<div class="phx-topic abstract-wrapper">Beneficial cargo owners choose to route their shipments via those ports with excellent infrastructure, multiple ocean shipping and inland transportation options and a productive workforce, but the game-breaker is reliability, according to a Kuehne + Nagel executive.</div>

Beneficial cargo owners choose to route their shipments via those ports with excellent infrastructure, multiple ocean shipping and inland transportation options and a productive workforce, but the game-breaker is reliability, according to a Kuehne + Nagel executive.

<div>Beneficial cargo owners choose to route their shipments via those ports with excellent infrastructure, multiple ocean shipping and inland transportation options and a productive workforce, but the game-breaker is reliability, according to a Kuehne + Nagel executive.“Be consistent and stable, that is most important,” Stefan Minder, vice president-West area, told the Strong Ports seminar Monday, sponsored by FuturePorts in Los Angeles.Minder’s formula for success could apply to a number of U.S. ports, but he focused on Los Angeles-Long Beach, which handles about 40 percent of U.S. imports from Asia.Proximity and speed to markets are important. Southern California is the first...

Beneficial cargo owners choose to route their shipments via those ports with excellent infrastructure, multiple ocean shipping and inland transportation options and a productive workforce, but the game-breaker is reliability, according to a Kuehne + Nagel executive. “Be consistent and stable, that is most important,” Stefan Minder, vice president-West area, told the Strong Ports seminar Monday, sponsored by FuturePorts in Los Angeles. Minder’s formula for success could apply to a number of U.S. ports, but he focused on Los Angeles-Long Beach, which handles about 40 percent of U.S. imports from Asia. Proximity and speed to markets are important. Southern California is the first call inbound for many of the trans-Pacific services, and this location gets shipments moving quickly to inland destinations, he said. The preferred gateways also offer a concentration of intermodal rail services and trucking options, and quick processing of shipments through Customs. In this era of big ships, high productivity to quickly turn the vessels while in port is crucial. The Southern California terminals have had to adjust to a deluge of vessels with capacities ranging from 8,000 to 14,000 20-foot container units. In fact, the latest Port Productivity project of the JOC Group published Monday shows that five of the top 10 container terminals in the Americas in 2013 , measured by container moves per-vessel, per-hour, are in Los Angeles-Long Beach. However, the Southern California ports, like other U.S. ports, are high-cost compared to ports in Asia and Europe, which isn’t good at a time when “everyone is looking to save money,” Minder said. Even as ports address these issues and spend hundreds of millions of dollars on marine terminals and inland infrastructure, cargo interests fear more than anything else work stoppages or slowdowns that add uncertainty to their supply chains. Most likely in reference to the contract negotiations underway between the International Longshore and Warehouse Union and waterfront employers on the West Coast, Minder indicated that surprises must be off the table. “Hopefully, there will be no disruptions going forward,” he said. Contact Bill Mongelluzzo at bmongelluzzo@joc.com and follow him on Twitter: @billmongelluzzo .

International ports

In port choice, shipper puts reliability before all else

<div class="phx-topic abstract-wrapper">The weakness has continued into 2026, with Taiwan’s biggest carrier reporting that combined revenue of $1.9 billion for January and February was down 23% from the same period last year.</div>

The weakness has continued into 2026, with Taiwan’s biggest carrier reporting that combined revenue of $1.9 billion for January and February was down 23% from the same period last year.

Feature image

<div class="phx-topic">Evergreen Marine on Friday said its net profits for 2025 were almost halved from the year prior, falling 48% to $2.2 billion from $4.2 billion in 2024. In a filing with the Taiwan stock exchange, the carrier revealed its operating revenues have continued to slide in the first two months of this year, following an 18% decline in full-year 2025 revenues. Evergreen, the largest of Taiwan’s “Big Three” carriers <a href="https://www.joc.com/article/yang-ming-wan-hai-boost-combined-order-book-with-12-new-ships-6185215">who reported 2025 results this week</a>, said its revenues last year came in at $12.2 billion, down from $15 billion in 2024. And the weakness has continued into 2026, with the carrier reporting that combined revenue of $1.9 billion for January and February was down 23% from the same period last year. Evergreen said freight rates on all the major trades declined last year, according to data from the Shanghai Shipping Exchange. The biggest falls were on Asia-US West Coast, with rates crashing 52% year over year to $2,188 per TEU, and Asia-US East Coast, which saw a 50% decline to $3,033/TEU, according to SSE data carried on the Journal of Commerce’s Gateway platform. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="066706ac-45f2-46c0-9bd0-a6a626d6b972"></dynamic-object></div>Evergreen gave no further details in its exchange filing. But in a presentation late last year, it said average revenue per TEU started to fall last August while monthly liftings remained steady at around 930,000 TEUs. In separate filing Friday, Evergreen said it is spending more than $247 million to lease 98,796 containers from seven leasing companies and Gaining Enterprise, an Evergreen affiliate. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

