<div class="phx-topic abstract-wrapper">The move follows the successful trial transits of the Maersk Sebarok in December and the Maersk Denver, which sailed through the waterway this week.</div>

The move follows the successful trial transits of the Maersk Sebarok in December and the Maersk Denver, which sailed through the waterway this week.

Feature image

<div class="phx-topic">Maersk has finalized operational plans to reinstate regular sailings on its India-US East Coast “MECL” network to the traditional — and significantly shorter — Red Sea/Suez Canal route following two uneventful trial passages over the past month, multiple sources told the Journal of Commerce. The normal schedule will take effect with a late January or early February vessel departure out of India. “The MECL is going to go via the Suez on a permanent basis soon,” said a Maersk Middle East executive who did not want to be identified. Officially, the carrier declined to confirm details of the India/Suez plans when contacted by the Journal of Commerce. “We cannot comment on specific vessels’ schedules and potential deviations,” Maersk said. Following the successful transit of the Maersk Sebarok through the Suez and Red Sea in December, the carrier sent the Maersk Denver through the waterway this week; both vessels are part of the MECL service linking India to the US East Coast. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="ae1df54b-4003-46b5-a8c3-e0d35707e941"></dynamic-object></div>Carriers have mostly avoided the Red Sea and Suez Canal since late 2023 when Houthi militants operating in Yemen began their attacks on commercial shipping to protest Israel’s move into Gaza. The weekly MECL features three ports of call out of West India – Mundra, Pipavav and Nhava Sheva. But the Danish liner has declared omissions to Mundra and Pipavav on two upcoming MECL voyages, the Maersk Hartford in Week 3 and the Maersk Chicago in Week 5. Grape cargo bookings for Europe Although Maersk <a href="https://www.joc.com/article/unexpected-margin-boost-in-q3-2025-to-lift-ocean-carriers-full-year-results-drewry-6151976">in a Jan. 12 customer advisory reiterated a “stepwise approach”</a> toward resuming Red Sea/Suez transits, there are other market signals on its firm Suez transit plans. Freight forwarder executives in Mumbai who spoke with the Journal of Commerce said the carrier has begun accepting grape cargo bookings from West India to Europe via the Suez that it is estimated will give shippers a six-day transit gain, on average, relative to the longer Cape of Good Hope passage, which is significant for perishables trades. Maersk will also move Indian grape containers on MECL vessels at Nhava Sheva for transshipment out of Salalah in Oman to Rotterdam, sources said. But Maersk, in a response to a Journal of Commerce query, said it had not started loading Europe cargo from India on the MECL. “We will explore it when the official [routing] changes happen,” the carrier said. The specialized reefer-centric Indian grape export trade has been a high-stakes bet for Maersk, even though it suffered marginal market share setbacks in the last season due to increased competition from Hapag-Lloyd. The Suez offering seems to be a strategic effort to regain lost volumes. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="56199e2b-5df4-468f-a149-b18ae7c32e51"></dynamic-object></div>Meanwhile, all major India-USEC carriers have reported strong cargo lifts in the current week with most vessels overbooked due to tighter capacity stemming from smaller vessel deployments and blank sailings. CMA CGM’s first Suez-based “Indamex” westbound voyage, the CMA CGM Verdi that has an estimated departure of Jan. 17 from Nhava Sheva, has also closed bookings ahead of its declared gate cutoff, according to forwarder sources. Exports from India to the US East Coast have been on a steady decline since the middle of last year amid the tariff spat between Washington and New Delhi. Volumes into the USEC were 67,490 TEUs in November, down from 93,160 TEUs in August, according to data from PIERS, a sister product of the Journal of Commerce within S&amp;P Global. Spot rates on the trade, meanwhile, were pegged at $1,300 per FEU as of Jan. 13 by Platts, a sister company of the Journal of Commerce. That’s down from $1,400 per FEU a month ago. Contact Bency Mathew at <a href="mailto:bencyvmathew@gmail.com">bencyvmathew@gmail.com.</a></div>

Maersk has finalized operational plans to reinstate regular sailings on its India-US East Coast “MECL” network to the traditional — and significantly shorter — Red Sea/Suez Canal route following two uneventful trial passages over the past month, multiple sources told the Journal of Commerce. The normal schedule will take effect with a late January or early February vessel departure out of India. “The MECL is going to go via the Suez on a permanent basis soon,” said a Maersk Middle East executive who did not want to be identified. Officially, the carrier declined to confirm details of the India/Suez plans when contacted by the Journal of Commerce. “We cannot comment on specific vessels’ schedules and potential deviations,” Maersk said. Following the successful transit of the Maersk Sebarok through the Suez and Red Sea in December, the carrier sent the Maersk Denver through the waterway this week; both vessels are part of the MECL service linking India to the US East Coast. Carriers have mostly avoided the Red Sea and Suez Canal since late 2023 when Houthi militants operating in Yemen began their attacks on commercial shipping to protest Israel’s move into Gaza. The weekly MECL features three ports of call out of West India – Mundra, Pipavav and Nhava Sheva. But the Danish liner has declared omissions to Mundra and Pipavav on two upcoming MECL voyages, the Maersk Hartford in Week 3 and the Maersk Chicago in Week 5. Grape cargo bookings for Europe Although Maersk in a Jan. 12 customer advisory reiterated a “stepwise approach” toward resuming Red Sea/Suez transits, there are other market signals on its firm Suez transit plans. Freight forwarder executives in Mumbai who spoke with the Journal of Commerce said the carrier has begun accepting grape cargo bookings from West India to Europe via the Suez that it is estimated will give shippers a six-day transit gain, on average, relative to the longer Cape of Good Hope passage, which is significant for perishables trades. Maersk will also move Indian grape containers on MECL vessels at Nhava Sheva for transshipment out of Salalah in Oman to Rotterdam, sources said. But Maersk, in a response to a Journal of Commerce query, said it had not started loading Europe cargo from India on the MECL. “We will explore it when the official [routing] changes happen,” the carrier said. The specialized reefer-centric Indian grape export trade has been a high-stakes bet for Maersk, even though it suffered marginal market share setbacks in the last season due to increased competition from Hapag-Lloyd. The Suez offering seems to be a strategic effort to regain lost volumes. Meanwhile, all major India-USEC carriers have reported strong cargo lifts in the current week with most vessels overbooked due to tighter capacity stemming from smaller vessel deployments and blank sailings. CMA CGM’s first Suez-based “Indamex” westbound voyage, the CMA CGM Verdi that has an estimated departure of Jan. 17 from Nhava Sheva, has also closed bookings ahead of its declared gate cutoff, according to forwarder sources. Exports from India to the US East Coast have been on a steady decline since the middle of last year amid the tariff spat between Washington and New Delhi. Volumes into the USEC were 67,490 TEUs in November, down from 93,160 TEUs in August, according to data from PIERS, a sister product of the Journal of Commerce within S&P Global. Spot rates on the trade, meanwhile, were pegged at $1,300 per FEU as of Jan. 13 by Platts, a sister company of the Journal of Commerce. That’s down from $1,400 per FEU a month ago. Contact Bency Mathew at bencyvmathew@gmail.com.

Port News

Container lines

North American ports

International ports

Container Shipping News

Maritime

Maersk set to resume regular Suez transits on India-USEC 'MECL' loop: sources

<div class="phx-topic abstract-wrapper">Cooperation in the form of steel-wheel interchange has fallen out of fashion as railroads have become less willing to do the necessary work that is intrinsic in the swap of volume on rail, according to Larry Gross.</div>

Cooperation in the form of steel-wheel interchange has fallen out of fashion as railroads have become less willing to do the necessary work that is intrinsic in the swap of volume on rail, according to Larry Gross.

<div class="phx-topic">Since the announcement of the proposed acquisition of Norfolk Southern (NS) by Union Pacific (UP), there has been a strong focus on interline intermodal. Questions are being asked as to what volume might be unlocked by greater connectivity. New interline services are being announced. Merger proponents say that single-line service is the only avenue to capturing more intermodal share. That may be true. But a big reason is that the willingness of railroads to cooperate on interline intermodal has declined over time. <div class="wrapper-narrow float-right-element"><img src="/images/phoenix/6152070_0.1.jpg"></img></div>Each week, the Association of American Railroads (AAR) publishes two figures for each reporting railroad: the number of intermodal loads originated on that railroad, and the number of intermodal loads received by that railroad in interchange. Typically, the eastern rails receive a greater percentage of their volume in interchange, while the western rails originate a greater percentage. However, the sum of all loads received each week can be compared to the sum of all loads originated to determine the percentage of total intermodal activity that involves more than one railroad. The chart performs such a calculation on the AAR data dating back to 2005. The analysis clearly shows that the percentage of intermodal loads interchanged has undergone a long-term decline. In 2005, the percentage of interchanged loaded units was nearly 22%. Most recently, it has been running in the low 15% range. The percentage of loads interchanged has dropped by one-third. Clearly, cooperation, in the form of steel-wheel interchange, has fallen out of fashion. Railroads have become less willing to do the necessary work that is intrinsic in the interchange of volume on rail. Run-through trains have become scarcer. Why? Surely, precision scheduled railroading, in the form of the laser focus of railroads regarding lowering the operating ratio (OR), has played a role. The railroads have demonstrated an inability to increase volume, and rates are capped by the truck competition. The only way to lower the OR is to take out cost. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="f32c5756-9464-49af-91df-7028b9136c88"></dynamic-object></div>Putting together blocks for steel-wheel interchange requires switching, and therefore, generates costs. However, there is no direct revenue offset to the switching function performed for a connecting carrier. It is an easy decision to eliminate the steel-wheel handoff with its attendant switching costs and rely on a rubber tire transfer at the interchange point. The railroad’s cost is reduced while the revenue is retained. However, that’s not the end of the story. While the individual railroad’s cost is lower, the cost of the door-to-door intermodal move is undoubtedly raised by the inclusion of two additional terminal lifts plus the expensive crosstown dray. Costs are transferred from the railroad to the user. Some moves have been able to withstand this added cost pressure, but other moves have surely gone back to the highway. In recent times, mergers — both completed (CPKC) and announced (UP/NS) — have triggered competitive interline services in response. Examples include the Canadian National/UP/Ferromex Falcon Service between Canada and Mexico, and various recent BNSF/CSX joint services. However, we haven’t yet seen an uptick in the interchange percentage. But supply chains don’t pivot on a dime. Change generally takes time. Perhaps we will soon see the beginning of a grand reversal in this trend, and greater cooperation will become the new standard. Larry Gross is president and founder of Gross Transportation Consulting. Contact him at <a href="mailto:lawrencejgross@gmail.com">lawrencejgross@gmail.com.</a></div>

Since the announcement of the proposed acquisition of Norfolk Southern (NS) by Union Pacific (UP), there has been a strong focus on interline intermodal. Questions are being asked as to what volume might be unlocked by greater connectivity. New interline services are being announced. Merger proponents say that single-line service is the only avenue to capturing more intermodal share. That may be true. But a big reason is that the willingness of railroads to cooperate on interline intermodal has declined over time. Each week, the Association of American Railroads (AAR) publishes two figures for each reporting railroad: the number of intermodal loads originated on that railroad, and the number of intermodal loads received by that railroad in interchange. Typically, the eastern rails receive a greater percentage of their volume in interchange, while the western rails originate a greater percentage. However, the sum of all loads received each week can be compared to the sum of all loads originated to determine the percentage of total intermodal activity that involves more than one railroad. The chart performs such a calculation on the AAR data dating back to 2005. The analysis clearly shows that the percentage of intermodal loads interchanged has undergone a long-term decline. In 2005, the percentage of interchanged loaded units was nearly 22%. Most recently, it has been running in the low 15% range. The percentage of loads interchanged has dropped by one-third. Clearly, cooperation, in the form of steel-wheel interchange, has fallen out of fashion. Railroads have become less willing to do the necessary work that is intrinsic in the interchange of volume on rail. Run-through trains have become scarcer. Why? Surely, precision scheduled railroading, in the form of the laser focus of railroads regarding lowering the operating ratio (OR), has played a role. The railroads have demonstrated an inability to increase volume, and rates are capped by the truck competition. The only way to lower the OR is to take out cost. Putting together blocks for steel-wheel interchange requires switching, and therefore, generates costs. However, there is no direct revenue offset to the switching function performed for a connecting carrier. It is an easy decision to eliminate the steel-wheel handoff with its attendant switching costs and rely on a rubber tire transfer at the interchange point. The railroad’s cost is reduced while the revenue is retained. However, that’s not the end of the story. While the individual railroad’s cost is lower, the cost of the door-to-door intermodal move is undoubtedly raised by the inclusion of two additional terminal lifts plus the expensive crosstown dray. Costs are transferred from the railroad to the user. Some moves have been able to withstand this added cost pressure, but other moves have surely gone back to the highway. In recent times, mergers — both completed (CPKC) and announced (UP/NS) — have triggered competitive interline services in response. Examples include the Canadian National/UP/Ferromex Falcon Service between Canada and Mexico, and various recent BNSF/CSX joint services. However, we haven’t yet seen an uptick in the interchange percentage. But supply chains don’t pivot on a dime. Change generally takes time. Perhaps we will soon see the beginning of a grand reversal in this trend, and greater cooperation will become the new standard. Larry Gross is president and founder of Gross Transportation Consulting. Contact him at lawrencejgross@gmail.com.

North-American rail

Intermodal providers

Surface

Intermodal cooperation on rails has declined amid cost pressures

<div class="phx-topic abstract-wrapper">Technology analyst Gartner’s recent release of a report categorizing 4PL providers signals renewed interest in the concept, even as questions remain about which shippers it is best-suited for.</div>

Technology analyst Gartner’s recent release of a report categorizing 4PL providers signals renewed interest in the concept, even as questions remain about which shippers it is best-suited for.

