<div class="phx-topic abstract-wrapper">Kevin Price, president of the port’s stevedoring services company Gateway Terminals, will join GPA in July as president and then add the CEO’s role in mid-2027.</div>

Kevin Price, president of the port’s stevedoring services company Gateway Terminals, will join GPA in July as president and then add the CEO’s role in mid-2027.

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<div class="phx-topic">The Georgia Ports Authority (GPA) on Tuesday unveiled an 18-month succession plan that will see long-time CEO Griff Lynch step down in mid-2027 and replaced by a marine terminals veteran who will initially come aboard as GPA’s president this summer.Kevin Price, president of the Port of Savannah’s stevedoring services company Gateway Terminals, will join GPA in July as president and then add the CEO’s role in mid-2027, GPA said in a statement. Price will lead Savannah as it plans its next growth phase with the opening of a new container terminal in the next decade.“Georgia Ports’ long-term approach with its employees, customers, business partners and infrastructure investments are competitive differentiators,” Price said in the statement. Price has served as president of Gateway Terminals since 2022. Prior to that, he spent four years at stevedore Virginia International Terminals, where he rose to chief operating officer. His prior experience includes time at the former Global Container Terminals facility in New Jersey, and with Maersk and APM Terminals in their Northeast operations. Under Lynch, <a href="https://www.joc.com/article/lynch-to-succeed-foltz-as-georgia-ports-chief-5212877">who became chief executive of the port in 2016</a>, Savannah saw total container volumes handled go from 3.6 million TEUs to 5.7 million TEUs in 2025, a 4.5% annual average rate. During that time, the Port of Savannah <a href="https://www.joc.com/article/savannah-expands-with-2030-goal-of-9-million-teu-5222906">dredged its harbor to 47 feet</a> and modernized <a href="https://www.joc.com/article/savannah-project-reflects-growing-premium-for-us-berth-space-5243335">the Garden City Terminal, allowing it to handle three post-Panamax ships at once</a>. The GPA likewise built up rail capacity at Savannah with upgrades to <a href="https://www.joc.com/article/us-se-ports-prepping-more-growth-amid-continued-west-coast-diversions_20230306.html">the Mason Mega rail terminal that allowed it to handle 1 million container lifts annually</a>, and the <a href="https://www.joc.com/article/us-southeast-ports-expand-intermodal-rail-reach-5245618">completion of the Appalachian Regional Port in 2018</a> and expected completion this year of <a href="https://www.joc.com/article/ns-to-eliminate-midwest-service-from-charleston-savannah-due-to-low-volumes-5200097">the Blue Ridge Connector inland port</a>. Along with finishing the Blue Ridge Connector, the GPA’s near-term plans include opening two new container berths at its Ocean Terminal by 2027. The GPA is also working with the state to increase the air clearance for ships on the Savannah River by raising the Talmadge Bridge. The GPA said in its most recent annual report that it expects container volume to increase just over 45% through 2035. That equates to a 3.7% average annual growth rate that would put Savannah’s volumes at 8.3 million TEUs over the next decade. To handle that growth, the GPA is looking to secure a permit for the construction of the Savannah Container Terminal on Tybee Island at the mouth of the Savannah River. The terminal, which would have berths for three large vessels, is targeted for completion in 2032 at a cost of approximately $4.5 billion. Contact Michael Angell at <a href="mailto: michael.angell@spglobal.com">michael.angell@spglobal.com</a>. </div>

The Georgia Ports Authority (GPA) on Tuesday unveiled an 18-month succession plan that will see long-time CEO Griff Lynch step down in mid-2027 and replaced by a marine terminals veteran who will initially come aboard as GPA’s president this summer. Kevin Price, president of the Port of Savannah’s stevedoring services company Gateway Terminals, will join GPA in July as president and then add the CEO’s role in mid-2027, GPA said in a statement. Price will lead Savannah as it plans its next growth phase with the opening of a new container terminal in the next decade. “Georgia Ports’ long-term approach with its employees, customers, business partners and infrastructure investments are competitive differentiators,” Price said in the statement. Price has served as president of Gateway Terminals since 2022. Prior to that, he spent four years at stevedore Virginia International Terminals, where he rose to chief operating officer. His prior experience includes time at the former Global Container Terminals facility in New Jersey, and with Maersk and APM Terminals in their Northeast operations. Under Lynch, who became chief executive of the port in 2016 , Savannah saw total container volumes handled go from 3.6 million TEUs to 5.7 million TEUs in 2025, a 4.5% annual average rate. During that time, the Port of Savannah dredged its harbor to 47 feet and modernized the Garden City Terminal, allowing it to handle three post-Panamax ships at once . The GPA likewise built up rail capacity at Savannah with upgrades to the Mason Mega rail terminal that allowed it to handle 1 million container lifts annually , and the completion of the Appalachian Regional Port in 2018 and expected completion this year of the Blue Ridge Connector inland port . Along with finishing the Blue Ridge Connector, the GPA’s near-term plans include opening two new container berths at its Ocean Terminal by 2027. The GPA is also working with the state to increase the air clearance for ships on the Savannah River by raising the Talmadge Bridge. The GPA said in its most recent annual report that it expects container volume to increase just over 45% through 2035. That equates to a 3.7% average annual growth rate that would put Savannah’s volumes at 8.3 million TEUs over the next decade. To handle that growth, the GPA is looking to secure a permit for the construction of the Savannah Container Terminal on Tybee Island at the mouth of the Savannah River. The terminal, which would have berths for three large vessels, is targeted for completion in 2032 at a cost of approximately $4.5 billion. Contact Michael Angell at michael.angell@spglobal.com .

Port infrastructure

Marine terminals

North American ports

GPA names next CEO as Savannah readies for new growth phase

<div class="phx-topic abstract-wrapper">Xeneta’s “Schedule Reliability Scorecard” for 2025 showed Maersk and Hapag-Lloyd are more reliable under Gemini than in standalone services, while other alliances showed uneven performance among partners. </div>

Xeneta’s “Schedule Reliability Scorecard” for 2025 showed Maersk and Hapag-Lloyd are more reliable under Gemini than in standalone services, while other alliances showed uneven performance among partners.

