<div class="phx-topic abstract-wrapper">China is reportedly allowing more U.S. dried distiller grains into the country after rejecting roughly 661 short tons of corn-based DDGS and 2,205 short tones of regular corn, both containing an unapproved genetically-modified strain.</div>

China is reportedly allowing more U.S. dried distiller grains into the country after rejecting roughly 661 short tons of corn-based DDGS and 2,205 short tones of regular corn, both containing an unapproved genetically-modified strain.

<div>China is reportedly allowing more U.S. distillers dried grains into the country after rejecting some 660 tons of corn-based DDGs and 2,205 tons of regular corn, both containing an unapproved genetically modified strain.But expectations that China will approve grain imports with the strain of MIR 162 in late spring are “pure speculation,” as the reasoning behind China's regulatory stance can be hard to discern and the block could be part of a larger trade issue, an executive at a major U.S. grain shipper told the JOC.China market analyst JC Intelligence told clients on Tuesday that the amount of imported DDGs...

China is reportedly allowing more U.S. distillers dried grains into the country after rejecting some 660 tons of corn-based DDGs and 2,205 tons of regular corn, both containing an unapproved genetically modified strain. But expectations that China will approve grain imports with the strain of MIR 162 in late spring are “pure speculation,” as the reasoning behind China's regulatory stance can be hard to discern and the block could be part of a larger trade issue, an executive at a major U.S. grain shipper told the JOC. China market analyst JC Intelligence told clients on Tuesday that the amount of imported DDGs receiving approval from Chinese authorities has increased from 20 to 25 percent to 40 to 50 percent in the last week, according to a letter seen by Reuters. The Shanghai-based firm told clients that “market insiders expect the customs clearance rates will further rise to 60 to 70 percent next week.” US. exports of corn to China, which include corn-based DDGs, fell by about 128,000 short tons in the week ending Dec. 26, according to a U.S. Department of Agriculture report. It’s not clear how much of the decline was due China’s blocking of GMO crops, as total exports in the same week were down 90 percent from the prior week and down 80 percent from the prior four-week average. The rejection of shipments adds to the “unknown liability” of doing business with China, the grain executive said. U.S. shippers are encouraged to do business with other countries where there is more certainty and then look to China for remaining business. But with more of their stock accounted for by other foreign buyers, U.S. shippers can push higher prices to Chinese buyers. If they do, the blocking of GMOs — seen by some in the trading industry as a Chinese attempt to force down prices — actually could backfire in the long term for the top importer of U.S. agricultural products. U.S. exports of distillers dried grains to mainland China, November 2012 to November 2013 Full-size chart The implications of the blocking of such genetically modified food products for containerized shipments of corn and corn-based DDGs, a feed ingredient, are unclear. Containerization allows shippers to control whether the loads contain genetically modified crops better than bulk shipping. “It’s too soon to tell whether there will be gain or increase” in export container shipments, according to Bo DeLong, vice president of grain operations at The DeLong Co., a transloading exporter. “We don’t know whether GMO incidents are isolated or not.” U.S. containerized exports of distillers dried grains to mainland China nearly doubled in the first 11 months of 2013, rising 93.8 percent compared to the same period in 2012. Export volume spiked 118.4 percent year-over-year in November but plummeted 64.1 percent below the level in October. The motive of Chinese authorities in blocking the GMO crop imports could truly reflect concerns about such products, but the action could be an attempt to lower import prices, said Drew Wilkins, contributing editor to Grain Analyst. China’s Ministry of Agriculture is supportive of GMO crops overall, but accusations that such U.S. crops are being used to harm the country’s populace have fueled a backlash, according to Adam Minter, a Wall Street Journal correspondent in Shanghai. He noted in a column that “the real cause of the anti-GMO zeal expressed by China’s quarantine officials” might be an attempt by Beijing to appease the populace’s growing food safety concerns “without actually doing much about it.” Contact Mark Szakonyi at mszakonyi@joc.com and follow him at twitter.com/szakonyi_joc .

Transport, Trade and Regulation News

China Allowing More DDG Imports After Blocking GMO Corn

<div class="phx-topic abstract-wrapper">Overall, more than 90% of respondents participating in the latest Journal of Commerce Intermodal Service Scorecard were satisfied with domestic intermodal service between July 1 and Dec. 31, 2025. </div>

Overall, more than 90% of respondents participating in the latest Journal of Commerce Intermodal Service Scorecard were satisfied with domestic intermodal service between July 1 and Dec. 31, 2025.

