<div class="phx-topic abstract-wrapper">Aug. 13, 1990 JAPANFinancial FuturesJapanese Gov't BondsPer 10-year, 6% bond</div>

Aug. 13, 1990 JAPANFinancial FuturesJapanese Gov't BondsPer 10-year, 6% bond

<div>Aug. 13, 1990JAPANFinancial FuturesJapanese Gov't BondsPer 10-year, 6% bond, in year with yield:Close Previous Yield PreviousSept. 90.20 90.79 7.738 7.623Dec. 90.17 90.65 7.744 7.650Precious MetalsTokyo Commodity ExchangeIn yen per gramGoldClose PreviousAug. 1,912 1,878Sept. 1,923 1,887Oct. 1,938 1,900Dec. 1,955 1,917Feb. 1,980 1,938Apr. 2,001 1,961June 2,027 1,986SilverClose PreviousAug. 245.6 240.8Sept. 248.8 244.0Oct. 250.3 246.9Dec. 254.8 250.0Feb. 258.9 253.7Apr. 260.6 257.6June 263.6 260.9PlatinumClose PreviousAug. 2,384 2,363Sept. 2,390 2,363Oct. 2,419 2,391Dec. 2,422 2,406Feb. 2,431 2,419Apr. 2,447 2,426June 2,459 2,437Stock Index Futures*Tokyo Options &amp; Index ExchangeTokyo Stock Exchange IndexClose Change (in points)-- -- -- ---- -- -- --*Osaka Securities Exchange Nikkei FuturesClose Change (in yen)--...

Aug. 13, 1990 JAPANFinancial Futures Japanese Gov't Bonds Per 10-year, 6% bond, in year with yield: Close Previous Yield Previous Sept. 90.20 90.79 7.738 7.623 Dec. 90.17 90.65 7.744 7.650 Precious Metals Tokyo Commodity Exchange In yen per gram Gold Close Previous Aug. 1,912 1,878 Sept. 1,923 1,887 Oct. 1,938 1,900 Dec. 1,955 1,917 Feb. 1,980 1,938 Apr. 2,001 1,961 June 2,027 1,986 Silver Close Previous Aug. 245.6 240.8 Sept. 248.8 244.0 Oct. 250.3 246.9 Dec. 254.8 250.0 Feb. 258.9 253.7 Apr. 260.6 257.6 June 263.6 260.9 Platinum Close Previous Aug. 2,384 2,363 Sept. 2,390 2,363 Oct. 2,419 2,391 Dec. 2,422 2,406 Feb. 2,431 2,419 Apr. 2,447 2,426 June 2,459 2,437 Stock Index Futures *Tokyo Options & Index Exchange Tokyo Stock Exchange Index Close Change (in points) -- -- -- -- -- -- -- -- *Osaka Securities Exchange Nikkei Futures Close Change (in yen) -- -- -- -- -- -- -- -- *Unavailable. SINGAPORE *Singapore Int'l Monetary Exchange Open High Low Interest Deutsche mark Sept. 0.6348 0.6310 555 Dec. -- -- 13 Yen Sept. 0.6672 0.6644 959 Dec. 0.6660 0.6660 106 Sterling Sept. -- -- 111 Dec. -- -- 1 Eurodollars Sept. 92.15 92.13 15872 Dec. 92.26 92.23 13817 Mar. 92.18 92.15 6819 June 91.92 91.90 1061 Sept. 91.68 91.66 398 Dec. 91.41 91.41 -- Nikkei Stock Index Sept. 270.00 259.60 -- Dec. 272.80 266.00 -- Settling Price A-Asking Price B-Bidding Price

ASIAN FUTURES

<div class="phx-topic abstract-wrapper">Rather than single objections against the proposed transcontinental railroad, time is the real threat to this deal, writes analyst Paul Tonsager. </div>

Rather than single objections against the proposed transcontinental railroad, time is the real threat to this deal, writes analyst Paul Tonsager.

