<div class="phx-topic abstract-wrapper">Frankfurt airport handled 16.8 percent less freight in January than a year ago as uncertainty over the global economy and a night flight ban continued to weigh on Europe&amp;rsquo;s second-largest air car</div>

Frankfurt airport handled 16.8 percent less freight in January than a year ago as uncertainty over the global economy and a night flight ban continued to weigh on Europe&rsquo;s second-largest air car

<div>Frankfurt airport handled 16.8 percent less freight in January than a year ago as uncertainty over the global economy and a night flight ban continued to weigh on Europe&amp;rsquo;s second-largest air cargo hub. The decline, to 141,340 metric tons, also reflected lower imports from the Far East because of the shuttering of factories during China&amp;rsquo;s two week-long New Year&amp;rsquo;s festival, said airport owner Fraport. Last year the festival, which began Jan. 23 this year, fell wholly in February. The <a>night flight ban that came into effect at the end of October</a> has contributed to year-on-year declines in cargo of 10.8...

Frankfurt airport handled 16.8 percent less freight in January than a year ago as uncertainty over the global economy and a night flight ban continued to weigh on Europe&rsquo;s second-largest air cargo hub. The decline, to 141,340 metric tons, also reflected lower imports from the Far East because of the shuttering of factories during China&rsquo;s two week-long New Year&rsquo;s festival, said airport owner Fraport. Last year the festival, which began Jan. 23 this year, fell wholly in February. The night flight ban that came into effect at the end of October has contributed to year-on-year declines in cargo of 10.8 percent in November and 6.5 percent in December as it mainly affects Lufthansa Cargo freighter services. Germany&rsquo;s highest administrative court will make a final ruling in March on whether the night flight ban, introduced to curb aircraft noise, should become permanent. Cargo traffic at Fraport&rsquo;s five majority-owned airports &mdash; Frankfurt, Lima, Peru; Antalya, Turkey and Burgas and Varna in Bulgaria &mdash; was down 13.8 percent on January 2010 at 167,415 tons. -- Contact Bruce Barnard at brucebarnard47@hotmail.com .

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<div class="phx-topic abstract-wrapper">A “clean-up effort” against unsafe and illegal trucking firms is cutting enough capacity to spur even bigger rate hikes, the company’s CEO says.</div>

A “clean-up effort” against unsafe and illegal trucking firms is cutting enough capacity to spur even bigger rate hikes, the company’s CEO says.

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<div class="phx-topic">Shippers should expect more aggressive second-quarter rate increases from truckload providers as soaring fuel prices and a federal crackdown on illegal trucking shrink available capacity, executives at one of the largest US trucking companies say. CEO Adam Miller said Knight-Swift Transportation is planning rate increases ranging from the high single-digits to low double-digits as the company, which reported $7.5 billion in revenue in 2025, enters bid season and smaller carriers continue to exit the truckload market. Knight-Swift believes the federal government’s crackdown against illegally operating companies and non-domiciled drivers cut into capacity significantly in the first quarter and now that contraction will show up in higher rates in the second quarter. “The ongoing efforts of the (Federal Motor Carrier Administration) and the (Department of Transportation) to prevent and revoke invalidly issued CDLs, shut down non-compliant CDL schools, and address our service abuses are in the early stages and are already having an impact on the market,” Miller said during Knight-Swift's earnings call this week. “This cleanup effort should, in our view, have an outsized impact on not just the one-way truckload market, but on the lowest priced capacity in this market,” he added, saying that enough capacity is being removed that “even small changes can cause disruption.” “While the pricing environment is improving, we are still seeing carrier failures, as the damage done over a prolonged downcycle is not quickly recovered, especially with the cash flow crunch brought on by the recent fuel spike,” Miller said. <h3>Signs of recovery </h3>The optimism at Knight-Swift comes as other trucking metrics show steady improvement. The American Trucking Associations for-hire, contract freight Truck Tonnage Index increased 0.3% in March, following a 2.9% increase in February. The index is up 3% compared with the same period a year ago. “While March wasn’t particularly strong sequentially, it was the largest year-over-year increase since October 2022,” said ATA Chief Economist Bob Costello. “The first quarter of 2026 was also the best performance since the third quarter of 2017 when considering both sequential and year-over-year results.” However, the most recent data from DAT Freight &amp; Analytics shows “the recent rate recovery stems from a shrinking carrier base (capacity attrition) rather than increased demand,” the company said in its April 18 weekly report. DAT spot rates are up 25% to 30% year-over-year. “It certainly feels like the setup is there for those in the industry to get back to rates that put our industry in a position where the good quality, compliant carriers have the ability to make enough margin to invest in their businesses, invest in drivers, invest in safety and invest in good quality equipment,” said Miller. ”Our ability to get rates is driven largely by capacity reduction versus demand,” he added. “If we start to see demand pick up in conjunction with these early efforts, we could find ourselves in a much more favorable position from a carrier standpoint.” However, rate increases in the less-than-truckload sector may be less. “Our LTL business has been growing and does not have the same cycle as truckload,” Miller said. “On LTL renewals, we are getting mid-single-digits right now.” Contact Dan Ronan at <a href="mailto:contactdanronan@gmail.com">contactdanronan@gmail.com</a>. </div>

