-powered ships that ONE ordered from Hyundai Heavy last June, with the first deliveries beginning in 2028. ONE, <a href="https://www.joc.com/article/one-expects-11-decline-in-fy26-net-profit-due-to-war-in-middle-east-6212215">according to its fiscal 2025 annual results released on April 30</a>, said it had an order backlog of 67 ships at the end of March. Those included a dozen 13,000-TEU dual-fuel ships that will start to be delivered next year, and the balance of an order for 20 13,800-TEU methanol-ready ships ordered in 2023. <h3>Growing dominance of LNG-powered ships </h3>ONE’s deal reflects the continuing dominance of LNG as the new generation fuel of choice for vessel operators ordering new ships. There are more than 6.4 million TEUs of LNG-powered ships currently on order globally, according to data from Sea-web, a sister product of the Journal of Commerce within S&amp;P Global. ONE joins several of its peers, including <a href="https://www.joc.com/article/evergreen-adds-to-order-book-with-deal-for-six-24000-teu-vessels-6201246">Evergreen</a>, <a href="https://www.joc.com/article/cosco-shipping-cu-lines-expand-fleets-with-20-new-container-ships-6215039">Cosco Shipping</a>, <a href="https://www.joc.com/article/oocl-orders-its-first-lng-fueled-ships-with-2-billion-deal-for-12-vessels-6212244">OOCL</a>, and <a href="https://www.joc.com/article/yang-ming-wan-hai-boost-combined-order-book-with-12-new-ships-6185215">Yang Ming</a> in ordering new vessels since the beginning of this year. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="ef78ab1f-3609-44d0-a713-fb260bc40609"></dynamic-object></div>Linerlytica said orders totaling 1.9 million TEUs of capacity were signed in the first four months of this year. As a consequence, the “order book has swelled to a new record high of 13 million TEUs on the back of unrestrained new ship orders,” the shipping data platform said in a May 4 commentary. “Over-capacity will soon catch up with the market, with over 5 million TEUs scheduled to be delivered in 2028 alone,” it added. Indeed, the global order book continues to swell, with total capacity on order currently at 12 million TEUs, 36% of the in-service fleet, according to Sea-web. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>.</div>

Ocean Network Express (ONE) has become the latest carrier to invest in new vessels this year after signing a $1.2 billion order for six 15,900-TEU dual-fuel liquefied natural gas (LNG) container ships. The deal was confirmed by South Korean shipbuilder HD Hyundai Heavy Industries, which said it signed the contract on May 7. Independent shipbrokers also confirmed ONE’s order. British shipbroking house Clarksons said the ships were priced at $203.5 million each, giving a total contract value of over $1.2 billion, a figure confirmed by Hyundai Heavy in a filing to the South Korea stock exchange Friday. The ships will be delivered between November 2028 and September 2029, Clarksons said. HD Hyundai Heavy Industries also confirmed the final ship would be delivered by Sept. 30, 2030. MB Shipbrokers said discussions between ONE and the shipyard had been going on for several months before contracts were signed last Thursday. The deal “further expands ONE’s growing portfolio of alternative-fuel tonnage across multiple yards, including Hyundai Heavy Industries,” MB said in a market report Friday. The latest order follows an earlier contract for eight 15,900-TEU LNG-powered ships that ONE ordered from Hyundai Heavy last June, with the first deliveries beginning in 2028. ONE, according to its fiscal 2025 annual results released on April 30 , said it had an order backlog of 67 ships at the end of March. Those included a dozen 13,000-TEU dual-fuel ships that will start to be delivered next year, and the balance of an order for 20 13,800-TEU methanol-ready ships ordered in 2023. Growing dominance of LNG-powered ships ONE’s deal reflects the continuing dominance of LNG as the new generation fuel of choice for vessel operators ordering new ships. There are more than 6.4 million TEUs of LNG-powered ships currently on order globally, according to data from Sea-web, a sister product of the Journal of Commerce within S&P Global. ONE joins several of its peers, including Evergreen , Cosco Shipping , OOCL , and Yang Ming in ordering new vessels since the beginning of this year. Linerlytica said orders totaling 1.9 million TEUs of capacity were signed in the first four months of this year. As a consequence, the “order book has swelled to a new record high of 13 million TEUs on the back of unrestrained new ship orders,” the shipping data platform said in a May 4 commentary. “Over-capacity will soon catch up with the market, with over 5 million TEUs scheduled to be delivered in 2028 alone,” it added. Indeed, the global order book continues to swell, with total capacity on order currently at 12 million TEUs, 36% of the in-service fleet, according to Sea-web. Contact Keith Wallis at keithwallis@hotmail.com .

ONE to spend $1.2 billion in deal with HD Hyundai for six LNG-powered ships

<div class="phx-topic abstract-wrapper">Shippers reluctant to accept additional bunker costs might have their hand forced by a healthy breakbulk and project cargo pipeline, market participants say.</div>

Shippers reluctant to accept additional bunker costs might have their hand forced by a healthy breakbulk and project cargo pipeline, market participants say.

