<div class="phx-topic abstract-wrapper">CMA CGM Air Cargo will use its parent company’s extensive ocean forwarder network to drive new business as the airline readies for a rapid global expansion under its Air France-KLM partnership. </div>

CMA CGM Air Cargo will use its parent company’s extensive ocean forwarder network to drive new business as the airline readies for a rapid global expansion under its Air France-KLM partnership.

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<div>CMA CGM Air Cargo will tap into its parent company’s extensive ocean forwarding relationships, using the wider global network to drive business across the huge range of destinations acquired through its recently signed 10-year strategic partnership with Air France-KLM. France’s newest airline — CMA CGM Air Cargo only received its “air operator” certificate on June 1 — is positioning itself for a rapid global expansion after <a>the formal partnership agreement is reached with Air France-KLM</a> in the next few months, with the joint venture expected to get under way in early 2023. “Many forwarders are already existing customers of Air...

CMA CGM Air Cargo will tap into its parent company’s extensive ocean forwarding relationships, using the wider global network to drive business across the huge range of destinations acquired through its recently signed 10-year strategic partnership with Air France-KLM. France’s newest airline — CMA CGM Air Cargo only received its “air operator” certificate on June 1 — is positioning itself for a rapid global expansion after the formal partnership agreement is reached with Air France-KLM in the next few months, with the joint venture expected to get under way in early 2023. “Many forwarders are already existing customers of Air France-KLM or CMA CGM Air Cargo, but we will clearly have a much greater ability to leverage our shipping relationship with a much wider network,” Olivier Casanova, CEO of CMA CGM Air Cargo, told JOC.com in an interview this week. But Casanova emphasized that using CMA CGM’s ocean forwarder network to source new business did not mean shifting cargo from ocean to air. “Customers know exactly what they want to transport on an ocean carrier and what they want to transport in an aircraft,” he said. “You do not influence that decision, which is based on factors such as production constraints, distribution constraints, the price point, etc. We are looking to expand our services, not replace them.” The partnership with Air France-KLM was signed in May. Under the joint venture, the carriers will pool their freighter fleets and jointly deploy and market the capacity. The partnership will also cover the belly cargo capacity provided by Air France-KLM’s fleet of 160 long-haul passenger aircraft serving 300 destinations. Sales, revenue management, and pricing management will be a joint effort. “Collectively, we think that the quality of our service offering, the diversity of destinations, a very modern fleet of freighters, the backing from the strong relationship we have on the ocean shipping side, and a great combination with AF-KLM will allow us to take our fair share of the market,” Casanova said. The freighter aircraft capacity operated by the two airlines currently consists of 10 all-cargo aircraft with an additional 12 planes on order, the last of which will be delivered in 2026. CMA CGM Air Cargo currently operates four freighters, with orders for an additional eight all-cargo aircraft; Air France-KLM operates six freighters from its two hubs at Paris-Charles de Gaulle airport and Amsterdam Airport Schiphol and has orders for another four. The move deeper into air cargo by CMA CGM is similar to the strategy being followed by Maersk, which dramatically expanded its controlled air cargo capacity within its integrated logistics offering with the $644 million acquisition of air freight forwarding specialist Senator International late last year. Maersk has also leased three Boeing 767-300 freighters that have joined the fleet of 15 widebody B767s transferred to the newly established Maersk Air Cargo division from in-house carrier Star Air. The carrier also has two new Boeing 777 freighters on order that are scheduled to come online in 2024. Mediterranean Shipping Co. is also exploring air cargo options, making a joint bid with Lufthansa Group in May for Italian state-owned airline ITA Airways that potentially unlocks access to a global air freight network. A ‘natural extension’ Casanova said the creation of CMA CGM Air Cargo was a natural extension of the ocean carrier’s business toward providing end-to-end logistics services, a strategy the carrier has been aggressively pursuing during the past few years. “We see responsiveness from customers wanting to deal with suppliers of services that can be strategic partners and allow them to build relationships across many different products and services,” he told JOC.com. “In some cases, those might be end-to-end; in other cases, they are choosing services independently,” he added. “The more services we provide, and the more we understand the complexities of the different supply chains, the more we can provide the right response to a particular customer's need.” A key component of controlling origin-to-destination logistics is the ability to bypass forwarders and establish direct links with shippers, but Casanova said this was not possible in air freight. “The air cargo business is different to the container shipping business in that the relationship in air cargo is only with freight forwarders,” he explained. “They are a key component of our customer base in ocean, but on the air cargo side, our relationship is with the forwarders. We are not engaging directly with shippers.” Casanova noted that CEVA Logistics was only one of a wide range of forwarders that will be used by the airline across the world, adding "it is important that we maintain that diversity of access.” Giving his outlook for the air cargo business, Casanova said there is far more uncertainty in the market today than there was before the start of the Russian invasion of Ukraine. “The outlook then was for strong demand to continue and for a gradual recovery of passenger traffic into 2024,” he said. “Now the war in Ukraine has triggered inflation, a rise in energy prices, rising interest rates, and all that has an impact on consumer confidence.” “We will need to wait to see the long-term impact on consumer spending, and we will need to wait until after the summer to see whether there will be an impact on the expected recovery trend in passenger traffic,” Casanova added. Contact Greg Knowler at greg.knowler@ihsmarkit.com and follow him on Twitter: @greg_knowler .

Air Cargo Forwarder News

CMA CGM airline to leverage ocean forwarder network in expansion drive

<div class="phx-topic abstract-wrapper">The moves come as capacity from Asia to the East and West coasts of South America has risen sharply this year, and as Mexico plans hefty tariffs against China.</div>

The moves come as capacity from Asia to the East and West coasts of South America has risen sharply this year, and as Mexico plans hefty tariffs against China.