Feature image

<div class="phx-topic">Union Pacific Railroad and J.B. Hunt Transport Services were voted the top railroad and domestic intermodal provider, respectively, for the second half of 2025, according to the latest Journal of Commerce <a href="https://www.joc.com/resources/special-reports/domestic-intermodal-service-scorecard">Intermodal Service Scorecard</a> released Tuesday. Overall, more than 90% of respondents were satisfied with domestic intermodal service between July 1 and Dec. 31, 2025, according to the survey of more than 145 shippers and asset-based and non-asset based intermodal marketing companies (IMCs). The ISS is published twice a year. Railroads saw the biggest improvement, with 91.3% of respondents satisfied with performance during last year’s peak season, up from 77.5% during the same period of 2024. Intermodal providers overall, whether asset- or non-asset-based, also received higher scores. Just under 94% of shippers were satisfied with IMC performance, up from 90.9% during peak season 2024. The survey included 100 respondents who were shippers. “In the last six months our volume has been slipping, but Hunt has always provided sufficient equipment,” one shipper wrote in the survey. “They have gone so far as offering to reduce accessorial charges when we run into problems receiving loads at destination, which is a sign that they value our business.” <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="3f877148-7417-4744-b3a5-e66d957f4430"></dynamic-object></div>J.B. Hunt received 55.9% when shippers were asked to name the best IMC in the second half of 2025. Asset-light and non-asset IMCs came in second with 29% of the vote. That category encompasses asset-light providers such as Alliance Shippers and C.H. Robinson Worldwide, who own some containers, and pure non-asset IMCs such as Mode Transportation and Uber Freight, among many others. Shippers were asked to grade their IMC partners on a five-point scale, with five being the highest. J.B. Hunt received at least 4 out of 5 points in all categories except for pricing, while the asset-light and non-asset IMCs received at least 4 out of 5 in all categories except technology. J.B. Hunt received an overall grade of 4.6 out of 5, while the asset-light and non-asset IMCs received a score of 4.5. “It’s pretty rare when you can pick up the phone and be able to speak with the president of any company, but this is commonplace with InTek Freight and Logistics,” another shipper wrote. “We value long-term relationships with our vendors, and with InTek, it goes beyond a partnership; we feel like they are an extension of our transportation department.” Schneider received the second-best overall score among large asset-owning intermodal providers at 3.7 out of 5; the category consists of providers with more than 10,000 privately-owned containers. <h3>UP wins again for best railroad </h3>Union Pacific edged out rival BNSF Railway for the top railroad for the second consecutive survey, although the two railroads traded first and second place in all the key performance indicators (KPI). When choosing among all the Class I railroads, 36.3% of IMCs rated UP as the best railroad, while BNSF received 20.5% of the vote. However, when the KPIs are included, the results show that the two railroads are virtually tied with one another atop the list of all railroads, outperforming the two eastern US railroads and two Canadian railroads. It’s the second consecutive survey where UP has outpaced most of its competitors, a stark change from only three years ago under former CEO Lance Fritz, who handed the reins over to current CEO Jim Vena in August 2023. In the last pre-Vena survey, only 17.1% of IMCs were satisfied with UP’s performance. In the latest survey, 80% were satisfied, up from 53.7% during the same period of 2024. UP received an overall score of 4 out of 5 points in the latest survey. BNSF received a 4.1 out of 5, although the difference was less than a tenth of a point. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="6d0852c5-f4fb-408d-8368-5b064b1cbb8b"></dynamic-object></div>Canadian Pacific Kansas City (CPKC) struggled for the second consecutive survey, receiving an overall score of 2.7 out of 5 points, while 58.9% of respondents voted it the lowest-performing railroad. While IMCs generally praised CPKC on the high quality of its Mexico Midwest Express service between Mexico and Chicago, most respondents said the railroad struggled on other routes. Common complaints included the railroad providing good customer service for top partners like Schneider in the US and Consolidated Fastfrate in Canada, but not paying enough attention to other IMCs. “CPKC is not customer-focused. Our marketing contact cannot help us with service issues,” one IMC wrote in the survey. “Working with the CPKC is very frustrating trying to get things done.” Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>. </div>