Evergreen Marine on Friday said its net profits for 2025 were almost halved from the year prior, falling 48% to $2.2 billion from $4.2 billion in 2024. In a filing with the Taiwan stock exchange, the carrier revealed its operating revenues have continued to slide in the first two months of this year, following an 18% decline in full-year 2025 revenues. Evergreen, the largest of Taiwan’s “Big Three” carriers who reported 2025 results this week , said its revenues last year came in at $12.2 billion, down from $15 billion in 2024. And the weakness has continued into 2026, with the carrier reporting that combined revenue of $1.9 billion for January and February was down 23% from the same period last year. Evergreen said freight rates on all the major trades declined last year, according to data from the Shanghai Shipping Exchange. The biggest falls were on Asia-US West Coast, with rates crashing 52% year over year to $2,188 per TEU, and Asia-US East Coast, which saw a 50% decline to $3,033/TEU, according to SSE data carried on the Journal of Commerce’s Gateway platform. Evergreen gave no further details in its exchange filing. But in a presentation late last year, it said average revenue per TEU started to fall last August while monthly liftings remained steady at around 930,000 TEUs. In separate filing Friday, Evergreen said it is spending more than $247 million to lease 98,796 containers from seven leasing companies and Gaining Enterprise, an Evergreen affiliate. Contact Keith Wallis at keithwallis@hotmail.com .

Container lines

Container Shipping News

Maritime

Evergreen’s 2025 profits nearly halved on sharp freight rate declines 

<div class="phx-topic abstract-wrapper">With liquefied natural gas flows at a standstill in the Strait of Hormuz, a near-doubling of LNG export capacity in the US is set to drive breakbulk and project cargo activity into the next decade.</div>

With liquefied natural gas flows at a standstill in the Strait of Hormuz, a near-doubling of LNG export capacity in the US is set to drive breakbulk and project cargo activity into the next decade.

<div class="phx-topic">As historic shipping disruptions in the Middle East squeeze global oil and natural gas supplies, a slew of projects is setting up the US to expand its role as the world’s top liquefied natural gas exporter while continuing to generate breakbulk and project cargo activity. Roughly one-fifth of global liquefied natural gas (LNG) flows through the Strait of Hormuz, which remains shut and where multiple cargo ships came under attack this week. Meanwhile, in the US — which is already the world’s largest LNG exporter — LNG export capacity is expected to nearly double in the next five years, while overall natural gas production is on pace to reach record highs, according to recent analyses by the US Energy Information Administration (EIA). Michael Mørland, Atlantic project cargo director for Norwegian multipurpose vessel (MPV) operator G2 Ocean, told the Journal of Commerce that LNG capacity expansion in the US has generated significant breakbulk and project flows over the past 10 years. “We expect this development to continue into the next decade, regardless of short-term geopolitical disruptions,” he said Mørland added that larger LNG production units, further expansions, and more efficient technologies are in the works to meet the growing energy demand from AI data centers and ongoing shifts in the US power mix. But because LNG mega-projects are capital-intensive with extended lead time, the interruptions in the Middle East are unlikely to influence final investment decisions (FIDs) for new US projects, he said. “Since the typical sourcing locations for cargo are not based in the Middle East and remain unaffected, we do not currently expect significant changes in cargo volumes or movement patterns outside the region,” Mørland said, explaining that it would take at least six to 18 months for those changes to show up because of the extended timeframe needed for project cargo manufacturing and contracting. <h3>US set to almost double LNG export capacity </h3>The US has eight operating LNG export terminals, and export capacity is expected to nearly double by 2031, according to a Feb. 24 analysis by the EIA. In 2025, US developers signed sale and purchase agreements (SPA) for 5.2 billion cubic feet per day (Bcf/d) of LNG from planned export facilities — the highest volume of SPAs since 2022, according to a March 3 EIA report. SPAs are necessary to secure a final investment decision for LNG terminal construction. Developers reached FIDs on four US LNG projects in 2025: the first phase of the Woodside Louisiana LNG and CP2 projects, and the second phase of the Rio Grande and Port Arthur projects. The four projects will begin operations between 2029 and 2031 and will bring a combined 7.2 Bcf/d in LNG export capacity under construction. That comes as overall natural gas production in the US is set to reach record highs in 2026 and 2027, according to the EIA. Production is set to increase by 2% to an average of 120.8 Bcf/d in 2026 and then grow to 122.3 Bcf/d in 2027. In 2026, US developers plan to add 6.3 gigawatts (GW) of natural gas-fired capacity, over 80% of which is planned for locations across Texas, Oklahoma, Ohio, Tennessee and Florida. Edwin Peh, project cargo director for Pacific and global capital projects for G2 Ocean, told the Journal of Commerce that the MPV operator anticipates higher demand for breakbulk and project cargo transportation to support the natural gas-fired capacity additions. “G2 Ocean is receiving inquiries for such shipments and has already shipped turbines and generators for gas-fired power plant projects,” he said. Peh said it’s still too early to detect any shifts in project cargo movement resulting from shipping disruptions in the Middle East. “The market is closely monitoring the evolving situation, including fluctuating bunker prices, while shippers evaluate whether they need additional time and cost buffers for higher insurance premiums and potentially longer transit times,” he said. Contact Autumn Cafiero Giusti at <a href="mailto:autumn@autumngiusti.com">autumn@autumngiusti.com</a>. </div>