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<div class="phx-topic">Ocean carriers are pushing rate increases and revamping services on Asia-to-Latin American routes amid booming trade, especially between China and Brazil. Trade between China and Mexico, however, faces tariff headwinds beginning in January. CMA CGM said it would increase rates by $1,000 per container from all Asia ports to the East and West coasts of South America, Mexico and the Caribbean from Jan. 1. The price hike would apply to dry, reefer, paying empties and out-of-gauge cargo, the carrier said in an advisory Thursday. The move comes about a month after Hapag-Lloyd said it would hike rates by $1,000 per container on the same trades. The carrier’s increase, which took effect from Dec. 1, raised rates for a 20-foot container from Asia to the East Coast of South America (ECSA) from $1,200 to $2,200 and for a 40-foot box from $1,400 to $2,400. Asia-West Coast South America and Asia-West Coast Mexico rates are slightly less, increasing from $1,100 to $2,100 for a 20-foot container and $1,300 to $2,300 for a 40-footer, Hapag said. By comparison, rates from Shanghai to Brazil’s Port of Santos were pegged at $1,291 per TEU as of Thursday, according to the Shanghai Shipping Exchange, with rates from Shanghai to Mexico’s Manzanillo at $1,294 per TEU. North Asia-ECSA rates were at $1,525 per FEU as of Wednesday, according to Platts, a sister company of the Journal of Commerce within S&amp;P Global. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="69a20079-176d-4590-97c9-677559ec748f"></dynamic-object></div>“Carriers have been finding it difficult to make rate increases stick,” a senior executive at a Sao Paolo freight forwarder told the Journal of Commerce. “Hapag-Lloyd’s November increase was the second in as many weeks after it announced a $1,000 per container increase from Nov.15.” Lackluster rate performance is partly due to the influx of new capacity, which has surged along with trade. Actual capacity deployed on Asia-WCSA in December is 370,825 TEUs, up from 234,935 TEUs a year ago, according to eeSea data displayed on the Journal of Commerce’s <a href="https://www.joc.com/gateway/Asia_to_Americas#Asia-Mexico%2FSouth%20America%20rates">Gateway platform</a>. Similarly, actual capacity on Asia-ECSA services for December rose to 299,490 TEUs, up from 191,429 TEUs in December 2024, the eeSea data showed. “Our Chinese agents have been warning us that the rates should go up in early January,” Mauricio Fisch, director of Brazil freight forwarder Ocean Express, told the Journal of Commerce. “The volume of import goods seems to be stable, and I don’t see a big pressure on capacity until the end of the first quarter,” Fisch added. <h3>Carriers expand networks </h3>Highlighting the buoyant trade, official government figures show the value of Brazil’s exports to China increased 34% to $9.2 billion this year through October against $7 million in the same period a year earlier. Imports from China slipped 3% to $6.7 billion in the same period. “South America’s trade relationships continue to diversify, with China becoming an increasingly important partner,” Ocean Network Express said in a commentary on China-South America trade. That has prompted carriers to expand their networks in the region. CMA CGM and Maersk said Friday they would revamp their joint Asia-ECSA (SEAS3/ASAS2) service by adding port calls at Itajai in Brazil and Hong Kong, while dropping Vũng Tàu in Vietnam, starting with the departure of the 6,350-TEU Prestige from Shanghai on Dec. 30. “Weekly calls in Itajai on top of Santos [will provide the] fastest transit time in the market both [for] imports and exports from central China,” CMA CGM said in an advisory announcing the change. Transit time from Itajai to Singapore is 25 days, with 33 days to Shanghai. The new full rotation is Shanghai, Hong Kong, Shekou, Singapore, Santos, Itajai and Singapore. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="0a4c1e7e-2956-4186-b6de-e38dce7f57e0"></dynamic-object></div>CMA CGM is also reshuffling its Asia-West Coast of Mexico and Central America services, adding a call at Ensenada on its Mexico Express M2X service starting Jan. 5, specifically designed for perishable and fresh meat exports from Mexico to Asia. “M2X will operate once again as a fully dedicated service to Mexico, improving speed, reliability and market relevance,” CMA CGM said in an advisory Friday. The new rotation is Shekou, Ningbo, Shanghai, Tianjin Xingang, Qingdao, Ensenada, Manzanillo, Lazaro Cardenas and Yokohama. The rotation change means Buenaventura in Colombia has been dropped from the M2X loop but will be restored to the Asia Central South America 1 (ACSA 1) service starting from Pusan on Feb. 23. The changes reverse alterations CMA CGM made to both services last May. CMA CGM also announced Friday that Manzanillo would be added to its Pacific East Coast 2 (PEX2) service linking Pusan and China with Latin America and the Caribbean starting from Vũng Tàu on Dec. 27. The carrier said the Manzanillo call will provide a “new solution for [the] Mexico import/export market starting 2026.” CMA CGM said the changes would also see Singapore dropped from the rotation from Feb. 16 when the full rotation will be Vũng Tàu, Shekou, Hong Kong, Ningbo, Shanghai, Qingdao, Pusan, Manzanillo (Mexico), Balboa, Panama Canal, Manzanillo (Panama), Cartagena, Kingston, Caucedo and Vũng Tàu. The service shuffles for Mexico come just as the country introduces tariffs of up to 50% on 1,400 products from countries including China, Thailand and Indonesia from Jan. 1. The levies, intended to boost domestic manufacturing, will apply to imports from countries that do not have a free trade agreement with Mexico. China’s Commerce Ministry said the tariffs will “substantially harm the interests of trading partners, including China.” Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