Feature image

<div class="phx-topic">On May 28 <a href="https://www.joc.com/article/stb-accepts-upns-paperwork-buts-holds-on-merger-decision-6228099">the Surface Transportation Board accepted</a> the amended Union Pacific and Norfolk Southern merger application. This was the April refiling, submitted after the Board rejected the railroads’ first attempt in January. UP and NS will call the acceptance a milestone. It is the least important thing the Board did that day. The same decision held the entire proceeding in abeyance. No merits schedule. No environmental review. The Board ordered the railroads to supplement nine areas of the filing by July 27, and it will not start the review clock until it has that material and is satisfied with it. <div class="wrapper-narrow float-right-element"><img src="/images/phoenix/6228199_0.1.jpg"></img></div>Clearing completeness means the filing was good enough to keep, not good enough to approve. The Board said in the same decision that several parts of the application are unclear or underdeveloped. So here is where this now stands, and it is not where the railroads wanted to be. The Board did two things it did not have to pair: it kept the application alive and refused to set a date for judging it. Discovery continues, so UP and NS keep working... but working does not mean advancing. The Board is moving the chains, and, two filings in, the railroads still have not picked up a first down. That makes time the real threat to this deal, ahead of any single objection the opponents are raising. The Board did not need to find a fatal flaw. Keeping the calendar open is enough. The wait is not neutral. The railroads carry the cost of an $85 billion transaction sitting in limbo, while the opposition uses that time to organize its filings and line up allies in Congress. Competitors keep taking real freight in real time, with CPKC selling the single-line service the merged carrier does not yet exist to counter. Everybody waits, but nobody waits equally. The deal’s own structure makes the delay bite harder. There is no voting trust, so Norfolk Southern shareholders are not cashed out early. Instead, they wait for full STB approval to be paid, which puts the entire timeline on their backs. The agreement’s outside date of January 28, 2028, extends automatically if the review runs long. Sounds like a safety valve? Well, it is the trap. The deal has no clean expiration and no forcing event. It does not die on a deadline but erodes; it creates a combination that is now likelier to fail from exhaustion than from a flat “no”. The case for benefits decays on the same clock. The payoff the railroads are selling — led by 2.1 million truckloads moved off the highway — is modeled from a close date. Every quarter that close slips right, the present value of those benefits falls. As a result, delay weakens the central exhibit the Board is supposed to weigh. On substance, the sharpest signal in the decision is a small one. The Board asked for the applicants’ workpapers as a standalone supplemental item, which, in plain terms, means it could not reproduce the railroads’ own numbers from what they filed. That is a pointed thing for a regulator to put in writing about a benefits case. The Board also pulled the St. Louis and Kansas City terminals into one request alongside the TTX railcar pool, on gateways and car supply — a sign it sees neutral access to shared infrastructure as a single unresolved question rather than a set of separate fixes. For shippers, the takeaway is direct. Do not build around an early close. The initial target the railroads set by the first half of 2027 is now unreachable. The safe assumption now is later and open-ended. If your routing or rate strategy assumes a combined UP-NS network by 2027, rebuild it without that assumption. I support this merger, <a href="https://www.joc.com/article/strategic-vision-of-up-ns-merger-must-meet-operational-reality-6139519">I have said so in this publication</a> and elsewhere. The transcontinental thesis is sound, truck conversion is real, and single-line service creates genuine value. That is exactly why the execution should worry supporters more than critics. The merits fight is winnable on the record. The July 27 supplement is the third attempt at a record this Board will act on. The first application was rejected outright; the second cleared completeness and was still parked, because the Board found too much of it underdeveloped to judge; and there is no clever third version. The Board has told the railroads twice what it needs, and anyone who has watched this agency knew the list before the first application was filed. So give it to them, put the real numbers and the methodology behind them on the record, and stop trying to win on anything but substance. Every month spent deciding what to hold back is a month the clock takes off the merits case that can actually carry it. The author holds no equity in either carrier and represents no Class I railroad in this transaction. Paul Tonsager has held executive roles at Maersk, CN Rail, CN Worldwide, Coyote (RXO) and Patriot Rail. He is the founder of Integrated Multimodal Solutions LLC and author of the Substack newsletter Signals &amp; Switches. Contact him at <a href="mailto:paul.tonsager@multimodalsolutions.io">paul.tonsager@multimodalsolutions.io</a>. </div>

