<div class="phx-topic abstract-wrapper">Expectations are growing that 2014 will finally see air freight volumes and yields pick up after more than two years of bottom feeding, giving airlines in Asia a much needed boost to profits.</div>

Expectations are growing that 2014 will finally see air freight volumes and yields pick up after more than two years of bottom feeding, giving airlines in Asia a much needed boost to profits.

<div>Expectations are growing that 2014 will finally see air freight volumes and yields pick up after more than two years of bottom feeding, giving airlines in Asia a much needed boost to profits.Citi analysts cite “positive momentum in air freight” as one reason for “turning positive” this year on Asia-Pacific airlines, which account for around 40 percent of the global freight market.Paul Tsui, chairman of the Hong Kong Association of Freight Forwarding and Logistics, also said he was optimistic for 2014.“There will be an increase for air and ocean regardless of destination,” he said. “Volumes were better at the end...

Expectations are growing that 2014 will finally see air freight volumes and yields pick up after more than two years of bottom feeding, giving airlines in Asia a much needed boost to profits. Citi analysts cite “positive momentum in air freight” as one reason for “turning positive” this year on Asia-Pacific airlines, which account for around 40 percent of the global freight market. Paul Tsui, chairman of the Hong Kong Association of Freight Forwarding and Logistics, also said he was optimistic for 2014. “There will be an increase for air and ocean regardless of destination,” he said. “Volumes were better at the end of last year and that will continue. This year, I would forecast around a 5 to 7 percent increase year-on-year in air freight traffic, on average.” Tsui expects most gains on intra-Asia and Asia-U.S. lanes. “We have our fingers crossed on Europe for 2014, but if it’s not this year, then it will grow in 2015, but we’re optimistic for this year,” he said. In a note, Wolfe Research said that for the first time in six quarters, shippers now expect both positive international air freight volumes and pricing in 2014. “Importantly, shippers forecast less trade-down from priority to deferred air freight and from air to ocean modes,” according to the analysis. Year-over-year changes in Asia-Pacific air cargo traffic. Full-size image The outlook for this year follows a strong end to 2013. November figures from the Association of Asia Pacific Airlines revealed growth in international air cargo demand of 5.4 percent year-over-year, following a pick-up in global demand for Asian exports and an improving Chinese economy. Tony Tyler, IATA’s director general and CEO, said air freight results in November were particularly encouraging for carriers in the Asia-Pacific region. Global freight metric ton kilometres in November rose 6.1 percent year-over-year, partially driven by a 4.9 percent increase in Asia-Pacific trade, according to IATA. “This good news is largely being driven by improving economic prospects in China, along with an overall boost on Asian trade routes,” he added. However, Tyler added that although welcome, the uptick was still from a low starting point and overall volumes, when adjusted for seasonality, were still below the peaks reached in 2010 and 2011. Airport Council International’s Economics Director Rafael Echevarne said with business confidence rising and the future economic outlook in the U.S. improving, a resurgence in air freight was now likely after 24 months of poor or negative growth, although the market still faced structural challenges. “The high price of fuel coupled with excess aircraft belly capacity remains an overall impediment to air freight growth, unless aviation markets evolve to adjust to these challenges,” he explained. Most of Asia’s economies are expected to see healthy GDP growth in 2014, not least because of the benefits of much improved exports as European and U.S. demand improves. In terms of export growth, HSBC forecasts major gains this year by China, Hong Kong, Japan, South Korea, Singapore, Thailand, Indonesia and Malaysia.

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<div class="phx-topic abstract-wrapper">The move coincides with plans by XCTG to develop new berths, upgrade existing berths, and develop a multimodal smart logistics center.</div>

The move coincides with plans by XCTG to develop new berths, upgrade existing berths, and develop a multimodal smart logistics center.

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<div class="phx-topic">PSA International, the world's largest container terminal operator, has expanded its portfolio in China after agreeing to pay $388 million for a 30% stake in Xiamen Container Terminal Group Co. (XCTG) in Fujian province. The move coincides with plans by XCTG to develop new berths, upgrade existing berths, and develop a multimodal smart logistics center. The Singapore-headquartered port operator is acquiring its stake through subsidiary PSA Amoy from XCTG's parent, Xiamen Port Development Co., after the latter invited public bids for the investment. The deal also includes an increase in PSA’s stake in the Xiamen Port Intermodal Logistics Hub. XCTG comprises eight container terminals with a combined annual capacity of 20 million TEUs, although the company actually handled 12.5 million TEUs last year, a 2% increase over the prior year. Expansion projects there include the construction of five new berths, including in Xiamen’s Gulei Port North, Hai'an, and Haicang port areas, Shenzhen-listed Xiamen Port Development Co. said in regulatory filing. Other plans include new warehouse projects and the expansion of shore-power facilities at existing berths. PSA’s investment, which still has to be approved by regulatory agencies in China, was confirmed in separate statements late last week by PSA and Xiamen Port Development. It also comes about two months after Chinese regulators approved the $1.1 billion acquisition by Xiamen Port Development of a 70% stake in XCTG from Xiamen International Port Co. PSA, which handled a total of 105 million TEUs last year, also operates six other container terminals in China including Dalian, Guangzhou, Tianjin, and Lianyungang near Shanghai. “This partnership reflects the strong alignment between Xiamen Port Group and PSA in supporting the Silk Road maritime strategy and enhancing Fujian’s role in international trade and shipping," Xiamen Port Group chairman Cai Li Qun said in a statement announcing the deal. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