<div class="phx-topic">Maersk and Hapag-Lloyd broke further away from other ocean carriers in on-time performance in 2025, although vessels under their new Gemini Cooperation alliance showed better reliability than their standalone services, data from Xeneta shows. Most other carriers saw performance remaining flat last year, with reliability varying among other alliances. Xeneta’s “Schedule Reliability Scorecard” for 2025 showed that Maersk saw 56% of all its ships arrive on time last year, with an average delay of two days. That is up from the 37% on-time performance and average two-and-half day delay reported at the end of 2024 by eeSea, which Xeneta acquired last August. Meanwhile, second-place Hapag-Lloyd also saw improvement in its 2025 overall reliability, Xeneta data showed, with 52% of all vessels arriving on time and an average delay of three days. At the end of 2024, Hapag-Lloyd saw only about a fifth of its ships arriving on time with an average delay of close to five days. The gain for each carrier stems from the jointly-operated services under the Gemini partnership, with vessels in the alliance hitting 81% schedule reliability. But Xeneta said the performance data shows “the reliability of their non-alliance partnerships generally falls short of Gemini’s optimized structure.”The average delay days for Maersk and Hapag-Lloyd are the lowest among the 12 global ocean carriers in Xeneta’s benchmark. Among that group, delays averaged about four-and-half days. Cosco Shipping and Wan Hai Lines saw average delays of just under three-and-half days, while HMM saw an average eight-and-half-day delay, the highest among the dozen carriers on Xeneta’s list. <h3>Alliance partners show mixed results</h3>Container alliances other than Gemini saw their overall performance in 2025 remain largely flat, Xeneta’s data showed. Individual ocean carrier performance within those alliances varied, which Xeneta said highlighted the need for shippers to know who is operating a particular service. Xeneta said Ocean Alliance had an overall on-time performance of 26% in 2025, which is a step up from the 20% reported for the alliance in 2024. The gain stems largely from improvements at CMA CGM, which saw on-time performance reach 33% in 2025 versus 27% in 2024, and Cosco Shipping, which reached 35% in 2025 compared with a 24% rate the year prior. Those gains appeared to offset performance from Ocean Alliance partner Evergreen Marine, which lagged with a 25% on-time performance last year. “This is valuable evidence for shippers to consider selecting CMA CGM or COSCO on their non-alliance offerings, or to potentially lean into Ocean Alliance services where they function as the primary vessel providers instead of [Evergreen],” Xeneta said.A similar dynamic played out with the Premier Alliance, which had an overall on-time performance of 26% last year. Partners Ocean Network Express and Yang Ming both saw individual on-time performance hit close to that mark, but HMM was only at a 15% on-time rate, according to Xeneta.Mediterranean Shipping Co. saw its on-time performance hit 25% last year with a nearly five-day average delay, “just a pace above the bottom of our rankings” Xeneta said. Zim Integrated Shipping Services, which has container space-sharing agreements with MSC on several lanes, saw last year’s on-time performance improve to 36%, up from 27% in 2024 and placing it in the top three for 2025. Contact Michael Angell at <a href="mailto: michael.angell@spglobal.com">michael.angell@spglobal.com</a>.</div>

Maersk and Hapag-Lloyd broke further away from other ocean carriers in on-time performance in 2025, although vessels under their new Gemini Cooperation alliance showed better reliability than their standalone services, data from Xeneta shows. Most other carriers saw performance remaining flat last year, with reliability varying among other alliances. Xeneta’s “Schedule Reliability Scorecard” for 2025 showed that Maersk saw 56% of all its ships arrive on time last year, with an average delay of two days. That is up from the 37% on-time performance and average two-and-half day delay reported at the end of 2024 by eeSea, which Xeneta acquired last August. Meanwhile, second-place Hapag-Lloyd also saw improvement in its 2025 overall reliability, Xeneta data showed, with 52% of all vessels arriving on time and an average delay of three days. At the end of 2024, Hapag-Lloyd saw only about a fifth of its ships arriving on time with an average delay of close to five days. The gain for each carrier stems from the jointly-operated services under the Gemini partnership, with vessels in the alliance hitting 81% schedule reliability. But Xeneta said the performance data shows “the reliability of their non-alliance partnerships generally falls short of Gemini’s optimized structure.” The average delay days for Maersk and Hapag-Lloyd are the lowest among the 12 global ocean carriers in Xeneta’s benchmark. Among that group, delays averaged about four-and-half days. Cosco Shipping and Wan Hai Lines saw average delays of just under three-and-half days, while HMM saw an average eight-and-half-day delay, the highest among the dozen carriers on Xeneta’s list. Alliance partners show mixed results Container alliances other than Gemini saw their overall performance in 2025 remain largely flat, Xeneta’s data showed. Individual ocean carrier performance within those alliances varied, which Xeneta said highlighted the need for shippers to know who is operating a particular service. Xeneta said Ocean Alliance had an overall on-time performance of 26% in 2025, which is a step up from the 20% reported for the alliance in 2024. The gain stems largely from improvements at CMA CGM, which saw on-time performance reach 33% in 2025 versus 27% in 2024, and Cosco Shipping, which reached 35% in 2025 compared with a 24% rate the year prior. Those gains appeared to offset performance from Ocean Alliance partner Evergreen Marine, which lagged with a 25% on-time performance last year. “This is valuable evidence for shippers to consider selecting CMA CGM or COSCO on their non-alliance offerings, or to potentially lean into Ocean Alliance services where they function as the primary vessel providers instead of [Evergreen],” Xeneta said. A similar dynamic played out with the Premier Alliance, which had an overall on-time performance of 26% last year. Partners Ocean Network Express and Yang Ming both saw individual on-time performance hit close to that mark, but HMM was only at a 15% on-time rate, according to Xeneta. Mediterranean Shipping Co. saw its on-time performance hit 25% last year with a nearly five-day average delay, “just a pace above the bottom of our rankings” Xeneta said. Zim Integrated Shipping Services, which has container space-sharing agreements with MSC on several lanes, saw last year’s on-time performance improve to 36%, up from 27% in 2024 and placing it in the top three for 2025. Contact Michael Angell at michael.angell@spglobal.com .

Asia-Europe

Trans-Pacific

Container lines

Gemini schedule reliability shows sum greater than its parts: Xeneta  

<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.

<div class="phx-topic">Union Pacific Railroad (UP) 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 the peak season of 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 (KPIs). 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 such as 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 (UP) 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 the peak season of 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 (KPIs). 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 such as 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

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 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 .