<div class="phx-topic">A trio of external forces — tariffs, automation and cross-border e-commerce — are bringing demand for the 4PL model in global logistics back to the fore. While the 4PL concept has existed for decades, it has gone through periods of being in and out of fashion, often due to the perception that it is an extraneous layer for shippers wanting to exert more control over their third-party logistics and carrier partners. In December, technology analyst Gartner released its first “4PL Magic Quadrant,” a list of 4PL vendors that grouped players as diverse as shipping line Maersk; 3PL giants DHL, DSV, CH Robinson and Kuehne + Nagel; and asset-light 4PL specialists like 4Flow and Arvato. Resurgent interest in the 4PL model can be largely attributed to the range of disruptive dynamics facing shippers in the almost six years since the pandemic. Those dynamics were heightened by volatile US trade policy over the past year impacting the cost of goods and sourcing decisions via higher tariffs, geopolitical strife and the rise of automation recalibrating what efficiency per shipment means.  “The need for organizations to quickly develop risk-mitigating, resilient and agile logistics networks due to global disruptions is a contributing factor to the growth in demand for 4PLs,” Gartner said in its December report. The 4PL discussion has always been tinged by confusion, in part due to the nonhomogenous nature of companies providing such services, but also because 4PLs are often conflated with terms like managed transportation, lead logistics provider and control towers. Gartner tried to clarify this confusion by specifying that control towers are not the model itself, but rather a tool. “Control towers are often referred to as the ‘engines’ that drive the 4PL solution and are an important operational and data capture tool of a 4PL,” the Gartner report said. “4PLs are leveraging their control towers to increase horizontal supply chain collaboration.” <h3>3PL or 4PL dilemma </h3>The other source of confusion around the model is differentiating between 3PLs providing actual 4PL services and 3PLs providing services that appear to be 4PL services. Eric Rempel, chief innovation officer at Redwood Logistics, said 3PLs are focused on execution, while 4PLs are focused on orchestration. Redwood, cited in the Gartner report, is both a 3PL, through its US freight brokerage, and a 4PL through its platform that focuses on system and partner integration. Felix Kaemmerer, executive vice president at 4Flow, a Germany-based 4PL, said the main justification for 4PL services is a layer of neutrality that enhances risk management for shippers. “Our advice is to separate the transportation, the system and the managed services, to procure them separately so you’re not reliant and avoid that lock-in effect,” he said. “A current 3PL might not be active in that region [a shipper is expanding to], or it might be exposed to subcontracted services. And then there’s a question — maturity. It might be smarter to go with a 3PL and sort out your initial issues in a market and then move to a more neutral 4PL setup.” Kaemmerer, who has spent 15 years at 4Flow, also questioned the idea that 4PL services ever really went out of favor, versus whether the hype around the model goes in and out of fashion. “There’s never been a decline in demand for 4PL services,” he said. “Most companies use the 3PL model, and as they mature, they evaluate whether it makes sense for them to use a 4PL.” In his experience, demand has been constant from verticals like consumer-packaged goods (CPG), whereas now demand is also coming from manufacturing and packaging companies that “10 years ago didn’t know what a 4PL is.” “What’s driving the demand is a change in the manufacturing model,” he said. “Some customers producing maybe in Europe and using a global 3PL, they’re now changing into new regions, and they don’t have the transportation network in [those regions]. In combination with a pressure not to increase [headcount], outsourcing is more appealing.” The second demand driver is access to technology, Kaemmerer said.  “Implementing a [transportation management system] is not rocket science, but it’s also not their specialty,” he said. <h3>Connectivity and coordination </h3>Rempel agreed, saying Redwood has focused on the integration aspect of the 4PL offering to help shippers navigate their complicated tech infrastructure, data needs and connectivity to transportation partners. “It’s managed connectivity,” he said. “A lot of business comes from companies looking to implement a new TMS or global trade product, and most of those fail due to connectivity. It’s like when you’re renovating a house, you redo the plumbing to make it more modular and flexible.” Osi Tagger, CEO of 4PL, emphasized that the need for shippers to enter new markets to support new suppliers or customers is a key driver of business for 4PLs. “If a company wants to grow outside its borders, it needs partners,” she said. “Are they going to partner with a 3PL or 4PL? It depends on whether they expect to grow in one try or region, or they expect global growth. If it’s global, you can go with a global 3PL, but then you’re a small customer for them. Or if do it yourself, you manage it from a distance with a bunch of partners, but it’s not in your toolset to do that.” Tagger said common characteristics for customers are companies growing globally, below $2 billion in revenue and dealing with market uncertainty. Kaemmerer said two broad 4PL models exist in the market: one in which a 4PL provides and operates a TMS as the backbone of its offering, and the other in which the shippers own the TMS and want the 4PL to operate it in an outsourced model. The second model is less attractive to most 4PLs as it is “more easily replaceable and not naturally embedded into other services” the 4PL provides, Kaemmerer said. He said 4PLs have evolved into supply chain orchestration providers, where a shipper needs to bridge the gap between supply chain planning solutions and the “execution layer.” “They have a TMS, a warehouse management system, an order management system, so they have a perfect planning world,” Kaemmerer said. “But when a disruption happens, they struggle to account for that in the execution level.” Contact Eric Johnson at <a href="mailto:eric.johnson@spglobal.com">eric.johnson@spglobal.com</a>. </div>

A trio of external forces — tariffs, automation and cross-border e-commerce — are bringing demand for the 4PL model in global logistics back to the fore.  While the 4PL concept has existed for decades, it has gone through periods of being in and out of fashion, often due to the perception that it is an extraneous layer for shippers wanting to exert more control over their third-party logistics and carrier partners.  In December, technology analyst Gartner released its first “4PL Magic Quadrant,” a list of 4PL vendors that grouped players as diverse as shipping line Maersk; 3PL giants DHL, DSV, CH Robinson and Kuehne + Nagel; and asset-light 4PL specialists like 4Flow and Arvato.  Resurgent interest in the 4PL model can be largely attributed to the range of disruptive dynamics facing shippers in the almost six years since the pandemic. Those dynamics were heightened by volatile US trade policy over the past year impacting the cost of goods and sourcing decisions via higher tariffs, geopolitical strife and the rise of automation recalibrating what efficiency per shipment means.   “The need for organizations to quickly develop risk-mitigating, resilient and agile logistics networks due to global disruptions is a contributing factor to the growth in demand for 4PLs,” Gartner said in its December report.  The 4PL discussion has always been tinged by confusion, in part due to the nonhomogenous nature of companies providing such services, but also because 4PLs are often conflated with terms like managed transportation, lead logistics provider and control towers. Gartner tried to clarify this confusion by specifying that control towers are not the model itself, but rather a tool.  “Control towers are often referred to as the ‘engines’ that drive the 4PL solution and are an important operational and data capture tool of a 4PL,” the Gartner report said. “4PLs are leveraging their control towers to increase horizontal supply chain collaboration.”  3PL or 4PL dilemma  The other source of confusion around the model is differentiating between 3PLs providing actual 4PL services and 3PLs providing services that appear to be 4PL services.  Eric Rempel, chief innovation officer at Redwood Logistics, said 3PLs are focused on execution, while 4PLs are focused on orchestration. Redwood, cited in the Gartner report, is both a 3PL, through its US freight brokerage, and a 4PL through its platform that focuses on system and partner integration.  Felix Kaemmerer, executive vice president at 4Flow, a Germany-based 4PL, said the main justification for 4PL services is a layer of neutrality that enhances risk management for shippers.  “Our advice is to separate the transportation, the system and the managed services, to procure them separately so you’re not reliant and avoid that lock-in effect,” he said. “A current 3PL might not be active in that region [a shipper is expanding to], or it might be exposed to subcontracted services. And then there’s a question — maturity. It might be smarter to go with a 3PL and sort out your initial issues in a market and then move to a more neutral 4PL setup.”  Kaemmerer, who has spent 15 years at 4Flow, also questioned the idea that 4PL services ever really went out of favor, versus whether the hype around the model goes in and out of fashion.  “There’s never been a decline in demand for 4PL services,” he said. “Most companies use the 3PL model, and as they mature, they evaluate whether it makes sense for them to use a 4PL.”  In his experience, demand has been constant from verticals like consumer-packaged goods (CPG), whereas now demand is also coming from manufacturing and packaging companies that “10 years ago didn’t know what a 4PL is.”  “What’s driving the demand is a change in the manufacturing model,” he said. “Some customers producing maybe in Europe and using a global 3PL, they’re now changing into new regions, and they don’t have the transportation network in [those regions]. In combination with a pressure not to increase [headcount], outsourcing is more appealing.”  The second demand driver is access to technology, Kaemmerer said.   “Implementing a [transportation management system] is not rocket science, but it’s also not their specialty,” he said.  Connectivity and coordination  Rempel agreed, saying Redwood has focused on the integration aspect of the 4PL offering to help shippers navigate their complicated tech infrastructure, data needs and connectivity to transportation partners.  “It’s managed connectivity,” he said. “A lot of business comes from companies looking to implement a new TMS or global trade product, and most of those fail due to connectivity. It’s like when you’re renovating a house, you redo the plumbing to make it more modular and flexible.”  Osi Tagger, CEO of 4PL, emphasized that the need for shippers to enter new markets to support new suppliers or customers is a key driver of business for 4PLs.  “If a company wants to grow outside its borders, it needs partners,” she said. “Are they going to partner with a 3PL or 4PL? It depends on whether they expect to grow in one try or region, or they expect global growth. If it’s global, you can go with a global 3PL, but then you’re a small customer for them. Or if do it yourself, you manage it from a distance with a bunch of partners, but it’s not in your toolset to do that.”  Tagger said common characteristics for customers are companies growing globally, below $2 billion in revenue and dealing with market uncertainty.  Kaemmerer said two broad 4PL models exist in the market: one in which a 4PL provides and operates a TMS as the backbone of its offering, and the other in which the shippers own the TMS and want the 4PL to operate it in an outsourced model.  The second model is less attractive to most 4PLs as it is “more easily replaceable and not naturally embedded into other services” the 4PL provides, Kaemmerer said.  He said 4PLs have evolved into supply chain orchestration providers, where a shipper needs to bridge the gap between supply chain planning solutions and the “execution layer.”  “They have a TMS, a warehouse management system, an order management system, so they have a perfect planning world,” Kaemmerer said. “But when a disruption happens, they struggle to account for that in the execution level.”  Contact Eric Johnson at  eric.johnson@spglobal.com . 

Forwarding

Logistics Technology News

4PL model reemerges as disruptive market dynamics buffet shippers

<div class="phx-topic abstract-wrapper">The agreements include the construction of a dozen 18,000-TEU, LNG-powered vessels that are part of the massive $7 billion fleet renewal program the carrier unveiled in early December.</div>

The agreements include the construction of a dozen 18,000-TEU, LNG-powered vessels that are part of the massive $7 billion fleet renewal program the carrier unveiled in early December.

<div class="phx-topic">Cosco Shipping Holdings is further expanding its long-haul and feeder fleets after signing two shipbuilding orders Tuesday totaling almost $2.7 billion for 18 container ships that will be delivered in 2028 and 2029. The larger deal, worth $2.4 billion, was inked with Shanghai-headquartered Jiangnan Shipyard (Group) Co for 12 18,000-TEU liquefied natural gas-powered dual-fuel container ships, Cosco said in a Hong Kong stock exchange filing. Jiangnan Shipyard is a subsidiary of China State Shipbuilding Corporation (CSSC). The contract is the third to be awarded by Cosco Shipping to a CSSC group shipbuilder since parent company China Cosco Shipping Group and CSSC <a href="https://www.joc.com/article/cosco-shipping-inks-7-billion-deal-for-big-fleet-expansion-6131444">signed a $7 billion umbrella agreement in early December</a> for a package of 87 vessels. Two CSSC deals <a href="https://www.joc.com/article/cosco-awards-initial-newbuilding-deals-as-part-of-7-billion-fleet-expansion-6145063">were signed last week</a>. The Jiangnan Shipyard contract is the first to be awarded for LNG-fueled very-large container ships this year and further reinforces LNG as the next-generation fuel of choice for ocean carriers. Some 4.1 million TEUs of LNG-fueled container ships were on order at the end of last year, according to data from Sea-web, a sister company of the Journal of Commerce within S&amp;P Global. That compared with 2.1 million TEUs of methanol-fueled ships on order. The Cosco order also takes the total capacity of very-large container ships on order to more than 1 million TEUs, according to Sea-web data. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="e8be4ac1-33cb-4758-93c4-1d0f92f52e7d"></dynamic-object></div>Cosco said Jiangnan Shipyard was chosen because it offered the most favorable terms with a shorter delivery schedule compared with two other shipyards that submitted offers. While the price per vessel was the median of the those submitted by the three builders, “it remains largely comparable to the lowest quotation,” Cosco said in Tuesday’s filing. The carrier said the ships would be deployed on east-west routes and while they would expand the Cosco group fleet, they would also replace older tonnage. <h3>Smaller deal for regional vessels </h3>The second deal Cosco signed Tuesday was for $284 million for six 3,000-TEU conventionally powered container ships that are set to be delivered between June and December 2028. The contract was inked with Cosco shipbuilding subsidiary Cosco Shipping Heavy Industry (Zhoushan) Co. in eastern China. The vessels are separate from the $7 billion shipbuilding pact China Cosco Shipping and CSSC signed in early December. Cosco said the ships will be deployed on international regional feeder routes, providing stable capacity and reducing vessel costs. They will also assist the carrier in "achieving long-term development in emerging, regional and non-China markets," Cosco said. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com.</a></div>

Cosco Shipping Holdings is further expanding its long-haul and feeder fleets after signing two shipbuilding orders Tuesday totaling almost $2.7 billion for 18 container ships that will be delivered in 2028 and 2029. The larger deal, worth $2.4 billion, was inked with Shanghai-headquartered Jiangnan Shipyard (Group) Co for 12 18,000-TEU liquefied natural gas-powered dual-fuel container ships, Cosco said in a Hong Kong stock exchange filing. Jiangnan Shipyard is a subsidiary of China State Shipbuilding Corporation (CSSC). The contract is the third to be awarded by Cosco Shipping to a CSSC group shipbuilder since parent company China Cosco Shipping Group and CSSC signed a $7 billion umbrella agreement in early December for a package of 87 vessels. Two CSSC deals were signed last week . The Jiangnan Shipyard contract is the first to be awarded for LNG-fueled very-large container ships this year and further reinforces LNG as the next-generation fuel of choice for ocean carriers. Some 4.1 million TEUs of LNG-fueled container ships were on order at the end of last year, according to data from Sea-web, a sister company of the Journal of Commerce within S&P Global. That compared with 2.1 million TEUs of methanol-fueled ships on order. The Cosco order also takes the total capacity of very-large container ships on order to more than 1 million TEUs, according to Sea-web data. Cosco said Jiangnan Shipyard was chosen because it offered the most favorable terms with a shorter delivery schedule compared with two other shipyards that submitted offers. While the price per vessel was the median of the those submitted by the three builders, “it remains largely comparable to the lowest quotation,” Cosco said in Tuesday’s filing. The carrier said the ships would be deployed on east-west routes and while they would expand the Cosco group fleet, they would also replace older tonnage. Smaller deal for regional vessels The second deal Cosco signed Tuesday was for $284 million for six 3,000-TEU conventionally powered container ships that are set to be delivered between June and December 2028. The contract was inked with Cosco shipbuilding subsidiary Cosco Shipping Heavy Industry (Zhoushan) Co. in eastern China. The vessels are separate from the $7 billion shipbuilding pact China Cosco Shipping and CSSC signed in early December. Cosco said the ships will be deployed on international regional feeder routes, providing stable capacity and reducing vessel costs. They will also assist the carrier in "achieving long-term development in emerging, regional and non-China markets," Cosco said. Contact Keith Wallis at keithwallis@hotmail.com.

Cosco inks almost $2.7 billion in deals for 18 newbuild container ships

<div class="phx-topic abstract-wrapper">Operating conditions could also turn expected losses in 2026 into profits despite little clarity over the timing of a widespread return to Red Sea transits, according to the consultancy.</div>

Operating conditions could also turn expected losses in 2026 into profits despite little clarity over the timing of a widespread return to Red Sea transits, according to the consultancy.