As historic shipping disruptions in the Middle East squeeze global oil and natural gas supplies, a slew of projects is setting up the US to expand its role as the world’s top liquefied natural gas exporter while continuing to generate breakbulk and project cargo activity. Roughly one-fifth of global liquefied natural gas (LNG) flows through the Strait of Hormuz, which remains shut and where multiple cargo ships came under attack this week. Meanwhile, in the US — which is already the world’s largest LNG exporter — LNG export capacity is expected to nearly double in the next five years, while overall natural gas production is on pace to reach record highs, according to recent analyses by the US Energy Information Administration (EIA). Michael Mørland, Atlantic project cargo director for Norwegian multipurpose vessel (MPV) operator G2 Ocean, told the Journal of Commerce that LNG capacity expansion in the US has generated significant breakbulk and project flows over the past 10 years. “We expect this development to continue into the next decade, regardless of short-term geopolitical disruptions,” he said Mørland added that larger LNG production units, further expansions, and more efficient technologies are in the works to meet the growing energy demand from AI data centers and ongoing shifts in the US power mix. But because LNG mega-projects are capital-intensive with extended lead time, the interruptions in the Middle East are unlikely to influence final investment decisions (FIDs) for new US projects, he said. “Since the typical sourcing locations for cargo are not based in the Middle East and remain unaffected, we do not currently expect significant changes in cargo volumes or movement patterns outside the region,” Mørland said, explaining that it would take at least six to 18 months for those changes to show up because of the extended timeframe needed for project cargo manufacturing and contracting. US set to almost double LNG export capacity The US has eight operating LNG export terminals, and export capacity is expected to nearly double by 2031, according to a Feb. 24 analysis by the EIA. In 2025, US developers signed sale and purchase agreements (SPA) for 5.2 billion cubic feet per day (Bcf/d) of LNG from planned export facilities — the highest volume of SPAs since 2022, according to a March 3 EIA report. SPAs are necessary to secure a final investment decision for LNG terminal construction. Developers reached FIDs on four US LNG projects in 2025: the first phase of the Woodside Louisiana LNG and CP2 projects, and the second phase of the Rio Grande and Port Arthur projects. The four projects will begin operations between 2029 and 2031 and will bring a combined 7.2 Bcf/d in LNG export capacity under construction. That comes as overall natural gas production in the US is set to reach record highs in 2026 and 2027, according to the EIA. Production is set to increase by 2% to an average of 120.8 Bcf/d in 2026 and then grow to 122.3 Bcf/d in 2027. In 2026, US developers plan to add 6.3 gigawatts (GW) of natural gas-fired capacity, over 80% of which is planned for locations across Texas, Oklahoma, Ohio, Tennessee and Florida. Edwin Peh, project cargo director for Pacific and global capital projects for G2 Ocean, told the Journal of Commerce that the MPV operator anticipates higher demand for breakbulk and project cargo transportation to support the natural gas-fired capacity additions. “G2 Ocean is receiving inquiries for such shipments and has already shipped turbines and generators for gas-fired power plant projects,” he said. Peh said it’s still too early to detect any shifts in project cargo movement resulting from shipping disruptions in the Middle East. “The market is closely monitoring the evolving situation, including fluctuating bunker prices, while shippers evaluate whether they need additional time and cost buffers for higher insurance premiums and potentially longer transit times,” he said. Contact Autumn Cafiero Giusti at autumn@autumngiusti.com .

Port News

Energy projects

Project cargo

Breakbulk ports

Breakbulk News

Middle East shipping disruptions boost US position as top LNG exporter

<div class="phx-topic abstract-wrapper">Long-sought regulatory reforms within the Canadian trucking industry could tighten capacity and cause cross-border rates to rise. </div>

Long-sought regulatory reforms within the Canadian trucking industry could tighten capacity and cause cross-border rates to rise.