<div class="phx-topic">Sentiment in the multipurpose vessel (MPV) sector remains positive despite elevated bunker prices driven by the war in the Middle East and closure of the Strait of Hormuz, according to carriers. In the latest One World Market Sentiment Index (MSI), One World Shipbrokers’ Justin Archard said the medium-term six-month MPV outlook remains elevated over current levels, while the 12-month outlook remains “supported by the expectation that emerging energy independence policies around the world will unlock a swathe of new projects for the MPV sector.” The MSI slipped just 0.1 to reach 53.3 in the second-quarter edition published May 7. The index averages responses from an anonymous group of 20 to 30 MPV owners and operators to a set of breakbulk shipping-related questions. A reading of 50 is neutral, indicating a static market. Scores below 50 show pessimism or wariness, while a score above 50 indicates optimism. Despite the current optimism, the sharp rise in bunker prices has not gone unnoticed by the MPV sector, Archard said. “With oil markets and bunker costs having been relatively stable for a long period prior to the Iran war, few carriers are likely to have taken any substantial hedging positions and are therefore either entirely exposed to the hike now or will be if elevated bunker rates continue for a lengthy period,” he said. “With all this in play, it might have been expected [that] sentiment would have deteriorated, but in this edition, the index has hardly moved,” Archard added. <h3>Shippers playing ‘wait-and-see’ </h3>The increase in bunker prices has led to higher voyage costs at a time when some shippers are reluctant to accept the additional cost, said one carrier contributing anonymously to the MSI. “In some cases, we see shippers maintaining a wait-and-see stance on forthcoming planned shipments,” the source added. Another respondent said shippers are reluctant to commit, even with fuel adjustment mechanisms in place. This has led to cargoes trading on the spot market for longer periods, “as counterparties delay decisions, either testing the market or waiting for lower-cost options,” said the second source. A third carrier described shippers withholding cargoes until freight shifts to “reasonable” levels as “nothing [more] than a gamble.” <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="188becc9-a589-4175-9104-8df1f8e20148"></dynamic-object></div>Susan Oatway, senior research analyst for breakbulk and project cargo at S&amp;P Global Market Intelligence, noted that MPV freight rates have risen over the past four to six weeks, in line with increased bunker prices. “That is why freight rates have gone up, not because there has been a change in cargo supply and demand,” Oatway said. “Now these bunker price increases have started to be incorporated directly into freight rates.” Data from the JOC Breakbulk Shipper Index suggests that while there are less breakbulk and project cargoes being loaded and discharged in the Middle East, cargoes out of North America and Europe are still stable. “The number of MPVs caught up in the Strait of Hormuz is minor, and the rest of the fleet is re-routing — but they were doing that before this current crisis,” Oatway said. “Shippers have quickly pivoted their project cargo sourcing.” Contact Carly Fields at <a href="mailto:carly.fields@spglobal.com">carly.fields@spglobal.com</a>. </div>

Sentiment in the multipurpose vessel (MPV) sector remains positive despite elevated bunker prices driven by the war in the Middle East and closure of the Strait of Hormuz, according to carriers. In the latest One World Market Sentiment Index (MSI), One World Shipbrokers’ Justin Archard said the medium-term six-month MPV outlook remains elevated over current levels, while the 12-month outlook remains “supported by the expectation that emerging energy independence policies around the world will unlock a swathe of new projects for the MPV sector.” The MSI slipped just 0.1 to reach 53.3 in the second-quarter edition published May 7. The index averages responses from an anonymous group of 20 to 30 MPV owners and operators to a set of breakbulk shipping-related questions. A reading of 50 is neutral, indicating a static market. Scores below 50 show pessimism or wariness, while a score above 50 indicates optimism. Despite the current optimism, the sharp rise in bunker prices has not gone unnoticed by the MPV sector, Archard said. “With oil markets and bunker costs having been relatively stable for a long period prior to the Iran war, few carriers are likely to have taken any substantial hedging positions and are therefore either entirely exposed to the hike now or will be if elevated bunker rates continue for a lengthy period,” he said. “With all this in play, it might have been expected [that] sentiment would have deteriorated, but in this edition, the index has hardly moved,” Archard added. Shippers playing ‘wait-and-see’ The increase in bunker prices has led to higher voyage costs at a time when some shippers are reluctant to accept the additional cost, said one carrier contributing anonymously to the MSI. “In some cases, we see shippers maintaining a wait-and-see stance on forthcoming planned shipments,” the source added. Another respondent said shippers are reluctant to commit, even with fuel adjustment mechanisms in place. This has led to cargoes trading on the spot market for longer periods, “as counterparties delay decisions, either testing the market or waiting for lower-cost options,” said the second source. A third carrier described shippers withholding cargoes until freight shifts to “reasonable” levels as “nothing [more] than a gamble.” Susan Oatway, senior research analyst for breakbulk and project cargo at S&P Global Market Intelligence, noted that MPV freight rates have risen over the past four to six weeks, in line with increased bunker prices. “That is why freight rates have gone up, not because there has been a change in cargo supply and demand,” Oatway said. “Now these bunker price increases have started to be incorporated directly into freight rates.” Data from the JOC Breakbulk Shipper Index suggests that while there are less breakbulk and project cargoes being loaded and discharged in the Middle East, cargoes out of North America and Europe are still stable. “The number of MPVs caught up in the Strait of Hormuz is minor, and the rest of the fleet is re-routing — but they were doing that before this current crisis,” Oatway said. “Shippers have quickly pivoted their project cargo sourcing.” Contact Carly Fields at carly.fields@spglobal.com .

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Multipurpose vessel sentiment positive despite bunker price volatility

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