Shippers should expect more aggressive second-quarter rate increases from truckload providers as soaring fuel prices and a federal crackdown on illegal trucking shrink available capacity, executives at one of the largest US trucking companies say. CEO Adam Miller said Knight-Swift Transportation is planning rate increases ranging from the high single-digits to low double-digits as the company, which reported $7.5 billion in revenue in 2025, enters bid season and smaller carriers continue to exit the truckload market. Knight-Swift believes the federal government’s crackdown against illegally operating companies and non-domiciled drivers cut into capacity significantly in the first quarter and now that contraction will show up in higher rates in the second quarter. “The ongoing efforts of the (Federal Motor Carrier Administration) and the (Department of Transportation) to prevent and revoke invalidly issued CDLs, shut down non-compliant CDL schools, and address our service abuses are in the early stages and are already having an impact on the market,” Miller said during Knight-Swift's earnings call this week. “This cleanup effort should, in our view, have an outsized impact on not just the one-way truckload market, but on the lowest priced capacity in this market,” he added, saying that enough capacity is being removed that “even small changes can cause disruption.” “While the pricing environment is improving, we are still seeing carrier failures, as the damage done over a prolonged downcycle is not quickly recovered, especially with the cash flow crunch brought on by the recent fuel spike,” Miller said. Signs of recovery The optimism at Knight-Swift comes as other trucking metrics show steady improvement. The American Trucking Associations for-hire, contract freight Truck Tonnage Index increased 0.3% in March, following a 2.9% increase in February. The index is up 3% compared with the same period a year ago. “While March wasn’t particularly strong sequentially, it was the largest year-over-year increase since October 2022,” said ATA Chief Economist Bob Costello. “The first quarter of 2026 was also the best performance since the third quarter of 2017 when considering both sequential and year-over-year results.” However, the most recent data from DAT Freight & Analytics shows “the recent rate recovery stems from a shrinking carrier base (capacity attrition) rather than increased demand,” the company said in its April 18 weekly report. DAT spot rates are up 25% to 30% year-over-year. “It certainly feels like the setup is there for those in the industry to get back to rates that put our industry in a position where the good quality, compliant carriers have the ability to make enough margin to invest in their businesses, invest in drivers, invest in safety and invest in good quality equipment,” said Miller. ”Our ability to get rates is driven largely by capacity reduction versus demand,” he added. “If we start to see demand pick up in conjunction with these early efforts, we could find ourselves in a much more favorable position from a carrier standpoint.” However, rate increases in the less-than-truckload sector may be less. “Our LTL business has been growing and does not have the same cycle as truckload,” Miller said. “On LTL renewals, we are getting mid-single-digits right now.” Contact Dan Ronan at contactdanronan@gmail.com .

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<div class="phx-topic abstract-wrapper">The current pipeline of newbuilding programs for ultra-large container vessels vastly outstrips the construction of new berths intended to receive them, meaning we are literally building a fleet for which there may soon be no room at the inn, writes Robbert van Trooijen.</div>

The current pipeline of newbuilding programs for ultra-large container vessels vastly outstrips the construction of new berths intended to receive them, meaning we are literally building a fleet for which there may soon be no room at the inn, writes Robbert van Trooijen.