Ocean carriers are pushing rate increases and revamping services on Asia-to-Latin American routes amid booming trade, especially between China and Brazil. Trade between China and Mexico, however, faces tariff headwinds beginning in January. CMA CGM said it would increase rates by $1,000 per container from all Asia ports to the East and West coasts of South America, Mexico and the Caribbean from Jan. 1. The price hike would apply to dry, reefer, paying empties and out-of-gauge cargo, the carrier said in an advisory Thursday. The move comes about a month after Hapag-Lloyd said it would hike rates by $1,000 per container on the same trades. The carrier’s increase, which took effect from Dec. 1, raised rates for a 20-foot container from Asia to the East Coast of South America (ECSA) from $1,200 to $2,200 and for a 40-foot box from $1,400 to $2,400. Asia-West Coast South America and Asia-West Coast Mexico rates are slightly less, increasing from $1,100 to $2,100 for a 20-foot container and $1,300 to $2,300 for a 40-footer, Hapag said. By comparison, rates from Shanghai to Brazil’s Port of Santos were pegged at $1,291 per TEU as of Thursday, according to the Shanghai Shipping Exchange, with rates from Shanghai to Mexico’s Manzanillo at $1,294 per TEU. North Asia-ECSA rates were at $1,525 per FEU as of Wednesday, according to Platts, a sister company of the Journal of Commerce within S&P Global. “Carriers have been finding it difficult to make rate increases stick,” a senior executive at a Sao Paolo freight forwarder told the Journal of Commerce. “Hapag-Lloyd’s November increase was the second in as many weeks after it announced a $1,000 per container increase from Nov.15.” Lackluster rate performance is partly due to the influx of new capacity, which has surged along with trade. Actual capacity deployed on Asia-WCSA in December is 370,825 TEUs, up from 234,935 TEUs a year ago, according to eeSea data displayed on the Journal of Commerce’s Gateway platform . Similarly, actual capacity on Asia-ECSA services for December rose to 299,490 TEUs, up from 191,429 TEUs in December 2024, the eeSea data showed. “Our Chinese agents have been warning us that the rates should go up in early January,” Mauricio Fisch, director of Brazil freight forwarder Ocean Express, told the Journal of Commerce. “The volume of import goods seems to be stable, and I don’t see a big pressure on capacity until the end of the first quarter,” Fisch added. Carriers expand networks Highlighting the buoyant trade, official government figures show the value of Brazil’s exports to China increased 34% to $9.2 billion this year through October against $7 million in the same period a year earlier. Imports from China slipped 3% to $6.7 billion in the same period. “South America’s trade relationships continue to diversify, with China becoming an increasingly important partner,” Ocean Network Express said in a commentary on China-South America trade. That has prompted carriers to expand their networks in the region. CMA CGM and Maersk said Friday they would revamp their joint Asia-ECSA (SEAS3/ASAS2) service by adding port calls at Itajai in Brazil and Hong Kong, while dropping Vũng Tàu in Vietnam, starting with the departure of the 6,350-TEU Prestige from Shanghai on Dec. 30. “Weekly calls in Itajai on top of Santos [will provide the] fastest transit time in the market both [for] imports and exports from central China,” CMA CGM said in an advisory announcing the change. Transit time from Itajai to Singapore is 25 days, with 33 days to Shanghai. The new full rotation is Shanghai, Hong Kong, Shekou, Singapore, Santos, Itajai and Singapore. CMA CGM is also reshuffling its Asia-West Coast of Mexico and Central America services, adding a call at Ensenada on its Mexico Express M2X service starting Jan. 5, specifically designed for perishable and fresh meat exports from Mexico to Asia. “M2X will operate once again as a fully dedicated service to Mexico, improving speed, reliability and market relevance,” CMA CGM said in an advisory Friday. The new rotation is Shekou, Ningbo, Shanghai, Tianjin Xingang, Qingdao, Ensenada, Manzanillo, Lazaro Cardenas and Yokohama. The rotation change means Buenaventura in Colombia has been dropped from the M2X loop but will be restored to the Asia Central South America 1 (ACSA 1) service starting from Pusan on Feb. 23. The changes reverse alterations CMA CGM made to both services last May. CMA CGM also announced Friday that Manzanillo would be added to its Pacific East Coast 2 (PEX2) service linking Pusan and China with Latin America and the Caribbean starting from Vũng Tàu on Dec. 27. The carrier said the Manzanillo call will provide a “new solution for [the] Mexico import/export market starting 2026.” CMA CGM said the changes would also see Singapore dropped from the rotation from Feb. 16 when the full rotation will be Vũng Tàu, Shekou, Hong Kong, Ningbo, Shanghai, Qingdao, Pusan, Manzanillo (Mexico), Balboa, Panama Canal, Manzanillo (Panama), Cartagena, Kingston, Caucedo and Vũng Tàu. The service shuffles for Mexico come just as the country introduces tariffs of up to 50% on 1,400 products from countries including China, Thailand and Indonesia from Jan. 1. The levies, intended to boost domestic manufacturing, will apply to imports from countries that do not have a free trade agreement with Mexico. China’s Commerce Ministry said the tariffs will “substantially harm the interests of trading partners, including China.” Contact Keith Wallis at keithwallis@hotmail.com .

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Carriers plan rate hikes, revamp services on Asia-Latin America trade

<div class="phx-topic abstract-wrapper">Union Pacific sent a 6,000-plus page application to US regulators Friday seeking formal approval for its closely watched merger proposal with Norfolk Southern that would create the country’s first transcontinental railroad.</div>

Union Pacific sent a 6,000-plus page application to US regulators Friday seeking formal approval for its closely watched merger proposal with Norfolk Southern that would create the country’s first transcontinental railroad.