On May 28 the Surface Transportation Board accepted the amended Union Pacific and Norfolk Southern merger application. This was the April refiling, submitted after the Board rejected the railroads’ first attempt in January. UP and NS will call the acceptance a milestone. It is the least important thing the Board did that day. The same decision held the entire proceeding in abeyance. No merits schedule. No environmental review. The Board ordered the railroads to supplement nine areas of the filing by July 27, and it will not start the review clock until it has that material and is satisfied with it. Clearing completeness means the filing was good enough to keep, not good enough to approve. The Board said in the same decision that several parts of the application are unclear or underdeveloped. So here is where this now stands, and it is not where the railroads wanted to be. The Board did two things it did not have to pair: it kept the application alive and refused to set a date for judging it. Discovery continues, so UP and NS keep working... but working does not mean advancing. The Board is moving the chains, and, two filings in, the railroads still have not picked up a first down. That makes time the real threat to this deal, ahead of any single objection the opponents are raising. The Board did not need to find a fatal flaw. Keeping the calendar open is enough. The wait is not neutral. The railroads carry the cost of an $85 billion transaction sitting in limbo, while the opposition uses that time to organize its filings and line up allies in Congress. Competitors keep taking real freight in real time, with CPKC selling the single-line service the merged carrier does not yet exist to counter. Everybody waits, but nobody waits equally. The deal’s own structure makes the delay bite harder. There is no voting trust, so Norfolk Southern shareholders are not cashed out early. Instead, they wait for full STB approval to be paid, which puts the entire timeline on their backs. The agreement’s outside date of January 28, 2028, extends automatically if the review runs long. Sounds like a safety valve? Well, it is the trap. The deal has no clean expiration and no forcing event. It does not die on a deadline but erodes; it creates a combination that is now likelier to fail from exhaustion than from a flat “no”. The case for benefits decays on the same clock. The payoff the railroads are selling — led by 2.1 million truckloads moved off the highway — is modeled from a close date. Every quarter that close slips right, the present value of those benefits falls. As a result, delay weakens the central exhibit the Board is supposed to weigh. On substance, the sharpest signal in the decision is a small one. The Board asked for the applicants’ workpapers as a standalone supplemental item, which, in plain terms, means it could not reproduce the railroads’ own numbers from what they filed. That is a pointed thing for a regulator to put in writing about a benefits case. The Board also pulled the St. Louis and Kansas City terminals into one request alongside the TTX railcar pool, on gateways and car supply — a sign it sees neutral access to shared infrastructure as a single unresolved question rather than a set of separate fixes. For shippers, the takeaway is direct. Do not build around an early close. The initial target the railroads set by the first half of 2027 is now unreachable. The safe assumption now is later and open-ended. If your routing or rate strategy assumes a combined UP-NS network by 2027, rebuild it without that assumption. I support this merger, I have said so in this publication and elsewhere. The transcontinental thesis is sound, truck conversion is real, and single-line service creates genuine value. That is exactly why the execution should worry supporters more than critics. The merits fight is winnable on the record. The July 27 supplement is the third attempt at a record this Board will act on. The first application was rejected outright; the second cleared completeness and was still parked, because the Board found too much of it underdeveloped to judge; and there is no clever third version. The Board has told the railroads twice what it needs, and anyone who has watched this agency knew the list before the first application was filed. So give it to them, put the real numbers and the methodology behind them on the record, and stop trying to win on anything but substance. Every month spent deciding what to hold back is a month the clock takes off the merits case that can actually carry it. The author holds no equity in either carrier and represents no Class I railroad in this transaction. Paul Tonsager has held executive roles at Maersk, CN Rail, CN Worldwide, Coyote (RXO) and Patriot Rail. He is the founder of Integrated Multimodal Solutions LLC and author of the Substack newsletter Signals & Switches. Contact him at paul.tonsager@multimodalsolutions.io .