PSA International, the world's largest container terminal operator, has expanded its portfolio in China after agreeing to pay $388 million for a 30% stake in Xiamen Container Terminal Group Co. (XCTG) in Fujian province. The move coincides with plans by XCTG to develop new berths, upgrade existing berths, and develop a multimodal smart logistics center. The Singapore-headquartered port operator is acquiring its stake through subsidiary PSA Amoy from XCTG's parent, Xiamen Port Development Co., after the latter invited public bids for the investment. The deal also includes an increase in PSA’s stake in the Xiamen Port Intermodal Logistics Hub. XCTG comprises eight container terminals with a combined annual capacity of 20 million TEUs, although the company actually handled 12.5 million TEUs last year, a 2% increase over the prior year. Expansion projects there include the construction of five new berths, including in Xiamen’s Gulei Port North, Hai'an, and Haicang port areas, Shenzhen-listed Xiamen Port Development Co. said in regulatory filing. Other plans include new warehouse projects and the expansion of shore-power facilities at existing berths. PSA’s investment, which still has to be approved by regulatory agencies in China, was confirmed in separate statements late last week by PSA and Xiamen Port Development. It also comes about two months after Chinese regulators approved the $1.1 billion acquisition by Xiamen Port Development of a 70% stake in XCTG from Xiamen International Port Co. PSA, which handled a total of 105 million TEUs last year, also operates six other container terminals in China including Dalian, Guangzhou, Tianjin, and Lianyungang near Shanghai. “This partnership reflects the strong alignment between Xiamen Port Group and PSA in supporting the Silk Road maritime strategy and enhancing Fujian’s role in international trade and shipping," Xiamen Port Group chairman Cai Li Qun said in a statement announcing the deal. Contact Keith Wallis at keithwallis@hotmail.com .

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Singapore's PSA invests $388 million in Xiamen's XCTG port group

<div class="phx-topic abstract-wrapper">Linde has adopted a “guarded” outlook for the rest of 2026 as Air Liquide looks to a “rebound effect” in the US for an uplift. Linde has adopted a “guarded” outlook for the rest of 2026 as Air Liquide looks to a “rebound effect” in the US for an uplift. </div>

Linde has adopted a “guarded” outlook for the rest of 2026 as Air Liquide looks to a “rebound effect” in the US for an uplift. Linde has adopted a “guarded” outlook for the rest of 2026 as Air Liquide looks to a “rebound effect” in the US for an uplift.

<div class="phx-topic">Against a backdrop of economic uncertainties, the two largest global industrial gas suppliers are riding on record-high project backlogs while looking to gains from the North American market. In their latest earnings statements, suppliers Linde and Air Liquide highlighted key project wins in the electronics sector while maintaining a cautious tone amid industrial disruptions related to the war in the Middle East. Considered bellwether companies for industrial market trends, Linde and Air Liquide are key shippers of breakbulk and project cargo such as gas storage tanks and heavy equipment for large industrial projects. They supply to industries including manufacturing, chemicals and steel production. With global economic conditions in flux and continued weakness in traditional industrial markets across Europe, the Middle East and Africa, Linde — the world’s largest industrial gas supplier — is taking a “guarded” outlook on its performance for the remainder of the year while posting a record project backlog of nearly $10 billion. The backlog represents industrial gas and engineering project contracts that have been awarded but not yet started. First-quarter project orders grew 24% to $640 million. In his remarks during Linde’s May 1 first-quarter earnings call, CEO Sanjiv Lambda described the 2025 economic environment as a “study in contrast” that set the stage for a challenging backdrop for the industrial sectors the US-German company serves. “On one hand, exuberant investment in AI and digital infrastructure drove unprecedented activity,” he said. “On the other hand, traditional industrial markets like manufacturing, metals, chemicals and energy faced continued retrenchment.” Of the company’s $10 billion backlog, 71% of projects are from the Americas, with 64% in the chemicals sector and 66% qualifying as clean energy. “The US, and I've said this over and over again, proves to be a really resilient market,” Lambda said. “Sales are up across almost every end market.” The company expects $2.5 billion to $3 billion of its projects to start in 2026. Not included in the $10 billion backlog is over $500 million in industrial gas infrastructure projects to supply rocket fuel to the commercial space sector. <h3>Air Liquide readies steel, chip projects </h3>French industrial gas supplier Air Liquide is preparing to deliver two major industrial projects in the US and Asia as the company’s project backlog reached an all-time high of $6.5 billion in the first quarter, up 23% from a year ago. The backlog includes nearly 75 projects globally, balanced between the large industry and electronics sectors. “These are tangible, high-quality projects currently under construction that will fuel our profitable growth as they come online,” CEO François Jackow said during the company’s April 28 first-quarter earnings call. Among its first-quarter project wins, Air Liquide will invest over $350 million in pipeline infrastructure for a low-carbon steel mill Hyundai Steel and POSCO Group are building in Louisiana. The $5.8 billion plant is set for completion by 2029. “This project is a perfect illustration of the industrial reshoring trend currently revitalizing the US market,” Jackow said. The company will also invest $234 million to build two ultra-high purity carrier gas units for a global semiconductor chip manufacturer. In the second quarter, Air Liquide subsidiary Airgas provided industrial gas equipment and infrastructure to support the Artemis II moon mission. The conflict in the Middle East introduced challenges related to global helium sourcing in the first quarter, as helium is used in Air Liquide’s two key growth markets — health care and electronics. Disruptions to the world’s largest liquefied natural gas (LNG) production facility in Qatar has resulted in a global helium shortage. While Jackow declined to speculate on opportunities that could arise from the conflict, he said structural shifts resulting from the situation could lead to “positive outcomes.” “Air Liquide is uniquely positioned to capture regional shifts in industrial demand, as we have a global footprint,” he said. “Also, we could expect a rebound effect in the US, where lower energy costs and manufacturing policy are attracting global industrial production.” Contact Autumn Cafiero Giusti at <a href="mailto:autumn@autumngiusti.com">autumn@autumngiusti.com</a>. </div>