Union Pacific Railroad and J.B. Hunt Transport Services were voted the top railroad and domestic intermodal provider, respectively, for the second half of 2025, according to the latest Journal of Commerce Intermodal Service Scorecard released Tuesday. Overall, more than 90% of respondents were satisfied with domestic intermodal service between July 1 and Dec. 31, 2025, according to the survey of more than 145 shippers and asset-based and non-asset based intermodal marketing companies (IMCs). The ISS is published twice a year. Railroads saw the biggest improvement, with 91.3% of respondents satisfied with performance during last year’s peak season, up from 77.5% during the same period of 2024. Intermodal providers overall, whether asset- or non-asset-based, also received higher scores. Just under 94% of shippers were satisfied with IMC performance, up from 90.9% during peak season 2024. The survey included 100 respondents who were shippers. “In the last six months our volume has been slipping, but Hunt has always provided sufficient equipment,” one shipper wrote in the survey. “They have gone so far as offering to reduce accessorial charges when we run into problems receiving loads at destination, which is a sign that they value our business.” J.B. Hunt received 55.9% when shippers were asked to name the best IMC in the second half of 2025. Asset-light and non-asset IMCs came in second with 29% of the vote. That category encompasses asset-light providers such as Alliance Shippers and C.H. Robinson Worldwide, who own some containers, and pure non-asset IMCs such as Mode Transportation and Uber Freight, among many others. Shippers were asked to grade their IMC partners on a five-point scale, with five being the highest. J.B. Hunt received at least 4 out of 5 points in all categories except for pricing, while the asset-light and non-asset IMCs received at least 4 out of 5 in all categories except technology. J.B. Hunt received an overall grade of 4.6 out of 5, while the asset-light and non-asset IMCs received a score of 4.5. “It’s pretty rare when you can pick up the phone and be able to speak with the president of any company, but this is commonplace with InTek Freight and Logistics,” another shipper wrote. “We value long-term relationships with our vendors, and with InTek, it goes beyond a partnership; we feel like they are an extension of our transportation department.” Schneider received the second-best overall score among large asset-owning intermodal providers at 3.7 out of 5; the category consists of providers with more than 10,000 privately-owned containers. UP wins again for best railroad Union Pacific edged out rival BNSF Railway for the top railroad for the second consecutive survey, although the two railroads traded first and second place in all the key performance indicators (KPI). When choosing among all the Class I railroads, 36.3% of IMCs rated UP as the best railroad, while BNSF received 20.5% of the vote. However, when the KPIs are included, the results show that the two railroads are virtually tied with one another atop the list of all railroads, outperforming the two eastern US railroads and two Canadian railroads. It’s the second consecutive survey where UP has outpaced most of its competitors, a stark change from only three years ago under former CEO Lance Fritz, who handed the reins over to current CEO Jim Vena in August 2023. In the last pre-Vena survey, only 17.1% of IMCs were satisfied with UP’s performance. In the latest survey, 80% were satisfied, up from 53.7% during the same period of 2024. UP received an overall score of 4 out of 5 points in the latest survey. BNSF received a 4.1 out of 5, although the difference was less than a tenth of a point. Canadian Pacific Kansas City (CPKC) struggled for the second consecutive survey, receiving an overall score of 2.7 out of 5 points, while 58.9% of respondents voted it the lowest-performing railroad. While IMCs generally praised CPKC on the high quality of its Mexico Midwest Express service between Mexico and Chicago, most respondents said the railroad struggled on other routes. Common complaints included the railroad providing good customer service for top partners like Schneider in the US and Consolidated Fastfrate in Canada, but not paying enough attention to other IMCs. “CPKC is not customer-focused. Our marketing contact cannot help us with service issues,” one IMC wrote in the survey. “Working with the CPKC is very frustrating trying to get things done.” Contact Ari Ashe at ari.ashe@spglobal.com .

Rail News

North-American rail

Intermodal providers

Surface

UP, J.B. Hunt voted best intermodal providers in H2 ‘25: JOC survey

<div class="phx-topic abstract-wrapper">But the recommendations will not include guidance on handling empty container returns, as port stakeholders see it as a separate issue.</div>

But the recommendations will not include guidance on handling empty container returns, as port stakeholders see it as a separate issue.