<div class="phx-topic">Ocean carriers are expected to report better-than-expected full-year 2025 results over the next few weeks due to higher profit margins through the third quarter and slowing fleet growth, according to maritime consultancy Drewry. Although rates softened and volume slowed on the major east-west trade lanes through the fourth quarter, Drewry is also revising its prior loss-making forecast for 2026. The consultancy now expects the industry to turn a profit despite little clarity over the timing of a widespread return to Red Sea transits that would release 8% of global capacity back into an already oversupplied market. Simon Heaney, senior manager for container research at Drewry, said the container shipping sector’s earnings before interest and taxes (EBIT) margins fell to 12.3% in the third quarter of 2025, well below the 34.5% margin recorded in third-quarter 2024 but still a significant rate-supported improvement on the 7.9% margin in the 2025 second quarter. “This was an unexpected change of direction as we had anticipated that margins would shrink further in 3Q 2025,” Heaney told the Journal of Commerce Tuesday.  The “better-than-expected results” has prompted Drewry to upgrade the financial year 2025 profit forecast from $20 billion to $32 billion and raise the outlook for 2026 from a $10 billion loss to a $1 billion profit, he noted. HSBC Global Investment Research highlighted the narrowing supply-demand gap in a market update that pointed to data showing container fleet growth slowing to 4% in 2026 from 7% in 2025, with demand growth this year slowing to 2.5% compared to 4% in 2025. The report said, “... we think the gap is manageable before worsening in 2027 when [vessel] deliveries surge to all-time highs.” “Demand is holding up despite US container imports declining in the past few months and the National Retail Federation expecting weakness until April, albeit milder than previous forecasts,” HSBC noted.  On the Asia-Europe trade, the latest data from Container Trades Statistics (CTS) shows a 15.5% year-over-year increase in volume in November, which HSBC said indicated <a href="https://www.joc.com/article/asia-europe-ocean-carriers-add-capacity-as-trade-enters-peak-shipping-period-6145059">a pre-Lunar New Year peak season rush</a>. Still no clarity over return to Red Sea A return of container shipping to the Red Sea hangs over the 2026 outlook, with the timing of such a return likely to have a material influence on carrier earnings. Analysts remain divided over when a widescale return will happen. Carriers have mostly avoided the Red Sea and Suez Canal since late 2023 when Houthi militants operating in Yemen began their attacks on commercial shipping to protest Israel’s move into Gaza. “We see no immediate resolution to the Red Sea disruptions, which alongside ongoing port congestion in Europe should keep capacity tight and prevent freight rates from capitulating,” HSBC said. J.P. Morgan had a more positive view, noting that a 20% increase in Suez transits in December compared to the previous month has created growing interest around shipping’s return to the far-quicker route. “We expect this to happen post-Lunar New Year on Feb. 17, and we see limited disruption risk of congestion in Europe materially impacting short-term rates should the timing coincide with the seasonal trough,” the investment bank noted. Peter Sand, chief analyst for rate benchmarking platform Xeneta, said it was “highly unlikely” carriers would present extensive guidance on a Red Sea return in their 2026 outlooks. He expected carriers to maintain Cape of Good Hope transits around southern Africa while planning for a gradual shift to the Suez route. Another Maersk vessel transits Suez Following the successful transit of the Maersk Sebarok through the Suez and Red Sea in December, the carrier sent the Maersk Denver through the waterway this week; both vessels are part of the MECL service linking India to the US East Coast. However, in a customer advisory Tuesday, Maersk was quick to reiterate its position that the safety of crew, vessels and cargo remained “of utmost importance,” noting the necessary safety measures were applied during the transit of the Maersk Denver.  “Customers with cargo on this vessel are being informed directly,” the carrier said. “Assuming that security thresholds continue to be met, we will continue our stepwise approach towards gradually resuming navigation along the east-west corridor via the Suez Canal and the Red Sea. There are no additional sailings to announce at this time.”  While the ceasefire between Israel and Hamas that was agreed to in October is holding, rapidly unfolding geopolitical events in the region are again raising red flags, according to Jack Kennedy, head of Middle East and North Africa country risk at S&amp;P Global Market Intelligence. “If Israel gets involved in [new] strikes on Iran, there is a higher likelihood that the Houthi will resume some kind of direct attacks on Israel from Yemen, and that might extend to US shipping with acknowledgment that this increases risk from targeting issues,” Kennedy said. "If the regime in Tehran perceives a genuine existential risk, they will probably try to escalate across the region to create an intervention reassessment from the US,” he added.  S&amp;P Global is the parent company of the Journal of Commerce. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

Ocean carriers are expected to report better-than-expected full-year 2025 results over the next few weeks due to higher profit margins through the third quarter and slowing fleet growth, according to maritime consultancy Drewry.  Although rates softened and volume slowed on the major east-west trade lanes through the fourth quarter, Drewry is also revising its prior loss-making forecast for 2026. The consultancy now expects the industry to turn a profit despite little clarity over the timing of a widespread return to Red Sea transits that would release 8% of global capacity back into an already oversupplied market.  Simon Heaney, senior manager for container research at Drewry, said the container shipping sector’s earnings before interest and taxes (EBIT) margins fell to 12.3% in the third quarter of 2025, well below the 34.5% margin recorded in third-quarter 2024 but still a significant rate-supported improvement on the 7.9% margin in the 2025 second quarter.  “This was an unexpected change of direction as we had anticipated that margins would shrink further in 3Q 2025,” Heaney told the Journal of Commerce Tuesday.   The “better-than-expected results” has prompted Drewry to upgrade the financial year 2025 profit forecast from $20 billion to $32 billion and raise the outlook for 2026 from a $10 billion loss to a $1 billion profit, he noted.  HSBC Global Investment Research highlighted the narrowing supply-demand gap in a market update that pointed to data showing container fleet growth slowing to 4% in 2026 from 7% in 2025, with demand growth this year slowing to 2.5% compared to 4% in 2025.  The report said, “... we think the gap is manageable before worsening in 2027 when [vessel] deliveries surge to all-time highs.”  “Demand is holding up despite US container imports declining in the past few months and the National Retail Federation expecting weakness until April, albeit milder than previous forecasts,” HSBC noted.   On the Asia-Europe trade, the latest data from Container Trades Statistics (CTS) shows a 15.5% year-over-year increase in volume in November, which HSBC said indicated  a pre-Lunar New Year peak season rush .  Still no clarity over return to Red Sea  A return of container shipping to the Red Sea hangs over the 2026 outlook, with the timing of such a return likely to have a material influence on carrier earnings. Analysts remain divided over when a widescale return will happen. Carriers have mostly avoided the Red Sea and Suez Canal since late 2023 when Houthi militants operating in Yemen began their attacks on commercial shipping to protest Israel’s move into Gaza.  “We see no immediate resolution to the Red Sea disruptions, which alongside ongoing port congestion in Europe should keep capacity tight and prevent freight rates from capitulating,” HSBC said.  J.P. Morgan had a more positive view, noting that a 20% increase in Suez transits in December compared to the previous month has created growing interest around shipping’s return to the far-quicker route.  “We expect this to happen post-Lunar New Year on Feb. 17, and we see limited disruption risk of congestion in Europe materially impacting short-term rates should the timing coincide with the seasonal trough,” the investment bank noted.  Peter Sand, chief analyst for rate benchmarking platform Xeneta, said it was “highly unlikely” carriers would present extensive guidance on a Red Sea return in their 2026 outlooks. He expected carriers to maintain Cape of Good Hope transits around southern Africa while planning for a gradual shift to the Suez route.  Another Maersk vessel transits Suez  Following the successful transit of the Maersk Sebarok through the Suez and Red Sea in December, the carrier sent the Maersk Denver through the waterway this week; both vessels are part of the MECL service linking India to the US East Coast.  However, in a customer advisory Tuesday, Maersk was quick to reiterate its position that the safety of crew, vessels and cargo remained “of utmost importance,” noting the necessary safety measures were applied during the transit of the Maersk Denver.   “Customers with cargo on this vessel are being informed directly,” the carrier said. “Assuming that security thresholds continue to be met, we will continue our stepwise approach towards gradually resuming navigation along the east-west corridor via the Suez Canal and the Red Sea. There are no additional sailings to announce at this time.”   While the ceasefire between Israel and Hamas that was agreed to in October is holding, rapidly unfolding geopolitical events in the region are again raising red flags, according to Jack Kennedy, head of Middle East and North Africa country risk at S&P Global Market Intelligence.  “If Israel gets involved in [new] strikes on Iran, there is a higher likelihood that the Houthi will resume some kind of direct attacks on Israel from Yemen, and that might extend to US shipping with acknowledgment that this increases risk from targeting issues,” Kennedy said.  "If the regime in Tehran perceives a genuine existential risk, they will probably try to escalate across the region to create an intervention reassessment from the US,” he added.   S&P Global is the parent company of the Journal of Commerce.  Contact Greg Knowler at  greg.knowler@spglobal.com . 

Asia-Europe

‘Unexpected’ margin boost in Q3 2025 to lift ocean carriers’ full-year results – Drewry 

<div class="phx-topic abstract-wrapper">Martin’s headquarters near the Los Angeles-Long Beach port complex is now integrated into SeaCube’s depot and transportation network, providing faster delivery to customers and improved regional coverage in the cold storage market.</div>

Martin’s headquarters near the Los Angeles-Long Beach port complex is now integrated into SeaCube’s depot and transportation network, providing faster delivery to customers and improved regional coverage in the cold storage market.

<div class="phx-topic">SeaCube Cold Solutions, a national investor in refrigerated equipment, has acquired Southern California-based Martin Container, a portable cold storage container company serving the West Coast. The move comes as SeaCube aims to create a better connected and responsive cold storage network for customers across the US. Financial terms were not disclosed. Launched in 2025, New Jersey-based SeaCube provides refrigeration solutions to grocery retailers; food distributors; logistics operators; and the agricultural, pharmaceutical, restaurant and festival industries. “This acquisition enhances both scale and regional strength,” James Armstrong, SeaCube’s senior vice president, said in a statement Friday. “Martin’s long-standing reputation and operational depth complement our growing national platform ...” Demand for portable cold storage continues to rise across the Southwest and Pacific Coast regions. Martin’s headquarters near the Los Angeles-Long Beach port complex is now integrated into SeaCube’s depot and transportation network, providing faster delivery to customers and improved regional coverage, according to the statement. Martin has a number of asset locations throughout California, Arizona and Nevada. “This partnership is an evolution of who we are. We’re building on our legacy by joining a company that shares our commitment to quality, innovation and customer service,” Martin Container CFO Charlie Martin said. Contact Bill Mongelluzzo at <a href="mailto:bill.mongelluzzo@spglobal.com">bill.mongelluzzo@spglobal.com</a>.</div>

SeaCube Cold Solutions, a national investor in refrigerated equipment, has acquired Southern California-based Martin Container, a portable cold storage container company serving the West Coast. The move comes as SeaCube aims to create a better connected and responsive cold storage network for customers across the US. Financial terms were not disclosed. Launched in 2025, New Jersey-based SeaCube provides refrigeration solutions to grocery retailers; food distributors; logistics operators; and the agricultural, pharmaceutical, restaurant and festival industries. “This acquisition enhances both scale and regional strength,” James Armstrong, SeaCube’s senior vice president, said in a statement Friday. “Martin’s long-standing reputation and operational depth complement our growing national platform ...” Demand for portable cold storage continues to rise across the Southwest and Pacific Coast regions. Martin’s headquarters near the Los Angeles-Long Beach port complex is now integrated into SeaCube’s depot and transportation network, providing faster delivery to customers and improved regional coverage, according to the statement. Martin has a number of asset locations throughout California, Arizona and Nevada. “This partnership is an evolution of who we are. We’re building on our legacy by joining a company that shares our commitment to quality, innovation and customer service,” Martin Container CFO Charlie Martin said. Contact Bill Mongelluzzo at bill.mongelluzzo@spglobal.com .

Cool Cargo News

Supply chain

SeaCube acquires Martin Container in move to boost West Coast cold storage

<div class="phx-topic abstract-wrapper">The future of LTL classification will be shaped by systems that function in real operations, standards that scale and modernization grounded in how freight actually moves. </div>

The future of LTL classification will be shaped by systems that function in real operations, standards that scale and modernization grounded in how freight actually moves.

<div class="phx-topic">“Classification Reimagined” is an industry-driven initiative and has accomplished all its objectives, and then some. Less-than-truckload (LTL) freight is complex and is not parcel by nature for carriers, shippers and brokers. But the National Motor Freight Traffic Association (NMFTA) simplified it. Shipments differ widely in density, handling, stowability, liability and damage risk. That complexity is exactly why the National Motor Freight Classification (NMFC) exists. A shared, standardized way to describe freight is not optional in LTL; it is foundational. Modernizing the widely used system matters because the freight it describes has not become simpler. A <a href="https://www.joc.com/article/nmfta-can-still-achieve-its-goals-on-pricing-model-then-disband-6148914">recent Journal of Commerce commentary</a> argues that LTL freight classification is obsolete and proposes replacing it with a parcel-style pricing model based only on dimensions and weight. It also claims that NMFTA’s modernization effort, Classification Reimagined, is too incremental to succeed. That argument ignores what has already been implemented, why the work was intentionally phased, and how extensively the industry has shaped the changes. <h3>Classification Reimagined is active and market-driven </h3>Classification Reimagined was not conceived in isolation. It was driven by repeated, concrete feedback from carriers, shippers, brokers and technology providers who cited inconsistent application of the NMFC, unnecessary complexity and barriers to automation. The objective has been clear from the start: improve consistency, support digital workflows, implement AI and modernize classification without destabilizing pricing, contracts or operations, and embrace the shift toward density for many items. <h3>What has already changed </h3>Density is now a primary driver for many commodities, aligning class determination with how freight actually consumes space and affects network efficiency. The expansion to 13-sub density scale provides more precision while remaining usable in real-world operations. Changes are being implemented in phases by design. Classification affects rating engines, contracts, billing, procurement, audits and software. Industry participants explicitly asked for a measured rollout to avoid operational disruption. NMFTA has delivered digital-first tools, including ClassIT+ and application programming interfaces, that support automation and reduce manual interpretation. These tools are already in use. These are not theoretical improvements. They are live, operational changes adopted at the industry’s request and average 40,000 searches per day. <h3>Why the ‘pricing failure’ argument falls short </h3>The prior commentary argues that classification is irrelevant because carriers can price however they choose. That shows a lack of LTL understanding. Pricing flexibility does not eliminate the need for standardized freight descriptions. The NMFC underpins billing accuracy, dispute resolution, audit consistency and transparency across the shipment lifecycle. Even in a contract-driven market, LTL depends on a common language. The commentary also criticizes modernization for being incomplete. That criticism ignores reality and an understanding of what the industry really asked for. A rapid, wholesale rewrite of classification would create confusion, system failures and contract disputes. Industry stakeholders made it clear that success required a phased approach they could absorb. Incremental implementation is not hesitation — it is how change actually works in LTL. Notably, the commentary was written without engagement in the Classification Reimagined process. The author did not participate in working sessions or discussions with NMFTA, although had the opportunity on several occasions. Criticism is welcome, but it is most credible when grounded in the facts of the program being criticized. <h3>Industry engagement has been extensive </h3>For more than a year, NMFTA has actively engaged carriers, shippers, brokers, logistics providers and technology companies. The feedback has been consistent. Users report clearer rules, better alignment with actual freight characteristics, reduced ambiguity and improved opportunities for automation. The pace of change has allowed organizations to adapt without disruption. That outcome reflects intent, not accident. <h3>LTL is not parcel </h3>The commentary assumes LTL could operate like parcel if pricing were based solely on cube and weight. That assumption ignores core LTL realities. Dimensional data alone does not capture handling complexity, stowability constraints, liability exposure, hazardous materials or damage risk. Parcel networks work because the freight is relatively uniform. LTL freight is not. Classification exists because those differences materially affect cost and operations. <h3>Modernizing classification does not mean eliminating NMFTA </h3>The commentary also questions the value of NMFTA itself. That reflects a narrow view of NMFTA’s role. In addition to stewarding the NMFC, NMFTA provides essential industry infrastructure, including the Standard Carrier Alpha Code, digital data standards through the Digital Standards Development Council, cybersecurity initiatives and neutral technical forums the industry relies on to solve shared problems. <h3>A practical path forward </h3>The future of LTL classification will be shaped by systems that function in real operations, standards that scale and modernization grounded in how freight actually moves. Classification Reimagined is already delivering measurable improvements. Progress will continue deliberately, informed by industry participation — not abstract theory. Contact Debbie Sparks at <a href="mailto:Debbie.Sparks@nmfta.org">Debbie.Sparks@nmfta.org.</a></div>