<div class="phx-topic">In his recent work, Chokepoints: American Power in the Age of Economic Warfare, Edward Fishman argues that while great powers once rose by controlling geographic straits like the Bosphorus, modern power relies on different, often digital, levers. Today we are reminded that even in the Digital Age, physical chokepoints like the Strait of Hormuz can still disrupt supply chains to such an extent that they threaten global recession. But as we look toward a post-2026 horizon — assuming current geopolitical fires are eventually extinguished — a more systemic bottleneck looms: the stagnation of global port infrastructure. <div class="wrapper-narrow float-right-element"><img src="/images/phoenix/6209409_0.1.jpg"></img></div>The math of global trade is currently heading toward a collision course. Available ocean terminal capacity at major gateways and hubs is reaching a saturation point. While the industry has leaned heavily on efficiency gains and automation to squeeze more "moves per hour" out of existing footprints, there is a lack of new physical capacity being added to the global map. We see a flurry of M&amp;A activity — such as the planned sale of assets like Hutchison Port Holdings — but shifting ownership of an existing facility in itself does nothing to accommodate the actual growth of global trade. The strongest evidence of this disconnect lies in the shipyards. The current pipeline of newbuilding programs for ultra-large container vessels vastly outstrips the construction of new berths intended to receive them. We are, quite literally, building a fleet for which there may soon be no room at the inn. <h3>Protecting margins — at the expense of cargo flow </h3>The hesitation to build is certainly not due to a lack of profitability. The investment case for terminal infrastructure is, in fact, staggering. APM Terminals, a subsidiary of Danish conglomerate A.P. Moller Maersk, reported a return on invested capital (ROIC) of no less than 16.1% in the 2025 fourth quarter, a figure that outperforms almost every other sub-sector in the maritime industry. So, why the inertia? There is no simple answer, but part of the answer lies in a classic "incumbent’s dilemma." While new capacity would benefit the global economy by increasing competitiveness, it would also — at least temporarily — dilute the high returns currently enjoyed by existing operators. In some markets, bottlenecks are not just a nuisance; they are lucrative. This creates a perverse incentive for incumbents to lobby against greenfield projects, effectively protecting their margins at the expense of trade fluidity. The investment gap is most visible in the Southern Hemisphere. As industry analyst Lars Jensen highlighted at TPM26 in Long Beach in early March, demographic shifts identify Latin America and Africa as the next great trade frontiers. Yet, these are the very regions where the pushback against "carrier-owned" terminals is loudest. Local players often lobby against the participation of ocean carriers, arguing that vertical integration is anti-competitive. This is an understandable yet somewhat protectionist stance. It is the ocean carriers who possess the most direct incentive to drive capacity growth — they are the ones who need the berths to keep their growing fleet of vessels moving. The "dominance" argument falls flat when compared to the alternative: a stagnant, expensive status quo maintained by local (family-owned) oligopolies. <h3>The need to act now </h3>Any legitimate anti-competitive concerns can be easily mitigated through clear, enforceable neutrality clauses within concession agreements. These clauses ensure that while a carrier may own the terminal, it remains an open-access utility for the broader market. The construction of a greenfield site takes three to five years. If we do not break ground today, the “landside chokepoint” of 2028 and beyond could very well make today’s Red Sea/Strait of Hormuz disruptions look like a minor logistical hiccup. To secure the future of global trade, we must look past the protectionist rhetoric of local incumbents and embrace the capital and operational drive of carrier-terminal combinations. The returns are there and the demand is there. But the berths are not. It is time for a virtuous cycle to take over the industry. Robbert van Trooijen, founder and president of Inception Partners and a McKinsey consultant, had a 33-year tenure with The Nedlloyd Group, P&amp;O Nedlloyd and the Maersk Group. Contact him at r<a href="mailto:robbert@inceptionpartners.org">obbert@inceptionpartners.org</a>. </div>