North-American rail

Intermodal providers

Surface

Benefits of UP-NS merger erode on approval delay: analyst

<div class="phx-topic abstract-wrapper">The agency said there needs to be additional information submitted concerning the environmental impact of the merger. </div>

The agency said there needs to be additional information submitted concerning the environmental impact of the merger.

<div class="phx-topic">The US Surface Transportation Board Thursday unanimously voted to accept the Union Pacific Railroad’s revised application to acquire Norfolk Southern Railway but held off from giving a final blessing. Instead, the STB put a final decision in abeyance, because the agency said there needs to be additional information submitted concerning the environmental impact of the merger. The STB gave Union Pacific until July 26 to submit that material. The decision allows the process to go forward, but it is potentially another delay in the regulatory review of the proposed $85 billion transaction. The decision does not kill the deal but signals that regulators still do not believe the companies have provided enough information to allow a formal review of the proposed merger to begin, <a href="https://www.joc.com/article/stb-rejects-up-ns-merger-application-as-incomplete-6154074">much like they wrote in January</a>. “Today, the Board finds that Applicants have provided sufficient information to satisfy the completeness requirements for a major merger application.  Given the fairly narrow procedural question of completeness, issues raised by commenters do not warrant rejecting the revised application,” the STB wrote in its decision. Still, the STB’s decision might end the proposed marriage due to the costs associated with the deal. Previously, UP and NS disclosed that each was spending between $40 million and $60 million per quarter on merger-related expenses; eventually, shareholders might decide the costs are too much to continue. “However, the Board finds that there are several aspects of the revised application that are unclear or underdeveloped and require supplementation at this stage of the proceeding so that the Board may have the information necessary to thoroughly evaluate—and the public has an adequate opportunity to comment on—whether the transaction is in the public interest.” While not a rejection, the ruling is a setback because UP and NS thought the revised application fixed everything that was deemed deficient in January. The revised filing updated truck-to-rail conversions and attempted to address concerns over two entities — Kansas City Terminal Railway and the Terminal Railroad Association of St. Louis — which control switching and operations across those cities. Both groups are jointly owned by Class I railroads. It also disclosed Schedule 5.8 of the merger agreement, the document that defines which regulatory conditions would be onerous enough for the companies to walk away from the deal. Nevertheless, regulators effectively sided with opponents who argued the revised application remained too vague on market concentration, traffic diversions and control of jointly owned rail assets. UP and NS said <a href="https://www.joc.com/article/ups-revised-filing-for-ns-merger-boosts-number-of-freight-conversions-6212318">the merger would shift 2.1 million truckloads from highways to rail each year</a> and save shippers an estimated $3.5 billion annually. UP and NS also say the combined railroad would create 88,000 new county-to-county lanes for single-line rail service and convert 10,000 existing interline lanes into single-line routes.  Opponents argued that those figures are too optimistic and not sufficiently supported. Their central claim is that UP and NS are overstating how much freight would move from truck to rail while understating how much traffic would simply be diverted from rival railroads. In its statement announcing the decision, the STB indicated it may be losing patience with Union Pacific, but it appears willing to give the parties 60 days to resolve the questions. Both railroads said the agency’s decision gives them a path forward to an eventual approval and merger. <h3>Decision time for UP, NS </h3>In a May 22 filing to the STB, state attorneys general from Florida, Iowa, Kansas, Montana, North Dakota and South Dakota argued that the application still failed to address how the combined UP and NS would control about half of US Class I freight rail traffic. The attorneys general also said the companies had not adequately analyzed whether the deal could trigger another round of Class I consolidation or provided enough detail on Kansas City, St. Louis, or a joint equipment pool of intermodal railcars called TTX. For UP and NS, the ruling turns what had been expected to be a procedural move into another test of the merger’s viability. The two railroads must now decide whether to submit additional information, providing more detail on the competitive and operational issues opponents have raised. Or they can decide to walk away from the deal. The calendar may also become a factor. As it stands, a decision from the STB was not likely until late 2027, but an additional delay would likely push attempts to rescue the deal into 2028, an election year. Democrats on Capitol Hill have already voiced their opposition to the merger because they believe it would create a virtual monopoly and harm union labor. Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>. Special Correspondent Dan Ronan contributed to this report. </div>