<div class="phx-topic">Union Pacific Railroad (UP) on Friday filed its formal application with US regulators seeking approval for its proposed $85 billion acquisition of Norfolk Southern Railway (NS), saying the deal would divert nearly 2 million truck movements from highways annually, including an estimated 1.17 million truckloads that would shift to intermodal rail. The application sent to the US Surface Transportation Board (STB) for the closely watched merger proposal that would create the country’s first transcontinental railroad exceeded 6,000 pages. UP CEO Jim Vena, speaking on an investor call Friday morning after the application was filed, said the intermodal figure, which represents an 11% increase over the combined UP-NS intermodal volume in 2023, would be converted from the truckload market. Vena also expects to win some freight from competitor BNSF Railway. “Customers will benefit from faster, more reliable service, improved asset utilization and a streamlined customer experience. Status quo isn’t an option,” Vena said. “Adjustments to train routing and blocking patterns will reduce an estimated 2,400 daily railcar and container handlings per day ... This eliminates the unnecessary touches that can lead to incidents [accidents] and delays.” The STB has 30 days to determine whether the filing is complete and satisfactory; a full review is expected to extend into 2027. The application comes days after <a href="https://www.joc.com/article/two-large-rail-unions-say-they-oppose-planned-up-ns-merger-6137046">two labor unions announced opposition</a> to the deal, although the rail industry’s largest union by membership has <a href="https://www.joc.com/article/major-rail-union-backs-up-ns-merger-after-job-protection-deal-6084510">publicly supported it</a>. If approved, the merger would enable new single-line intermodal routings with shorter transit times. The application highlights four intermodal corridors where an enlarged UP can achieve considerable growth: Northern California-New Jersey; Southern California-Pennsylvania/New Jersey; Southern California-Georgia/North Carolina; and Texas-East Coast. Intermodal trains from Southern California to Harrisburg, Pennsylvania, and Croxton (Newark), New Jersey, routed via Kansas City, would save 17 to 19 hours, according to UP’s application. Trains moving between Southern California and the Southeast via the Meridian Speedway would save three to four days compared with current routings that often move north to Memphis before turning south toward Atlanta. A major upgrade is an expedited Lathrop, California-Croxton service with a sub-four-day transit time, a truck-like schedule that would be difficult for BNSF to match because its route is longer by mileage. The train would travel through Chicago but have a seamless crew handoff rather than draying containers across the city between terminals. <h3>Other changes coming </h3>UP also said it would operate a daily Southern California-Northeast train routed through Kansas City. The approach follows UP’s opening of a new Kansas City terminal this summer and the launch of UP-NS <a href="https://www.joc.com/article/up-ns-joint-intermodal-service-to-link-west-coast-with-louisville-in-midwest-6080692">trains to Louisville</a> routed via Kansas City this fall, a service that would become single line if the merger were approved. UP said it would invest more than $2.1 billion in capital spending, including $136.6 million to upgrade NS’ tracks and siding between Kansas City and Butler, Indiana, which industry observers have long cited as a chokepoint for high-speed, double-stack intermodal service into the Northeast. Another $172.3 million would be spent to upgrade NS’ line from New Orleans to Atlanta. The proposed merger would also consolidate intermodal operations between Chicago and Memphis. UP would close Norfolk Southern’s 63rd Street terminal in Chicago and shift traffic to UP’s Global 2 facility near O’Hare International Airport. In Memphis, Norfolk Southern’s Rossville terminal would be idled and traffic rerouted to UP’s Marion terminal across the Mississippi River in Arkansas. Those are the types of consolidations that have heightened union concerns and fueled negotiations over job protections. But UP, in winning support for the deal from five unions, has offered job protections in return, with the railroad vowing that anyone who has a job after the deal is approved is protected against losing their job for any reason linked to the merger. UP’s application also said the company would invest $63.7 million at Port Laredo in Laredo, Texas, for additional parking and track capacity and $102.5 million in Houston to expand annual lift capacity there. It also acknowledged the possibility of reopening intermodal operations in Birmingham, Alabama, and Greencastle, Pennsylvania, if necessary, to accommodate growth. NS operates in both markets but ceased handling intermodal business in both locations. The combined UP-NS railroad would launch a single-line service from Laredo to the East Coast. Trains originating in Laredo would move through Houston, New Orleans, Atlanta, Charlotte and Harrisburg before terminating in northern New Jersey. Today, an intermodal shipment from Texas to New Jersey moves via UP to Chicago and is then drayed across the city to Norfolk Southern. The proposed new route would bypass Chicago entirely. UP’s application also proposed an additional Laredo-Atlanta train that would be broken down and re-blocked into trains serving Cincinnati and Columbus, Ohio. <h3>Questions remain on Meridian Speedway </h3>The merger would push more intermodal traffic over the Meridian Speedway, a nearly 300-mile corridor linking Shreveport, Louisiana, and Meridian, Mississippi, which UP and NS say would cut as much as three days from a transit versus routings via Memphis to Atlanta. That would benefit shippers with cargo traveling between Southern California and Atlanta or Charlotte. But the application does not address <a href="https://www.joc.com/article/cpkc-slams-up-ns-on-meridian-congestion-merger-plans-6105932">the dispute</a> between Norfolk Southern and Canadian Pacific Kansas City (CPKC) tied to the Meridian corridor, including disagreements over train length. CPKC, which owns 75% of the Meridian joint venture with NS holding the balance, has limited UP and NS to 8,500-foot trains on the route, down from the 10,000- to 12,000-foot trains that were often permitted before Kansas City Southern was combined into CPKC. While the railroads reached a truce after Norfolk Southern complained to the STB in October, the underlying tension remains — and would become a complication for UP if the deal is approved. CPKC’s majority ownership of the Meridian Speedway joint venture gives it significant control over dispatching and operating practices along the corridor. CPKC has said it will not “subsidize” UP or NS operations by accepting longer trains that result in delays to its own trains. The issue raises questions about how UP would achieve its projected volume gains on Meridian, particularly given Norfolk Southern’s claim in its October STB filing that it has lost approximatey 100,000 intermodal loads to trucking and other competitors since 2022. <h3>Competitors respond </h3>UP’s filing is likely to trigger a rush of commentary over the coming weeks. CPKC CEO Keith Creel has <a href="https://www.joc.com/article/up-ceo-says-ns-merger-filing-with-us-regulators-to-be-delayed-two-weeks-6127156">repeatedly attacked</a> the proposed transaction, arguing that the merger would make the US supply chain more fragile by concentrating more freight onto a single railroad, increasing the impact of a service disruption. “The proposed UP-NS merger, unprecedented in scale and scope, would radically and permanently change the US rail network,” CPKC said in a statement Friday morning after the UP filing was made. “If approved, the merger would pose extraordinary and far-reaching risks to customers, rail employees and broader supply chains.” BNSF CEO Katie Farmer also issued a statement in the aftermath of the filing, saying she doubts UP has met the necessary requirements to gain approval for the deal. “Applicants must now prove their deal will not only preserve but enhance competition, that it serves the public interest, and its purported benefits can’t be delivered through partnerships,” Farmer said. “BNSF is confident that UP has not met these requirements. UP has a long history of making promises in past mergers that they back away from once they’ve secured approval.” Schneider National is another company that will be closely watched. It partners with UP and CSX, rather than NS, and has not taken a public position on the deal. It is the third-largest US intermodal carrier after J.B. Hunt Transport Services and Hub Group. Vena said at the Journal of Commerce Inland Distribution Conference in October that Schneider would endorse the deal after thoroughly reviewing the application. Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>.</div>