Against a backdrop of economic uncertainties, the two largest global industrial gas suppliers are riding on record-high project backlogs while looking to gains from the North American market. In their latest earnings statements, suppliers Linde and Air Liquide highlighted key project wins in the electronics sector while maintaining a cautious tone amid industrial disruptions related to the war in the Middle East. Considered bellwether companies for industrial market trends, Linde and Air Liquide are key shippers of breakbulk and project cargo such as gas storage tanks and heavy equipment for large industrial projects. They supply to industries including manufacturing, chemicals and steel production. With global economic conditions in flux and continued weakness in traditional industrial markets across Europe, the Middle East and Africa, Linde — the world’s largest industrial gas supplier — is taking a “guarded” outlook on its performance for the remainder of the year while posting a record project backlog of nearly $10 billion. The backlog represents industrial gas and engineering project contracts that have been awarded but not yet started. First-quarter project orders grew 24% to $640 million. In his remarks during Linde’s May 1 first-quarter earnings call, CEO Sanjiv Lambda described the 2025 economic environment as a “study in contrast” that set the stage for a challenging backdrop for the industrial sectors the US-German company serves. “On one hand, exuberant investment in AI and digital infrastructure drove unprecedented activity,” he said. “On the other hand, traditional industrial markets like manufacturing, metals, chemicals and energy faced continued retrenchment.” Of the company’s $10 billion backlog, 71% of projects are from the Americas, with 64% in the chemicals sector and 66% qualifying as clean energy. “The US, and I've said this over and over again, proves to be a really resilient market,” Lambda said. “Sales are up across almost every end market.” The company expects $2.5 billion to $3 billion of its projects to start in 2026. Not included in the $10 billion backlog is over $500 million in industrial gas infrastructure projects to supply rocket fuel to the commercial space sector. Air Liquide readies steel, chip projects French industrial gas supplier Air Liquide is preparing to deliver two major industrial projects in the US and Asia as the company’s project backlog reached an all-time high of $6.5 billion in the first quarter, up 23% from a year ago. The backlog includes nearly 75 projects globally, balanced between the large industry and electronics sectors. “These are tangible, high-quality projects currently under construction that will fuel our profitable growth as they come online,” CEO François Jackow said during the company’s April 28 first-quarter earnings call. Among its first-quarter project wins, Air Liquide will invest over $350 million in pipeline infrastructure for a low-carbon steel mill Hyundai Steel and POSCO Group are building in Louisiana. The $5.8 billion plant is set for completion by 2029. “This project is a perfect illustration of the industrial reshoring trend currently revitalizing the US market,” Jackow said. The company will also invest $234 million to build two ultra-high purity carrier gas units for a global semiconductor chip manufacturer. In the second quarter, Air Liquide subsidiary Airgas provided industrial gas equipment and infrastructure to support the Artemis II moon mission. The conflict in the Middle East introduced challenges related to global helium sourcing in the first quarter, as helium is used in Air Liquide’s two key growth markets — health care and electronics. Disruptions to the world’s largest liquefied natural gas (LNG) production facility in Qatar has resulted in a global helium shortage. While Jackow declined to speculate on opportunities that could arise from the conflict, he said structural shifts resulting from the situation could lead to “positive outcomes.” “Air Liquide is uniquely positioned to capture regional shifts in industrial demand, as we have a global footprint,” he said. “Also, we could expect a rebound effect in the US, where lower energy costs and manufacturing policy are attracting global industrial production.” Contact Autumn Cafiero Giusti at autumn@autumngiusti.com .

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US market helps drive record project backlogs for industrial gas suppliers

<div class="phx-topic abstract-wrapper">Executives say the jump in trucking rates is being driven less by increased volumes and more by higher operating costs and tightening capacity, creating a more fragile recovery. </div>

Executives say the jump in trucking rates is being driven less by increased volumes and more by higher operating costs and tightening capacity, creating a more fragile recovery.