In his recent work, Chokepoints: American Power in the Age of Economic Warfare, Edward Fishman argues that while great powers once rose by controlling geographic straits like the Bosphorus, modern power relies on different, often digital, levers. Today we are reminded that even in the Digital Age, physical chokepoints like the Strait of Hormuz can still disrupt supply chains to such an extent that they threaten global recession. But as we look toward a post-2026 horizon — assuming current geopolitical fires are eventually extinguished — a more systemic bottleneck looms: the stagnation of global port infrastructure. The math of global trade is currently heading toward a collision course. Available ocean terminal capacity at major gateways and hubs is reaching a saturation point. While the industry has leaned heavily on efficiency gains and automation to squeeze more "moves per hour" out of existing footprints, there is a lack of new physical capacity being added to the global map. We see a flurry of M&A activity — such as the planned sale of assets like Hutchison Port Holdings — but shifting ownership of an existing facility in itself does nothing to accommodate the actual growth of global trade. The strongest evidence of this disconnect lies in the shipyards. The current pipeline of newbuilding programs for ultra-large container vessels vastly outstrips the construction of new berths intended to receive them. We are, quite literally, building a fleet for which there may soon be no room at the inn. Protecting margins — at the expense of cargo flow The hesitation to build is certainly not due to a lack of profitability. The investment case for terminal infrastructure is, in fact, staggering. APM Terminals, a subsidiary of Danish conglomerate A.P. Moller Maersk, reported a return on invested capital (ROIC) of no less than 16.1% in the 2025 fourth quarter, a figure that outperforms almost every other sub-sector in the maritime industry. So, why the inertia? There is no simple answer, but part of the answer lies in a classic "incumbent’s dilemma." While new capacity would benefit the global economy by increasing competitiveness, it would also — at least temporarily — dilute the high returns currently enjoyed by existing operators. In some markets, bottlenecks are not just a nuisance; they are lucrative. This creates a perverse incentive for incumbents to lobby against greenfield projects, effectively protecting their margins at the expense of trade fluidity. The investment gap is most visible in the Southern Hemisphere. As industry analyst Lars Jensen highlighted at TPM26 in Long Beach in early March, demographic shifts identify Latin America and Africa as the next great trade frontiers. Yet, these are the very regions where the pushback against "carrier-owned" terminals is loudest. Local players often lobby against the participation of ocean carriers, arguing that vertical integration is anti-competitive. This is an understandable yet somewhat protectionist stance. It is the ocean carriers who possess the most direct incentive to drive capacity growth — they are the ones who need the berths to keep their growing fleet of vessels moving. The "dominance" argument falls flat when compared to the alternative: a stagnant, expensive status quo maintained by local (family-owned) oligopolies. The need to act now Any legitimate anti-competitive concerns can be easily mitigated through clear, enforceable neutrality clauses within concession agreements. These clauses ensure that while a carrier may own the terminal, it remains an open-access utility for the broader market. The construction of a greenfield site takes three to five years. If we do not break ground today, the “landside chokepoint” of 2028 and beyond could very well make today’s Red Sea/Strait of Hormuz disruptions look like a minor logistical hiccup. To secure the future of global trade, we must look past the protectionist rhetoric of local incumbents and embrace the capital and operational drive of carrier-terminal combinations. The returns are there and the demand is there. But the berths are not. It is time for a virtuous cycle to take over the industry. Robbert van Trooijen, founder and president of Inception Partners and a McKinsey consultant, had a 33-year tenure with The Nedlloyd Group, P&O Nedlloyd and the Maersk Group. Contact him at r obbert@inceptionpartners.org .

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<div class="phx-topic abstract-wrapper">While there have been some schedule changes for multipurpose vessels, reliability is still sufficient only because the shock hasn't gotten through the system yet — and conditions will likely worsen from there, conference attendees were told.</div>

While there have been some schedule changes for multipurpose vessels, reliability is still sufficient only because the shock hasn't gotten through the system yet — and conditions will likely worsen from there, conference attendees were told.