Union Pacific Railroad (UP) on Friday filed its formal application with US regulators seeking approval for its proposed $85 billion acquisition of Norfolk Southern Railway (NS), saying the deal would divert nearly 2 million truck movements from highways annually, including an estimated 1.17 million truckloads that would shift to intermodal rail. The application sent to the US Surface Transportation Board (STB) for the closely watched merger proposal that would create the country’s first transcontinental railroad exceeded 6,000 pages. UP CEO Jim Vena, speaking on an investor call Friday morning after the application was filed, said the intermodal figure, which represents an 11% increase over the combined UP-NS intermodal volume in 2023, would be converted from the truckload market. Vena also expects to win some freight from competitor BNSF Railway. “Customers will benefit from faster, more reliable service, improved asset utilization and a streamlined customer experience. Status quo isn’t an option,” Vena said. “Adjustments to train routing and blocking patterns will reduce an estimated 2,400 daily railcar and container handlings per day ... This eliminates the unnecessary touches that can lead to incidents [accidents] and delays.” The STB has 30 days to determine whether the filing is complete and satisfactory; a full review is expected to extend into 2027. The application comes days after two labor unions announced opposition to the deal, although the rail industry’s largest union by membership has publicly supported it . If approved, the merger would enable new single-line intermodal routings with shorter transit times. The application highlights four intermodal corridors where an enlarged UP can achieve considerable growth: Northern California-New Jersey; Southern California-Pennsylvania/New Jersey; Southern California-Georgia/North Carolina; and Texas-East Coast. Intermodal trains from Southern California to Harrisburg, Pennsylvania, and Croxton (Newark), New Jersey, routed via Kansas City, would save 17 to 19 hours, according to UP’s application. Trains moving between Southern California and the Southeast via the Meridian Speedway would save three to four days compared with current routings that often move north to Memphis before turning south toward Atlanta. A major upgrade is an expedited Lathrop, California-Croxton service with a sub-four-day transit time, a truck-like schedule that would be difficult for BNSF to match because its route is longer by mileage. The train would travel through Chicago but have a seamless crew handoff rather than draying containers across the city between terminals. Other changes coming UP also said it would operate a daily Southern California-Northeast train routed through Kansas City. The approach follows UP’s opening of a new Kansas City terminal this summer and the launch of UP-NS trains to Louisville routed via Kansas City this fall, a service that would become single line if the merger were approved. UP said it would invest more than $2.1 billion in capital spending, including $136.6 million to upgrade NS’ tracks and siding between Kansas City and Butler, Indiana, which industry observers have long cited as a chokepoint for high-speed, double-stack intermodal service into the Northeast. Another $172.3 million would be spent to upgrade NS’ line from New Orleans to Atlanta. The proposed merger would also consolidate intermodal operations between Chicago and Memphis. UP would close Norfolk Southern’s 63rd Street terminal in Chicago and shift traffic to UP’s Global 2 facility near O’Hare International Airport. In Memphis, Norfolk Southern’s Rossville terminal would be idled and traffic rerouted to UP’s Marion terminal across the Mississippi River in Arkansas. Those are the types of consolidations that have heightened union concerns and fueled negotiations over job protections. But UP, in winning support for the deal from five unions, has offered job protections in return, with the railroad vowing that anyone who has a job after the deal is approved is protected against losing their job for any reason linked to the merger. UP’s application also said the company would invest $63.7 million at Port Laredo in Laredo, Texas, for additional parking and track capacity and $102.5 million in Houston to expand annual lift capacity there. It also acknowledged the possibility of reopening intermodal operations in Birmingham, Alabama, and Greencastle, Pennsylvania, if necessary, to accommodate growth. NS operates in both markets but ceased handling intermodal business in both locations. The combined UP-NS railroad would launch a single-line service from Laredo to the East Coast. Trains originating in Laredo would move through Houston, New Orleans, Atlanta, Charlotte and Harrisburg before terminating in northern New Jersey. Today, an intermodal shipment from Texas to New Jersey moves via UP to Chicago and is then drayed across the city to Norfolk Southern. The proposed new route would bypass Chicago entirely. UP’s application also proposed an additional Laredo-Atlanta train that would be broken down and re-blocked into trains serving Cincinnati and Columbus, Ohio. Questions remain on Meridian Speedway The merger would push more intermodal traffic over the Meridian Speedway, a nearly 300-mile corridor linking Shreveport, Louisiana, and Meridian, Mississippi, which UP and NS say would cut as much as three days from a transit versus routings via Memphis to Atlanta. That would benefit shippers with cargo traveling between Southern California and Atlanta or Charlotte. But the application does not address the dispute between Norfolk Southern and Canadian Pacific Kansas City (CPKC) tied to the Meridian corridor, including disagreements over train length. CPKC, which owns 75% of the Meridian joint venture with NS holding the balance, has limited UP and NS to 8,500-foot trains on the route, down from the 10,000- to 12,000-foot trains that were often permitted before Kansas City Southern was combined into CPKC. While the railroads reached a truce after Norfolk Southern complained to the STB in October, the underlying tension remains — and would become a complication for UP if the deal is approved. CPKC’s majority ownership of the Meridian Speedway joint venture gives it significant control over dispatching and operating practices along the corridor. CPKC has said it will not “subsidize” UP or NS operations by accepting longer trains that result in delays to its own trains. The issue raises questions about how UP would achieve its projected volume gains on Meridian, particularly given Norfolk Southern’s claim in its October STB filing that it has lost approximatey 100,000 intermodal loads to trucking and other competitors since 2022. Competitors respond UP’s filing is likely to trigger a rush of commentary over the coming weeks. CPKC CEO Keith Creel has repeatedly attacked the proposed transaction, arguing that the merger would make the US supply chain more fragile by concentrating more freight onto a single railroad, increasing the impact of a service disruption. “The proposed UP-NS merger, unprecedented in scale and scope, would radically and permanently change the US rail network,” CPKC said in a statement Friday morning after the UP filing was made. “If approved, the merger would pose extraordinary and far-reaching risks to customers, rail employees and broader supply chains.” BNSF CEO Katie Farmer also issued a statement in the aftermath of the filing, saying she doubts UP has met the necessary requirements to gain approval for the deal. “Applicants must now prove their deal will not only preserve but enhance competition, that it serves the public interest, and its purported benefits can’t be delivered through partnerships,” Farmer said. “BNSF is confident that UP has not met these requirements. UP has a long history of making promises in past mergers that they back away from once they’ve secured approval.” Schneider National is another company that will be closely watched. It partners with UP and CSX, rather than NS, and has not taken a public position on the deal. It is the third-largest US intermodal carrier after J.B. Hunt Transport Services and Hub Group. Vena said at the Journal of Commerce Inland Distribution Conference in October that Schneider would endorse the deal after thoroughly reviewing the application. Contact Ari Ashe at ari.ashe@spglobal.com .