International ports

Longshore labor

Bangladesh boxes begin to move as Chittagong port workers suspend strike

<div class="phx-topic abstract-wrapper">The current market situation is favorable for BCOs, and the temptation will be great to drive down base rates because of internal cost pressures, writes John McCauley.</div>

The current market situation is favorable for BCOs, and the temptation will be great to drive down base rates because of internal cost pressures, writes John McCauley.

<div class="phx-topic">At this time of year, many have reflected on 2025 and made resolutions for 2026. I have adjusted this to make no resolutions, but a few predictions that, in most cases, I hope will not materialize. In addition, I want to give some advice to beneficial cargo owners (BCOs), many of whom are in various stages of negotiations for 2026–27 service contracts. Starting with the predictions, let’s consider some supply, capacity, and demand issues. <h3>Capacity </h3>I expect Red Sea transits will resume, but very slowly and primarily for East Med cargo and for the India sub-continent to the East Coast of the US. Asia-Europe transits will only resume if insurance premiums disappear. The Houthis are still present and will be volatile and unreliable, so they remain the wild card for this prediction. At best, Asia-Europe, if Suez passage resumes, would take six months to stabilize. The US port fees for Chinese-built and -owned vessels will be a non-event. However, for carriers, the sword of Damocles is hanging over this one, so don’t expect any major service reshuffles. Sadly, service reliability levels will stay stable at a horrible 60%, notwithstanding the herculean efforts of Gemini to drag the industry up. Most carriers won’t care enough to do something about it. Expect significant trucking and drayage disruption in the US. Bankruptcies will rise as seasonality gets more unpredictable. Driver shortages will get worse. The consequences will be price volatility, both up and down, with significant backlogs adding to detention and demurrage bills. Berthing and landside restrictions will continue to hinder moving larger vessels to north-south trades as few terminals are deep-sea; they are river or bay, at best, and are often hemmed in by towns and cities and tidal-constrained. <h3>Demand </h3>Many BCOs are under high internal pressure to contribute to reductions in overall supply chain costs as margins become thinner through higher input costs (somewhat largely driven by tariffs), downstream price squeezing, and weaker demand. Container freight downward trends will be an obvious target. Keep an eye on US credit card debt and defaults, which will rise significantly by the third quarter at the latest, thus further softening demand. Macro level indicators will prey on demand. US inflation will remain stubbornly near at least 2.5% to 3% while unemployment will remain at about 4.5% as immigration net deficits offset layoffs. Job creation will stagnate. Depending on the GDP trend, expect a high likelihood of stagflation toward the end of the fourth quarter (subject to the reliability of US government data). China will continue manufacturing export expansion and increase its proportion of global trade. <h3>Recommendation </h3>What does this mean for upcoming service contract negotiations? With the expectation of vessel oversupply continuing through the year, BCOs will push to the limit to reduce base rates. They will face several dilemmas, including how to get rid of unmerited and unjustifiable surcharges and which carriers to choose from in alliances and vessel-sharing agreements. Overall, the market situation is favorable for BCOs. The temptation to drive down base rates will be great because of internal cost pressures and/or wanting to make up for some years of carrier supply strength. This should be tempered with a caveat that many BCOs have been burnt in the past for being too empathetic to carriers’ financial difficulties. If I were in the shoes of a medium-size BCO of 30,000 TEUs and above, I would select a mix that would aim for base rates around the Xeneta/NYSHEX forecast average index levels, even if offered lower rates than those levels. It is important to keep in with Mediterranean Shipping Co. even if you don’t use them today. I would use index-linked contracts today and continue to do so with a maximum of 50% to leave yourself some volume for fixed rates and some spot prices. Of that remaining volume, I would leave about 25% for spot as the downside risk is still relatively low. Finally, the market situation should allow for BCOs to get into their contracts the exclusion of any non-explainable (by the carrier) and justifiable (judged and accepted by the BCO) surcharges. John McCauley, formerly a vice president of transportation and logistics at Cargill, now consults for shippers. Contact him at <a href="mailto:john-mccauley1@outlook.com">john-mccauley1@outlook.com</a>.</div>

At this time of year, many have reflected on 2025 and made resolutions for 2026. I have adjusted this to make no resolutions, but a few predictions that, in most cases, I hope will not materialize. In addition, I want to give some advice to beneficial cargo owners (BCOs), many of whom are in various stages of negotiations for 2026–27 service contracts. Starting with the predictions, let’s consider some supply, capacity, and demand issues. Capacity I expect Red Sea transits will resume, but very slowly and primarily for East Med cargo and for the India sub-continent to the East Coast of the US. Asia-Europe transits will only resume if insurance premiums disappear. The Houthis are still present and will be volatile and unreliable, so they remain the wild card for this prediction. At best, Asia-Europe, if Suez passage resumes, would take six months to stabilize. The US port fees for Chinese-built and -owned vessels will be a non-event. However, for carriers, the sword of Damocles is hanging over this one, so don’t expect any major service reshuffles. Sadly, service reliability levels will stay stable at a horrible 60%, notwithstanding the herculean efforts of Gemini to drag the industry up. Most carriers won’t care enough to do something about it. Expect significant trucking and drayage disruption in the US. Bankruptcies will rise as seasonality gets more unpredictable. Driver shortages will get worse. The consequences will be price volatility, both up and down, with significant backlogs adding to detention and demurrage bills. Berthing and landside restrictions will continue to hinder moving larger vessels to north-south trades as few terminals are deep-sea; they are river or bay, at best, and are often hemmed in by towns and cities and tidal-constrained. Demand Many BCOs are under high internal pressure to contribute to reductions in overall supply chain costs as margins become thinner through higher input costs (somewhat largely driven by tariffs), downstream price squeezing, and weaker demand. Container freight downward trends will be an obvious target. Keep an eye on US credit card debt and defaults, which will rise significantly by the third quarter at the latest, thus further softening demand. Macro level indicators will prey on demand. US inflation will remain stubbornly near at least 2.5% to 3% while unemployment will remain at about 4.5% as immigration net deficits offset layoffs. Job creation will stagnate. Depending on the GDP trend, expect a high likelihood of stagflation toward the end of the fourth quarter (subject to the reliability of US government data). China will continue manufacturing export expansion and increase its proportion of global trade. Recommendation What does this mean for upcoming service contract negotiations? With the expectation of vessel oversupply continuing through the year, BCOs will push to the limit to reduce base rates. They will face several dilemmas, including how to get rid of unmerited and unjustifiable surcharges and which carriers to choose from in alliances and vessel-sharing agreements. Overall, the market situation is favorable for BCOs. The temptation to drive down base rates will be great because of internal cost pressures and/or wanting to make up for some years of carrier supply strength. This should be tempered with a caveat that many BCOs have been burnt in the past for being too empathetic to carriers’ financial difficulties. If I were in the shoes of a medium-size BCO of 30,000 TEUs and above, I would select a mix that would aim for base rates around the Xeneta/NYSHEX forecast average index levels, even if offered lower rates than those levels. It is important to keep in with Mediterranean Shipping Co. even if you don’t use them today. I would use index-linked contracts today and continue to do so with a maximum of 50% to leave yourself some volume for fixed rates and some spot prices. Of that remaining volume, I would leave about 25% for spot as the downside risk is still relatively low. Finally, the market situation should allow for BCOs to get into their contracts the exclusion of any non-explainable (by the carrier) and justifiable (judged and accepted by the BCO) surcharges. John McCauley, formerly a vice president of transportation and logistics at Cargill, now consults for shippers. Contact him at john-mccauley1@outlook.com .