“Classification Reimagined” is an industry-driven initiative and has accomplished all its objectives, and then some. Less-than-truckload (LTL) freight is complex and is not parcel by nature for carriers, shippers and brokers. But the National Motor Freight Traffic Association (NMFTA) simplified it. Shipments differ widely in density, handling, stowability, liability and damage risk. That complexity is exactly why the National Motor Freight Classification (NMFC) exists. A shared, standardized way to describe freight is not optional in LTL; it is foundational. Modernizing the widely used system matters because the freight it describes has not become simpler. A recent Journal of Commerce commentary argues that LTL freight classification is obsolete and proposes replacing it with a parcel-style pricing model based only on dimensions and weight. It also claims that NMFTA’s modernization effort, Classification Reimagined, is too incremental to succeed. That argument ignores what has already been implemented, why the work was intentionally phased, and how extensively the industry has shaped the changes. Classification Reimagined is active and market-driven Classification Reimagined was not conceived in isolation. It was driven by repeated, concrete feedback from carriers, shippers, brokers and technology providers who cited inconsistent application of the NMFC, unnecessary complexity and barriers to automation. The objective has been clear from the start: improve consistency, support digital workflows, implement AI and modernize classification without destabilizing pricing, contracts or operations, and embrace the shift toward density for many items. What has already changed Density is now a primary driver for many commodities, aligning class determination with how freight actually consumes space and affects network efficiency. The expansion to 13-sub density scale provides more precision while remaining usable in real-world operations. Changes are being implemented in phases by design. Classification affects rating engines, contracts, billing, procurement, audits and software. Industry participants explicitly asked for a measured rollout to avoid operational disruption. NMFTA has delivered digital-first tools, including ClassIT+ and application programming interfaces, that support automation and reduce manual interpretation. These tools are already in use. These are not theoretical improvements. They are live, operational changes adopted at the industry’s request and average 40,000 searches per day. Why the ‘pricing failure’ argument falls short The prior commentary argues that classification is irrelevant because carriers can price however they choose. That shows a lack of LTL understanding. Pricing flexibility does not eliminate the need for standardized freight descriptions. The NMFC underpins billing accuracy, dispute resolution, audit consistency and transparency across the shipment lifecycle. Even in a contract-driven market, LTL depends on a common language. The commentary also criticizes modernization for being incomplete. That criticism ignores reality and an understanding of what the industry really asked for. A rapid, wholesale rewrite of classification would create confusion, system failures and contract disputes. Industry stakeholders made it clear that success required a phased approach they could absorb. Incremental implementation is not hesitation — it is how change actually works in LTL. Notably, the commentary was written without engagement in the Classification Reimagined process. The author did not participate in working sessions or discussions with NMFTA, although had the opportunity on several occasions. Criticism is welcome, but it is most credible when grounded in the facts of the program being criticized. Industry engagement has been extensive For more than a year, NMFTA has actively engaged carriers, shippers, brokers, logistics providers and technology companies. The feedback has been consistent. Users report clearer rules, better alignment with actual freight characteristics, reduced ambiguity and improved opportunities for automation. The pace of change has allowed organizations to adapt without disruption. That outcome reflects intent, not accident. LTL is not parcel The commentary assumes LTL could operate like parcel if pricing were based solely on cube and weight. That assumption ignores core LTL realities. Dimensional data alone does not capture handling complexity, stowability constraints, liability exposure, hazardous materials or damage risk. Parcel networks work because the freight is relatively uniform. LTL freight is not. Classification exists because those differences materially affect cost and operations. Modernizing classification does not mean eliminating NMFTA The commentary also questions the value of NMFTA itself. That reflects a narrow view of NMFTA’s role. In addition to stewarding the NMFC, NMFTA provides essential industry infrastructure, including the Standard Carrier Alpha Code, digital data standards through the Digital Standards Development Council, cybersecurity initiatives and neutral technical forums the industry relies on to solve shared problems. A practical path forward The future of LTL classification will be shaped by systems that function in real operations, standards that scale and modernization grounded in how freight actually moves. Classification Reimagined is already delivering measurable improvements. Progress will continue deliberately, informed by industry participation — not abstract theory. Contact Debbie Sparks at Debbie.Sparks@nmfta.org.

‘Classification Reimagined’ is improving LTL — and the industry asked for it

<div class="phx-topic abstract-wrapper">The era of “good enough” visibility has ended, and data accuracy needs to match its operational and economic impacts.</div>

The era of “good enough” visibility has ended, and data accuracy needs to match its operational and economic impacts.

<div class="phx-topic">For more than a decade, global supply chain visibility arose out of necessity, not design. The industry accepted fragmented, inconsistent and delayed data due to a lack of alternatives. Carriers, terminals, depots and inland operators held isolated information, while early visibility platforms only aggregated available data through application programming interfaces, electronic data interchange, automatic identification systems or scraped tracking pages. This phase focused on dragging an industry reliant on email, phone and fax into a network upgrade. It was a necessary step. We are now in a very transitional phase. Aggregation filled a gap, but it isn't sustainable for an industry facing financial risks, climate accountability and operational complexity. The era of “good enough” visibility has ended, and data accuracy needs to match its operational and economic impacts. “Visibility” has reached a point where subscription models using aggregated data no longer meet supply chain accuracy needs. The industry recognizes that the future of visibility depends on structured, device-generated data and digital documentation, rather than on inferred events and paper trails. Device-driven data standards are the catalyst, providing reliable, tamper-resistant physical event data. Electronic bills of lading (eBLs) are emerging as the trusted legal backbone, with shipping lines aiming to make eBLs mandatory by 2030, replacing paper processes and modernizing trade finance. They form the architecture for a digital chain of custody. As regulatory, commercial, and environmental, social and governance pressures push for adoption, the future of visibility lies in inherently digital devices and documents, not retrofitted into legacy systems. Hapag-Lloyd’s 2023 decision to upgrade its dry container fleet with internet of things (IoT) devices, completed in 2025, reflects this shift. For a top-five carrier to fully implement real-time monitoring globally is more than a technological upgrade; it's a strategic move shaping the industry's future. Other major carriers have announced similar upgrades but haven't matched this scale or speed. This gap allows alternative IoT solutions, such as e-seals and owner-operated devices, to accelerate the move from inferred to verified events, regardless of each carrier’s pace. <h3>‘Edge intelligence hubs’ </h3>This momentum will bypass the liner carrier community, driven by two tech shifts: GPS-based edge devices and long-range, wide-area sensor networks (LoRaWAN). Modern GPS-enabled smart devices, such as smart container devices, are evolving from trackers into “edge intelligence hubs” that capture location, movement and security events and serve as gateways for nearby sensors. LoRaWAN is a low-cost, low-power, long-range wireless protocol that creates gateways at ports, terminals and inland logistics zones. It enables small, low-cost sensors to transmit authenticated data over distances exceeding one kilometer, even in dense metal environments. This enables automated detection of gate movements, tamper events and container interactions without manual scanning or expensive infrastructure. When combined, GPS-enabled smart devices and LoRaWAN sensors now cover the entire cargo spectrum: high-value shipments justify premium, high-resolution GPS tracking, while low-cost LoRaWAN supports low-value or commodity cargo. These technologies mark the beginning of a device-native visibility era: smart devices act as sensor hubs on assets, while LoRaWAN networks collect and verify data across logistics nodes. Together, they create a unified event layer that can scale independently of carrier adoption rates. As shipper-owned devices, e-seals and independent IoT networks proliferate, verified, device-generated events will increasingly emerge from the physical supply chain itself. The shift is clear: visibility is moving from reconstructed narratives to sensor-verified truth. <h3>Unlocking ‘new data economy’ </h3>That shift also unlocks a new data economy. In the next digital phase, value will accrue to those closest to the physical event. When a gate-in, gate-out, load-on or discharge is authenticated by a device owned and operated at the edge, it becomes a trusted event with economic weight. This is the foundation for visibility-as-a-transaction. The industry is entering a phase where data behaves like a financial asset, valued for its provenance, verification and trust. Sensor-verified events become units of value that can trigger eBL workflows, automated settlements and smart contracts, directly tying physical actions to money and compliance. This forces visibility platforms to choose a new role: become neutral data exchanges that monetize verified events or evolve into orchestration layers that compete with freight management systems. In either case, the old subscription model gives way to transaction-linked economics, where accuracy and dense, real-time IoT streams are what get paid for. Despite the hype about how AI will transform our industry, its effectiveness depends on high-quality event data. Without trusted and detailed events, AI mostly guesses. As the industry shifts to device-driven data, AI can shift from forecasting to real-time orchestration, balancing inventories, synchronizing flows and optimizing networks based on actual events rather than assumptions. As sensor-based visibility, digital records and event-linked payments merge, a new architecture for real-time coordination is emerging. The key question is who can adapt their business model quickly to thrive in this new environment. Our industry now has the technology to produce operational truth at scale through direct observation, not inference. The key is whether we’re ready to redesign incentives, systems and partnerships to realize its full potential value. I look forward to exploring this future at TPM26, one the global supply chain is finally ready to build. Peter Creeden is managing director at MPC International. Contact him at <a href="mailto:peter.creeden@mpc-international.com">peter.creeden@mpc-international.com.</a></div>

For more than a decade, global supply chain visibility arose out of necessity, not design. The industry accepted fragmented, inconsistent and delayed data due to a lack of alternatives. Carriers, terminals, depots and inland operators held isolated information, while early visibility platforms only aggregated available data through application programming interfaces, electronic data interchange, automatic identification systems or scraped tracking pages. This phase focused on dragging an industry reliant on email, phone and fax into a network upgrade. It was a necessary step. We are now in a very transitional phase. Aggregation filled a gap, but it isn't sustainable for an industry facing financial risks, climate accountability and operational complexity. The era of “good enough” visibility has ended, and data accuracy needs to match its operational and economic impacts. “Visibility” has reached a point where subscription models using aggregated data no longer meet supply chain accuracy needs. The industry recognizes that the future of visibility depends on structured, device-generated data and digital documentation, rather than on inferred events and paper trails. Device-driven data standards are the catalyst, providing reliable, tamper-resistant physical event data. Electronic bills of lading (eBLs) are emerging as the trusted legal backbone, with shipping lines aiming to make eBLs mandatory by 2030, replacing paper processes and modernizing trade finance. They form the architecture for a digital chain of custody. As regulatory, commercial, and environmental, social and governance pressures push for adoption, the future of visibility lies in inherently digital devices and documents, not retrofitted into legacy systems. Hapag-Lloyd’s 2023 decision to upgrade its dry container fleet with internet of things (IoT) devices, completed in 2025, reflects this shift. For a top-five carrier to fully implement real-time monitoring globally is more than a technological upgrade; it's a strategic move shaping the industry's future. Other major carriers have announced similar upgrades but haven't matched this scale or speed. This gap allows alternative IoT solutions, such as e-seals and owner-operated devices, to accelerate the move from inferred to verified events, regardless of each carrier’s pace. ‘Edge intelligence hubs’ This momentum will bypass the liner carrier community, driven by two tech shifts: GPS-based edge devices and long-range, wide-area sensor networks (LoRaWAN). Modern GPS-enabled smart devices, such as smart container devices, are evolving from trackers into “edge intelligence hubs” that capture location, movement and security events and serve as gateways for nearby sensors. LoRaWAN is a low-cost, low-power, long-range wireless protocol that creates gateways at ports, terminals and inland logistics zones. It enables small, low-cost sensors to transmit authenticated data over distances exceeding one kilometer, even in dense metal environments. This enables automated detection of gate movements, tamper events and container interactions without manual scanning or expensive infrastructure. When combined, GPS-enabled smart devices and LoRaWAN sensors now cover the entire cargo spectrum: high-value shipments justify premium, high-resolution GPS tracking, while low-cost LoRaWAN supports low-value or commodity cargo. These technologies mark the beginning of a device-native visibility era: smart devices act as sensor hubs on assets, while LoRaWAN networks collect and verify data across logistics nodes. Together, they create a unified event layer that can scale independently of carrier adoption rates. As shipper-owned devices, e-seals and independent IoT networks proliferate, verified, device-generated events will increasingly emerge from the physical supply chain itself. The shift is clear: visibility is moving from reconstructed narratives to sensor-verified truth. Unlocking ‘new data economy’ That shift also unlocks a new data economy. In the next digital phase, value will accrue to those closest to the physical event. When a gate-in, gate-out, load-on or discharge is authenticated by a device owned and operated at the edge, it becomes a trusted event with economic weight. This is the foundation for visibility-as-a-transaction. The industry is entering a phase where data behaves like a financial asset, valued for its provenance, verification and trust. Sensor-verified events become units of value that can trigger eBL workflows, automated settlements and smart contracts, directly tying physical actions to money and compliance. This forces visibility platforms to choose a new role: become neutral data exchanges that monetize verified events or evolve into orchestration layers that compete with freight management systems. In either case, the old subscription model gives way to transaction-linked economics, where accuracy and dense, real-time IoT streams are what get paid for. Despite the hype about how AI will transform our industry, its effectiveness depends on high-quality event data. Without trusted and detailed events, AI mostly guesses. As the industry shifts to device-driven data, AI can shift from forecasting to real-time orchestration, balancing inventories, synchronizing flows and optimizing networks based on actual events rather than assumptions. As sensor-based visibility, digital records and event-linked payments merge, a new architecture for real-time coordination is emerging. The key question is who can adapt their business model quickly to thrive in this new environment. Our industry now has the technology to produce operational truth at scale through direct observation, not inference. The key is whether we’re ready to redesign incentives, systems and partnerships to realize its full potential value. I look forward to exploring this future at TPM26, one the global supply chain is finally ready to build. Peter Creeden is managing director at MPC International. Contact him at peter.creeden@mpc-international.com.