Rail News

North-American rail

UP, in merger filing, vows to convert millions of loads to intermodal annually

<div class="phx-topic abstract-wrapper">The carrier, as it sends a US-bound vessel through the region, said if security thresholds hold it will take a “stepwise approach” toward gradually resuming navigation on east-west services via the Suez Canal and Red Sea. </div>

The carrier, as it sends a US-bound vessel through the region, said if security thresholds hold it will take a “stepwise approach” toward gradually resuming navigation on east-west services via the Suez Canal and Red Sea.

<div class="phx-topic">Maersk has become the latest carrier to test Red Sea waters, routing a westbound 6,500-TEU vessel through the Bab al-Mandeb Strait at the southern, Houthi-controlled entrance to the waterway. But an advisory from the carrier Friday was quick to point out that this was not the start of a widescale return of its shipping services to the Red Sea, which has been largely off-limits to commercial shipping since attacks from Houthi militants operating in Yemen began two years ago. “While this is a significant step forward, it does not mean that we are at a point where we are considering a wider east-west network change back to the trans-Suez corridor,” Maersk said. The Singapore-flagged Maersk Sebarok on Maersk’s MECL service from India to the US East Coast departed Salalah in Oman earlier this week and sailed through the Bab al-Mandeb Strait Thursday en route to the Port of New York and New Jersey. Maersk’s advisory said if security thresholds continue to be met, the carrier would continue its “stepwise approach” toward gradually resuming navigation on east-west services via the Suez Canal and Red Sea. “The first step is this initial sailing, followed by a limited number of additional trans-Suez sailings,” it said. “However, there are no planned sailings currently.” Maersk’s advisory on Friday comes after the carrier was forced to correct a Suez Canal Authority statement last month that said the carrier would be returning regular services to the waterway in December. In its own statement at the time, Maersk said transits through the Red Sea would only normalize “as soon as conditions allow, with safety of our crew as the top priority.” The new Maersk sailing follows the launch of a Red Sea-China Service by Thailand’s Regional Container Lines (RCL) last month. <a href="https://www.joc.com/article/one-returns-to-red-sea-under-slot-charter-deal-with-thailands-rcl-partners-6136866">Ocean Network Express (ONE)</a> and Taiwan’s Evergreen Marine are making tentative returns to the Red Sea cargo market under a slot charter agreement with regional carriers, including RCL. CMA CGM <a href="https://www.joc.com/article/stretched-logistics-capacity-in-europe-threatened-by-red-sea-return-6129492">is set to resume a Suez-based rotation for its India-USEC “Indamex” service</a> from January, with the first westbound sailing under the “normal” itinerary known to be the 6,039-TEU CMA CGM Verdi, due to depart India’s Nhava Sheva Port Jan. 18 and transit the Suez Canal Feb. 8, available data indicates. The French carrier plans to switch over to a full Suez rotation for the Indamex in the second quarter of 2026 as it continues to realign capacity deployments. The resumption of shipping activity in the Red Sea is driven by a perceived improvement in the security situation given there have been no attacks on vessels since the Israel-Hamas ceasefire was signed in early October, with a corresponding decline in additional war risk maritime insurance premiums. <h3>Risk levels ‘tolerable’ </h3>With attacks paused, the de-escalation suggests operational risks for shipping companies have become more “tolerable” in the waterway, according to security advisory firm Ambrey. This has seen war risk premiums for ships sailing through the Red Sea falling to about 0.2% of hull value from 0.5% before the ceasefire, according to a UK-based insurer, the lowest level since the Houthi attacks on shipping began in late 2023. Still, while carriers may be willing to shoulder the lower premiums, getting support from cargo owners could be difficult, as <a href="https://www.joc.com/article/hapag-lloyd-nixes-suez-return-for-india-usec-loop-amid-customer-pushback-6137557">Hapag-Lloyd found out this week</a> when it asked customers for feedback on plans to route an India-US East Coast service through the Suez. “Expeditors [one of the carrier’s largest forwarders on the route] was unable to persuade many of its core shipper clients to sign on to a letter of intent framework that would have required them to absorb terrorism and war-risk liabilities for vessels transiting the Red Sea,” an India-based shipping executive with knowledge of the matter told the Journal of Commerce. Helge Neuman-Lezius, global head of full container loads at Hellmann Worldwide Logistics, said insurance excluded coverage for cargo in the southern Red Sea and Bab al-Mandeb strait. “For that reason, we decided to not offer such routings until this passage is declared as safe,” he said. The supply chain director for a Hong Kong-based Asia-Europe shipper told the Journal of Commerce that a directive from their head office prohibited the use of services via the Red Sea and Suez because of difficulties in obtaining cargo insurance cover. DHL Global Forwarding said decisions on whether to return to the waterway would be jointly determined by carriers, forwarders and cargo owners. “We can see a scenario where certain carriers might be willing to pilot services through the Red Sea, and if this were to prove successful, others could follow suit in order to remain competitive, which along with the reduced transit times could mitigate the possibility of elevated insurance costs,” a DHL spokesperson said. Peter Sand, chief analyst with rate benchmarking platform Xeneta, said shippers were simply not interested in paying the current high war risk premiums. “Nevertheless, carriers need to take the first steps and illustrate that voyages can be performed safely,” Sand told the Journal of Commerce. “Later, they can return the services as well when insurance companies lower the premiums paid for cargo, ships and crew sailing through the area.” Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. Special correspondent Bency Mathew contributed to this report. </div>