<div class="phx-topic">A stakeholder group looking at truck appointment systems at Port of New York and New Jersey marine terminals is expected to release its recommendations this month, which steer clear of how those systems address empty container returns. The management of empty returns has been critical for the port’s truckers, but something that other stakeholders said was outside of the group’s legal limits. Beth Rooney, port director for the Port Authority of New York and New Jersey, said at a state of the port event last week that one of her priorities in 2026 is drafting a plan for “moving forward” on 11 final recommendations from the Appointment Systems Working Group (ASWG). “We’re going to step out with draft work plans for how we as a council and hopefully many of you would be willing to help advance those initiatives,” Rooney said to event attendees. ASWG was formed in June 2024 under the auspices of the Council for Port (CPP) Performance, the Port Authority-led discussion group established in 2014 to address stakeholder concerns about cargo operations. The AWSG was formed because “appointment challenges and system outages have presented elevated traffic issues,” the CPP said in July 2024 meeting minutes. One of the main problems the working group identified was the difficulty some truckers face when making a double-move appointment for an empty container return and an import retrieval. The problem was especially bad in the wake of the pandemic due to the high number of empty containers left at the port. Rooney said that even though AWSG sought to include empty container returns in its draft recommendations, the final set will not include any references to the issue. Instead, those will be addressed in a separate set of recommendations. The commercial terms governing empty container handling by truckers became the main hangup for others in the AWSG. Marine terminal operators and ocean carriers also warned the group’s draft recommendations veered into legal and anti-trust issues by requiring marine terminals to offer empty return appointments or that ocean carriers compensate truckers for off-dock empty container returns. Sustainable Terminal Services, a consortium of NY-NJ terminal operators, said in a December letter the AWSG’s draft recommendations “raised significant legal and federal regulatory concerns” by imposing “commercial and financial terms and requirements on particular parties on a collective basis.” The Ocean Carrier Equipment Management Association (OCEMA) was also prepared to withhold support for the AWSG recommendations unless references to empty container returns were removed or a disclaimer was included to say the recommendations were not the CPP’s consensus view. “OCEMA remains committed to working with other stakeholders to find ways to create efficiencies and improve operations in the port,” OCEMA’s letter said. “If this is to be done successfully through the CPP, there needs to be clarity as to the scope of inquiry.” <h3>Off-dock empty returns </h3>The AWSG was formed in response to the growing pains stemming from the rollout of appointment systems, and especially how they impacted truckers during the pandemic. Port Liberty New Jersey rolled out a half-day appointment system in 2016, while APM Terminals started its full-day system in 2020. By November 2024, APM added the ability to make double-move appointments and reported gate processing improvements, CPP minutes show. By March 2025, APM reported truckers were using up to 80% of the available appointments for returning empty containers. APM’s ability to offer double-move appointments, though, depends on how much space it has for empty containers, which itself depends on how quickly they are removed by ocean carriers. To help manage its empty container inventories, APM also began directing some truckers to “off-dock empty storage” in February 2025, meeting minutes show. Truckers say directing empties to the site just outside the port district adds to traffic and makes it difficult to even meet single-move appointments. But Rooney said the recommendations can’t direct marine terminals on offer double-move appointments for all empties or require paying for an off-dock move. “The CPP has no authority to force anyone to do anything,” Rooney said. “That becomes a contractual issue that we can’t delve into.” Instead, the separate, sector-specific recommendations say ocean carriers should proactively and constantly manage their empty container inventory and regularly evacuate to ensure balance in the port area. Lisa Yakomin, president of the Association of Bi-State Motor Carriers, which represents the port’s drayage carriers, said in a statement to the Journal of Commerce that her group’s members look to bring the issue of empty container management before the Federal Maritime Commission and will look to have the issue addressed in standardized container handling contracts administered by the Intermodal Association of North America. Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com">michael.angell@spglobal.com</a>. </div>