From screen-scraped visibility to sensor-verified truth

West

East

Gulf

PIERS containerized US import and export volumes is the transportation industry’s largest US waterborne trade data set, covering all US ports. Every day, the PIERS team processes an average of about 60,000 bills of lading filed with US Customs and Border Protection (CBP) and integrates this transactional trade data with standardized company details. PIERS contains US trade data going back to 2003. [PIERS](https://www.spglobal.com/marketintelligence/en/mi/products/piers.html)

Asia to US West, East and Gulf Coast YTD container volume market share (PIERS)

PIERS TEU market share US coastal imports from Asia (YTD) Gateway

<div class="phx-topic abstract-wrapper">The growth in traffic on intra-Asian routes is a result of ongoing US demand for cloud infrastructure logistics related to the rapid development of AI technology.</div>

The growth in traffic on intra-Asian routes is a result of ongoing US demand for cloud infrastructure logistics related to the rapid development of AI technology.

<div class="phx-topic">Strong US air cargo demand for high-tech and AI-related exports from Southeast Asia is having the indirect effect of placing intra-Asia capacity under mounting pressure as most flights to North America are routed via regional transit hubs. While the air cargo industry prepares for Asian export volume to rise over the next few weeks in line with seasonal demand ahead of the Lunar New Year that begins on Feb. 17, forwarders are already reporting congestion at some of the region’s key airports. Kathy Liu, vice president of global sales and marketing at Taiwan-based Dimerco Express Group, said the China-plus-one production strategy, accelerated by US tariffs last year, was strengthening intra-Asia demand. “This will further constrain intra-Asia capacity, as transit carriers are prioritizing first-leg capacity for long-haul cargo to maximize revenue,” Liu told the Journal of Commerce Thursday. “As a result, major transit hubs such as Hong Kong, Taipei, Singapore, Incheon and Narita are expected to remain highly congested.” The growth in traffic on intra-Asian routes is being accelerated by US tariffs imposed on Beijing in 2025 that led to a shift in regional trade flows through the second half of the year and drove increasing demand from Southeast Asian origins. Tobias Hofemeier, senior vice president for air logistics in greater China at Kuehne + Nagel, said there was ongoing high demand for cloud infrastructure logistics related to the rapid development of AI technology. He cited data from research and advisory firm Gartner projecting 21.3% year-over-year growth in public cloud services in 2026. “We expect continued growth in Southeast Asian countries like Thailand and Vietnam ... due to strong demand driven primarily by high tech, electronics and semiconductor cargo,” Hofemeier said. Kuehne + Nagel uses available commercial capacity on the trans-Pacific and supplements that with nine Kuehne + Nagel-dedicated flights per week from Vietnam to the US and six flights from Taiwan to the US. <h3>Freighter capacity constraints </h3>Air freight capacity data from analyst Rotate shows high growth in direct flights on the Southeast Asia-North America trade lane in the past week, but much of the cargo on that corridor is shipped indirectly to the US through Asian transit hubs. While demand increases, overall capacity, especially belly capacity on commercial flights, is projected to remain at 2025 levels because of delays in aircraft deliveries. Boeing and Airbus have been facing long delays in producing, certifying and delivering new aircraft, severely constricting the ability of airlines to grow their fleets. Another capacity-limiting factor for the industry is the grounding of all McDonnell Douglas MD-11 freighters and DC-10s following the fatal crash in Louisville, Kentucky, in November. Most of the 70 freighters are operated by FedEx and UPS (52 planes) and will be grounded indefinitely. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="a3f6b9ed-e750-40e5-8b28-b4d1703b5c40"></dynamic-object></div>Sou Ping Chee, regional head of air freight in Asia Pacific for Hellmann Worldwide Logistics, said capacity provided by commercial airlines comprised more than 80% of the global market. ”It will remain tight this year because there’s no significant additional capacity being added with few new freighter aircrafts that will be delivered this year,” he told the Journal of Commerce Thursday. But an unknown factor was how much chartered freighter capacity would return to the market this year and what impact it would have on increasing available space. Chee explained that when the US scrapped the de minimis exemption for low-value Chinese imports in May last year and demand tumbled on the trans-Pacific, many chartered freighters were redeployed to other routes. "Charters are committed for at least for a year and they had to somehow find a way to keep flying and filling their aircraft,” Chee said. “This year onwards, some of the e-commerce charter contracts will be due for renewal, so it will be interesting to see how many are renewed and how much capacity is returned to the market.” <h3>Tailwinds of growth</h3>In his latest monthly market update, Niall van de Wouw, chief air freight officer at rate benchmarking platform Xeneta, said one of the tailwinds of demand growth in 2025 came from investment linked to the development of AI solutions. But he warned that the less buoyant forward-looking signals for Chinese e-commerce exports were worrying. Despite a sharp drop in US business, China’s air freight exports are still dominated by e-commerce that comprises approximately one-third of the country’s total air cargo volume. “China’s cross-border e-commerce volumes were flat in October and November,” van de Wouw said. “If we see a third consecutive month of lower e-commerce growth out of China, that is a big signal, while duties imposed by other countries may present more unwelcome news for the air cargo market going forward.” Chinese customs data shows low-value and e-commerce exports in November rose by just 1% year over year after flatlining in October. Exports to the US represented the majority of the decline, falling 52% year over year in November after a drop of 51% in October. Before the de minimis ban imposed by Washington, China-US e-commerce accounted for approximately 3% of global air cargo volumes. China-European Union e-commerce volume continued to grow, expanding 29% in November following 47% year-over-year growth in October. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

Strong US air cargo demand for high-tech and AI-related exports from Southeast Asia is having the indirect effect of placing intra-Asia capacity under mounting pressure as most flights to North America are routed via regional transit hubs. While the air cargo industry prepares for Asian export volume to rise over the next few weeks in line with seasonal demand ahead of the Lunar New Year that begins on Feb. 17, forwarders are already reporting congestion at some of the region’s key airports. Kathy Liu, vice president of global sales and marketing at Taiwan-based Dimerco Express Group, said the China-plus-one production strategy, accelerated by US tariffs last year, was strengthening intra-Asia demand. “This will further constrain intra-Asia capacity, as transit carriers are prioritizing first-leg capacity for long-haul cargo to maximize revenue,” Liu told the Journal of Commerce Thursday. “As a result, major transit hubs such as Hong Kong, Taipei, Singapore, Incheon and Narita are expected to remain highly congested.” The growth in traffic on intra-Asian routes is being accelerated by US tariffs imposed on Beijing in 2025 that led to a shift in regional trade flows through the second half of the year and drove increasing demand from Southeast Asian origins. Tobias Hofemeier, senior vice president for air logistics in greater China at Kuehne + Nagel, said there was ongoing high demand for cloud infrastructure logistics related to the rapid development of AI technology. He cited data from research and advisory firm Gartner projecting 21.3% year-over-year growth in public cloud services in 2026. “We expect continued growth in Southeast Asian countries like Thailand and Vietnam ... due to strong demand driven primarily by high tech, electronics and semiconductor cargo,” Hofemeier said. Kuehne + Nagel uses available commercial capacity on the trans-Pacific and supplements that with nine Kuehne + Nagel-dedicated flights per week from Vietnam to the US and six flights from Taiwan to the US. Freighter capacity constraints Air freight capacity data from analyst Rotate shows high growth in direct flights on the Southeast Asia-North America trade lane in the past week, but much of the cargo on that corridor is shipped indirectly to the US through Asian transit hubs. While demand increases, overall capacity, especially belly capacity on commercial flights, is projected to remain at 2025 levels because of delays in aircraft deliveries. Boeing and Airbus have been facing long delays in producing, certifying and delivering new aircraft, severely constricting the ability of airlines to grow their fleets. Another capacity-limiting factor for the industry is the grounding of all McDonnell Douglas MD-11 freighters and DC-10s following the fatal crash in Louisville, Kentucky, in November. Most of the 70 freighters are operated by FedEx and UPS (52 planes) and will be grounded indefinitely. Sou Ping Chee, regional head of air freight in Asia Pacific for Hellmann Worldwide Logistics, said capacity provided by commercial airlines comprised more than 80% of the global market. ”It will remain tight this year because there’s no significant additional capacity being added with few new freighter aircrafts that will be delivered this year,” he told the Journal of Commerce Thursday. But an unknown factor was how much chartered freighter capacity would return to the market this year and what impact it would have on increasing available space. Chee explained that when the US scrapped the de minimis exemption for low-value Chinese imports in May last year and demand tumbled on the trans-Pacific, many chartered freighters were redeployed to other routes. "Charters are committed for at least for a year and they had to somehow find a way to keep flying and filling their aircraft,” Chee said. “This year onwards, some of the e-commerce charter contracts will be due for renewal, so it will be interesting to see how many are renewed and how much capacity is returned to the market.” Tailwinds of growth In his latest monthly market update, Niall van de Wouw, chief air freight officer at rate benchmarking platform Xeneta, said one of the tailwinds of demand growth in 2025 came from investment linked to the development of AI solutions. But he warned that the less buoyant forward-looking signals for Chinese e-commerce exports were worrying. Despite a sharp drop in US business, China’s air freight exports are still dominated by e-commerce that comprises approximately one-third of the country’s total air cargo volume. “China’s cross-border e-commerce volumes were flat in October and November,” van de Wouw said. “If we see a third consecutive month of lower e-commerce growth out of China, that is a big signal, while duties imposed by other countries may present more unwelcome news for the air cargo market going forward.” Chinese customs data shows low-value and e-commerce exports in November rose by just 1% year over year after flatlining in October. Exports to the US represented the majority of the decline, falling 52% year over year in November after a drop of 51% in October. Before the de minimis ban imposed by Washington, China-US e-commerce accounted for approximately 3% of global air cargo volumes. China-European Union e-commerce volume continued to grow, expanding 29% in November following 47% year-over-year growth in October. Contact Greg Knowler at greg.knowler@spglobal.com .

Air Cargo

Intra-Asia air freight capacity tightens on US high-tech demand

<div class="phx-topic abstract-wrapper">Contract shippers have not felt the impact of the surge last month in spot market truckload rates, but that could change amid market uncertainty as 2026 begins.</div>

Contract shippers have not felt the impact of the surge last month in spot market truckload rates, but that could change amid market uncertainty as 2026 begins.

<div class="phx-topic">The newfound strength in US truckload pricing could become a turning point if it lasts until mid-February, long enough that shippers could see it in their contracts, but there are also plenty of hazards that could cause the freight recession to linger into a fourth year, analysts warn. Truckload spot rates were largely tepid between February and November, but shot up 19 cents per mile in December from November, which was also a 9.1% increase year over year, according to a Journal of Commerce analysis of truckload data from DAT Freight and Analytics and managed transportation provider Loadsmart. The average national rate paid by shippers last month was $2.46 per mile across the US, including fuel, on lanes 250 miles or greater. “I do think a lot of [the] rate increase in December was weather driven ... winter weather hitting the Midwest and Northeast,” David Spencer, vice president of market intelligence at Arrive Logistics, said Tuesday on the Meet Me for Coffee podcast hosted by Samantha Jones. “Rates are going to come back down. I think it’s a short-lived season volatility.” Jason Miller, professor of supply chain management at Michigan State University, said the key month to watch is February. Rates tend to remain slightly elevated in January because of the reverse logistics involved in returning Christmas gifts. But if rates remain elevated through February — which Miller doesn’t believe will happen — then pricing power could shift to the carriers. “We’re entering this year, from a manufacturing standpoint, in a worse position today than we were entering last year,” Miller said on the podcast. A shipper who did not want to be identified told the Journal of Commerce that his contract truckload carriers have not broached the subject of raising contract rates based off the December spot market surge. <h3>Data picture is cloudy </h3>Economists are working through the backlog of data that accumulated during the 43-day government shutdown in October and November. “The hard part is that we’re still waiting for a lot of government data that we’d love to have,” Miller said. “New single family home permits were down 10% year over year last August, but that feels like ancient history.” The S&amp;P Global Manufacturing Purchasing Managers Index was in expansion territory in December at 51.8, but the outlook was much more cautious. “Something of a Wile E. Coyote scenario has developed, whereby — just like the cartoon character continues to run despite chasing the roadrunner off a cliff — factories are continuing to produce goods despite suffering a drop in orders,” wrote Chris Williamson, chief business economist at S&amp;P Global Market Intelligence. The gap between production and new orders was the widest since the Great Recession of 2008–09, indicating “current factory production levels are clearly unsustainable,” Williamson wrote. That’s relevant because industrial freight powers the trucks and railroads, hauling raw materials and intermediate products used to make durable and non-durable consumer products. There are other signs that could cool the December euphoria of carriers, including the federal government this month beginning to garnish the wages of those who are delinquent on their student loans, a practice that was halted during the COVID-19 pandemic. “Holiday shopping is often on credit cards, and so when we start seeing wage garnishments to pay student loans, it’s going to create real strain on some consumers,” Aaron Terrazas, an independent economist who previously worked for companies such as Convoy, Glassdoor and Zillow, said on the Jones webcast. <h3>Things could change fast </h3>Despite the lackluster macroeconomic picture, there are unknowns that could quickly shock the market and shift pricing power back to carriers. The US Supreme Court must rule on whether President Donald Trump had the authority to use the International Emergency Economic Powers Act to apply reciprocal tariffs across dozens of trading partners last year. The Court will hand down a series of rulings this Friday, but it is unknown if the tariffs case will be one of them. If the Court rules against Trump, and the Federal Reserve continues to lower interest rates, it could create a one-two punch that could shock the markets. “There will be a window which I think shippers will just force as much they can through the pipe before the administration finds another way to get tariffs in place,” Terrazas said. “If the pipe opens, even if it’s for just two or three months, I think you’ll see just an absolute bonanza ... It’ll be absolute and total hell on all transportation managers [shippers].” If the Court rules for Trump, however, the administration has floated the idea of issuing tariff rebate checks of up to $2,000 to US citizens. If people receive that money, it could be the demand catalyst to kickstart a freight recovery, according to Terrazas and Miller. There is also the battle between the US Department of Transportation (USDOT) and several states over rescinding non-domiciled commercial driver’s licenses (CDLs) to asylum seekers and other visa holders that were previously qualified. California announced a 60-day extension on canceling the non-domiciled CDLs, kicking the issue to March, while the USDOT has threatened to withhold federal funds over that decision. It is unclear what the impact on both truckload and port drayage would be if California canceled as many as 17,000 non-domiciled CDLs.“I think vulnerability to sustained disruption is a major issue,” Spencer said on the webcast. “Use this past little stretch in December as a good indicator of what to expect because there are going to be periods of volatility.” Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>.</div>