<div class="phx-topic">If wood shipping pallets are a reliable leading indicator of freight demand, the recent surge in US trucking rates may be signaling something other than a true market rebound. Industry executives say the rise in rates is being driven less by increased freight volumes and more by higher operating costs — particularly diesel — combined with tightening capacity. That dynamic is creating a more fragile recovery, even as companies express cautious optimism about the second half of 2026. “There’s a lot of uncertainty right now,” said Brent McClendon, president and CEO of Woodpack Global, an international trade association representing pallet manufacturers in 43 countries. “Demand remains inconsistent. When you’re connected to 90% of the goods that move, some sectors are strong while others are not.” That uneven demand profile has become a defining feature of the current freight cycle. Segments tied to government and defense spending are performing well, while other areas — particularly discretionary consumer goods — remain soft. The result is a fragmented market that lacks the broad-based strength typically seen in the early stages of a freight recovery. “Members supplying military-related firms are doing very well,” McClendon said. “Other parts of the economy are much more sluggish. January and February looked stronger, but March and April were weaker. It’s that ‘fits and starts’ pattern — that uncertainty — that has everyone uncomfortable.” At the same time, cost pressures are reshaping behavior across the supply chain. <h3>Reuse, then restock </h3>At Pennsylvania-based pallet manufacturer TMF Corp., production has declined as customers extend the life of existing pallets to conserve cash and manage higher transportation and materials costs. “Companies are doing what I would do — use every pallet until it’s no longer usable,” said TMF founder and President Tom Fitzgerald. “Pallets are getting beat up more quickly, in part because some manufacturers are using thinner wood to control costs.” TMF produced about 20,000 pallets a week at its peak. That figure has fallen to roughly 15,000, Fitzgerald said — a drop of about 25% that reflects both weaker demand and changing customer behavior. The reuse trend, while practical in the short term, has contributed to a tightening of available pallet supply, setting the stage for potential restocking later this year if freight volumes stabilize or increase. Some early signs of that shift are emerging. Packaging Corp. of America President Thomas Hassfurther told analysts on a recent earnings call that volumes are beginning to recover after a weak first quarter, which is typically the slowest period of the year. “The first quarter is by far the weakest in terms of volume, and then it accelerates through the year,” Hassfurther said. “The good news is it has returned in the second quarter as forecast, giving us flexibility to improve operational efficiency.” <h3>Spot rates still rising </h3>Still, freight market data suggests that the current rate environment is being driven primarily by supply-side constraints rather than a demand surge. DAT Freight &amp; Analytics reported that trucking rates continued to climb through April as capacity tightened and fuel prices rose. In some parts of the country, diesel is more than $2 per gallon higher than a year ago, significantly increasing carriers’ cost base. Excluding fuel surcharges, national dry-van spot rates are 25% higher year over year at a base rate of $2.00 per mile, and 23% above the five-year average. Refrigerated, or reefer, rates sans surcharges have climbed 22% to $2.36 per mile. In produce-growing regions, rates are up 10% year over year to $3.84 per mile before surcharges due to tighter truck availability tied to seasonal demand and limited capacity. Flatbed rates have also surged, reaching $2.69 per mile before surcharges, just 5 cents below the all-time high, after seven consecutive weeks of increases. Rates in that segment are 27% higher than a year ago, reflecting strong demand tied to construction, energy, and industrial activity.<div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="7c4fec07-a5cb-4a65-a29e-d9274d1b9816"></dynamic-object></div>The combination of rising fuel costs and constrained capacity is forcing pricing adjustments across the packaging and materials sector. Crackdowns on <a href="https://www.joc.com/article/impact-of-non-domiciled-cdl-enforcement-splits-us-trucking-sector-6135184">non-domiciled commercial drivers</a> and stricter English-language enforcement are constraining truckload capacity after a four-year freight recession. Packaging Corp. of America plans to implement price increases in 2026 in response to higher raw material and transportation costs. “We have room for further improvement and will continue these efforts through the second and third quarters,” Hassfurther said. “Containerboard prices are up a net $50 per ton since the beginning of the year, and we are working with customers to implement increases.” <h3>Transitional phase </h3>Executives say key end markets remain relatively stable, providing a foundation for cautious optimism. Consumer products, food and beverage shipments have held steady, and there are early signs of strengthening demand tied to residential construction and home improvement — sectors that are particularly sensitive to interest rates and broader economic confidence. “The consumer has been very resilient,” said Packaging Corp. of America CEO Mark Kowlzan. “Our customer base feels good about their business going forward, and tax refunds will provide an additional boost in the second half of the year.” Macroeconomic data also points to modest improvement. US gross domestic product grew at a 2% rate in the second quarter, up from 0.5% growth at the end of 2025. While not indicative of a strong expansion, the increase suggests the economy is stabilizing after a period of slower growth. For the pallet and container sector, that stabilization could translate into increased demand for packaging materials, particularly if retailers and manufacturers begin rebuilding inventories that were drawn down during the recent period of cost control and demand uncertainty. Still, industry leaders caution that significant risks remain. Trade policy, interest rates, war-driven fuel costs and broader business confidence all continue to influence freight demand and pricing dynamics. Any disruption in those areas could quickly alter the trajectory of the recovery. “The industry is cautiously optimistic,” McClendon said. “There are a lot of moving parts — tariffs, policy, diesel prices — but overall, the fundamentals look solid.” For now, the pallet and container sector appears to be navigating a transitional phase, one in which rising costs are driving rates higher even as underlying demand remains uneven. Whether that environment evolves into a sustained freight recovery in the second half of 2026 will depend largely on whether demand begins to catch up with the cost-driven pricing pressures already moving through the supply chain. Contact Dan Ronan at <a href="mailto:contactdanronan@gmail.com">contactdanronan@gmail.com</a>. </div>