<div class="phx-topic">The Canadian government is moving to crack down on controversial labor practices in the country’s trucking industry, a move that could reshape the sector, increase fleet costs and ultimately result in tighter capacity and higher rates for shippers. The issues — including driver classification, tax policy, safety and training standards, and immigration — are often referred to collectively by the controversial label “Driver Inc.” and echo similar debates in the US since 2019. The dispute has simmered for more than a decade, but received renewed attention after Mark Carney became Canada’s prime minister last year. Stricter enforcement of the “Driver Inc.” issues could limit access to the lowest-cost trucking capacity that has been available in recent years in Canada, potentially pushing transportation rates higher for shippers. But whether the capacity needle really moves largely depends on how vigorously and thoroughly the Canadian government cracks down on “Driver Inc.” One issue is the classification of drivers as employees versus independent contractors, a question that has been fiercely debated in California, Illinois and New Jersey. Another issue centers on how immigrant drivers are integrated into Canada’s trucking industry, particularly regarding training standards and highway safety. In the US, a similar concern has been raised over “CDL mills,” where fraudulent or low-quality trucking schools provide minimal instruction before putting drivers on highways. A third issue involves tax policy and the treatment of drivers operating as independent contractors. For shippers, the “Driver Inc.” debate ultimately comes down to the cost structure of trucking companies. Fleets that classify drivers as independent contractors operate with lower costs because they avoid payroll taxes, overtime requirements and benefit obligations. And those lower costs translate into lower truckload rates for Canadian shippers. <h3>Dispute over the ‘new generation’ in Canadian trucking </h3>The Canadian Trucking Alliance (CTA) argues that some carriers misclassify drivers as independent contractors and provide inadequate safety training. Part of the controversy stems from a longstanding tax policy loophole. The Canada Revenue Agency (CRA), Canada’s equivalent of the US Internal Revenue Service, imposed a moratorium in 2011 on enforcement actions related to T4A tax filings, a form similar to the US 1099 used for independent contractors. The moratorium was lifted earlier this month. “The carrier benefited from not having to pay overtime and all the other responsibilities, which gave them about a 30% pricing advantage in the marketplace,” said Stephen Laskowski, CTA’s president, said. “All we're looking for is fair competition, where carriers compete on service price and other matters all while complying with regulatory and tax requirements.” Laskowski said the issue is tied to broader concerns involving driver safety, immigration fraud, forced labor and organized cargo theft. But Tejpreet Dulat, spokesperson for the Canada Truck Operators Association (CTOA), said many immigrant drivers prefer being an independent contractor because it allows them to choose when to work, which loads they haul and which carriers they serve. The argument echoes <a href="https://www.joc.com/article/brokerage-model-offers-post-ab5-path-in-california-5234932">the debate in California surrounding AB5</a>, which reshaped the rules governing employee versus contractor status. “We see the gig economy now; the new generation is taking over the trucking industry,” Dulat said. “The gig economy workers want to manage their own schedules. Some truck drivers have young families. They prefer shorter routes because they want to be back home on the second or third day. If they work on the payroll, they don't have this luxury.” Dulat also said the CTOA supports lifting the moratorium on issuing T4As but is concerned that many small carriers need additional time to establish payroll systems required under the new rules. As of March 2, carriers paying more than $500 to an independent contractor must issue a T4A or face financial penalties. Dulat added that his group supports stronger safety and training standards across the trucking industry. “Whether you are an immigrant driver or are Canadian born, you have to follow the same driving rules,” he said. “There should be no compromise on strong safety standards. Road safety is very important.” <h3>Political dimensions </h3>There are also political dimensions to the dispute between the two trucking groups. Dulat, who joined the CTOA last December, is a donor to Canada’s Liberal Party and to Carney, according to the Journal de Montréal. Xavier Barsalou-Duval, a Quebec member of Parliament who has raised concerns about the “Driver Inc.” model, questioned in a December letter whether Dulat’s position could influence the pace of reforms. Canada’s House of Commons Standing Committee on Transport, Infrastructure and Communities last month concluded a series of hearings examining the “Driver Inc.” matter. The committee is preparing a report, entitled The Changing Landscape of Truck Drivers in Canada, that is due to be published this spring and will propose policy recommendations to Parliament. Canada’s Council of Ministers Responsible for Transportation and Highway Safety, which includes Transport Minister Steven MacKinnon, agreed last month to stricter enforcement of driver classification, tax compliance, and safety and training standards in the country’s commercial trucking industry. Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>. </div>