A few market predictions and some advice for BCOs as contract season heats up

<div class="phx-topic abstract-wrapper">There are a lot of theories explaining the current freight recession, but there is no disputing that decreased demand, cutthroat competition, and plummeting rates have occurred simultaneously with inflationary cost components, writes Ted Prince.</div>

There are a lot of theories explaining the current freight recession, but there is no disputing that decreased demand, cutthroat competition, and plummeting rates have occurred simultaneously with inflationary cost components, writes Ted Prince.

<div class="phx-topic">In 1948, Gerald Hern, sports editor of the Boston Post, composed a brief poem describing the Boston Braves’ pitching en route to the 1948 National League pennant: First we’ll use Spahn then we’ll use Sain Then an off day, followed by rain Back will come Spahn, followed by Sain And followed, we hope, by two days of rain Warren Spahn and Johnny Sain were responsible for 39 of the Braves’ 91 victories that year. However, it was common to have a one-two punch at the top of a team’s pitching rotation. Intermodal has a similar duality: international and domestic — primarily dry 40- and 53-foot containers, respectively. While intermodal has a plethora of markets and equipment, the two segments have been carrying the industry for decades to constant new heights. They are also closely correlated in that a great deal of the domestic market is import cargo that was transloaded on the West Coast for movement inland. Hern’s work comes to mind when thinking about intermodal’s performance in 2025 and its prospects for 2026. Unlike the hoped-for two days of good rain, the industry has endured four years of painful rain since the halcyon volumes of 2021, the “good old days” of the COVID-19 pandemic. There are a lot of theories explaining the current freight “recession,” but there is no disputing that decreased demand, cutthroat competition, and plummeting rates have occurred simultaneously with inflationary cost components. As a result, intermodal has frequently found itself as a surface freight alternative that is slower and more expensive than trucking. And while there were some green shoots in 2024, the industry has been hoping for a second-half recovery — that has failed to materialize — in each of the past three years. The same seems true for 2026. <h3>Supply and demand drivers </h3>As we look forward, we need to consider supply and demand drivers. “Affordability” has taken the place of prominence in our political lexicon. As the costs of food and housing rise, discretionary income for other consumer products has shriveled and reduced demand. The same goes for increasing credit card, car, and student loan debt. Regardless of mortgage rates, there are long-term limitations on housing starts. This can further reduce consumer demand because so many purchases — e.g., furniture, home, electronics, etc. — are often associated with new homes. And although seven-year car loans have become more common, I don’t believe 50-year home mortgages will have the same penetration. With demand problematic, intermodal success will probably rely on supply changes. Many contend that the demand during the early days of COVID-19 created excess capacity that the truck market is still trying to absorb. However, it is unclear whether there was really an increase in overall capacity, or just realignment as many truckers decided to go out on their own. Regardless, there were a number of carriers that acquired capacity at historically high prices and must keep operating to just make their payments. The normal culling of unprofitable capacity was precluded by this inability to exit the market, ensuring a never-ending supply of zombie truckers. This capacity is getting older and more expensive to operate. Nevertheless, there is a feeling (or hope?) that 2026 will finally see marginal carriers leave the market and rate stability restored. <h3>Enhanced regulatory oversight </h3>The environmental green benefits of intermodal are not a priority for the current administration, so economic green will be paramount. Most likely that would come from increased regulatory oversight. Enhanced enforcement on non-domiciled commercial driver’s licenses is reducing driver supply. And there is still the unknown of hacked electronic logging devices allowing for illegal hours of service. What is unclear is whether these initiatives will impact truckload and drayage carriers equally, or whether one segment will suffer disproportionate opprobrium. If it is the former, intermodal will be advantaged; however, if it is the latter, maybe not. The former would be a rising tide that would raise all intermodal ships, whereas the latter could see the further ascendance of bimodal operations with integrated drayage overseen by robust safety regimens. In an attempt to increase demand, we can expect major players to assume prominent roles. Railroads and bimodals will seek to deploy equipment that has been stored for years. Ocean carriers will continue to consider their inland options. Finally, ports may become more involved as they explore inland options to attract more discretionary cargo. There are no historical comparisons for the last five years. It is unclear when the market will turn, but when it does, the recovery will follow Ernest Hemingway’s description: “Gradually, then suddenly.” We can then hope for the sun also to rise on intermodal. Ted Prince is founder and CEO of Tri-Cities Intermodal LLC. Contact him at <a href="mailto:ted@tricitiesintermodal.com">ted@tricitiesintermodal.com</a>.</div>