Maersk has become the latest carrier to test Red Sea waters, routing a westbound 6,500-TEU vessel through the Bab al-Mandeb Strait at the southern, Houthi-controlled entrance to the waterway. But an advisory from the carrier Friday was quick to point out that this was not the start of a widescale return of its shipping services to the Red Sea, which has been largely off-limits to commercial shipping since attacks from Houthi militants operating in Yemen began two years ago. “While this is a significant step forward, it does not mean that we are at a point where we are considering a wider east-west network change back to the trans-Suez corridor,” Maersk said. The Singapore-flagged Maersk Sebarok on Maersk’s MECL service from India to the US East Coast departed Salalah in Oman earlier this week and sailed through the Bab al-Mandeb Strait Thursday en route to the Port of New York and New Jersey. Maersk’s advisory said if security thresholds continue to be met, the carrier would continue its “stepwise approach” toward gradually resuming navigation on east-west services via the Suez Canal and Red Sea. “The first step is this initial sailing, followed by a limited number of additional trans-Suez sailings,” it said. “However, there are no planned sailings currently.” Maersk’s advisory on Friday comes after the carrier was forced to correct a Suez Canal Authority statement last month that said the carrier would be returning regular services to the waterway in December. In its own statement at the time, Maersk said transits through the Red Sea would only normalize “as soon as conditions allow, with safety of our crew as the top priority.” The new Maersk sailing follows the launch of a Red Sea-China Service by Thailand’s Regional Container Lines (RCL) last month. Ocean Network Express (ONE) and Taiwan’s Evergreen Marine are making tentative returns to the Red Sea cargo market under a slot charter agreement with regional carriers, including RCL. CMA CGM is set to resume a Suez-based rotation for its India-USEC “Indamex” service from January, with the first westbound sailing under the “normal” itinerary known to be the 6,039-TEU CMA CGM Verdi, due to depart India’s Nhava Sheva Port Jan. 18 and transit the Suez Canal Feb. 8, available data indicates. The French carrier plans to switch over to a full Suez rotation for the Indamex in the second quarter of 2026 as it continues to realign capacity deployments. The resumption of shipping activity in the Red Sea is driven by a perceived improvement in the security situation given there have been no attacks on vessels since the Israel-Hamas ceasefire was signed in early October, with a corresponding decline in additional war risk maritime insurance premiums. Risk levels ‘tolerable’ With attacks paused, the de-escalation suggests operational risks for shipping companies have become more “tolerable” in the waterway, according to security advisory firm Ambrey. This has seen war risk premiums for ships sailing through the Red Sea falling to about 0.2% of hull value from 0.5% before the ceasefire, according to a UK-based insurer, the lowest level since the Houthi attacks on shipping began in late 2023. Still, while carriers may be willing to shoulder the lower premiums, getting support from cargo owners could be difficult, as Hapag-Lloyd found out this week when it asked customers for feedback on plans to route an India-US East Coast service through the Suez. “Expeditors [one of the carrier’s largest forwarders on the route] was unable to persuade many of its core shipper clients to sign on to a letter of intent framework that would have required them to absorb terrorism and war-risk liabilities for vessels transiting the Red Sea,” an India-based shipping executive with knowledge of the matter told the Journal of Commerce. Helge Neuman-Lezius, global head of full container loads at Hellmann Worldwide Logistics, said insurance excluded coverage for cargo in the southern Red Sea and Bab al-Mandeb strait. “For that reason, we decided to not offer such routings until this passage is declared as safe,” he said. The supply chain director for a Hong Kong-based Asia-Europe shipper told the Journal of Commerce that a directive from their head office prohibited the use of services via the Red Sea and Suez because of difficulties in obtaining cargo insurance cover. DHL Global Forwarding said decisions on whether to return to the waterway would be jointly determined by carriers, forwarders and cargo owners. “We can see a scenario where certain carriers might be willing to pilot services through the Red Sea, and if this were to prove successful, others could follow suit in order to remain competitive, which along with the reduced transit times could mitigate the possibility of elevated insurance costs,” a DHL spokesperson said. Peter Sand, chief analyst with rate benchmarking platform Xeneta, said shippers were simply not interested in paying the current high war risk premiums. “Nevertheless, carriers need to take the first steps and illustrate that voyages can be performed safely,” Sand told the Journal of Commerce. “Later, they can return the services as well when insurance companies lower the premiums paid for cargo, ships and crew sailing through the area.” Contact Greg Knowler at greg.knowler@spglobal.com . Special correspondent Bency Mathew contributed to this report.

Asia-Europe

Maersk takes ‘significant step’ toward return to Red Sea transits

<div class="phx-topic abstract-wrapper">The acquisition of Malherbe will enable Geodis to develop the French road freight market for truckload and less-than-truckload, and to increase its presence in the agri-food and mass retail sectors. </div>

The acquisition of Malherbe will enable Geodis to develop the French road freight market for truckload and less-than-truckload, and to increase its presence in the agri-food and mass retail sectors.

<div class="phx-topic">French forwarder Geodis said Friday it has concluded an agreement to acquire road freight specialist Malherbe in a deal that will significantly expand the group’s trucking footprint in the country. The acquisition, terms of which were not disclosed, will enable Geodis to develop the French road freight market for truckload and less-than-truckload (LTL), and to increase its presence in the agri-food and mass retail sectors. “The integration of Malherbe will represent an essential strategic lever in building a more resilient and sustainable nationwide network,” Geodis CEO Marie-Christine Lombard said in a statement. The acquisition of Malherbe will place Geodis among the top three players in the French market for truckload and LTL, with combined revenue of €2 billion ($2.3 billion). The geographical and operational reach of the two companies’ operations will increase the density of Geodis’ national network in France, strengthen its position in the agri-food market and accelerate the growth of European road transport activities within its network, the forwarder said. Malherbe operates in France through an extensive network of 40 branch offices with its own fleet of about 1,500 trucks, employing more than 3,300 people nationwide. In support of its energy transition, Malherbe is gradually electrifying its fleet and installing charging infrastructure. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

French forwarder Geodis said Friday it has concluded an agreement to acquire road freight specialist Malherbe in a deal that will significantly expand the group’s trucking footprint in the country. The acquisition, terms of which were not disclosed, will enable Geodis to develop the French road freight market for truckload and less-than-truckload (LTL), and to increase its presence in the agri-food and mass retail sectors. “The integration of Malherbe will represent an essential strategic lever in building a more resilient and sustainable nationwide network,” Geodis CEO Marie-Christine Lombard said in a statement. The acquisition of Malherbe will place Geodis among the top three players in the French market for truckload and LTL, with combined revenue of €2 billion ($2.3 billion). The geographical and operational reach of the two companies’ operations will increase the density of Geodis’ national network in France, strengthen its position in the agri-food market and accelerate the growth of European road transport activities within its network, the forwarder said. Malherbe operates in France through an extensive network of 40 branch offices with its own fleet of about 1,500 trucks, employing more than 3,300 people nationwide. In support of its energy transition, Malherbe is gradually electrifying its fleet and installing charging infrastructure. Contact Greg Knowler at greg.knowler@spglobal.com .

Trucking News

Truckload

Surface

Geodis inks takeover deal to expand French trucking coverage

<div class="phx-topic abstract-wrapper">The private equity fund that operates New York-New Jersey’s largest marine terminal agreed to the Port Authority’s new requirement to carry the cost of maintaining berths and wharves. </div>

The private equity fund that operates New York-New Jersey’s largest marine terminal agreed to the Port Authority’s new requirement to carry the cost of maintaining berths and wharves.