The Canadian government is moving to crack down on controversial labor practices in the country’s trucking industry, a move that could reshape the sector, increase fleet costs and ultimately result in tighter capacity and higher rates for shippers. The issues — including driver classification, tax policy, safety and training standards, and immigration — are often referred to collectively by the controversial label “Driver Inc.” and echo similar debates in the US since 2019. The dispute has simmered for more than a decade, but received renewed attention after Mark Carney became Canada’s prime minister last year. Stricter enforcement of the “Driver Inc.” issues could limit access to the lowest-cost trucking capacity that has been available in recent years in Canada, potentially pushing transportation rates higher for shippers. But whether the capacity needle really moves largely depends on how vigorously and thoroughly the Canadian government cracks down on “Driver Inc.” One issue is the classification of drivers as employees versus independent contractors, a question that has been fiercely debated in California, Illinois and New Jersey. Another issue centers on how immigrant drivers are integrated into Canada’s trucking industry, particularly regarding training standards and highway safety. In the US, a similar concern has been raised over “CDL mills,” where fraudulent or low-quality trucking schools provide minimal instruction before putting drivers on highways. A third issue involves tax policy and the treatment of drivers operating as independent contractors. For shippers, the “Driver Inc.” debate ultimately comes down to the cost structure of trucking companies. Fleets that classify drivers as independent contractors operate with lower costs because they avoid payroll taxes, overtime requirements and benefit obligations. And those lower costs translate into lower truckload rates for Canadian shippers. Dispute over the ‘new generation’ in Canadian trucking The Canadian Trucking Alliance (CTA) argues that some carriers misclassify drivers as independent contractors and provide inadequate safety training. Part of the controversy stems from a longstanding tax policy loophole. The Canada Revenue Agency (CRA), Canada’s equivalent of the US Internal Revenue Service, imposed a moratorium in 2011 on enforcement actions related to T4A tax filings, a form similar to the US 1099 used for independent contractors. The moratorium was lifted earlier this month. “The carrier benefited from not having to pay overtime and all the other responsibilities, which gave them about a 30% pricing advantage in the marketplace,” said Stephen Laskowski, CTA’s president, said. “All we're looking for is fair competition, where carriers compete on service price and other matters all while complying with regulatory and tax requirements.” Laskowski said the issue is tied to broader concerns involving driver safety, immigration fraud, forced labor and organized cargo theft. But Tejpreet Dulat, spokesperson for the Canada Truck Operators Association (CTOA), said many immigrant drivers prefer being an independent contractor because it allows them to choose when to work, which loads they haul and which carriers they serve. The argument echoes the debate in California surrounding AB5 , which reshaped the rules governing employee versus contractor status. “We see the gig economy now; the new generation is taking over the trucking industry,” Dulat said. “The gig economy workers want to manage their own schedules. Some truck drivers have young families. They prefer shorter routes because they want to be back home on the second or third day. If they work on the payroll, they don't have this luxury.” Dulat also said the CTOA supports lifting the moratorium on issuing T4As but is concerned that many small carriers need additional time to establish payroll systems required under the new rules. As of March 2, carriers paying more than $500 to an independent contractor must issue a T4A or face financial penalties. Dulat added that his group supports stronger safety and training standards across the trucking industry. “Whether you are an immigrant driver or are Canadian born, you have to follow the same driving rules,” he said. “There should be no compromise on strong safety standards. Road safety is very important.” Political dimensions There are also political dimensions to the dispute between the two trucking groups. Dulat, who joined the CTOA last December, is a donor to Canada’s Liberal Party and to Carney, according to the Journal de Montréal. Xavier Barsalou-Duval, a Quebec member of Parliament who has raised concerns about the “Driver Inc.” model, questioned in a December letter whether Dulat’s position could influence the pace of reforms. Canada’s House of Commons Standing Committee on Transport, Infrastructure and Communities last month concluded a series of hearings examining the “Driver Inc.” matter. The committee is preparing a report, entitled The Changing Landscape of Truck Drivers in Canada, that is due to be published this spring and will propose policy recommendations to Parliament. Canada’s Council of Ministers Responsible for Transportation and Highway Safety, which includes Transport Minister Steven MacKinnon, agreed last month to stricter enforcement of driver classification, tax compliance, and safety and training standards in the country’s commercial trucking industry. Contact Ari Ashe at ari.ashe@spglobal.com .

Trucking News

Truckload

Truck brokers

Surface

Canada’s ‘Driver Inc.’ crackdown could push trucking rates higher

<div class="phx-topic abstract-wrapper">The Hong Kong-based carrier ended the year with a $1.5 billion net profit, but that was a 41% drop from the robust earnings of the previous year.</div>

The Hong Kong-based carrier ended the year with a $1.5 billion net profit, but that was a 41% drop from the robust earnings of the previous year.

<div class="phx-topic">Trade tensions and US tariffs weighed heavily on the 2025 financial results of OOCL, with the ocean carrier reporting Thursday sharp declines across all its earnings metrics for the year. In an uncertain policy environment characterized by extreme market volatility, Hong Kong-headquartered OOCL saw its 2025 revenue fall 9.3% year over year to $9.7 billion. Earnings before interest and taxes (EBIT) fell 42% to $1.5 billion and net profit was down 41%, also to $1.5 billion. The carrier’s volume for the year rose 4% to 7.9 million TEUs. “Tariff measures and trade tensions continued to weigh heavily on the container shipping industry, most notably on the trans‑Pacific trade, driving sharp fluctuations in both cargo volumes and freight rates,” OOCL said in its earnings announcement. “At the same time, policy adjustments and frontloading disrupted the usual post-Lunar New Year seasonal patterns.” One of the carrier’s priorities for 2026 is to accelerate the vertical expansion of its supply chain, building an end-to-end product offering customized solutions such as international order processing, cargo management, warehousing, and distribution services. OOCL took delivery of nine new 16,828-TEU container vessels in 2025, and this year will see the first of a seven-ship order for 24,000-TEU dual-fuel methanol-capable vessels as well as six 13,580-TEU conventional fuel vessels chartered from Seaspan Corporation. The 16,828-TEU fleet has strengthened OOCL’s presence on the trans‑Pacific and indirectly enabled the resumption of the LL3 service on the Asia-Europe trade, which had been suspended due to capacity shortages. <h3>Structural overcapacity adds rate pressure </h3>But even as OOCL significantly adds capacity to its fleet, the Cosco Shipping Holdings subsidiary painted a somber picture in its outlook, warning of structural overcapacity in container shipping that will add downward pressure to rates. It is a valid concern. Just over 1 million TEUs of capacity via ships over 10,000 TEUs is scheduled to be delivered this year. That will be followed by 2.3 million TEUs of capacity due for delivery in 2027 and 3.4 million TEUs in 2028, according to Sea-web, a sister company of the Journal of Commerce within S&amp;P Global. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="994022ec-453b-46eb-b729-fcd589a9082d"></dynamic-object></div>There is <a href="https://www.joc.com/article/yang-ming-wan-hai-boost-combined-order-book-with-12-new-ships-6185215">no sign of carriers pausing ship orders, either</a>. A record 4.8 million TEUs of new ship capacity was ordered in 2025, and that momentum has carried into 2026 with another 290,000 TEUs ordered in January, according to maritime consultancy Drewry. OOCL made no mention of the Middle East war in its earnings statement, but pointed to “ongoing geopolitical tensions” and “fluctuations in economic policies” that will continue to disrupt supply chains and reshape global trade patterns. “While strengthening our east-west service networks, we are also adapting to shifts in global trade patterns, seizing new growth opportunities, accelerating investment in emerging markets and striving to achieve a more balanced global presence to mitigate risks arising from individual regional markets,” OOCL said. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