<div class="phx-topic">New Orleans —The war-induced disruption to energy markets is a significant financial shock that the project cargo industry didn’t plan for — and the worst is likely yet to come, experts speaking at the Journal of Commerce’s Breakbulk and Project Cargo Conference 2026 said this week. Christian Ohlrich, global director of logistics at energy storage manufacturer Fluence Energy, said his “major concern” is of “drastic” financial impacts for shippers with projects already underway. While there have been some schedule changes for multipurpose vessels, reliability is still there, but only because the shock “just hasn’t gotten through the system yet,” Ohlrich said. “I would expect the schedule to start seeing some effects in the fall and then get worse,” he said. To counter this, Fluence is trying to pre-order as many project supplies as financially possible. “We’re pre-buying, we’re storing, and we’re preparing,” said Ohlrich. Amy Groeschel, director and head of energy spending at S&amp;P Global Energy, had a stark warning for project cargo shippers: “It’s gonna get worse before it gets better.” <h3>AI driver highlighted </h3>Looking beyond the current conflict with Iran, Groeschel flagged the impact of AI as a huge project cargo driver, not only for renewable power, but also for batteries and storage. “Our newest forecast really presents a very positive spin for renewable power and where that's coming from,” she said. “Even in the face of this conflict, we might see this change even more next year, as countries go back to the thought of energy security and making different policy choices in order to create more stable power supplies.” Corrie Henry, regional director for logistics and trade compliance at engineering, procurement and construction company Worley, said he expected to see EPCs “hedge their bets” on LNG and oil, adding renewables when speed and politics demand it. “My bet is going to be on a multi-energy buildout,” Henry told Breakbulk26. While she agreed with a multi-fuel transition future, Groeschel warned that the outlook could be “messy” and in “fits and starts.” “There is a mismatch of project cycle and the need for energy,” she said. “Those quick to deploy technologies, like in renewable power in some places, are appropriate and are incentivized by the government. ”And so that’s where you’re going to see those big build outs,” which will drive project cargo demand, she added. Contact Carly Fields at <a href="mailto:carly.fields@spglobal.com">carly.fields@spglobal.com</a>. </div>

New Orleans —The war-induced disruption to energy markets is a significant financial shock that the project cargo industry didn’t plan for — and the worst is likely yet to come, experts speaking at the Journal of Commerce’s Breakbulk and Project Cargo Conference 2026 said this week. Christian Ohlrich, global director of logistics at energy storage manufacturer Fluence Energy, said his “major concern” is of “drastic” financial impacts for shippers with projects already underway. While there have been some schedule changes for multipurpose vessels, reliability is still there, but only because the shock “just hasn’t gotten through the system yet,” Ohlrich said. “I would expect the schedule to start seeing some effects in the fall and then get worse,” he said. To counter this, Fluence is trying to pre-order as many project supplies as financially possible. “We’re pre-buying, we’re storing, and we’re preparing,” said Ohlrich. Amy Groeschel, director and head of energy spending at S&P Global Energy, had a stark warning for project cargo shippers: “It’s gonna get worse before it gets better.” AI driver highlighted Looking beyond the current conflict with Iran, Groeschel flagged the impact of AI as a huge project cargo driver, not only for renewable power, but also for batteries and storage. “Our newest forecast really presents a very positive spin for renewable power and where that's coming from,” she said. “Even in the face of this conflict, we might see this change even more next year, as countries go back to the thought of energy security and making different policy choices in order to create more stable power supplies.” Corrie Henry, regional director for logistics and trade compliance at engineering, procurement and construction company Worley, said he expected to see EPCs “hedge their bets” on LNG and oil, adding renewables when speed and politics demand it. “My bet is going to be on a multi-energy buildout,” Henry told Breakbulk26. While she agreed with a multi-fuel transition future, Groeschel warned that the outlook could be “messy” and in “fits and starts.” “There is a mismatch of project cycle and the need for energy,” she said. “Those quick to deploy technologies, like in renewable power in some places, are appropriate and are incentivized by the government. ”And so that’s where you’re going to see those big build outs,” which will drive project cargo demand, she added. Contact Carly Fields at carly.fields@spglobal.com .

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US truckload rate hikes to grow more aggressive: Knight-Swift

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Breakbulk26: War-related financial, schedule shocks ahead for energy projects