<div class="phx-topic">Infrastructure fund Macquarie has renewed its lease of the largest container terminal at the Port of New York and New Jersey through 2063, agreeing to the port’s new terms for tenant terminals that include taking over the upkeep of its wharves and berths and pledging to increase capacity at the busiest East Coast seaport. The board of commissioners for the Port Authority of New York and New Jersey on Thursday voted to approve the amendment to Macquarie’s existing lease for Maher Terminals that was set to expire in 2030. The Port Authority entered negotiations for a new lease last year due to the expected liquidation date for the specific fund that owns Maher and the potential for a sale of the terminal to another operator. Investors in the fund, however, <a href="https://www.joc.com/article/macquarie-looks-to-keep-hold-on-ny-nj-terminal-amid-lease-talks-6043502">opted not to liquidate</a>. While <a href="https://www.joc.com/article/ssa-marine-looks-to-expand-into-new-us-ports-with-deal-for-ceres-5221078">the fund shed its stake in Ceres Terminals in 2023</a>, Macquarie still owns the Long Beach Container Terminal and ITS Terminal in Long Beach and has stakes in Yusen Terminals in Los Angeles and TraPac terminals, which operates in Los Angeles and Oakland. The Maher lease is the latest to be revamped by the Port Authority. Following <a href="https://www.joc.com/article/cma-cgm-adds-terminal-assets-in-new-yorknew-jersey-5217593">CMA CGM’s 2022 purchase of Global Container Terminals’ US assets</a>, the agency has changed the lease terms to move away from a flat annual rent with cost escalators to a rent that is based on actual container throughput, subject to an annual minimum. Terminals will also have to share with the Port Authority any excess demurrage revenue and commit to the agency’s environmental and sustainability goals. <a href="https://www.joc.com/article/apm-to-spend-500-million-to-enhance-cargo-handling-at-elizabeth-terminal-5969027">APM Terminals signed a similar lease agreement in March</a>, extending its tenancy of the Elizabeth Marine Terminal to 2062. <h3>Maher could face $2 billion in wharf maintenance costs</h3>Along with the new terms, the biggest financial burden for terminal operators under the new leases will be responsibility for maintaining their berths and wharves, which was previously handled by the Port Authority. Some of the berths and wharves at New York/New Jersey are 60 years old, with many of the wood pilings also being damaged by marine borer worms. Port Executive Director Beth Rooney said Thursday the combined bill for maintaining the berths and wharves at GCT, APM and Maher could reach $6 billion. With 10,000 linear feet of berth space, Maher could face as much as $2 billion in costs for berth and wharf maintenance. The new leases also include commitments to increase capacity as part of the Port Authority’s expectations that container volumes will double by 2050. Rooney said Maher committed to “demand induced” capacity improvements over the course of the new lease.Maher, which handled 1.8 million container lifts in 2024, is the largest terminal at the port with 450 acres of space. However, similar to other terminals in New Jersey, it is land constrained with little available acreage near the port. Despite the land constraints, Rooney said Maher could eventually double its capacity by switching over from using straddle carriers to rubber tire gantry cranes, which would allow higher density stacks. “By having a 33-year lease, it gives Maher the lanes they need to invest in additional infrastructure and equipment and amortize that cost,” Rooney said. “Our estimates are that within Maher’s footprint they could almost double the capacity of the terminal through densification.” Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com">michael.angell@spglobal.com</a>.</div>

Infrastructure fund Macquarie has renewed its lease of the largest container terminal at the Port of New York and New Jersey through 2063, agreeing to the port’s new terms for tenant terminals that include taking over the upkeep of its wharves and berths and pledging to increase capacity at the busiest East Coast seaport. The board of commissioners for the Port Authority of New York and New Jersey on Thursday voted to approve the amendment to Macquarie’s existing lease for Maher Terminals that was set to expire in 2030. The Port Authority entered negotiations for a new lease last year due to the expected liquidation date for the specific fund that owns Maher and the potential for a sale of the terminal to another operator. Investors in the fund, however, opted not to liquidate . While the fund shed its stake in Ceres Terminals in 2023 , Macquarie still owns the Long Beach Container Terminal and ITS Terminal in Long Beach and has stakes in Yusen Terminals in Los Angeles and TraPac terminals, which operates in Los Angeles and Oakland. The Maher lease is the latest to be revamped by the Port Authority. Following CMA CGM’s 2022 purchase of Global Container Terminals’ US assets , the agency has changed the lease terms to move away from a flat annual rent with cost escalators to a rent that is based on actual container throughput, subject to an annual minimum. Terminals will also have to share with the Port Authority any excess demurrage revenue and commit to the agency’s environmental and sustainability goals. APM Terminals signed a similar lease agreement in March , extending its tenancy of the Elizabeth Marine Terminal to 2062. Maher could face $2 billion in wharf maintenance costs Along with the new terms, the biggest financial burden for terminal operators under the new leases will be responsibility for maintaining their berths and wharves, which was previously handled by the Port Authority. Some of the berths and wharves at New York/New Jersey are 60 years old, with many of the wood pilings also being damaged by marine borer worms. Port Executive Director Beth Rooney said Thursday the combined bill for maintaining the berths and wharves at GCT, APM and Maher could reach $6 billion. With 10,000 linear feet of berth space, Maher could face as much as $2 billion in costs for berth and wharf maintenance. The new leases also include commitments to increase capacity as part of the Port Authority’s expectations that container volumes will double by 2050. Rooney said Maher committed to “demand induced” capacity improvements over the course of the new lease. Maher, which handled 1.8 million container lifts in 2024, is the largest terminal at the port with 450 acres of space. However, similar to other terminals in New Jersey, it is land constrained with little available acreage near the port. Despite the land constraints, Rooney said Maher could eventually double its capacity by switching over from using straddle carriers to rubber tire gantry cranes, which would allow higher density stacks. “By having a 33-year lease, it gives Maher the lanes they need to invest in additional infrastructure and equipment and amortize that cost,” Rooney said. “Our estimates are that within Maher’s footprint they could almost double the capacity of the terminal through densification.” Contact Michael Angell at michael.angell@spglobal.com .

Port infrastructure

Marine terminals

North American ports

Macquarie seals deal for new Maher lease at NY/NJ through 2063

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