If wood shipping pallets are a reliable leading indicator of freight demand, the recent surge in US trucking rates may be signaling something other than a true market rebound. Industry executives say the rise in rates is being driven less by increased freight volumes and more by higher operating costs — particularly diesel — combined with tightening capacity. That dynamic is creating a more fragile recovery, even as companies express cautious optimism about the second half of 2026. “There’s a lot of uncertainty right now,” said Brent McClendon, president and CEO of Woodpack Global, an international trade association representing pallet manufacturers in 43 countries. “Demand remains inconsistent. When you’re connected to 90% of the goods that move, some sectors are strong while others are not.” That uneven demand profile has become a defining feature of the current freight cycle. Segments tied to government and defense spending are performing well, while other areas — particularly discretionary consumer goods — remain soft. The result is a fragmented market that lacks the broad-based strength typically seen in the early stages of a freight recovery. “Members supplying military-related firms are doing very well,” McClendon said. “Other parts of the economy are much more sluggish. January and February looked stronger, but March and April were weaker. It’s that ‘fits and starts’ pattern — that uncertainty — that has everyone uncomfortable.” At the same time, cost pressures are reshaping behavior across the supply chain. Reuse, then restock At Pennsylvania-based pallet manufacturer TMF Corp., production has declined as customers extend the life of existing pallets to conserve cash and manage higher transportation and materials costs. “Companies are doing what I would do — use every pallet until it’s no longer usable,” said TMF founder and President Tom Fitzgerald. “Pallets are getting beat up more quickly, in part because some manufacturers are using thinner wood to control costs.” TMF produced about 20,000 pallets a week at its peak. That figure has fallen to roughly 15,000, Fitzgerald said — a drop of about 25% that reflects both weaker demand and changing customer behavior. The reuse trend, while practical in the short term, has contributed to a tightening of available pallet supply, setting the stage for potential restocking later this year if freight volumes stabilize or increase. Some early signs of that shift are emerging. Packaging Corp. of America President Thomas Hassfurther told analysts on a recent earnings call that volumes are beginning to recover after a weak first quarter, which is typically the slowest period of the year. “The first quarter is by far the weakest in terms of volume, and then it accelerates through the year,” Hassfurther said. “The good news is it has returned in the second quarter as forecast, giving us flexibility to improve operational efficiency.” Spot rates still rising Still, freight market data suggests that the current rate environment is being driven primarily by supply-side constraints rather than a demand surge. DAT Freight & Analytics reported that trucking rates continued to climb through April as capacity tightened and fuel prices rose. In some parts of the country, diesel is more than $2 per gallon higher than a year ago, significantly increasing carriers’ cost base. Excluding fuel surcharges, national dry-van spot rates are 25% higher year over year at a base rate of $2.00 per mile, and 23% above the five-year average. Refrigerated, or reefer, rates sans surcharges have climbed 22% to $2.36 per mile. In produce-growing regions, rates are up 10% year over year to $3.84 per mile before surcharges due to tighter truck availability tied to seasonal demand and limited capacity. Flatbed rates have also surged, reaching $2.69 per mile before surcharges, just 5 cents below the all-time high, after seven consecutive weeks of increases. Rates in that segment are 27% higher than a year ago, reflecting strong demand tied to construction, energy, and industrial activity. The combination of rising fuel costs and constrained capacity is forcing pricing adjustments across the packaging and materials sector. Crackdowns on non-domiciled commercial drivers and stricter English-language enforcement are constraining truckload capacity after a four-year freight recession. Packaging Corp. of America plans to implement price increases in 2026 in response to higher raw material and transportation costs. “We have room for further improvement and will continue these efforts through the second and third quarters,” Hassfurther said. “Containerboard prices are up a net $50 per ton since the beginning of the year, and we are working with customers to implement increases.” Transitional phase Executives say key end markets remain relatively stable, providing a foundation for cautious optimism. Consumer products, food and beverage shipments have held steady, and there are early signs of strengthening demand tied to residential construction and home improvement — sectors that are particularly sensitive to interest rates and broader economic confidence. “The consumer has been very resilient,” said Packaging Corp. of America CEO Mark Kowlzan. “Our customer base feels good about their business going forward, and tax refunds will provide an additional boost in the second half of the year.” Macroeconomic data also points to modest improvement. US gross domestic product grew at a 2% rate in the second quarter, up from 0.5% growth at the end of 2025. While not indicative of a strong expansion, the increase suggests the economy is stabilizing after a period of slower growth. For the pallet and container sector, that stabilization could translate into increased demand for packaging materials, particularly if retailers and manufacturers begin rebuilding inventories that were drawn down during the recent period of cost control and demand uncertainty. Still, industry leaders caution that significant risks remain. Trade policy, interest rates, war-driven fuel costs and broader business confidence all continue to influence freight demand and pricing dynamics. Any disruption in those areas could quickly alter the trajectory of the recovery. “The industry is cautiously optimistic,” McClendon said. “There are a lot of moving parts — tariffs, policy, diesel prices — but overall, the fundamentals look solid.” For now, the pallet and container sector appears to be navigating a transitional phase, one in which rising costs are driving rates higher even as underlying demand remains uneven. Whether that environment evolves into a sustained freight recovery in the second half of 2026 will depend largely on whether demand begins to catch up with the cost-driven pricing pressures already moving through the supply chain. Contact Dan Ronan at contactdanronan@gmail.com .

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Shipping pallet, packaging sectors wade through ‘uncertainty’ in US freight demand

<div class="phx-topic abstract-wrapper">The closure of the Strait of Hormuz only serves to highlight that companies proactively investing in adopting alternative shipping fuels now will be far better off when the next disruption hits, writes Michael Lerner. </div>

The closure of the Strait of Hormuz only serves to highlight that companies proactively investing in adopting alternative shipping fuels now will be far better off when the next disruption hits, writes Michael Lerner.