A stakeholder group looking at truck appointment systems at Port of New York and New Jersey marine terminals is expected to release its recommendations this month, which steer clear of how those systems address empty container returns. The management of empty returns has been critical for the port’s truckers, but something that other stakeholders said was outside of the group’s legal limits. Beth Rooney, port director for the Port Authority of New York and New Jersey, said at a state of the port event last week that one of her priorities in 2026 is drafting a plan for “moving forward” on 11 final recommendations from the Appointment Systems Working Group (ASWG). “We’re going to step out with draft work plans for how we as a council and hopefully many of you would be willing to help advance those initiatives,” Rooney said to event attendees. ASWG was formed in June 2024 under the auspices of the Council for Port (CPP) Performance, the Port Authority-led discussion group established in 2014 to address stakeholder concerns about cargo operations. The AWSG was formed because “appointment challenges and system outages have presented elevated traffic issues,” the CPP said in July 2024 meeting minutes. One of the main problems the working group identified was the difficulty some truckers face when making a double-move appointment for an empty container return and an import retrieval. The problem was especially bad in the wake of the pandemic due to the high number of empty containers left at the port. Rooney said that even though AWSG sought to include empty container returns in its draft recommendations, the final set will not include any references to the issue. Instead, those will be addressed in a separate set of recommendations. The commercial terms governing empty container handling by truckers became the main hangup for others in the AWSG. Marine terminal operators and ocean carriers also warned the group’s draft recommendations veered into legal and anti-trust issues by requiring marine terminals to offer empty return appointments or that ocean carriers compensate truckers for off-dock empty container returns. Sustainable Terminal Services, a consortium of NY-NJ terminal operators, said in a December letter the AWSG’s draft recommendations “raised significant legal and federal regulatory concerns” by imposing “commercial and financial terms and requirements on particular parties on a collective basis.” The Ocean Carrier Equipment Management Association (OCEMA) was also prepared to withhold support for the AWSG recommendations unless references to empty container returns were removed or a disclaimer was included to say the recommendations were not the CPP’s consensus view. “OCEMA remains committed to working with other stakeholders to find ways to create efficiencies and improve operations in the port,” OCEMA’s letter said. “If this is to be done successfully through the CPP, there needs to be clarity as to the scope of inquiry.” Off-dock empty returns The AWSG was formed in response to the growing pains stemming from the rollout of appointment systems, and especially how they impacted truckers during the pandemic. Port Liberty New Jersey rolled out a half-day appointment system in 2016, while APM Terminals started its full-day system in 2020. By November 2024, APM added the ability to make double-move appointments and reported gate processing improvements, CPP minutes show. By March 2025, APM reported truckers were using up to 80% of the available appointments for returning empty containers. APM’s ability to offer double-move appointments, though, depends on how much space it has for empty containers, which itself depends on how quickly they are removed by ocean carriers. To help manage its empty container inventories, APM also began directing some truckers to “off-dock empty storage” in February 2025, meeting minutes show. Truckers say directing empties to the site just outside the port district adds to traffic and makes it difficult to even meet single-move appointments. But Rooney said the recommendations can’t direct marine terminals on offer double-move appointments for all empties or require paying for an off-dock move. “The CPP has no authority to force anyone to do anything,” Rooney said. “That becomes a contractual issue that we can’t delve into.” Instead, the separate, sector-specific recommendations say ocean carriers should proactively and constantly manage their empty container inventory and regularly evacuate to ensure balance in the port area. Lisa Yakomin, president of the Association of Bi-State Motor Carriers, which represents the port’s drayage carriers, said in a statement to the Journal of Commerce that her group’s members look to bring the issue of empty container management before the Federal Maritime Commission and will look to have the issue addressed in standardized container handling contracts administered by the Intermodal Association of North America. Contact Michael Angell at michael.angell@spglobal.com .

Port News

Drayage

North American ports

Marine terminals

Maritime

NY-NJ port readying to guide terminals on truck appointment systems

<div class="phx-topic abstract-wrapper">The carrier reported a steep drop in profitability as declining rates combined with higher costs of rerouting ships around southern Africa and startup expenses for the Gemini network.</div>

The carrier reported a steep drop in profitability as declining rates combined with higher costs of rerouting ships around southern Africa and startup expenses for the Gemini network.

<div class="phx-topic">A solid increase in Hapag-Lloyd’s Gemini Cooperation-driven volume last year and cost savings across the new network were not enough to offset a sharply correcting market in 2025, the carrier said Monday. Hapag-Lloyd reported a steep drop in profitability for the year as declining rates combined with the higher costs of rerouting ships around southern Africa and startup expenses for the Gemini network to weigh on its 2025 results. Hapag-Lloyd launched the Gemini network with partner Maersk in February 2025. “Robust growth in global trade and the new Gemini network led to an 8% increase in the transport volume to 13.5 million TEUs,” Hapag-Lloyd said in a statement on its preliminary 2025 results. The carrier provided no after-tax figures; its full annual report with a 2026 outlook will be unveiled March 26. Even as demand rose, it was mirrored by a drop in average rates that were down 8% year over year at $1,376 per TEU. That led to full-year revenue falling 1.9% to $21.1 billion and earnings before interest, taxes, amortization and depreciation (EBITDA) declining 28% to $3.6 billion. While earnings before interest and taxes (EBIT) were down 60% at $1.1 billion, they was at the higher end of the profitability forecast Hapag-Lloyd gave the market following the announcement of its nine-month results last November. <h3>Gemini savings kicking in </h3>The results showed that much of the 2025 financial damage occurred in the fourth quarter, similar to <a href="https://www.joc.com/article/gemini-benefits-face-looming-challenge-from-oversupplied-market-maersk-ceo-6164887">the full-year earnings of Maersk</a> and <a href="https://www.joc.com/article/frontloading-drags-one-to-a-loss-in-its-fiscal-third-quarter-6161263">the fiscal third-quarter results of Ocean Network Express</a>. Hapag-Lloyd’s fourth-quarter volume was up 6% year over year, but revenue fell 7.4% to $5 billion, EBITDA dropped 42% to $800 million and EBIT for the quarter was down 75% at $200 million. “On the other hand, Gemini-related cost savings started kicking in during the second half of 2025 and will be fully realized in 2026,” the carrier said. Hapag-Lloyd’s savings to be generated by Gemini are expected to be between $350 million and $400 million, which is approximately 40% of a total $1 billion in savings the carrier expects to have in place by the end of this year as part of an aggressive cost-savings program across its overall network. Hapag-Lloyd did not provide financials for its Hanseatic Global Terminals division, but it is a key part of the Gemini network. Maersk and Hapag-Lloyd control most of their terminal network, which gives the carriers greater berth access and handling productivity than common user facilities, especially in the congested hubs of Europe. That access saw Maersk reporting a record performance in its terminals division in 2025. Maritime consultant Drewry has upgraded its financial year 2025 profit forecast from $20 billion to $32 billion following “better than expected” third-quarter results from carriers and raised the outlook for 2026 from a $10 billion loss to a $1 billion profit. Contact Greg Knowler at <a href="https://www.joc.com/article/frontloading-drags-one-to-a-loss-in-its-fiscal-third-quarter-6161263">greg.knowler@spglobal.com</a>. </div>