In 1948, Gerald Hern, sports editor of the Boston Post, composed a brief poem describing the Boston Braves’ pitching en route to the 1948 National League pennant: First we’ll use Spahn then we’ll use Sain Then an off day, followed by rain Back will come Spahn, followed by Sain And followed, we hope, by two days of rain Warren Spahn and Johnny Sain were responsible for 39 of the Braves’ 91 victories that year. However, it was common to have a one-two punch at the top of a team’s pitching rotation. Intermodal has a similar duality: international and domestic — primarily dry 40- and 53-foot containers, respectively. While intermodal has a plethora of markets and equipment, the two segments have been carrying the industry for decades to constant new heights. They are also closely correlated in that a great deal of the domestic market is import cargo that was transloaded on the West Coast for movement inland. Hern’s work comes to mind when thinking about intermodal’s performance in 2025 and its prospects for 2026. Unlike the hoped-for two days of good rain, the industry has endured four years of painful rain since the halcyon volumes of 2021, the “good old days” of the COVID-19 pandemic. There are a lot of theories explaining the current freight “recession,” but there is no disputing that decreased demand, cutthroat competition, and plummeting rates have occurred simultaneously with inflationary cost components. As a result, intermodal has frequently found itself as a surface freight alternative that is slower and more expensive than trucking. And while there were some green shoots in 2024, the industry has been hoping for a second-half recovery — that has failed to materialize — in each of the past three years. The same seems true for 2026. Supply and demand drivers As we look forward, we need to consider supply and demand drivers. “Affordability” has taken the place of prominence in our political lexicon. As the costs of food and housing rise, discretionary income for other consumer products has shriveled and reduced demand. The same goes for increasing credit card, car, and student loan debt. Regardless of mortgage rates, there are long-term limitations on housing starts. This can further reduce consumer demand because so many purchases — e.g., furniture, home, electronics, etc. — are often associated with new homes. And although seven-year car loans have become more common, I don’t believe 50-year home mortgages will have the same penetration. With demand problematic, intermodal success will probably rely on supply changes. Many contend that the demand during the early days of COVID-19 created excess capacity that the truck market is still trying to absorb. However, it is unclear whether there was really an increase in overall capacity, or just realignment as many truckers decided to go out on their own. Regardless, there were a number of carriers that acquired capacity at historically high prices and must keep operating to just make their payments. The normal culling of unprofitable capacity was precluded by this inability to exit the market, ensuring a never-ending supply of zombie truckers. This capacity is getting older and more expensive to operate. Nevertheless, there is a feeling (or hope?) that 2026 will finally see marginal carriers leave the market and rate stability restored. Enhanced regulatory oversight The environmental green benefits of intermodal are not a priority for the current administration, so economic green will be paramount. Most likely that would come from increased regulatory oversight. Enhanced enforcement on non-domiciled commercial driver’s licenses is reducing driver supply. And there is still the unknown of hacked electronic logging devices allowing for illegal hours of service. What is unclear is whether these initiatives will impact truckload and drayage carriers equally, or whether one segment will suffer disproportionate opprobrium. If it is the former, intermodal will be advantaged; however, if it is the latter, maybe not. The former would be a rising tide that would raise all intermodal ships, whereas the latter could see the further ascendance of bimodal operations with integrated drayage overseen by robust safety regimens. In an attempt to increase demand, we can expect major players to assume prominent roles. Railroads and bimodals will seek to deploy equipment that has been stored for years. Ocean carriers will continue to consider their inland options. Finally, ports may become more involved as they explore inland options to attract more discretionary cargo. There are no historical comparisons for the last five years. It is unclear when the market will turn, but when it does, the recovery will follow Ernest Hemingway’s description: “Gradually, then suddenly.” We can then hope for the sun also to rise on intermodal. Ted Prince is founder and CEO of Tri-Cities Intermodal LLC. Contact him at ted@tricitiesintermodal.com .

Supply chain

Pace of freight market recovery a matter of ‘gradually, then suddenly’

Shanghai to Santos

{dateX.formatDate('MMM dd, yyyy')}: ${valueY} 
Y-o-Y: {percet_year_Santos.formatNumber("##.#%")}

The Shanghai Shipping Exchange’s (SSE) Shanghai Containerized Freight Index (SCFI) reflects spot rates and associated seaborne charges for containerized exports from Shanghai. The SCFI includes indices of freight rates in 13 individual shipping routes and a composite index, using Oct. 16, 2009, as the base period (Oct. 16, 2009 = 1,000). [SSE](https://en.sse.net.cn/indices/scfinew.jsp)

Shanghai to Santos container spot rates (SSE)

Shanghai to Santos Container Spot Rates (SCFI-Weekly) Gateway

<div class="phx-topic abstract-wrapper">Charleston’s total rail lifts for 2025 were about one-quarter of the planned capacity of Navy Base Intermodal Facility, prompting the port’s CEO to reset capital spending plans. </div>

Charleston’s total rail lifts for 2025 were about one-quarter of the planned capacity of Navy Base Intermodal Facility, prompting the port’s CEO to reset capital spending plans.

<div class="phx-topic">The Port of Charleston has paused work on its near-dock rail yard pending agreements with Class I railroads to service the facility, the port’s chief executive said, adding that shipper demand for more intermodal capacity may not be needed until 2028. South Carolina Ports Authority (SC Ports) Chief Executive Micah Mallace told state legislators last week Charleston has “slowed construction” of the Navy Base Intermodal Facility until it has finalized operating agreements with CSX Transportation and Norfolk Southern Railway (NS). “We are working on delivering operating agreements with the railroads,” Mallace said. “We aspire to finish that quickly. Upon successful completion of that, we will restart our delivery of the facility.” The last major work on the facility involves 80,000 feet of southbound track that would link Navy Base directly to both CSX and Norfolk Southern trackage. Navy Base has northern access that connects to CSX trackage, but the southern access is a preferred route for both railroads. Under previous chief executive Barbara Melvin, the port expected to announce <a href="https://www.joc.com/article/charlestons-navy-base-rail-yard-project-faces-delays-big-cost-overruns-6070926">a construction award for the project last October</a>, but that award has been paused. Mallace, <a href="https://www.joc.com/article/sc-ports-taps-former-commercial-executive-to-lead-6092988">who took over as CEO that month</a>, has been <a href="https://www.joc.com/article/new-charleston-ceo-seeks-to-regain-container-growth-momentum-6104583">reevaluating the port’s capital spending plans</a> in light of slower growth in cargo demand. “SC Ports continues to work with our partners at CSX and NS to deliver additional rail capacity and enhance intermodal competitiveness to support growth in the Southeast market,” the port said in a statement to the Journal of Commerce. Mallace appeared before the South Carolina legislators to ask that some $2 million in state funding previously appropriated to SC Ports for joint development of a container terminal with the Georgia Port Authority (GPA) on the South Carolina side of the Savannah River be redirected to a local economic development agency. The request stemmed from the GPA’s “wish to deliver capacity on the Georgia side of the river,” Mallace said. <h3>Navy Base start anticipated for 2028 </h3>SC Ports previously forecast a potential 2026 launch of Navy Base service with CSX and later adding NS access by 2027 once the southern access and other infrastructure was complete. While there is no specific target for Navy Base’s full completion, Mallace said “we estimate needing to bring it on in 2028.” Intermodal cargo at the port is currently trucked to the CSX and NS intermodal facilities under Charleston’s “Rapid Rail” program. Navy Base allows the port to handle containers faster via a one-mile dedicated drayage road connected to the Leatherman marine terminal. Navy Base is designed to handle 1 million container lifts per year. It connects Charleston directly to its inland ports at Dillon and Greer, which are served respectively by CSX and NS, as well as other destinations in the Southeast. Dillon handled 48,761 container lifts last year, a 33% increase from 2024 largely due to a state initiative to reroute soybean shipments to export markets after the closure of a nearby processing facility, as well as demand from Dillon’s retailer shippers, according to SC Ports. Greer, which serves some of the state’s manufacturers and other retail distributors and can handle 300,000 lifts annually, saw approximately two-thirds of that at 197,805 container lifts last year, up 2% from a year earlier. Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com">michael.angell@spglobal.com</a>.</div>