The US Surface Transportation Board Thursday unanimously voted to accept the Union Pacific Railroad’s revised application to acquire Norfolk Southern Railway but held off from giving a final blessing. Instead, the STB put a final decision in abeyance, because the agency said there needs to be additional information submitted concerning the environmental impact of the merger. The STB gave Union Pacific until July 26 to submit that material. The decision allows the process to go forward, but it is potentially another delay in the regulatory review of the proposed $85 billion transaction. The decision does not kill the deal but signals that regulators still do not believe the companies have provided enough information to allow a formal review of the proposed merger to begin, much like they wrote in January . “Today, the Board finds that Applicants have provided sufficient information to satisfy the completeness requirements for a major merger application.  Given the fairly narrow procedural question of completeness, issues raised by commenters do not warrant rejecting the revised application,” the STB wrote in its decision. Still, the STB’s decision might end the proposed marriage due to the costs associated with the deal. Previously, UP and NS disclosed that each was spending between $40 million and $60 million per quarter on merger-related expenses; eventually, shareholders might decide the costs are too much to continue. “However, the Board finds that there are several aspects of the revised application that are unclear or underdeveloped and require supplementation at this stage of the proceeding so that the Board may have the information necessary to thoroughly evaluate—and the public has an adequate opportunity to comment on—whether the transaction is in the public interest.” While not a rejection, the ruling is a setback because UP and NS thought the revised application fixed everything that was deemed deficient in January. The revised filing updated truck-to-rail conversions and attempted to address concerns over two entities — Kansas City Terminal Railway and the Terminal Railroad Association of St. Louis — which control switching and operations across those cities. Both groups are jointly owned by Class I railroads. It also disclosed Schedule 5.8 of the merger agreement, the document that defines which regulatory conditions would be onerous enough for the companies to walk away from the deal. Nevertheless, regulators effectively sided with opponents who argued the revised application remained too vague on market concentration, traffic diversions and control of jointly owned rail assets. UP and NS said the merger would shift 2.1 million truckloads from highways to rail each year and save shippers an estimated $3.5 billion annually. UP and NS also say the combined railroad would create 88,000 new county-to-county lanes for single-line rail service and convert 10,000 existing interline lanes into single-line routes.  Opponents argued that those figures are too optimistic and not sufficiently supported. Their central claim is that UP and NS are overstating how much freight would move from truck to rail while understating how much traffic would simply be diverted from rival railroads. In its statement announcing the decision, the STB indicated it may be losing patience with Union Pacific, but it appears willing to give the parties 60 days to resolve the questions. Both railroads said the agency’s decision gives them a path forward to an eventual approval and merger. Decision time for UP, NS In a May 22 filing to the STB, state attorneys general from Florida, Iowa, Kansas, Montana, North Dakota and South Dakota argued that the application still failed to address how the combined UP and NS would control about half of US Class I freight rail traffic. The attorneys general also said the companies had not adequately analyzed whether the deal could trigger another round of Class I consolidation or provided enough detail on Kansas City, St. Louis, or a joint equipment pool of intermodal railcars called TTX. For UP and NS, the ruling turns what had been expected to be a procedural move into another test of the merger’s viability. The two railroads must now decide whether to submit additional information, providing more detail on the competitive and operational issues opponents have raised. Or they can decide to walk away from the deal. The calendar may also become a factor. As it stands, a decision from the STB was not likely until late 2027, but an additional delay would likely push attempts to rescue the deal into 2028, an election year. Democrats on Capitol Hill have already voiced their opposition to the merger because they believe it would create a virtual monopoly and harm union labor. Contact Ari Ashe at ari.ashe@spglobal.com . Special Correspondent Dan Ronan contributed to this report.