The newfound strength in US truckload pricing could become a turning point if it lasts until mid-February, long enough that shippers could see it in their contracts, but there are also plenty of hazards that could cause the freight recession to linger into a fourth year, analysts warn. Truckload spot rates were largely tepid between February and November, but shot up 19 cents per mile in December from November, which was also a 9.1% increase year over year, according to a Journal of Commerce analysis of truckload data from DAT Freight and Analytics and managed transportation provider Loadsmart. The average national rate paid by shippers last month was $2.46 per mile across the US, including fuel, on lanes 250 miles or greater. “I do think a lot of [the] rate increase in December was weather driven ... winter weather hitting the Midwest and Northeast,” David Spencer, vice president of market intelligence at Arrive Logistics, said Tuesday on the Meet Me for Coffee podcast hosted by Samantha Jones. “Rates are going to come back down. I think it’s a short-lived season volatility.” Jason Miller, professor of supply chain management at Michigan State University, said the key month to watch is February. Rates tend to remain slightly elevated in January because of the reverse logistics involved in returning Christmas gifts. But if rates remain elevated through February — which Miller doesn’t believe will happen — then pricing power could shift to the carriers. “We’re entering this year, from a manufacturing standpoint, in a worse position today than we were entering last year,” Miller said on the podcast. A shipper who did not want to be identified told the Journal of Commerce that his contract truckload carriers have not broached the subject of raising contract rates based off the December spot market surge. Data picture is cloudy Economists are working through the backlog of data that accumulated during the 43-day government shutdown in October and November. “The hard part is that we’re still waiting for a lot of government data that we’d love to have,” Miller said. “New single family home permits were down 10% year over year last August, but that feels like ancient history.” The S&P Global Manufacturing Purchasing Managers Index was in expansion territory in December at 51.8, but the outlook was much more cautious. “Something of a Wile E. Coyote scenario has developed, whereby — just like the cartoon character continues to run despite chasing the roadrunner off a cliff — factories are continuing to produce goods despite suffering a drop in orders,” wrote Chris Williamson, chief business economist at S&P Global Market Intelligence. The gap between production and new orders was the widest since the Great Recession of 2008–09, indicating “current factory production levels are clearly unsustainable,” Williamson wrote. That’s relevant because industrial freight powers the trucks and railroads, hauling raw materials and intermediate products used to make durable and non-durable consumer products. There are other signs that could cool the December euphoria of carriers, including the federal government this month beginning to garnish the wages of those who are delinquent on their student loans, a practice that was halted during the COVID-19 pandemic. “Holiday shopping is often on credit cards, and so when we start seeing wage garnishments to pay student loans, it’s going to create real strain on some consumers,” Aaron Terrazas, an independent economist who previously worked for companies such as Convoy, Glassdoor and Zillow, said on the Jones webcast. Things could change fast Despite the lackluster macroeconomic picture, there are unknowns that could quickly shock the market and shift pricing power back to carriers. The US Supreme Court must rule on whether President Donald Trump had the authority to use the International Emergency Economic Powers Act to apply reciprocal tariffs across dozens of trading partners last year. The Court will hand down a series of rulings this Friday, but it is unknown if the tariffs case will be one of them. If the Court rules against Trump, and the Federal Reserve continues to lower interest rates, it could create a one-two punch that could shock the markets. “There will be a window which I think shippers will just force as much they can through the pipe before the administration finds another way to get tariffs in place,” Terrazas said. “If the pipe opens, even if it’s for just two or three months, I think you’ll see just an absolute bonanza ... It’ll be absolute and total hell on all transportation managers [shippers].” If the Court rules for Trump, however, the administration has floated the idea of issuing tariff rebate checks of up to $2,000 to US citizens. If people receive that money, it could be the demand catalyst to kickstart a freight recovery, according to Terrazas and Miller. There is also the battle between the US Department of Transportation (USDOT) and several states over rescinding non-domiciled commercial driver’s licenses (CDLs) to asylum seekers and other visa holders that were previously qualified. California announced a 60-day extension on canceling the non-domiciled CDLs, kicking the issue to March, while the USDOT has threatened to withhold federal funds over that decision. It is unclear what the impact on both truckload and port drayage would be if California canceled as many as 17,000 non-domiciled CDLs. “I think vulnerability to sustained disruption is a major issue,” Spencer said on the webcast. “Use this past little stretch in December as a good indicator of what to expect because there are going to be periods of volatility.” Contact Ari Ashe at ari.ashe@spglobal.com .

Trucking News

Truckload

US truckload pricing remains unsettled despite red-hot December

<div class="phx-topic abstract-wrapper">Few blank sailings have been announced for January, and none this week, as shippers in Asia get their cargo on the water ahead of China’s Lunar New Year factory shutdown.</div>

Few blank sailings have been announced for January, and none this week, as shippers in Asia get their cargo on the water ahead of China’s Lunar New Year factory shutdown.

<div class="phx-topic">The annual pre-Lunar New Year rush is underway on the Asia-North Europe ocean trade, with some market watchers reporting signs of frontloading on top of seasonal demand while others feel the volumes in January are within historical norms.What is clear, however, is that carriers are injecting significant capacity into the trade lane this month while blanking very few sailings as shippers race to get their cargo on the water before factories across China close for up to three weeks. The Year of the Horse begins on Feb. 17.Peter Sand, chief analyst at Xeneta, said capacity offered on Asia to North Europe was at an all-time high this week with no blank sailings. Data from Xeneta’s eeSea shows a record 1.15 million TEUs in capacity is being deployed this month on the Asia-North Europe trade lane, with blank sailings removing just 25,000 TEUs. In February, the planned capacity will drop to just over 1 million TEUs.“Demand is solid and seasonally strong ... anything of top of that could be fueled by [market] uncertainty,” Sand told the Journal of Commerce.Sea-Intelligence Maritime Analysis also highlighted a significant capacity increase, pointing to current weekly capacity of 421,825 TEUs being offered on Asia-North Europe, a 49% net increase compared with a 2015–19 pre-COVID-19 historical baseline.<div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="a63d21f3-de18-45d8-8acf-7aca6ea4f4c4"></dynamic-object></div>“This is a strong indication of a frontloading strategy where shippers are pushing massive volumes into the network much earlier than the historical figures suggest, likely a response to the current extended Asia-Europe transit times,” Sea-Intelligence wrote in the newsletter.“By flooding the trade lane early, shippers aim to ensure that their European inventory is buffered before the planned Lunar New Year capacity withdrawal begins,” the analyst noted.<h3>Demand following seasonal patterns</h3>A spokesman for Hapag-Lloyd said demand on the eastbound trade routes from Asia to Europe was following seasonal patterns.“We’re witnessing a normal peak season which started in December and is now ramping up towards Lunar New Year,” a spokesperson for Hapag-Lloyd told the Journal of Commerce. “We expect bookings to soften from end-January onwards as factories close.”Michael Aldwell, executive vice president of sea logistics at Kuehne + Nagel, said most of the forwarder’s customers in Europe used a “just-in-time” approach to manage supply chains and stock levels, which was affecting the duration of peak shipping periods.“[However], after two years of extended transit times, shippers are adjusting their plans accordingly, leading to a more stretched peak season,” Aldwell told the Journal of Commerce.Rising spot rates are accompanying the strong pre-Lunar New Year demand, with all indexes showing steep increases since early October. According to Platts, a sister company of the Journal of Commerce within S&amp;P Global, Asia-North Europe rates of $2,700 per FEU this week are more than double the Oct. 3 price. Container Trades Statistics, in its latest available data (October), shows Asia-North Europe container volume growth of almost 8% over the first 10 months of 2025 as oscillating US tariffs on Beijing saw Chinese shippers redirecting cargo to European markets. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>.</div>

The annual pre-Lunar New Year rush is underway on the Asia-North Europe ocean trade, with some market watchers reporting signs of frontloading on top of seasonal demand while others feel the volumes in January are within historical norms. What is clear, however, is that carriers are injecting significant capacity into the trade lane this month while blanking very few sailings as shippers race to get their cargo on the water before factories across China close for up to three weeks. The Year of the Horse begins on Feb. 17. Peter Sand, chief analyst at Xeneta, said capacity offered on Asia to North Europe was at an all-time high this week with no blank sailings. Data from Xeneta’s eeSea shows a record 1.15 million TEUs in capacity is being deployed this month on the Asia-North Europe trade lane, with blank sailings removing just 25,000 TEUs. In February, the planned capacity will drop to just over 1 million TEUs. “Demand is solid and seasonally strong ... anything of top of that could be fueled by [market] uncertainty,” Sand told the Journal of Commerce. Sea-Intelligence Maritime Analysis also highlighted a significant capacity increase, pointing to current weekly capacity of 421,825 TEUs being offered on Asia-North Europe, a 49% net increase compared with a 2015–19 pre-COVID-19 historical baseline. “This is a strong indication of a frontloading strategy where shippers are pushing massive volumes into the network much earlier than the historical figures suggest, likely a response to the current extended Asia-Europe transit times,” Sea-Intelligence wrote in the newsletter. “By flooding the trade lane early, shippers aim to ensure that their European inventory is buffered before the planned Lunar New Year capacity withdrawal begins,” the analyst noted. Demand following seasonal patterns A spokesman for Hapag-Lloyd said demand on the eastbound trade routes from Asia to Europe was following seasonal patterns. “We’re witnessing a normal peak season which started in December and is now ramping up towards Lunar New Year,” a spokesperson for Hapag-Lloyd told the Journal of Commerce. “We expect bookings to soften from end-January onwards as factories close.” Michael Aldwell, executive vice president of sea logistics at Kuehne + Nagel, said most of the forwarder’s customers in Europe used a “just-in-time” approach to manage supply chains and stock levels, which was affecting the duration of peak shipping periods. “[However], after two years of extended transit times, shippers are adjusting their plans accordingly, leading to a more stretched peak season,” Aldwell told the Journal of Commerce. Rising spot rates are accompanying the strong pre-Lunar New Year demand, with all indexes showing steep increases since early October. According to Platts, a sister company of the Journal of Commerce within S&P Global, Asia-North Europe rates of $2,700 per FEU this week are more than double the Oct. 3 price. Container Trades Statistics, in its latest available data (October), shows Asia-North Europe container volume growth of almost 8% over the first 10 months of 2025 as oscillating US tariffs on Beijing saw Chinese shippers redirecting cargo to European markets. Contact Greg Knowler at greg.knowler@spglobal.com .

Asia-Europe ocean carriers add capacity as trade enters peak shipping period

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Electronic Data Interchange (EDI) has long been the backbone of global commerce, quietly facilitating trillions in transactions. Yet, despite its critical role, traditional EDI has remained notoriously complex, labor-intensive, viewed as antique, and costly. Companies have historically grappled with cumbersome mapping processes, intricate partner-specific logic, and extended onboarding timelines. Now, as industries increasingly adopt agile digital frameworks, the limitations of conventional EDI solutions have become glaringly apparent. Enter Mosaic, an innovative solution unveiled by Orderful, which promises to radically streamline and modernize EDI integration through artificial intelligence. Orderful, already recognized for simplifying supply chain data exchanges, has now introduced Mosaic as the first AI-enriched EDI integration product that completely removes traditional mapping processes. At its core, Mosaic represents a fundamental shift from legacy EDI protocols, replacing archaic, code-heavy formats such as X12 and EDIFACT with modern, easy to use JSON inputs oriented around system-of-record concepts. This alone significantly lowers the barrier to integration, allowing teams accustomed to modern SaaS API development to seamlessly adopt EDI workflows. Mosaic's AI-powered engine ingests and interprets trading partner requirements as well as millions of actual transactions to build reliable, reuseable, self-healing integration which translating data into partner-specific formats without manual intervention. Such automated adaptability is unprecedented in the EDI landscape and promises a marked reduction in implementation timelines, from what once took months or even years, down to mere weeks. Erik Kiser, founder and CEO of Orderful, understands firsthand the pain points of traditional EDI. Having built integrations himself early in his career, Kiser founded Orderful specifically to address the persistent challenges that frustrate businesses across the supply chain. "Nobody has been more frustrated by EDI than I have," Kiser notes candidly. "Those experiences are precisely why Orderful and now Mosaic exist." Mosaic further distinguishes itself by embedding real-time validation and debugging, streamlining error resolution from lengthy processes into rapid, straightforward fixes. Developers, traditionally burdened by the complexities of partner-specific requirements and intricate coding standards, now gain an intuitive, self-service environment. This reduction in complexity not only accelerates implementation but also reduces operational overhead, offering critical advantages in today’s fast-paced business environment. Brian Roberts, general partner at Andreessen Horowitz and Orderful board member, underscores Mosaic's industry impact: "Mosaic has taken one of the most entrenched bottlenecks in enterprise technology, EDI mapping, and replaced it with an AI-native product that adapts automatically. It’s exactly the type of innovation the industry has been missing." While Mosaic initially supports the complete Order-to-Cash lifecycle, covering purchase orders, acknowledgments, shipping notices, and invoices, the platform is designed for continuous growth and expansion. Orderful sees Mosaic not merely as a product but as a foundational architecture poised to support a broader range of data flows and integrations, aligning perfectly with the scalable requirements of global businesses. “The underlying unified data model not only lets us act as the universal connector, but also enables us to build product once that applies to all partners. This includes EDI functionality like order splitting and consolidation, but also unlocks powerful analytics and insights for our customers to help them grow their business,” said Will Benish, principal product manager at Orderful. Security and reliability are integral to Mosaic’s infrastructure, evidenced by SOC 2 Type II compliance and OAuth 2.0 integration. Additionally, the platform guarantees robust performance, boasting sub-second transaction speeds and immediate access to an extensive network of over 10,000 trading partners. For businesses already utilizing Orderful, Mosaic offers a seamless upgrade pathway, allowing organizations to embrace the future of EDI without disrupting their current trading partner relationships. New clients will find Mosaic’s approach refreshingly modern, providing immediate gains in speed, ease of integration, and scalability. Mosaic represents more than just an incremental improvement; it's a visionary leap forward in how enterprises manage and leverage supply chain data. As businesses grapple with increasingly complex global supply networks, Orderful’s Mosaic emerges as a timely and essential tool, providing clarity, agility, and unprecedented simplicity. Mosaic elevates EDI, providing businesses with a streamlined and efficient pathway to rapidly integrate, adapt, and scale in today's dynamic market. “Mosaic wouldn’t have been possible to build even three years ago. The work our team has put in has been extraordinary, combining cutting edge AI techniques with our deep experience with EDI and our rich library of trading partner guidelines and requirements,” said Benish. To learn more about how Mosaic can transform your EDI capabilities and streamline your integration processes or request a demonstration at <a href="https://www.orderful.com/product/mosaic" rel="noreferrer" class="joc_admin__link">www.orderful.com/product/mosaic</a>.

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From 1940s Roots to AI-Driven Future: Reinventing EDI for Today's Supply Chains

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<div class="phx-topic abstract-wrapper">Intermodal marketing companies have long been at a disadvantage because rail-owned containers lacked the real-time tracking and tracing capabilities that are standard among private fleets.</div>

Intermodal marketing companies have long been at a disadvantage because rail-owned containers lacked the real-time tracking and tracing capabilities that are standard among private fleets.