<div class="phx-topic">Bunker fuel prices have surged 70% since the start of the war in Iran and the blockade of the Strait of Hormuz. At present, the global average price for very low sulfur fuel oil (VLSFO) is over <a href="https://urldefense.com/v3/__https:/shipandbunker.com/prices/av/global/av-glb-global-average-bunker-price__;!!DEyr4sPAfcQg!Sie7eoWVctWwupvhkkxfvMLeGOmG0tR2h3MD4BfybxOOb7_m5TV4zfs8wzGrUp_KahTIOUSYa_Agyepill1I$">$930/mt</a>, up from $540/mt in early February. Meanwhile, the regulation of maritime greenhouse gas emissions is evolving. Both trends favor low-carbon alternative shipping fuels, prompting shipping companies to re-evaluate investment decisions.  The International Maritime Organization (IMO)’s Marine Environment Protection Committee <a href="https://www.joc.com/article/fmcs-dibella-brings-anti-net-zero-message-to-imo-london-meeting-6210952">just wrapped up a round of meetings</a> on its proposed Net-Zero Framework (NZF), which would be a major, globally applicable step forward for decarbonizing shipping. But it’s unclear if the NZF will be watered down, or adopted in any form. Escalating penalties for noncompliance might get removed, leaving only voluntary measures. The vote to authorize NZF might get delayed again, <a href="https://www.joc.com/article/imo-punts-on-pivotal-net-zero-shipping-regulation-6099141">as it was last October amid pressure from the US and Saudi Arabia</a>. <div class="wrapper-narrow float-right-element"><img src="/images/phoenix/6213889_0.1.jpg"></img></div> But whatever happens with the NZF, the impetus for decarbonizing shipping is strong, and getting stronger. About a fifth of global oil and gas supply ordinally passes through the Strait of Hormuz. Closing it spiked prices of conventional fuels that 99% of ships use – mainly fossil oil and liquefied natural gas (LNG) – and demonstrated their vulnerability to supply disruptions. The risk of price volatility and further shocks is ongoing.  This is a wakeup call for shipping companies, changing their calculus for adopting  low-carbon alternative fuels. Those fuels cost more than conventional ones, but are becoming more attractive all the time.  For one thing, many alternative fuels can be made locally from organic wastes, so they don’t have to pass through Hormuz. For another, European Union maritime emissions regulations (FuelEU Maritime and the EU Emissions Trading System) are helping shrink the price premium for them, since each year penalties on fossil fuels tighten while alternative fuel production rises. Already, certain alternative fuels on certain routes, for example bioLNG on intra-EU voyages, are at parity or even cheaper than conventional fuels.  This affects shipping companies worldwide, including in the US. EU regulations apply to 100% of maritime emissions within EU territorial waters, and 50% of emissions for vessels transiting between an EU port and a non-EU port (for example Marseilles-New York). That means shipping companies servicing EU-US routes will need clean fuel sources in the US, which are growing, though not nearly as fast as in Europe. <h3> Can US legislation drive change? </h3>Current US policy is not conducive for producing or using alternative fuels. But <a href="https://urldefense.com/v3/__https:/www.ricketts.senate.gov/news/press-releases/ricketts-klobuchar-introduce-renewable-fuel-for-ocean-going-vessels-act/__;!!DEyr4sPAfcQg!Sie7eoWVctWwupvhkkxfvMLeGOmG0tR2h3MD4BfybxOOb7_m5TV4zfs8wzGrUp_KahTIOUSYa_AgyWi7Tba1$">bipartisan bills</a> introduced in both houses of Congress aim to change that by making biofuels eligible for the Renewable Fuel Standard (RFS) when used in oceangoing vessels (they’re already eligible when used as road or aviation fuels). This would accelerate US production and use of bioLNG (which requires new dual-fuel engines) as well as renewable diesel and biodiesel (“drop-in” fuels that work in conventional engines).  Whether or not those bills become law, US clean maritime fuel producers are also aiming to sell to the European market and working to get their fuels qualified under EU regulations. So are international shipping associations. If they succeed, it would boost US clean fuel production – and energy security – for the European market.  The potential for slashing maritime emissions is gigantic. A <a href="https://urldefense.com/v3/__https:/energy-vision.org/pdf/TheFutureOfShipping-EnergyVision.pdf__;!!DEyr4sPAfcQg!Sie7eoWVctWwupvhkkxfvMLeGOmG0tR2h3MD4BfybxOOb7_m5TV4zfs8wzGrUp_KahTIOUSYa_AgybNYDbPM$">new report</a> by the nonprofit Energy Vision finds that alternative low-carbon fuels derived from food waste or manure – including bioLNG, biomethanol, or green ammonia – have carbon-negative lifecycle emissions — i.e., less than net-zero, since more greenhouse gas is captured during production than is released when the fuel is burned. When these fuels are derived from landfill gas or wastewater, they do emit some GHG over their lifecycle, but only a third to half the emissions of heavy fuel oil or fossil LNG.  The added cost of using alternative low-carbon fuel is a surprisingly small percentage of the cost of products shipped. Energy Vision calculated that using alternative fuel to ship a container across the Pacific would cost an extra 12 cents per pair of sneakers or less than a cent per smartphone or toothpaste tube – and that’s for a “next-gen” e-fuel (made with renewable electricity and captured CO2) using a high-end cost estimate. The extra cost of existing alternative fuels like bioLNG is even lower.  However regulatory regimes evolve in the near future, the writing is on the wall. As vessels age out, shipping companies must decide what to replace them with. Each alternative maritime fuel comes with its own advantages and disadvantages, but the basic choice comes down to this: continue to bear growing regulatory costs and price volatility of fossil fuels, or invest now in vessels that will have far lower GHG emissions and commodity price risk over their 30-year lifespans. Companies that proactively invest in adopting alternative shipping fuels now will be far better off when the next shock hits. Michael Lerner is Director of Research and Publications at  the non-profit organization <a href="https://urldefense.com/v3/__http:/energy-vision.org/__;!!DEyr4sPAfcQg!Sie7eoWVctWwupvhkkxfvMLeGOmG0tR2h3MD4BfybxOOb7_m5TV4zfs8wzGrUp_KahTIOUSYa_AgyZz5b4dX$">Energy Vision</a>.  Contact him at <a href="mailto:lerner@energy-vision.org">lerner@energy-vision.org</a>. </div>