The Port of Charleston has paused work on its near-dock rail yard pending agreements with Class I railroads to service the facility, the port’s chief executive said, adding that shipper demand for more intermodal capacity may not be needed until 2028. South Carolina Ports Authority (SC Ports) Chief Executive Micah Mallace told state legislators last week Charleston has “slowed construction” of the Navy Base Intermodal Facility until it has finalized operating agreements with CSX Transportation and Norfolk Southern Railway (NS). “We are working on delivering operating agreements with the railroads,” Mallace said. “We aspire to finish that quickly. Upon successful completion of that, we will restart our delivery of the facility.” The last major work on the facility involves 80,000 feet of southbound track that would link Navy Base directly to both CSX and Norfolk Southern trackage. Navy Base has northern access that connects to CSX trackage, but the southern access is a preferred route for both railroads. Under previous chief executive Barbara Melvin, the port expected to announce a construction award for the project last October , but that award has been paused. Mallace, who took over as CEO that month , has been reevaluating the port’s capital spending plans in light of slower growth in cargo demand. “SC Ports continues to work with our partners at CSX and NS to deliver additional rail capacity and enhance intermodal competitiveness to support growth in the Southeast market,” the port said in a statement to the Journal of Commerce. Mallace appeared before the South Carolina legislators to ask that some $2 million in state funding previously appropriated to SC Ports for joint development of a container terminal with the Georgia Port Authority (GPA) on the South Carolina side of the Savannah River be redirected to a local economic development agency. The request stemmed from the GPA’s “wish to deliver capacity on the Georgia side of the river,” Mallace said. Navy Base start anticipated for 2028 SC Ports previously forecast a potential 2026 launch of Navy Base service with CSX and later adding NS access by 2027 once the southern access and other infrastructure was complete. While there is no specific target for Navy Base’s full completion, Mallace said “we estimate needing to bring it on in 2028.” Intermodal cargo at the port is currently trucked to the CSX and NS intermodal facilities under Charleston’s “Rapid Rail” program. Navy Base allows the port to handle containers faster via a one-mile dedicated drayage road connected to the Leatherman marine terminal. Navy Base is designed to handle 1 million container lifts per year. It connects Charleston directly to its inland ports at Dillon and Greer, which are served respectively by CSX and NS, as well as other destinations in the Southeast. Dillon handled 48,761 container lifts last year, a 33% increase from 2024 largely due to a state initiative to reroute soybean shipments to export markets after the closure of a nearby processing facility, as well as demand from Dillon’s retailer shippers, according to SC Ports. Greer, which serves some of the state’s manufacturers and other retail distributors and can handle 300,000 lifts annually, saw approximately two-thirds of that at 197,805 container lifts last year, up 2% from a year earlier. Contact Michael Angell at michael.angell@spglobal.com .

Charleston slows railyard development amid insufficient shipper demand

<div class="phx-topic abstract-wrapper">Momentum from robust growth on some Asian export trade lanes following the Christmas holidays has now slowed, with forwarders and analysts expecting muted demand over the coming two weeks.</div>

Momentum from robust growth on some Asian export trade lanes following the Christmas holidays has now slowed, with forwarders and analysts expecting muted demand over the coming two weeks.