<div class="phx-topic">A multiyear effort to install GPS devices on approximately 75,000 rail-owned intermodal containers shared among several North American Class I railroads has been completed, according to Union Pacific Railroad (UP), closing a visibility gap that gave private container owners a strategic advantage in negotiations with shippers. UP owns and operates the container fleet, which also runs on the networks of Canadian National Railway, CSX Transportation, Norfolk Southern Railway and Mexico’s Ferromex. “This is another meaningful step as we deliver the best customer experience possible,” Kenny Rocker, UP’s executive vice president of sales, said in a statement on Monday. “By combining GPS-enabled containers with real-time data and smarter visibility tools, we’re providing the transparency and reliability our customers depend on.” The rail-owned containers are a critical resource for non-asset intermodal marketing companies (IMC), which compete directly for shipper freight with private container owners such as Hub Group, J.B. Hunt Transport Services and Schneider National. IMCs have long been at a disadvantage because rail-owned containers lacked the real-time tracking and tracing capabilities that are standard among private fleets. By contrast, real-time visibility is now common across the US truckload sector. Closing that gap has taken on added importance as UP’s projections for truckload-to-rail conversions are a pillar of its <a href="https://www.joc.com/article/up-in-merger-filing-vows-to-convert-millions-of-loads-to-intermodal-annually-6138380">case before the US Surface Transportation Board</a> as it seeks approval of its proposed acquisition of Norfolk Southern. Real-time location tracking of the rail-owned boxes will be available through the Blume Global platform and will support e-mail notifications, geofencing and application programming interface (API) connectivity. The move also introduces potential risk, however, as much of the freight moving in rail-owned containers already relies on Blume Global software; the logistics technology provider was the target of a cyberattack in 2022. Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>.</div>

A multiyear effort to install GPS devices on approximately 75,000 rail-owned intermodal containers shared among several North American Class I railroads has been completed, according to Union Pacific Railroad (UP), closing a visibility gap that gave private container owners a strategic advantage in negotiations with shippers. UP owns and operates the container fleet, which also runs on the networks of Canadian National Railway, CSX Transportation, Norfolk Southern Railway and Mexico’s Ferromex. “This is another meaningful step as we deliver the best customer experience possible,” Kenny Rocker, UP’s executive vice president of sales, said in a statement on Monday. “By combining GPS-enabled containers with real-time data and smarter visibility tools, we’re providing the transparency and reliability our customers depend on.” The rail-owned containers are a critical resource for non-asset intermodal marketing companies (IMC), which compete directly for shipper freight with private container owners such as Hub Group, J.B. Hunt Transport Services and Schneider National. IMCs have long been at a disadvantage because rail-owned containers lacked the real-time tracking and tracing capabilities that are standard among private fleets. By contrast, real-time visibility is now common across the US truckload sector. Closing that gap has taken on added importance as UP’s projections for truckload-to-rail conversions are a pillar of its case before the US Surface Transportation Board as it seeks approval of its proposed acquisition of Norfolk Southern. Real-time location tracking of the rail-owned boxes will be available through the Blume Global platform and will support e-mail notifications, geofencing and application programming interface (API) connectivity. The move also introduces potential risk, however, as much of the freight moving in rail-owned containers already relies on Blume Global software; the logistics technology provider was the target of a cyberattack in 2022. Contact Ari Ashe at ari.ashe@spglobal.com .

Rail News

North American rail container fleet fully outfitted with GPS devices

<div class="phx-topic abstract-wrapper">STG said the filing will reset its balance sheet and reduce debt obligations, but drayage, domestic intermodal, transloading and warehousing operations will not be affected.</div>

STG said the filing will reset its balance sheet and reduce debt obligations, but drayage, domestic intermodal, transloading and warehousing operations will not be affected.

<div class="phx-topic">STG Logistics, the US’s fourth-largest asset-based intermodal marketing company, filed for Chapter 11 bankruptcy protection in New Jersey Monday, entering a court-supervised restructuring that the company said will reduce its debt while keeping freight moving without disruption. STG will reduce funded debt by approximately $952 million, a deleveraging of about 91%, while securing commitments for up to $150 million of new capital, according to the agreement included in the bankruptcy filing. STG, which maintains a large drayage presence in the Port of New York and New Jersey, among other East Coast ports, expects to emerge from Chapter 11 in about five months. The new financing will be structured as debtor-in-possession financing, a form of court-approved bankruptcy that provides cash while STG continues day-to-day operations. The restructuring will change after STG exits bankruptcy. The financing is known as a debt-for-equity swap, under which the participating lender group will trade its debt claims for ownership of the business upon exiting bankruptcy. The new ownership group will be private equity firms Antares Capital, Fortress Investment Group and Invesco, which were part of a controversial 2024 financing transaction that triggered litigation by STG’s minority lenders. Ohio-based STG owns approximately 15,000 domestic containers, behind J.B. Hunt Transport Services, Hub Group and Schneider National. STG also operates a joint service with CSX Transportation called RailPlus, a door-to-door domestic intermodal product covering nearly 350 lanes across the US. STG owns 32 warehouses across North America and offers transloading operations for international shippers. The company runs agency-based ocean drayage operations in US ports and inland rail ramps. STG said the filing will reset its balance sheet and reduce debt obligations, but drayage, domestic intermodal, transloading and warehousing operations will not be affected. Employees and drivers will continue to be paid, as will key vendors, including rail partners such as CSX and Union Pacific Railroad. STG’s bankruptcy was anticipated as the company faces multiple lawsuits and lacks the financial resiliency of larger intermodal competitors to navigate a freight recession approaching its fourth year. S&amp;P Global, the parent company of the Journal of Commerce, lowered STG’s credit rating in July to CCC, warning that free cash flow would end 2025 at $110 million in the red and that STG could run out of money early this year. A CCC rating is considered speculative-grade credit with a high risk of default. STG hired Kirkland &amp; Ellis and PJT Partners, firms known for bankruptcy filings, credit analysts at Octus reported last month. <h3>Lawsuits affected </h3>STG’s bankruptcy will impact two legal disputes involving the company. New Jersey Attorney General Matthew Platkin sued STG Logistics in December 2023 for worker misclassification, seeking back wages and penalties for more than 300 drivers. The lawsuit centers on the rules governing who qualifies as an employee versus an independent contractor. Like California’s AB5, New Jersey applies an “ABC test” that presumes employee status unless a company can satisfy three “prongs,” a high bar in drayage and trucking models. Those prongs are that the worker is free from the control of the hiring entity, that the work is performed outside the usual course of company business and that the worker is engaged in an independently established trade or occupation. The New Jersey case would be frozen and transferred to the bankruptcy court. The bankruptcy filing comes a week after a New York state judge allowed another lawsuit by minority lenders Axos Financial and Siemens Financial Services to move forward, according to The Wall Street Journal. Axos and Siemens were lenders in STG’s 2022 financing to acquire the intermodal division of XPO Logistics. In October 2024, STG announced a $300 million financing package, but Axos and Siemens later sued, alleging the deal also functioned as a liability-management transaction that shifted collateral and other protections toward new lenders, leaving them with weaker claims in bankruptcy. The October 2024 transaction included Antares, Fortress and Invesco, according to the Journal. The New York judge described the Axos and Siemens allegations as “lender bullying,” the Journal reported. Axos and Siemens were not parties to the agreement filed with the court. The filing triggers an automatic stay to the New York case, pausing litigation against the debtor as the restructuring proceeds. Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>.</div>

STG Logistics, the US’s fourth-largest asset-based intermodal marketing company, filed for Chapter 11 bankruptcy protection in New Jersey Monday, entering a court-supervised restructuring that the company said will reduce its debt while keeping freight moving without disruption. STG will reduce funded debt by approximately $952 million, a deleveraging of about 91%, while securing commitments for up to $150 million of new capital, according to the agreement included in the bankruptcy filing. STG, which maintains a large drayage presence in the Port of New York and New Jersey, among other East Coast ports, expects to emerge from Chapter 11 in about five months. The new financing will be structured as debtor-in-possession financing, a form of court-approved bankruptcy that provides cash while STG continues day-to-day operations. The restructuring will change after STG exits bankruptcy. The financing is known as a debt-for-equity swap, under which the participating lender group will trade its debt claims for ownership of the business upon exiting bankruptcy. The new ownership group will be private equity firms Antares Capital, Fortress Investment Group and Invesco, which were part of a controversial 2024 financing transaction that triggered litigation by STG’s minority lenders. Ohio-based STG owns approximately 15,000 domestic containers, behind J.B. Hunt Transport Services, Hub Group and Schneider National. STG also operates a joint service with CSX Transportation called RailPlus, a door-to-door domestic intermodal product covering nearly 350 lanes across the US. STG owns 32 warehouses across North America and offers transloading operations for international shippers. The company runs agency-based ocean drayage operations in US ports and inland rail ramps. STG said the filing will reset its balance sheet and reduce debt obligations, but drayage, domestic intermodal, transloading and warehousing operations will not be affected. Employees and drivers will continue to be paid, as will key vendors, including rail partners such as CSX and Union Pacific Railroad. STG’s bankruptcy was anticipated as the company faces multiple lawsuits and lacks the financial resiliency of larger intermodal competitors to navigate a freight recession approaching its fourth year. S&P Global, the parent company of the Journal of Commerce, lowered STG’s credit rating in July to CCC, warning that free cash flow would end 2025 at $110 million in the red and that STG could run out of money early this year. A CCC rating is considered speculative-grade credit with a high risk of default. STG hired Kirkland & Ellis and PJT Partners, firms known for bankruptcy filings, credit analysts at Octus reported last month. Lawsuits affected STG’s bankruptcy will impact two legal disputes involving the company. New Jersey Attorney General Matthew Platkin sued STG Logistics in December 2023 for worker misclassification, seeking back wages and penalties for more than 300 drivers. The lawsuit centers on the rules governing who qualifies as an employee versus an independent contractor. Like California’s AB5, New Jersey applies an “ABC test” that presumes employee status unless a company can satisfy three “prongs,” a high bar in drayage and trucking models. Those prongs are that the worker is free from the control of the hiring entity, that the work is performed outside the usual course of company business and that the worker is engaged in an independently established trade or occupation. The New Jersey case would be frozen and transferred to the bankruptcy court. The bankruptcy filing comes a week after a New York state judge allowed another lawsuit by minority lenders Axos Financial and Siemens Financial Services to move forward, according to The Wall Street Journal. Axos and Siemens were lenders in STG’s 2022 financing to acquire the intermodal division of XPO Logistics. In October 2024, STG announced a $300 million financing package, but Axos and Siemens later sued, alleging the deal also functioned as a liability-management transaction that shifted collateral and other protections toward new lenders, leaving them with weaker claims in bankruptcy. The October 2024 transaction included Antares, Fortress and Invesco, according to the Journal. The New York judge described the Axos and Siemens allegations as “lender bullying,” the Journal reported. Axos and Siemens were not parties to the agreement filed with the court. The filing triggers an automatic stay to the New York case, pausing litigation against the debtor as the restructuring proceeds. Contact Ari Ashe at ari.ashe@spglobal.com .

STG files Ch. 11 bankruptcy, but intermodal operations remain intact

<div class="phx-topic abstract-wrapper">The storm is bringing fierce winds and Arctic conditions to the region, impacting ocean, road and rail freight transport.</div>

The storm is bringing fierce winds and Arctic conditions to the region, impacting ocean, road and rail freight transport.

<div class="phx-topic">Heavy snow, ice and freezing temperatures are disrupting port and inland operations and grounding flights across Northern Europe as a winter storm hammers the region. Hundreds of flights in France, Belgium, the Netherlands and Germany were canceled Wednesday because of snow, high winds and icy conditions that are also affecting container terminal handling and road and rail networks. Maersk noted in an advisory that operations at key terminals, particularly in Rotterdam and Hamburg, were being disrupted. “As a result, productivity at terminals and depots has been reduced, while snow and icy road conditions are causing traffic congestion and delays for trucks,” the carrier said. “Rail services are also being affected by frozen track switches, leading to service disruptions and cancellations,” the advisory added, with the rail woes contributing to longer waiting times for import and export cargo and increasing yard congestion at hub ports in Northern Europe. <h3>Hamburg disruptions</h3>Terminal operator Eurogate is facing disruptions from snow, ice and strong winds at its Port of Hamburg facilities, but a spokesperson said its other German locations have so far been spared from the severe weather. “This may change, as the weather forecast for the coming days predicts very low temperatures, precipitation and strong winds for the whole of northern Germany,” the Eurogate spokesperson told the Journal of Commerce. “We are preparing as well as possible for these weather conditions but in some cases, we may have to pause operations.” A spokesperson for the Port of Hamburg said heavy snowfall restricted rail traffic last weekend, and while rail operations were “gradually returning to normal,” it will take time to clear backlogs. “Operations are running at the container terminals, but weather conditions are causing delays in handling across all modes of transport,” the port spokesperson said. “Winter service teams at the terminals are currently working flat out to ensure that handling operations continue as smoothly as possible.” Maersk highlighted challenging inland operating conditions in Northern Europe, warning of slower processing of trucks at Antwerp and Rotterdam, disrupted rail services between Rotterdam and Venlo, and delays between Rotterdam and Duisburg. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>.</div>

Heavy snow, ice and freezing temperatures are disrupting port and inland operations and grounding flights across Northern Europe as a winter storm hammers the region. Hundreds of flights in France, Belgium, the Netherlands and Germany were canceled Wednesday because of snow, high winds and icy conditions that are also affecting container terminal handling and road and rail networks. Maersk noted in an advisory that operations at key terminals, particularly in Rotterdam and Hamburg, were being disrupted. “As a result, productivity at terminals and depots has been reduced, while snow and icy road conditions are causing traffic congestion and delays for trucks,” the carrier said. “Rail services are also being affected by frozen track switches, leading to service disruptions and cancellations,” the advisory added, with the rail woes contributing to longer waiting times for import and export cargo and increasing yard congestion at hub ports in Northern Europe. Hamburg disruptions Terminal operator Eurogate is facing disruptions from snow, ice and strong winds at its Port of Hamburg facilities, but a spokesperson said its other German locations have so far been spared from the severe weather. “This may change, as the weather forecast for the coming days predicts very low temperatures, precipitation and strong winds for the whole of northern Germany,” the Eurogate spokesperson told the Journal of Commerce. “We are preparing as well as possible for these weather conditions but in some cases, we may have to pause operations.” A spokesperson for the Port of Hamburg said heavy snowfall restricted rail traffic last weekend, and while rail operations were “gradually returning to normal,” it will take time to clear backlogs. “Operations are running at the container terminals, but weather conditions are causing delays in handling across all modes of transport,” the port spokesperson said. “Winter service teams at the terminals are currently working flat out to ensure that handling operations continue as smoothly as possible.” Maersk highlighted challenging inland operating conditions in Northern Europe, warning of slower processing of trucks at Antwerp and Rotterdam, disrupted rail services between Rotterdam and Venlo, and delays between Rotterdam and Duisburg. Contact Greg Knowler at greg.knowler@spglobal.com .