Trade tensions and US tariffs weighed heavily on the 2025 financial results of OOCL, with the ocean carrier reporting Thursday sharp declines across all its earnings metrics for the year. In an uncertain policy environment characterized by extreme market volatility, Hong Kong-headquartered OOCL saw its 2025 revenue fall 9.3% year over year to $9.7 billion. Earnings before interest and taxes (EBIT) fell 42% to $1.5 billion and net profit was down 41%, also to $1.5 billion. The carrier’s volume for the year rose 4% to 7.9 million TEUs. “Tariff measures and trade tensions continued to weigh heavily on the container shipping industry, most notably on the trans‑Pacific trade, driving sharp fluctuations in both cargo volumes and freight rates,” OOCL said in its earnings announcement. “At the same time, policy adjustments and frontloading disrupted the usual post-Lunar New Year seasonal patterns.” One of the carrier’s priorities for 2026 is to accelerate the vertical expansion of its supply chain, building an end-to-end product offering customized solutions such as international order processing, cargo management, warehousing, and distribution services. OOCL took delivery of nine new 16,828-TEU container vessels in 2025, and this year will see the first of a seven-ship order for 24,000-TEU dual-fuel methanol-capable vessels as well as six 13,580-TEU conventional fuel vessels chartered from Seaspan Corporation. The 16,828-TEU fleet has strengthened OOCL’s presence on the trans‑Pacific and indirectly enabled the resumption of the LL3 service on the Asia-Europe trade, which had been suspended due to capacity shortages. Structural overcapacity adds rate pressure But even as OOCL significantly adds capacity to its fleet, the Cosco Shipping Holdings subsidiary painted a somber picture in its outlook, warning of structural overcapacity in container shipping that will add downward pressure to rates. It is a valid concern. Just over 1 million TEUs of capacity via ships over 10,000 TEUs is scheduled to be delivered this year. That will be followed by 2.3 million TEUs of capacity due for delivery in 2027 and 3.4 million TEUs in 2028, according to Sea-web, a sister company of the Journal of Commerce within S&P Global. There is no sign of carriers pausing ship orders, either . A record 4.8 million TEUs of new ship capacity was ordered in 2025, and that momentum has carried into 2026 with another 290,000 TEUs ordered in January, according to maritime consultancy Drewry. OOCL made no mention of the Middle East war in its earnings statement, but pointed to “ongoing geopolitical tensions” and “fluctuations in economic policies” that will continue to disrupt supply chains and reshape global trade patterns. “While strengthening our east-west service networks, we are also adapting to shifts in global trade patterns, seizing new growth opportunities, accelerating investment in emerging markets and striving to achieve a more balanced global presence to mitigate risks arising from individual regional markets,” OOCL said. Contact Greg Knowler at greg.knowler@spglobal.com .

Volatile shipping market drags down OOCL’s 2025 financial results

<div class="phx-topic abstract-wrapper">Cosco did not give a reason for the move, but it comes just two weeks after the Panamanian government wrested control of Balboa and Cristobal ports from Hutchison-owned operator Panama Ports Company.</div>

Cosco did not give a reason for the move, but it comes just two weeks after the Panamanian government wrested control of Balboa and Cristobal ports from Hutchison-owned operator Panama Ports Company.