Rail News

STB accepts UP/NS paperwork, buts holds on merger decision

<div class="phx-topic abstract-wrapper">Last month’s deal between the agency running Canada’s largest container port and the terminal operator tenant ends a years-long legal battle over development of the Robert Banks Terminal 2 and GCT’s separate plan to build a fourth berth at its Deltaport facility. </div>

Last month’s deal between the agency running Canada’s largest container port and the terminal operator tenant ends a years-long legal battle over development of the Robert Banks Terminal 2 and GCT’s separate plan to build a fourth berth at its Deltaport facility.

<div class="phx-topic">The recent decision by Global Container Terminals and the Vancouver Fraser Port Authority to jointly study development of the port’s proposed mega-terminal squashes the duo’s long-running dispute, positions GCT to run the terminal, and inches the long-planned facility closer to realization. The <a href="https://www.joc.com/article/gct-vancouver-port-to-jointly-study-roberts-bank-terminal-project-6207642">truce between the agency running Canada’s largest container port and the terminal operator tenant</a> ends a years-long <a href="https://www.joc.com/article/vancouver-capacity-needs-spark-conflict-among-port-tenant-5223507">legal battle tied</a> to the port trying to develop the Robert Banks Terminal 2 and GCT’s separate plan to build a fourth berth at its Deltaport facility. The RB2 project is expected to cost more than C$3 billion ($2.17 billion). <div class="wrapper-narrow float-right-element"><img src="/images/phoenix/6227603_0.1.jpg"></img></div>The memorandum of understanding announced in April gives the two sides a year to determine how GCT could offer unique efficiencies by operating the planned RBT2 terminal given that its existing Deltaport would share a causeway with the new project. The port authority tentatively gains a terminal operator in GCT in exchange for the latter scrapping its plan to build another berth. Canadian Prime Minister Mark Carney’s Major Project Office is involved in driving the deal between the port authority and tenant. In the fall of 2024, Peter Xotta, CEO of the Vancouver Fraser Port Authority, told local media the port authority would allow GCT to take part in the selection process for an operator of RBT2. Under previous leadership, the port authority had argued a third-party operator was needed to keep the terminal competitive, ruling out GCT, which also operates the downtown Vanterm terminal. “Given the reality of where we're at geopolitically and the risk associated with a project of this order of magnitude, it seemed prudent to me and to our board that we didn't want to exclude anybody from bringing solutions forward that would help Canada,” Xotta told the Journal of Commerce last week. “It’s up to (GCT) to put their best foot forward to the landlord about the merits of them as the operator.” The sharing of administrative and maintenance facilities with GCT are some of the possible ways to mitigate the rising price tag of the RBT2 terminal, Xotta said. Potentially, both terminals could share a truck gate and the existing rail terminal at Deltaport. “GCT has a long history of supporting growth at the Port of Vancouver and remains deeply committed to the success of this gateway,” GCT President and CEO Eric Waltz said in a statement to the Journal of Commerce. “We have always sought to be part of the solution in advancing strong, reliable trade infrastructure that is so fundamental to Canada’s economic strength.”Separately, the port authority has shortlisted three consortia interested in building the landmass that would support the terminal. Vancouver sought terminal operators to build and operate RBT2 in 2002 and again in 2008 amid the global financial crisis, but there were no willing takers. On why another request for proposals wasn’t floated again, Xotta said terminal operator selection is “always bespoke,” but would be consistent with Canadian law and would be done in partnership with the federal government’s Office of Major Projects. “The port bellied up to the bar twice on this and without being able to get it across the line,” he said. “I’m determined this won’t happen a third time.” The shift in approach to seeking a partnership with an existing tenant rather than opening the project to bid again raised questions whether Canadian shippers would get the most competitive terminal, according to a source close to the RBT2 development. Roberts Bank 2 would provide an additional 2.4 million TEUs of capacity to Vancouver, which, by some estimates, would near its existing full capacity by the 2030s. The port now has nominal capacity of 5 million TEUs. The current timeline, which has been delayed by lengthy environmental reviews, is for the new terminal to open in the early 2030s. The project received environmental approval in 2023. <h3>Next steps </h3>Xotta, who is cautiously optimistic that the agreement will end with GCT as operator of RBT2, said future milestones for the proposed terminal would be receiving funding from Canada’s Infrastructure Bank and potentially being added to a list of infrastructure projects of national importance. Meanwhile, on Canada’s eastern coast, the Port of Montreal’s <a href="https://www.joc.com/article/canada-looks-for-new-container-gateways-for-decoupling-from-us-6122714">own stalled mega-terminal project</a>, known as Contrecoeur, got a recent jolt back to life thanks to a C$1.16 million loan from the Infrastructure Bank, while Carney tapped it as one of five national infrastructure projects being fast-tracked. DP World and the port authority are developing the C$1.6 million terminal which would have an annual throughput of 1.15 million TEUs. In a May 20 interview at the Greater Vancouver Board of Trade, the prime minister said there is similar urgency to add port capacity in Western Canada. “We’re going to run out of capacity at the Port of Vancouver over the next, well, decade in effect,” he said. “We would likely run out of capacity sooner than that, because we would like to be growing our exports faster than that which means we act now” in terms of building more port capacity for container and bulk exports. Carney aims to double Canada’s non-US exports in a decade to diversify away from US trade. Contact Mark Szakonyi at <a href="mailto:mark.szakonyi@spglobal.com">mark.szakonyi@spglobal.com</a>. </div>