A solid increase in Hapag-Lloyd’s Gemini Cooperation-driven volume last year and cost savings across the new network were not enough to offset a sharply correcting market in 2025, the carrier said Monday. Hapag-Lloyd reported a steep drop in profitability for the year as declining rates combined with the higher costs of rerouting ships around southern Africa and startup expenses for the Gemini network to weigh on its 2025 results. Hapag-Lloyd launched the Gemini network with partner Maersk in February 2025. “Robust growth in global trade and the new Gemini network led to an 8% increase in the transport volume to 13.5 million TEUs,” Hapag-Lloyd said in a statement on its preliminary 2025 results. The carrier provided no after-tax figures; its full annual report with a 2026 outlook will be unveiled March 26. Even as demand rose, it was mirrored by a drop in average rates that were down 8% year over year at $1,376 per TEU. That led to full-year revenue falling 1.9% to $21.1 billion and earnings before interest, taxes, amortization and depreciation (EBITDA) declining 28% to $3.6 billion. While earnings before interest and taxes (EBIT) were down 60% at $1.1 billion, they was at the higher end of the profitability forecast Hapag-Lloyd gave the market following the announcement of its nine-month results last November. Gemini savings kicking in The results showed that much of the 2025 financial damage occurred in the fourth quarter, similar to the full-year earnings of Maersk and the fiscal third-quarter results of Ocean Network Express . Hapag-Lloyd’s fourth-quarter volume was up 6% year over year, but revenue fell 7.4% to $5 billion, EBITDA dropped 42% to $800 million and EBIT for the quarter was down 75% at $200 million. “On the other hand, Gemini-related cost savings started kicking in during the second half of 2025 and will be fully realized in 2026,” the carrier said. Hapag-Lloyd’s savings to be generated by Gemini are expected to be between $350 million and $400 million, which is approximately 40% of a total $1 billion in savings the carrier expects to have in place by the end of this year as part of an aggressive cost-savings program across its overall network. Hapag-Lloyd did not provide financials for its Hanseatic Global Terminals division, but it is a key part of the Gemini network. Maersk and Hapag-Lloyd control most of their terminal network, which gives the carriers greater berth access and handling productivity than common user facilities, especially in the congested hubs of Europe. That access saw Maersk reporting a record performance in its terminals division in 2025. Maritime consultant Drewry has upgraded its financial year 2025 profit forecast from $20 billion to $32 billion following “better than expected” third-quarter results from carriers and raised the outlook for 2026 from a $10 billion loss to a $1 billion profit. Contact Greg Knowler at greg.knowler@spglobal.com .

Container lines

Container Shipping News

Fourth-quarter rate slump drags down Hapag-Lloyd’s 2025 financials

<div class="phx-topic abstract-wrapper">The entire port workforce walked off the job almost two weeks ago to protest a government decision to lease the port’s busiest terminal to DP World.</div>

The entire port workforce walked off the job almost two weeks ago to protest a government decision to lease the port’s busiest terminal to DP World.