<div class="phx-topic">Cosco Shipping Lines and its Hong Kong-headquartered affiliate OOCL have halted calls at Balboa port on Panama’s Pacific Coast and are instead redirecting services to Manzanillo on the Atlantic side of the Panama Canal. Cosco did not give a reason for the move, but it comes just two weeks after the Panamanian government wrested control of Balboa and Cristobal ports from operator Panama Ports Company (PPC) after PPC had its 28-year concession <a href="https://www.joc.com/article/panama-court-voids-ck-hutchison-canal-terminal-leases-6161145">nullified by Panama’s Supreme Court</a>. PPC is 90% owned by Hong Kong-conglomerate CK Hutchison Holdings. Cosco announced the service change in an advisory to local customers; updated vessel schedules Thursday show Cosco and OOCL ships calling at Manzanillo instead of Balboa. Cosco’s notice said existing confirmed bookings for Balboa will be canceled. Import cargo already held at Balboa will be released normally, although empty boxes must be returned to Manzanillo International Terminal (MIT) or Colon Container Terminal (CCT), both on the Atlantic coast, the advisory said. Taiwan’s Evergreen Marine, Cosco Shipping’s partner in the Ocean Alliance along with OOCL and CMA CGM, operates CCT, while SSA Marine operates MIT. Some transshipment cargo normally handled by Balboa on Cosco’s West Coast South America and regional Caribbean services has been shifted to Buenaventura in Colombia and Lazaro Cardenas on the West Coast of Mexico. <h3>Move comes after Maersk, MSC met with Chinese officials </h3>Cosco’s shift away from Balboa came a day after executives from Maersk and Mediterranean Shipping Co. <a href="https://www.joc.com/article/china-india-warn-carriers-on-higher-pricing-tied-to-middle-east-conflict-6183986">were called to a meeting with officials from China’s Ministry of Transport</a> to discuss “international shipping operations.” No details of what was discussed at the meeting have been released by the ministry or carriers. But it comes after Maersk’s APM Terminals (APMT) <a href="https://www.joc.com/article/maersk-msc-units-begin-interim-management-of-panama-canal-terminals-6175167">was given a transitory concession contract</a> for the Balboa terminal by the Panama Maritime Authority (PMA), while MSC’s Terminal Investment Limited (TiL) was given the same for Cristobal on the Atlantic coast. Both contracts are for 18 months, as APMT and TiL were appointed by the Panama government to operate the ports until new long-term management concessions can be agreed. China’s Hong Kong and Macao Affairs Office has warned that Panama would “pay a heavy price, both politically and economically” for the court decision, calling the ruling “absurd ... shameful and pathetic.” Cosco’s move away from Balboa coincided with comments by President Donald Trump last weekend that the US would “not allow hostile foreign influence to establish itself in this hemisphere, and that includes the Panama Canal.” The Trump administration had been in an increasingly aggressive spat with China over what it saw as China’s malign influence on canal and local port operations. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

Cosco Shipping Lines and its Hong Kong-headquartered affiliate OOCL have halted calls at Balboa port on Panama’s Pacific Coast and are instead redirecting services to Manzanillo on the Atlantic side of the Panama Canal. Cosco did not give a reason for the move, but it comes just two weeks after the Panamanian government wrested control of Balboa and Cristobal ports from operator Panama Ports Company (PPC) after PPC had its 28-year concession nullified by Panama’s Supreme Court . PPC is 90% owned by Hong Kong-conglomerate CK Hutchison Holdings. Cosco announced the service change in an advisory to local customers; updated vessel schedules Thursday show Cosco and OOCL ships calling at Manzanillo instead of Balboa. Cosco’s notice said existing confirmed bookings for Balboa will be canceled. Import cargo already held at Balboa will be released normally, although empty boxes must be returned to Manzanillo International Terminal (MIT) or Colon Container Terminal (CCT), both on the Atlantic coast, the advisory said. Taiwan’s Evergreen Marine, Cosco Shipping’s partner in the Ocean Alliance along with OOCL and CMA CGM, operates CCT, while SSA Marine operates MIT. Some transshipment cargo normally handled by Balboa on Cosco’s West Coast South America and regional Caribbean services has been shifted to Buenaventura in Colombia and Lazaro Cardenas on the West Coast of Mexico. Move comes after Maersk, MSC met with Chinese officials Cosco’s shift away from Balboa came a day after executives from Maersk and Mediterranean Shipping Co. were called to a meeting with officials from China’s Ministry of Transport to discuss “international shipping operations.” No details of what was discussed at the meeting have been released by the ministry or carriers. But it comes after Maersk’s APM Terminals (APMT) was given a transitory concession contract for the Balboa terminal by the Panama Maritime Authority (PMA), while MSC’s Terminal Investment Limited (TiL) was given the same for Cristobal on the Atlantic coast. Both contracts are for 18 months, as APMT and TiL were appointed by the Panama government to operate the ports until new long-term management concessions can be agreed. China’s Hong Kong and Macao Affairs Office has warned that Panama would “pay a heavy price, both politically and economically” for the court decision, calling the ruling “absurd ... shameful and pathetic.” Cosco’s move away from Balboa coincided with comments by President Donald Trump last weekend that the US would “not allow hostile foreign influence to establish itself in this hemisphere, and that includes the Panama Canal.” The Trump administration had been in an increasingly aggressive spat with China over what it saw as China’s malign influence on canal and local port operations. Contact Keith Wallis at keithwallis@hotmail.com .

Marine terminals

Cosco, OOCL halt Balboa calls in latest twist over Panama port row

Use code GTT26W at checkout and save $900 on first year of an annual Gold subscription!

Upgrade Subscription - Gold Trials

Become a Gold Subscriber and Save!