Marine terminals

International rail

Severe winter storm disrupts North Europe port, inland operations

<div class="phx-topic abstract-wrapper">The materialization of any seasonal import rush and how carriers respond with capacity will give the container shipping market a better sense of first-half demand.</div>

The materialization of any seasonal import rush and how carriers respond with capacity will give the container shipping market a better sense of first-half demand.

<div class="phx-topic">The seasonal rush of US imports before Chinese factories idle in mid-February for Lunar New Year will be the trans-Pacific trade’s first major test of 2026, with forwarders and carriers divided on the strength of demand in a largely depressed market.  The materialization of any seasonal rush and how carriers respond with capacity will give the industry a better sense of first-half demand, reflecting restocking for post-holiday sales and demand for spring wares. The surge in shipping before Chinese production significantly slows ahead of the Lunar New Year has historically pushed up spot rates, giving carriers better standing in trans-Pacific service contracts. The National Retail Federation (NRF), in its monthly Global Port Tracker released on Friday, forecast the first month-over-month gain in import volumes (January from December) in six months, but noted that year-over-year import volumes would remain negative compared with quite strong import volumes early in 2025 as retailers frontloaded merchandise due to the expectation of higher tariffs. “There should be a brief bump in imports this month ahead of Lunar New Year factory shutdowns in Asia, but we’re otherwise headed into the post-holiday shopping lull that comes each year,” Jonathan Gold, NRF’s vice president for supply chain and customs policy, said in a statement accompanying the group’s import forecast. Monthly imports are down by double digits year overyear, but, encouragingly, bookings for Asia exports to North America have held up in the last two months, according to data from maritime visibility provider Vizion and data and analytics company Dun &amp; Bradstreet. Weekly Asia export bookings to the West Coast of North America began rising in December from November, averaging more than 150,000 TEUs a week on a four-week average compared with 77,000-80,000 TEUs per week in the prior month, according to the data. According to the ports of Los Angeles and Long Beach, which forecast the vessel arrivals and TEUs they will handle several weeks in advance, import volumes are peaking at the port complex at about 220,000 TEUs during the week of Jan. 4 and about 210,000 TEUs for the week of Jan. 11. Imports of 200,000 TEUs-plus represent a solid week in the largest US gateway. Imports are forecast to drop over the subsequent three weeks to about 175,000 TEUs, which is considered a normal seasonal lull, before returning to higher levels beginning in mid-February as freight that was loaded just prior to Lunar New Year lands. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="7f641553-97ec-4014-8e54-fef6408538d9"></dynamic-object></div>The timing of the pre-Lunar New Year cargo surge is affected this year by the later-than-usual holiday in Asia, which falls on Feb. 17. As a result, imports will likely increase in February and continue through the end of the month. The only question is the magnitude of the cargo spike. Even though many forwarders do not see a “surge” this year similar to the trans-Pacific surge experienced in January–February 2025, they say a modest increase in import volumes compared with last month is likely leading up to the factory closures in Asia. “There is no catalyst [for a surge],” one forwarder told the Journal of Commerce. “Importers are filling current orders, but they’re not pulling forward inventory.” According to the December Logistics Managers’ Report, the index reading was 54.2, down from November’s 55.7. “This is the lowest rate of expansion since April of 2024,” the report said. “I don’t see much inventory-building since the beginning of the year,” said Serkan Kavas, executive vice president for imports at the forwarder MTS Logistics. Ken O’Brien, president and CEO of Gemini Shippers Group, said the members of the group saw single-digit year-over-year declines in volumes in the fourth quarter due to the comparatively strong import volumes in 2024, although Gemini forecasts a 2% to 5% increase in trade growth in 2026. Industry adviser David Bennett said he is upbeat about the trans-Pacific market in the new year because he believes the largest US trade lane is normalizing back to the seasonal peaks and valleys the trade was accustomed to before the pandemic five years ago. “We have forgotten what that is like,” he said. “I see a nice pickup in volumes developing.” <h3>Spot rates higher </h3>Despite the year-over-year decline in imports this fall, trans-Pacific carriers were nevertheless successful in implementing a series of bi-monthly general rate increases (GRIs). Industry analysts and forwarders say carriers over the last several months have been able to keep a floor under spot rates through a combination of blank sailings and discipline because they agree a rate war would help neither carriers nor their customers. Resisting the urge to slash freight-all-kinds rates while consistently pepping up general rates increases has allowed carriers to push up spot rates and then watch them glide down. In the last four weeks, carriers’ strategy has produced a double-digit surge on a scale not seen since last summer’s rush. Platts, a sister company of the Journal of Commerce within S&amp;P Global, pegged North Asia-US West Coast spot rates at $2,175 per FEU as of Thursday, up almost 42% from $1,270 per FEU on Dec. 12. The East Coast rate of $3,175 per FEU is up 33% over the past four weeks. The World Container Index as assessed by Drewry pegged Shanghai-to-Los Angeles rates at $3,132 per FEU as of Thursday, up from $2,103 on Dec. 11. However, a proposed Jan. 1 GRI is not holding, a carrier executive told the Journal of Commerce this week. “Bookings are not really strong. There is no space shortage,” the carrier executive said. Nevertheless, spot rates are considered by carriers and their customers to be at levels that should not push down pricing in the 2026–27 service contract negotiations that will ramp up in intensity this month and next. That’s because spot rates are well above the current 2025–26 contract rates that were negotiated by midsize shippers last spring. Those contracts were priced about $1,700 to $1,850 per FEU to the West Coast and about $1,000 per FEU higher to the East Coast. Still, given the muted demand compared with last year in the trans-Pacific, the environment appears to favor the customers. “Aggregate supply is up. Supply is going up more than demand,” O’Brien said. “That is the reality.” Contact Bill Mongelluzzo at <a href="mailto:bill.mongelluzzo@spglobal.com">bill.mongelluzzo@spglobal.com</a>.Contact Mark Szakonyi at <a href="https://www.joc.com/article/mark.szakonyi@spglobal.com">mark.szakonyi@spglobal.com</a>.</div>

The seasonal rush of US imports before Chinese factories idle in mid-February for Lunar New Year will be the trans-Pacific trade’s first major test of 2026, with forwarders and carriers divided on the strength of demand in a largely depressed market.  The materialization of any seasonal rush and how carriers respond with capacity will give the industry a better sense of first-half demand, reflecting restocking for post-holiday sales and demand for spring wares. The surge in shipping before Chinese production significantly slows ahead of the Lunar New Year has historically pushed up spot rates, giving carriers better standing in trans-Pacific service contracts. The National Retail Federation (NRF), in its monthly Global Port Tracker released on Friday, forecast the first month-over-month gain in import volumes (January from December) in six months, but noted that year-over-year import volumes would remain negative compared with quite strong import volumes early in 2025 as retailers frontloaded merchandise due to the expectation of higher tariffs. “There should be a brief bump in imports this month ahead of Lunar New Year factory shutdowns in Asia, but we’re otherwise headed into the post-holiday shopping lull that comes each year,” Jonathan Gold, NRF’s vice president for supply chain and customs policy, said in a statement accompanying the group’s import forecast. Monthly imports are down by double digits year overyear, but, encouragingly, bookings for Asia exports to North America have held up in the last two months, according to data from maritime visibility provider Vizion and data and analytics company Dun & Bradstreet. Weekly Asia export bookings to the West Coast of North America began rising in December from November, averaging more than 150,000 TEUs a week on a four-week average compared with 77,000-80,000 TEUs per week in the prior month, according to the data. According to the ports of Los Angeles and Long Beach, which forecast the vessel arrivals and TEUs they will handle several weeks in advance, import volumes are peaking at the port complex at about 220,000 TEUs during the week of Jan. 4 and about 210,000 TEUs for the week of Jan. 11. Imports of 200,000 TEUs-plus represent a solid week in the largest US gateway. Imports are forecast to drop over the subsequent three weeks to about 175,000 TEUs, which is considered a normal seasonal lull, before returning to higher levels beginning in mid-February as freight that was loaded just prior to Lunar New Year lands. The timing of the pre-Lunar New Year cargo surge is affected this year by the later-than-usual holiday in Asia, which falls on Feb. 17. As a result, imports will likely increase in February and continue through the end of the month. The only question is the magnitude of the cargo spike. Even though many forwarders do not see a “surge” this year similar to the trans-Pacific surge experienced in January–February 2025, they say a modest increase in import volumes compared with last month is likely leading up to the factory closures in Asia. “There is no catalyst [for a surge],” one forwarder told the Journal of Commerce. “Importers are filling current orders, but they’re not pulling forward inventory.” According to the December Logistics Managers’ Report, the index reading was 54.2, down from November’s 55.7. “This is the lowest rate of expansion since April of 2024,” the report said. “I don’t see much inventory-building since the beginning of the year,” said Serkan Kavas, executive vice president for imports at the forwarder MTS Logistics. Ken O’Brien, president and CEO of Gemini Shippers Group, said the members of the group saw single-digit year-over-year declines in volumes in the fourth quarter due to the comparatively strong import volumes in 2024, although Gemini forecasts a 2% to 5% increase in trade growth in 2026. Industry adviser David Bennett said he is upbeat about the trans-Pacific market in the new year because he believes the largest US trade lane is normalizing back to the seasonal peaks and valleys the trade was accustomed to before the pandemic five years ago. “We have forgotten what that is like,” he said. “I see a nice pickup in volumes developing.” Spot rates higher Despite the year-over-year decline in imports this fall, trans-Pacific carriers were nevertheless successful in implementing a series of bi-monthly general rate increases (GRIs). Industry analysts and forwarders say carriers over the last several months have been able to keep a floor under spot rates through a combination of blank sailings and discipline because they agree a rate war would help neither carriers nor their customers. Resisting the urge to slash freight-all-kinds rates while consistently pepping up general rates increases has allowed carriers to push up spot rates and then watch them glide down. In the last four weeks, carriers’ strategy has produced a double-digit surge on a scale not seen since last summer’s rush. Platts, a sister company of the Journal of Commerce within S&P Global, pegged North Asia-US West Coast spot rates at $2,175 per FEU as of Thursday, up almost 42% from $1,270 per FEU on Dec. 12. The East Coast rate of $3,175 per FEU is up 33% over the past four weeks. The World Container Index as assessed by Drewry pegged Shanghai-to-Los Angeles rates at $3,132 per FEU as of Thursday, up from $2,103 on Dec. 11. However, a proposed Jan. 1 GRI is not holding, a carrier executive told the Journal of Commerce this week. “Bookings are not really strong. There is no space shortage,” the carrier executive said. Nevertheless, spot rates are considered by carriers and their customers to be at levels that should not push down pricing in the 2026–27 service contract negotiations that will ramp up in intensity this month and next. That’s because spot rates are well above the current 2025–26 contract rates that were negotiated by midsize shippers last spring. Those contracts were priced about $1,700 to $1,850 per FEU to the West Coast and about $1,000 per FEU higher to the East Coast. Still, given the muted demand compared with last year in the trans-Pacific, the environment appears to favor the customers. “Aggregate supply is up. Supply is going up more than demand,” O’Brien said. “That is the reality.” Contact Bill Mongelluzzo at bill.mongelluzzo@spglobal.com .Contact Mark Szakonyi at  mark.szakonyi@spglobal.com .

Trans-Pacific

Pre-Lunar New Year demand to give trans-Pac market first test of 2026

<div class="phx-topic abstract-wrapper">The reinstated service connecting the port with Colombia and the Dominican Republic will be supported by Savannah’s new customs facility that specializes in reefer cargoes. </div>

The reinstated service connecting the port with Colombia and the Dominican Republic will be supported by Savannah’s new customs facility that specializes in reefer cargoes.

<div class="phx-topic">Seaboard Marine is resuming a weekly service connecting the Port of Savannah to the Caribbean and South America. The service comes as Savannah prepares to open a new on-site customs facility intended to serve cold-chain shippers that are likely customers for the service. The Georgia Ports Authority (GPA) said Thursday that Seaboard has reinstated its direct, weekly shipping service between Savannah and the Colombian ports of Cartagena, Barranquilla and Santa Marta, along with Rio Haina in the Dominican Republic. The first Savannah call was on Jan. 7 by the 1,781-TEU Seaboard Gemini. The ship is expected to make its southbound sailing on Jan. 14, officially launching its schedule. “We are providing importers and exporters across the Southeast with improved transit times, greater schedule integrity, and the reliability they need to grow their businesses,” Piero Buitano, Seaboard’s senior vice president, said in a joint statement. Georgia Ports Chief Commercial Officer Flavio Batista said the service will offer cold-chain and transshipment options to and from the West Coast of South America. The service offers weekly Wednesday arrivals and departures in Savannah. The service will be supported by a US Customs exam site the GPA will open at its Garden City Terminal by the spring. The $44 million facility will offer on-terminal agricultural inspections in temperature-controlled environments, direct vessel discharge to inspection sites and multi-temperature zones designed for various produce types, allowing for 16 inspections per day, the GPA said. In 2025, Savannah handled 12,412 TEUs of imports from Colombia and the Dominicam Republic, a 21% drop from the year earlier, according to PIERS, a sister product of the Journal of Commerce within S&amp;P Global. Exports to the two countries out of Savannah totaled 10,923 TEUs through November 2025, PIERS data show, a 25% drop from the comparable 2024 period. Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com">michael.angell@spglobal.com</a>. </div>

Seaboard Marine is resuming a weekly service connecting the Port of Savannah to the Caribbean and South America. The service comes as Savannah prepares to open a new on-site customs facility intended to serve cold-chain shippers that are likely customers for the service. The Georgia Ports Authority (GPA) said Thursday that Seaboard has reinstated its direct, weekly shipping service between Savannah and the Colombian ports of Cartagena, Barranquilla and Santa Marta, along with Rio Haina in the Dominican Republic. The first Savannah call was on Jan. 7 by the 1,781-TEU Seaboard Gemini. The ship is expected to make its southbound sailing on Jan. 14, officially launching its schedule. “We are providing importers and exporters across the Southeast with improved transit times, greater schedule integrity, and the reliability they need to grow their businesses,” Piero Buitano, Seaboard’s senior vice president, said in a joint statement. Georgia Ports Chief Commercial Officer Flavio Batista said the service will offer cold-chain and transshipment options to and from the West Coast of South America. The service offers weekly Wednesday arrivals and departures in Savannah. The service will be supported by a US Customs exam site the GPA will open at its Garden City Terminal by the spring. The $44 million facility will offer on-terminal agricultural inspections in temperature-controlled environments, direct vessel discharge to inspection sites and multi-temperature zones designed for various produce types, allowing for 16 inspections per day, the GPA said. In 2025, Savannah handled 12,412 TEUs of imports from Colombia and the Dominicam Republic, a 21% drop from the year earlier, according to PIERS, a sister product of the Journal of Commerce within S&P Global. Exports to the two countries out of Savannah totaled 10,923 TEUs through November 2025, PIERS data show, a 25% drop from the comparable 2024 period. Contact Michael Angell at michael.angell@spglobal.com .

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