<div class="phx-topic">Container flows in and out of Bangladesh’s Chittagong Port resumed Monday after dockworkers and port employees suspended their nearly two-week-long strike until Feb. 15 “in the national interest,” local industry sources told the Journal of Commerce. The entire Chittagong port workforce <a href="https://www.joc.com/article/labor-strike-at-chittagong-port-cripples-bangladesh-container-flows-6164202">had walked off the job</a> to protest a government decision to lease the port’s busiest facility, the New Mooring Container Terminal (NMCT), to DP World. Workers agreed to return to work in view of the country’s upcoming general elections and the need to handle Ramadan-related festival cargo, according to the Chattogram Bandar Rokkha Sangram Parishad, the labor group spearheading the industrial action. The group said in a statement it returned to work “to ensure uninterrupted release of essential goods.” Port authorities are also believed to have assured labor representatives that the incumbent government would not push through the NMCT leasing deal. But it remained unclear whether workers would start a new strike next weekend. “All terminals within Chittagong [Chattogram] Port are expected to restart operations, and our teams are already in close coordination with port authorities, terminal operators and relevant stakeholders to support a smooth and safe ramp-up of cargo movement,” Maersk said in a customer advisory. “We will continue to monitor the situation closely.” However, local shipping sources do not expect supply chain operations at Bangladesh’s main gateway to normalize anytime soon, citing huge cargo backlogs and the risk of renewed disruption. “The dock is severely congested, and it is unlikely that many waiting vessels will be able to secure berths over the next few days,” a Chittagong-based ship agent who didn’t want to be identified told the Journal of Commerce. Contact Bency Mathew at <a href="mailto:bencyvmathew@gmail.com">bencyvmathew@gmail.com</a>. </div>

Container flows in and out of Bangladesh’s Chittagong Port resumed Monday after dockworkers and port employees suspended their nearly two-week-long strike until Feb. 15 “in the national interest,” local industry sources told the Journal of Commerce. The entire Chittagong port workforce had walked off the job to protest a government decision to lease the port’s busiest facility, the New Mooring Container Terminal (NMCT), to DP World. Workers agreed to return to work in view of the country’s upcoming general elections and the need to handle Ramadan-related festival cargo, according to the Chattogram Bandar Rokkha Sangram Parishad, the labor group spearheading the industrial action. The group said in a statement it returned to work “to ensure uninterrupted release of essential goods.” Port authorities are also believed to have assured labor representatives that the incumbent government would not push through the NMCT leasing deal. But it remained unclear whether workers would start a new strike next weekend. “All terminals within Chittagong [Chattogram] Port are expected to restart operations, and our teams are already in close coordination with port authorities, terminal operators and relevant stakeholders to support a smooth and safe ramp-up of cargo movement,” Maersk said in a customer advisory. “We will continue to monitor the situation closely.” However, local shipping sources do not expect supply chain operations at Bangladesh’s main gateway to normalize anytime soon, citing huge cargo backlogs and the risk of renewed disruption. “The dock is severely congested, and it is unlikely that many waiting vessels will be able to secure berths over the next few days,” a Chittagong-based ship agent who didn’t want to be identified told the Journal of Commerce. Contact Bency Mathew at bencyvmathew@gmail.com .

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<div class="phx-topic abstract-wrapper">Ship operators say a return to the Red Sea hinges on broad shipper acceptance across multi-shipper voyages, according to a survey conducted by One World Shipbrokers. </div>

Ship operators say a return to the Red Sea hinges on broad shipper acceptance across multi-shipper voyages, according to a survey conducted by One World Shipbrokers.