Arm your team with the most trusted information portal for the international container shipping industry.

Group Subscriptions - Wide Box

Get into a group subscription today

Use code FTW25 at checkout to save 25% on a Silver or Silver Plus annual subscription! 

Subscribe Now - FT to S/SP - Wide Box

SUBSCRIBE AND SAVE 25%

Use code GW595 and upgrade to Gold for just $595! Valid for first year of subscription.

Upgrade Subscription - S/SP to Gold - Wide Box

SAVE $900 ON A GOLD SUBSCRIPTION

Choose a subscription plan that works best for you!

Subscribe Now - Anonymous to S/SP - Wide Box

SUBSCRIBE TODAY

Access Journal of Commerce content for 30 days

Free Trial - Wide Box

START A FREE TRIAL TODAY

Use code GW995 at checkout to save $500 on first year of a Gold subscription!

Subscribe Now - FT to Gold - Wide Box

SAVE $500 ON A GOLD SUBSCRIPTION

Subscribe Now - Anonymous to Gold - Wide Box

START A FREE TRIAL: Access Journal of Commerce content for 30 days

Free Trial - Offer Box

Free Trial

SUBSCRIBE AND SAVE 25%: Use code FTW25 to save 25% on first year of a Silver or Silver Plus annual subscription!


Subscribe Now - FT to S/SP - Offer Box

Subscribe and Save

GET INTO A GROUP SUBSCRIPTION: Arm your team with unlimited Journal of Commerce content

Group Subscriptions - Offer Box

Group Subscriptions

SUBSCRIBE TODAY: Choose a subscription plan that works best for you!

Subscribe Now - Anonymous to S/SP - Offer Box

UPGRADE TO GOLD AND SAVE: Use code GTT26W at checkout and save $900 on first year of a Gold subscription!

Upgrade Subscription

Subscribe Now - Anonymous to Gold - Offer Box

SAVE $900 ON A GOLD SUBSCRIPTION: Use code GW595 and upgrade to Gold for just $595! Valid on first year of subscription.

Upgrade Subscription - S/SP to Gold - Offer Box

SAVE $500 ON A GOLD SUBSCRIPTION: Use code GW995 and save $500 on the first year of a Gold subscription!

Subscribe Now - FT to Gold - Offer Box

SUBSCRIBE AND SAVE

Monthly publication providing an editorial deep dive into global supply chain news

Journal of Commerce Magazine - Rectangle Box

Journal of Commerce Magazine

A premium access index of savings using domestic intermodal vs. OTR 

ISI Report - Rectangle Box

Intermodal Savings Index

An in-depth analysis of transport trends in the multipurpose and heavy-lift fleet segment

Breakbulk Report - Rectangle Box

Breakbulk Quarterly

An extensive dashboard of charts organized by trade lane, mode, and topic

Gateway - Rectangle Box

Gateway

Customers scoring their intermodal partners to identify the best service providers

Intermodal Service Scorecard - Rectangle Box

Intermodal Service Scorecard

A premium access outlook critical to shippers and transportation providers

QI Report - Rectangle Box

Quarterly Intelligence

The only editorially independent conference for the breakbulk & project cargo industry

Breakbulk Conference - Rectangle Box

Attend Breakbulk26

The latest port news from the Journal of Commerce spans the globe from North Carolina and Florida to Shanghai and Singapore. Port news includes port automation, terminal construction projects, the future of decarbonization and net-zero shipping, dredging, port hinterland connectivity, labor, disruption, port congestion and cargo flow.

Longshore labor

Drayage

Port infrastructure

North American ports

Stay informed on port news worldwide with Journal of Commerce. From decarbonization to labor updates, get insights on global developments.

Port News | Journal of Commerce

The Journal of Commerce is the industry’s source for maritime news and analysis about ocean container shipping, logistics, supply chains, global shipping ports, shipping technology solutions and end-to-end connectivity. Coverage tracks the movement of containerized cargo — from origin to destination — handled by marine terminals in the US and abroad, depots, container ports, container lines, drayage, consignees and shippers, forwarders, non-vessel operating common carriers (NVOs) and off-dock warehousing providers, as well as pricing, capacity, volume and reliability on the trans-Pacific, Asia–Europe, North America–Caribbean, Central and South American and intra-Asia trades.

Discover comprehensive trucking news and trends with Journal of Commerce - from trucking LTL to regulation and trucking supply and demand.

Breakbulk News shipping | Journal of Commerce

Container shipping news and analysis of ocean container shipping, logistics, supply chains, technology and end-to-end connectivity.

Container Shipping News | Journal of Commerce

News and analysis of ocean containerized cargo movement, logistics, supply chains, technology, and end-to-end connectivity. Maritime news and analysis of containerized ocean cargo movement, breakbulk and roll-on and roll-off shipping from origin to destination.

Latest News

More News & Analysis

Evergreen’s 2025 profits nearly halved on sharp freight rate declines

Middle East shipping disruptions boost US position as top LNG exporter

Canada’s ‘Driver Inc.’ crackdown could push trucking rates higher