Bunker fuel prices have surged 70% since the start of the war in Iran and the blockade of the Strait of Hormuz. At present, the global average price for very low sulfur fuel oil (VLSFO) is over $930/mt , up from $540/mt in early February. Meanwhile, the regulation of maritime greenhouse gas emissions is evolving. Both trends favor low-carbon alternative shipping fuels, prompting shipping companies to re-evaluate investment decisions.  The International Maritime Organization (IMO)’s Marine Environment Protection Committee just wrapped up a round of meetings on its proposed Net-Zero Framework (NZF), which would be a major, globally applicable step forward for decarbonizing shipping. But it’s unclear if the NZF will be watered down, or adopted in any form. Escalating penalties for noncompliance might get removed, leaving only voluntary measures. The vote to authorize NZF might get delayed again, as it was last October amid pressure from the US and Saudi Arabia .  But whatever happens with the NZF, the impetus for decarbonizing shipping is strong, and getting stronger. About a fifth of global oil and gas supply ordinally passes through the Strait of Hormuz. Closing it spiked prices of conventional fuels that 99% of ships use – mainly fossil oil and liquefied natural gas (LNG) – and demonstrated their vulnerability to supply disruptions. The risk of price volatility and further shocks is ongoing.  This is a wakeup call for shipping companies, changing their calculus for adopting  low-carbon alternative fuels. Those fuels cost more than conventional ones, but are becoming more attractive all the time.  For one thing, many alternative fuels can be made locally from organic wastes, so they don’t have to pass through Hormuz. For another, European Union maritime emissions regulations (FuelEU Maritime and the EU Emissions Trading System) are helping shrink the price premium for them, since each year penalties on fossil fuels tighten while alternative fuel production rises. Already, certain alternative fuels on certain routes, for example bioLNG on intra-EU voyages, are at parity or even cheaper than conventional fuels.  This affects shipping companies worldwide, including in the US. EU regulations apply to 100% of maritime emissions within EU territorial waters, and 50% of emissions for vessels transiting between an EU port and a non-EU port (for example Marseilles-New York). That means shipping companies servicing EU-US routes will need clean fuel sources in the US, which are growing, though not nearly as fast as in Europe.  Can US legislation drive change? Current US policy is not conducive for producing or using alternative fuels. But bipartisan bills introduced in both houses of Congress aim to change that by making biofuels eligible for the Renewable Fuel Standard (RFS) when used in oceangoing vessels (they’re already eligible when used as road or aviation fuels). This would accelerate US production and use of bioLNG (which requires new dual-fuel engines) as well as renewable diesel and biodiesel (“drop-in” fuels that work in conventional engines).  Whether or not those bills become law, US clean maritime fuel producers are also aiming to sell to the European market and working to get their fuels qualified under EU regulations. So are international shipping associations. If they succeed, it would boost US clean fuel production – and energy security – for the European market.  The potential for slashing maritime emissions is gigantic. A new report by the nonprofit Energy Vision finds that alternative low-carbon fuels derived from food waste or manure – including bioLNG, biomethanol, or green ammonia – have carbon-negative lifecycle emissions — i.e., less than net-zero, since more greenhouse gas is captured during production than is released when the fuel is burned. When these fuels are derived from landfill gas or wastewater, they do emit some GHG over their lifecycle, but only a third to half the emissions of heavy fuel oil or fossil LNG.  The added cost of using alternative low-carbon fuel is a surprisingly small percentage of the cost of products shipped. Energy Vision calculated that using alternative fuel to ship a container across the Pacific would cost an extra 12 cents per pair of sneakers or less than a cent per smartphone or toothpaste tube – and that’s for a “next-gen” e-fuel (made with renewable electricity and captured CO2) using a high-end cost estimate. The extra cost of existing alternative fuels like bioLNG is even lower.  However regulatory regimes evolve in the near future, the writing is on the wall. As vessels age out, shipping companies must decide what to replace them with. Each alternative maritime fuel comes with its own advantages and disadvantages, but the basic choice comes down to this: continue to bear growing regulatory costs and price volatility of fossil fuels, or invest now in vessels that will have far lower GHG emissions and commodity price risk over their 30-year lifespans. Companies that proactively invest in adopting alternative shipping fuels now will be far better off when the next shock hits. Michael Lerner is Director of Research and Publications at  the non-profit organization  Energy Vision .  Contact him at  lerner@energy-vision.org .

Supply chain

War-driven energy shock makes case for more alternative fuels

<div class="phx-topic abstract-wrapper">Bunker fuel surcharges and surging diesel prices linked to the war in Iran come on top of higher tariff costs that have hurt the competitiveness of US agricultural products abroad. </div>

Bunker fuel surcharges and surging diesel prices linked to the war in Iran come on top of higher tariff costs that have hurt the competitiveness of US agricultural products abroad.

<div class="phx-topic">(The following story appears in the Top 100 Importers and Exporters issue of the Journal of Commerce magazine published on May 4, 2026.) The war in the Middle East will further increase the cost of US agricultural exports — and further diminish global demand — after a 2025 in which growth slowed despite the efforts by shippers to replace a rapidly vanishing Chinese market. War-linked <a href="https://www.joc.com/article/cost-hit-ocean-carriers-roll-out-series-of-rate-increases-fuel-surcharges-6202474">bunker fuel surcharges</a>, as well as <a href="https://www.joc.com/article/surging-fuel-prices-drive-protesting-european-truckers-into-the-streets-6205378">soaring diesel prices for inland truck and rail movements</a>, could “add tens of thousands to hundreds of thousands of dollars to our costs,” Mike Symonanis, director of strategic network at Louis Dreyfus Company and chairman of the American Cotton Shippers Association, told the Journal of Commerce. Symonanis said agricultural exporters are closely scrutinizing the surcharges, which will be most significant for small and midsize shippers, to determine whether they accurately reflect higher fuel costs borne by container lines. “If the carrier says it costs them ‘X,’ how do we get to the point of substantiation? This will be an ongoing conversation between shippers and carriers,” he said. For their part, carriers are attempting to mitigate the impact of rising bunker fuel costs through more direct sailings and slower steaming of vessels. At the Port of Oakland, which handles agricultural exports from California’s Central Valley, “carriers are asking the terminals to work 24/7, so they spend less time in port,” said Bryan Brandes, the port’s maritime director. Peter Friedmann, executive director of the Agriculture Transportation Coalition (AgTC), noted that the impact of those fees will intensify the longer the war drags on. “Generally, costs are going up and will continue to go up until there is an end to the war,” Friedmann said. “The fuel surcharges will have a cascading effect on ag shippers’ costs as they are phased in.” And although the US itself is a large producer of fertilizers, growers could also face higher costs for fertilizers if the Strait of Hormuz remains closed for too long, with crops that consume large quantities of ammonia and phosphates particularly vulnerable. <h3>Piling on the pressure </h3>The additional costs for shippers — and resulting drag on demand abroad — come at a time when export growth was already slowing, primarily due to Chinese import tariffs in response to duties imposed by the Trump administration. Containerized US agricultural exports grew 2.9% last year, but that was down from 7.1% growth in 2024, according to PIERS, a sister product of the Journal of Commerce within S&amp;P Global. Perhaps more alarming, outbound agricultural product shipments have declined at a compound annual rate of 1.7% since 2020. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="d434c4d6-4334-4f49-b217-80b812dafbaf"></dynamic-object></div>“When the impact of tariffs is a higher price that other countries don’t have to deal with, that certainly diminishes our market access and encourages competitors to develop longer-term strategies to expand their market access,” said Buddy Allen, president and CEO of the American Cotton Shippers Association. Both Allen and Mike Steenhoek, executive director of the Soy Transportation Coalition, said products from Brazil have largely taken the place of US cotton and soybeans in the Chinese market, creating what Steenhoek described as “considerable headwinds” for exports. Mainland China’s share of US agriculture exports fell to 6.2% from 15.7% in 2024 and as high as 23.7% in 2022, according to PIERS. In dollar terms, Chinese buyers purchased just $3.1 billion worth of soybeans in 2025, down from $17.9 billion the year before, Steenhoek said. The rapid shift of agricultural exports to other markets is also being felt at the port level. “Six years ago, about 70% of our cargo was tied to China. Today, it’s closer to 60%, with countries in Southeast Asia growing in importance,” said Noel Hacegaba, CEO of the Port of Long Beach. Cotton exports through Long Beach plummeted 90% last year, while soybean exports fell 95%, he said. The good news for growers is that there is growing global demand for soybeans, which move primarily in bulk ships, as well as higher-value processed soybean products like meal and oils, which tend to move in containers. Steenhoek said promising markets include the Philippines, Colombia, Mexico, Canada, Guatemala, and Vietnam. “Potentially, 2026 could be a good marketing year in terms of demand, but there are so many uncertainties ahead in terms of tariffs,” he said. “This is an industry where you are making your commitments today for deliveries months away.” Contact Bill Mongelluzzo at <a href="mailto: bill.mongelluzzo@spglobal.com">bill.mongelluzzo@spglobal.com</a>. </div>