<div class="phx-topic">Multipurpose vessel (MPV) operators remain deeply opposed to a return to Red Sea transits despite moves by container lines to resume trade corridors through the Suez Canal. Gemini Cooperation partners Maersk and Hapag-Lloyd <a href="https://www.joc.com/article/maersk-hapag-lloyd-confirm-theyll-route-gemini-service-through-suez-6163432">announced Feb. 3</a> that vessels in their ME11/IMX service will be routed through the Suez Canal in mid-February, marking the first time in more than two years that a Gemini service has transited the Red Sea. However, in the Jan. 28 One World Shipbrokers’ Market Sentiment Index (MSI), Justin Archard, founder and senior shipbroker at the company, surveyed 26 MPV operators and asked them to rate from 1 to 10 how willing they are to transit the Red Sea and/or Suez Canal based on current conditions. A score of 1 indicated “no way” and 10 equaled “no problem.” Half of the respondents gave a score of 1, while only three scored higher than 5 and no carrier replied with a 10. The mean response was 2.8. The carriers that showed more of a tendency to consider Suez transits were semi-liner MPV operators that typically operate higher deadweight tonnage. Suez Canal transits generally trended upward in 2025 but still remain 50% lower than they were in late 2023, Archard said. A contributor to the MSI survey said that a return to Suez transits hinges on securing broad shipper acceptance across multi-shipper voyages, yet getting everyone aligned is proving to be “a challenge.” <h3>Stable market conditions prevail </h3>The 20th edition of the MSI for the MPV and breakbulk industry showed a third successive — albeit modest — rise to a level of 53.4, from 53.3. The MSI 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. This tallied with the Feb. 6 Toepfer Multipurpose Index (TMI) assessment of $12,701 per day for February, up from $12,648 per day in January. Toepfer’s TMI is based on expected average rates for six- to 12-month time charters for 12,500-deadweight ton “F-Type” vessels with safe working loads (SWLs) of 240-360 metric tons, as reported to Toepfer by owners and operators. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="b18155ea-a9ea-4cd7-a428-29704663b957"></dynamic-object></div>“The sideways movement in MPV charter rates continues despite the approach of the Chinese New Year celebrations, which generally cause import and export activities in Chinese ports to cease for about a week,” said Toepfer Transport. “The TMI rate is rising slightly, and the majority of carriers are expressing positive sentiment.” Archard said the MPV sector entered 2026 in “a balanced and resilient position,” maintaining a positive outlook for the year. “Forecasts made 12 months ago for improving market conditions have proven demonstrably correct, even inside the maelstrom of uncertainty,” he said. The outlook for the next MSI, due for publication at the end of April, points to a further modest increase, although a contributor to the MSI warned that the longer-term outlook is still driven by uncertainty. “Several elections in the Americas this year, coupled with a slow political move to the right, bodes well for mining and oil and gas, but less well for renewables in the Americas,” the respondent said. Contact Carly Fields at <a href="mailto:carly.fields@spglobal.com">carly.fields@spglobal.com</a>. </div>

Multipurpose vessel (MPV) operators remain deeply opposed to a return to Red Sea transits despite moves by container lines to resume trade corridors through the Suez Canal. Gemini Cooperation partners Maersk and Hapag-Lloyd announced Feb. 3 that vessels in their ME11/IMX service will be routed through the Suez Canal in mid-February, marking the first time in more than two years that a Gemini service has transited the Red Sea. However, in the Jan. 28 One World Shipbrokers’ Market Sentiment Index (MSI), Justin Archard, founder and senior shipbroker at the company, surveyed 26 MPV operators and asked them to rate from 1 to 10 how willing they are to transit the Red Sea and/or Suez Canal based on current conditions. A score of 1 indicated “no way” and 10 equaled “no problem.” Half of the respondents gave a score of 1, while only three scored higher than 5 and no carrier replied with a 10. The mean response was 2.8. The carriers that showed more of a tendency to consider Suez transits were semi-liner MPV operators that typically operate higher deadweight tonnage. Suez Canal transits generally trended upward in 2025 but still remain 50% lower than they were in late 2023, Archard said. A contributor to the MSI survey said that a return to Suez transits hinges on securing broad shipper acceptance across multi-shipper voyages, yet getting everyone aligned is proving to be “a challenge.” Stable market conditions prevail The 20th edition of the MSI for the MPV and breakbulk industry showed a third successive — albeit modest — rise to a level of 53.4, from 53.3. The MSI 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. This tallied with the Feb. 6 Toepfer Multipurpose Index (TMI) assessment of $12,701 per day for February, up from $12,648 per day in January. Toepfer’s TMI is based on expected average rates for six- to 12-month time charters for 12,500-deadweight ton “F-Type” vessels with safe working loads (SWLs) of 240-360 metric tons, as reported to Toepfer by owners and operators. “The sideways movement in MPV charter rates continues despite the approach of the Chinese New Year celebrations, which generally cause import and export activities in Chinese ports to cease for about a week,” said Toepfer Transport. “The TMI rate is rising slightly, and the majority of carriers are expressing positive sentiment.” Archard said the MPV sector entered 2026 in “a balanced and resilient position,” maintaining a positive outlook for the year. “Forecasts made 12 months ago for improving market conditions have proven demonstrably correct, even inside the maelstrom of uncertainty,” he said. The outlook for the next MSI, due for publication at the end of April, points to a further modest increase, although a contributor to the MSI warned that the longer-term outlook is still driven by uncertainty. “Several elections in the Americas this year, coupled with a slow political move to the right, bodes well for mining and oil and gas, but less well for renewables in the Americas,” the respondent said. Contact Carly Fields at carly.fields@spglobal.com .

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