<div class="phx-topic">Air cargo analysts and forwarders are expecting a modest pre-Lunar New Year uptick in exports on Asian trade lanes following solid demand growth in January from China to Europe and from Southeast Asia and Taiwan to the US. With the Lunar New Year beginning relatively late on Feb. 17, industry forecasts are for a gradual increase in volume and rates over the next two weeks before factories close for Asia’s main annual holiday. Capacity trends on the Asia-Europe lane suggest “robust” volume growth in January from China’s inland air freight hubs of Chongqing, Chengdu and Zhengzhou, according to Rotate analyst Ray Zedov. While Asia to US capacity was down year over year from all Asia-Pacific regions, “a deeper dive into the US market shows that capacity from Vietnam continues to grow as Chinese imports to the US are impacted by the new tariff policy in the US,” Zedov told the Journal of Commerce. The US removed its “de minimis” duty exemption on low-value goods from all its trading partners on Aug. 29 last year following the scrapping of duty-free access for low-value Chinese imports in May. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="33a72818-4d4c-4365-97ce-ccb39dab8dd8"></dynamic-object></div>Sou Ping Chee, regional head of air freight in Asia-Pacific for Hellmann Worldwide Logistics, said volume out of Asia had weakened by early February even with the holidays just two weeks away, which suggests muted demand this year. “However, there is still a general expectation that demand will pick up next week ahead of Lunar New Year from China, Hong Kong, Vietnam and Taiwan across industries before these markets close for the biggest festive season in this part of the world,” he said. An Asia-based executive at a global forwarder said he was not seeing any major uptick in demand on China-Europe and the wider Asia Pacific-North America market. “It remains rather flat and even prior to the Lunar New Year we are not seeing anything exceptional,” the source said. He added that although overall demand out of Asia-Pacific to North America has flattened out, demand out of Taipei and Vietnam has remained solid. “Taipei-US, Bangkok-US and Hanoi-US are busy,” he said. “Rates are holding steady at a higher level and demand remains strong, largely driven by AI-related components. Bangkok-Europe and Vietnam-Europe are also busy.” <h3>Rates rising on Asian export trade lanes </h3>Netherlands-based air cargo analyst WorldACD said after two weeks of strong sequential volume growth from Asia-Pacific to US and Europe markets, overall week-over-week growth came to a halt last week with flat volumes for both trade lanes. When compared with the same week last year, volume to the US was down 1% and volume to Europe was up 7%. While spot rates on the trans-Pacific and Asia-Europe in the last week of January were down 9% year over year, there were significant week-over-week increases on both trades, particularly from China origins, WorldACD data shows. Spot rates to the US last week rose 6% compared with the previous week to $4.02 per kilogram, while rates to Europe were up 7% at $3.80/kg as the market edged into the pre-Lunar New Year peak and capacity tightened on some airport pairings. Sou noted that rates on the Asian export trade lanes have remained at healthy levels in the first weeks of 2026 after softening over the Christmas period. “As such we do not expect as sharp an increase now, but rather spot rates are likely to creep up as we enter the last 10 days to Lunar New Year and pick up momentum from next week onwards,” he said. Willie Walsh, director general of the International Air Transport Association (IATA), said the moderate demand will extend to the full year, with global air freight demand in 2026 expected to grow 2.4% from 2025, although that would be down from last year’s 3.4% growth over 2024. “We can expect that demand will continue to be shaped by trade and geopolitical developments,” Walsh noted in a January market update, adding that carriers will continue to relocate capacity to support shifting trade patterns. Contact Greg Knowler at <a href="">greg.knowler@spglobal.com</a>.   </div>

Air cargo analysts and forwarders are expecting a modest pre-Lunar New Year uptick in exports on Asian trade lanes following solid demand growth in January from China to Europe and from Southeast Asia and Taiwan to the US. With the Lunar New Year beginning relatively late on Feb. 17, industry forecasts are for a gradual increase in volume and rates over the next two weeks before factories close for Asia’s main annual holiday. Capacity trends on the Asia-Europe lane suggest “robust” volume growth in January from China’s inland air freight hubs of Chongqing, Chengdu and Zhengzhou, according to Rotate analyst Ray Zedov. While Asia to US capacity was down year over year from all Asia-Pacific regions, “a deeper dive into the US market shows that capacity from Vietnam continues to grow as Chinese imports to the US are impacted by the new tariff policy in the US,” Zedov told the Journal of Commerce. The US removed its “de minimis” duty exemption on low-value goods from all its trading partners on Aug. 29 last year following the scrapping of duty-free access for low-value Chinese imports in May. Sou Ping Chee, regional head of air freight in Asia-Pacific for Hellmann Worldwide Logistics, said volume out of Asia had weakened by early February even with the holidays just two weeks away, which suggests muted demand this year. “However, there is still a general expectation that demand will pick up next week ahead of Lunar New Year from China, Hong Kong, Vietnam and Taiwan across industries before these markets close for the biggest festive season in this part of the world,” he said. An Asia-based executive at a global forwarder said he was not seeing any major uptick in demand on China-Europe and the wider Asia Pacific-North America market. “It remains rather flat and even prior to the Lunar New Year we are not seeing anything exceptional,” the source said. He added that although overall demand out of Asia-Pacific to North America has flattened out, demand out of Taipei and Vietnam has remained solid. “Taipei-US, Bangkok-US and Hanoi-US are busy,” he said. “Rates are holding steady at a higher level and demand remains strong, largely driven by AI-related components. Bangkok-Europe and Vietnam-Europe are also busy.” Rates rising on Asian export trade lanes Netherlands-based air cargo analyst WorldACD said after two weeks of strong sequential volume growth from Asia-Pacific to US and Europe markets, overall week-over-week growth came to a halt last week with flat volumes for both trade lanes. When compared with the same week last year, volume to the US was down 1% and volume to Europe was up 7%. While spot rates on the trans-Pacific and Asia-Europe in the last week of January were down 9% year over year, there were significant week-over-week increases on both trades, particularly from China origins, WorldACD data shows. Spot rates to the US last week rose 6% compared with the previous week to $4.02 per kilogram, while rates to Europe were up 7% at $3.80/kg as the market edged into the pre-Lunar New Year peak and capacity tightened on some airport pairings. Sou noted that rates on the Asian export trade lanes have remained at healthy levels in the first weeks of 2026 after softening over the Christmas period. “As such we do not expect as sharp an increase now, but rather spot rates are likely to creep up as we enter the last 10 days to Lunar New Year and pick up momentum from next week onwards,” he said. Willie Walsh, director general of the International Air Transport Association (IATA), said the moderate demand will extend to the full year, with global air freight demand in 2026 expected to grow 2.4% from 2025, although that would be down from last year’s 3.4% growth over 2024. “We can expect that demand will continue to be shaped by trade and geopolitical developments,” Walsh noted in a January market update, adding that carriers will continue to relocate capacity to support shifting trade patterns. Contact Greg Knowler at  greg.knowler@spglobal.com .   

Air Cargo Forwarder News

Air Cargo

Solid January demand to largely mute Lunar New Year air freight rush

<div class="phx-topic abstract-wrapper">The India/Middle East-Mediterranean service will be the first Gemini loop in two years to transit the Red Sea, with plans for other services to follow “where possible,” the alliance partners say.</div>

The India/Middle East-Mediterranean service will be the first Gemini loop in two years to transit the Red Sea, with plans for other services to follow “where possible,” the alliance partners say.