(The following story appears in the Top 100 Importers and Exporters issue of the Journal of Commerce magazine published on May 4, 2026.) The war in the Middle East will further increase the cost of US agricultural exports — and further diminish global demand — after a 2025 in which growth slowed despite the efforts by shippers to replace a rapidly vanishing Chinese market. War-linked bunker fuel surcharges , as well as soaring diesel prices for inland truck and rail movements , could “add tens of thousands to hundreds of thousands of dollars to our costs,” Mike Symonanis, director of strategic network at Louis Dreyfus Company and chairman of the American Cotton Shippers Association, told the Journal of Commerce. Symonanis said agricultural exporters are closely scrutinizing the surcharges, which will be most significant for small and midsize shippers, to determine whether they accurately reflect higher fuel costs borne by container lines. “If the carrier says it costs them ‘X,’ how do we get to the point of substantiation? This will be an ongoing conversation between shippers and carriers,” he said. For their part, carriers are attempting to mitigate the impact of rising bunker fuel costs through more direct sailings and slower steaming of vessels. At the Port of Oakland, which handles agricultural exports from California’s Central Valley, “carriers are asking the terminals to work 24/7, so they spend less time in port,” said Bryan Brandes, the port’s maritime director. Peter Friedmann, executive director of the Agriculture Transportation Coalition (AgTC), noted that the impact of those fees will intensify the longer the war drags on. “Generally, costs are going up and will continue to go up until there is an end to the war,” Friedmann said. “The fuel surcharges will have a cascading effect on ag shippers’ costs as they are phased in.” And although the US itself is a large producer of fertilizers, growers could also face higher costs for fertilizers if the Strait of Hormuz remains closed for too long, with crops that consume large quantities of ammonia and phosphates particularly vulnerable. Piling on the pressure The additional costs for shippers — and resulting drag on demand abroad — come at a time when export growth was already slowing, primarily due to Chinese import tariffs in response to duties imposed by the Trump administration. Containerized US agricultural exports grew 2.9% last year, but that was down from 7.1% growth in 2024, according to PIERS, a sister product of the Journal of Commerce within S&P Global. Perhaps more alarming, outbound agricultural product shipments have declined at a compound annual rate of 1.7% since 2020. “When the impact of tariffs is a higher price that other countries don’t have to deal with, that certainly diminishes our market access and encourages competitors to develop longer-term strategies to expand their market access,” said Buddy Allen, president and CEO of the American Cotton Shippers Association. Both Allen and Mike Steenhoek, executive director of the Soy Transportation Coalition, said products from Brazil have largely taken the place of US cotton and soybeans in the Chinese market, creating what Steenhoek described as “considerable headwinds” for exports. Mainland China’s share of US agriculture exports fell to 6.2% from 15.7% in 2024 and as high as 23.7% in 2022, according to PIERS. In dollar terms, Chinese buyers purchased just $3.1 billion worth of soybeans in 2025, down from $17.9 billion the year before, Steenhoek said. The rapid shift of agricultural exports to other markets is also being felt at the port level. “Six years ago, about 70% of our cargo was tied to China. Today, it’s closer to 60%, with countries in Southeast Asia growing in importance,” said Noel Hacegaba, CEO of the Port of Long Beach. Cotton exports through Long Beach plummeted 90% last year, while soybean exports fell 95%, he said. The good news for growers is that there is growing global demand for soybeans, which move primarily in bulk ships, as well as higher-value processed soybean products like meal and oils, which tend to move in containers. Steenhoek said promising markets include the Philippines, Colombia, Mexico, Canada, Guatemala, and Vietnam. “Potentially, 2026 could be a good marketing year in terms of demand, but there are so many uncertainties ahead in terms of tariffs,” he said. “This is an industry where you are making your commitments today for deliveries months away.” Contact Bill Mongelluzzo at bill.mongelluzzo@spglobal.com .

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Middle East fuel shock exacerbates rising US ag export costs

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