<div class="phx-topic">Gemini Cooperation partners Maersk and Hapag-Lloyd said Tuesday that the first vessels in their ME11/IMX service will be routed through the Suez Canal in mid-February, with plans by the carriers to send two other services through the waterway. The Journal of Commerce reported on Jan. 15 that the ME11/IMX service <a href="https://www.joc.com/article/gemini-india-med-service-the-next-to-plan-return-to-red-seasuez-passage-6152941">would resume the Suez route “shortly,”</a> citing a Maersk executive. It would be the first time in more than two years that a Gemini service has transited the Red Sea. “The service in scope is the ME11 service, which connects India and the Middle East with the Mediterranean,” Maersk said in a statement. “From mid-February, changes will be implemented on westbound sailings as of the vessel Albert Maersk and on eastbound sailings as of the vessel Astrid Maersk.” On the initial westbound sailing, the Albert Maersk will depart Mundra in India on Feb. 4 after arriving from Jebel Ali in the United Arab Emirates; on the eastbound sailing, the Astrid Maersk will depart Valencia in Spain on Feb. 3. A naval escort will ride shotgun during the Red Sea passages to guard against attacks by Yemen’s Houthi militants, the Gemini statement noted. Maersk and Hapag-Lloyd also said that “where possible,” they will redirect Gemini’s AE12 Asia-Mediterranean and AE15 Asia-Turkey services through the Red Sea and Suez “at a later stage.” The carriers said further information for customers will follow, but no further changes to the Gemini network related to the Red Sea were foreseen at this stage. “We see this announcement as another important milestone for the industry,” J.P. Morgan said Tuesday in a note to customers. “It demonstrates the willingness of container shipping lines to improve flows and increase sailings via the Suez Canal.” But the investment bank said the market has yet to price in a sustained return to the Suez, which will add up to 7% of effective capacity to the global fleet. Earlier this year, Maersk made its first structural move back into the Red Sea by <a href="https://www.joc.com/article/maersk-set-to-resume-regular-suez-transits-on-india-usec-mecl-loop-sources-6152441">rerouting its standalone MECL service</a>, which links the Middle East and India with the US East Coast via the Suez Canal. <h3>Regional unease over volatile US-Iran relations </h3>The regional situation remains tense, with a US carrier strike group now stationed in the Gulf of Oman to back up threats by President Donald Trump to launch military strikes on Iran. Tehran has vowed to respond to any attacks, which may spill over into the southern Red Sea controlled by Iran-backed Houthi militants. Gemini said switching the services from around the Cape of Good Hope to Suez would be carried out in a way that keeps disruption for customers to a minimum. But in a nod to the volatile regional security situation, the Gemini statement added: “Contingency plans are in place should the security situation deteriorate, which may necessitate reverting individual sailings or the wider structural change of the ME11 service back to the Cape of Good Hope route.” Carriers have been forced to divert vessels around southern Africa since late 2023, when the Houthis began their attacks against commercial shipping to protest Israel’s move into Gaza. Maersk and Hapag-Lloyd also warned shippers to review their bookings on the ME11 service and ensure they had sufficient insurance cover for their cargo being transported through the area. <a href="https://www.joc.com/article/shippers-shoulder-burden-of-red-sea-uncertainty-as-regional-tensions-rise-again-6160632">Cargo insurance is a significant hurdle for shippers</a> with freight transiting the Red Sea. Some shippers say their insurance brokers have refused to provide cover, while others say the high cost of premiums was prohibitive. Contact Greg Knowler at <a href="">greg.knowler@spglobal.com</a>.     </div>

Gemini Cooperation partners Maersk and Hapag-Lloyd said Tuesday that the first vessels in their ME11/IMX service will be routed through the Suez Canal in mid-February, with plans by the carriers to send two other services through the waterway. The Journal of Commerce reported on Jan. 15 that the ME11/IMX service would resume the Suez route “shortly,” citing a Maersk executive. It would be the first time in more than two years that a Gemini service has transited the Red Sea. “The service in scope is the ME11 service, which connects India and the Middle East with the Mediterranean,” Maersk said in a statement. “From mid-February, changes will be implemented on westbound sailings as of the vessel Albert Maersk and on eastbound sailings as of the vessel Astrid Maersk.” On the initial westbound sailing, the Albert Maersk will depart Mundra in India on Feb. 4 after arriving from Jebel Ali in the United Arab Emirates; on the eastbound sailing, the Astrid Maersk will depart Valencia in Spain on Feb. 3. A naval escort will ride shotgun during the Red Sea passages to guard against attacks by Yemen’s Houthi militants, the Gemini statement noted. Maersk and Hapag-Lloyd also said that “where possible,” they will redirect Gemini’s AE12 Asia-Mediterranean and AE15 Asia-Turkey services through the Red Sea and Suez “at a later stage.” The carriers said further information for customers will follow, but no further changes to the Gemini network related to the Red Sea were foreseen at this stage. “We see this announcement as another important milestone for the industry,” J.P. Morgan said Tuesday in a note to customers. “It demonstrates the willingness of container shipping lines to improve flows and increase sailings via the Suez Canal.” But the investment bank said the market has yet to price in a sustained return to the Suez, which will add up to 7% of effective capacity to the global fleet. Earlier this year, Maersk made its first structural move back into the Red Sea by rerouting its standalone MECL service , which links the Middle East and India with the US East Coast via the Suez Canal. Regional unease over volatile US-Iran relations The regional situation remains tense, with a US carrier strike group now stationed in the Gulf of Oman to back up threats by President Donald Trump to launch military strikes on Iran. Tehran has vowed to respond to any attacks, which may spill over into the southern Red Sea controlled by Iran-backed Houthi militants. Gemini said switching the services from around the Cape of Good Hope to Suez would be carried out in a way that keeps disruption for customers to a minimum. But in a nod to the volatile regional security situation, the Gemini statement added: “Contingency plans are in place should the security situation deteriorate, which may necessitate reverting individual sailings or the wider structural change of the ME11 service back to the Cape of Good Hope route.” Carriers have been forced to divert vessels around southern Africa since late 2023, when the Houthis began their attacks against commercial shipping to protest Israel’s move into Gaza. Maersk and Hapag-Lloyd also warned shippers to review their bookings on the ME11 service and ensure they had sufficient insurance cover for their cargo being transported through the area. Cargo insurance is a significant hurdle for shippers with freight transiting the Red Sea. Some shippers say their insurance brokers have refused to provide cover, while others say the high cost of premiums was prohibitive. Contact Greg Knowler at  greg.knowler@spglobal.com .    

Maersk, Hapag-Lloyd confirm they’ll route Gemini service through Suez

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