The recent decision by Global Container Terminals and the Vancouver Fraser Port Authority to jointly study development of the port’s proposed mega-terminal squashes the duo’s long-running dispute, positions GCT to run the terminal, and inches the long-planned facility closer to realization. The truce between the agency running Canada’s largest container port and the terminal operator tenant ends a years-long legal battle tied to the port trying to develop the Robert Banks Terminal 2 and GCT’s separate plan to build a fourth berth at its Deltaport facility. The RB2 project is expected to cost more than C$3 billion ($2.17 billion). The memorandum of understanding announced in April gives the two sides a year to determine how GCT could offer unique efficiencies by operating the planned RBT2 terminal given that its existing Deltaport would share a causeway with the new project. The port authority tentatively gains a terminal operator in GCT in exchange for the latter scrapping its plan to build another berth. Canadian Prime Minister Mark Carney’s Major Project Office is involved in driving the deal between the port authority and tenant. In the fall of 2024, Peter Xotta, CEO of the Vancouver Fraser Port Authority, told local media the port authority would allow GCT to take part in the selection process for an operator of RBT2. Under previous leadership, the port authority had argued a third-party operator was needed to keep the terminal competitive, ruling out GCT, which also operates the downtown Vanterm terminal. “Given the reality of where we're at geopolitically and the risk associated with a project of this order of magnitude, it seemed prudent to me and to our board that we didn't want to exclude anybody from bringing solutions forward that would help Canada,” Xotta told the Journal of Commerce last week. “It’s up to (GCT) to put their best foot forward to the landlord about the merits of them as the operator.” The sharing of administrative and maintenance facilities with GCT are some of the possible ways to mitigate the rising price tag of the RBT2 terminal, Xotta said. Potentially, both terminals could share a truck gate and the existing rail terminal at Deltaport. “GCT has a long history of supporting growth at the Port of Vancouver and remains deeply committed to the success of this gateway,” GCT President and CEO Eric Waltz said in a statement to the Journal of Commerce. “We have always sought to be part of the solution in advancing strong, reliable trade infrastructure that is so fundamental to Canada’s economic strength.” Separately, the port authority has shortlisted three consortia interested in building the landmass that would support the terminal. Vancouver sought terminal operators to build and operate RBT2 in 2002 and again in 2008 amid the global financial crisis, but there were no willing takers. On why another request for proposals wasn’t floated again, Xotta said terminal operator selection is “always bespoke,” but would be consistent with Canadian law and would be done in partnership with the federal government’s Office of Major Projects. “The port bellied up to the bar twice on this and without being able to get it across the line,” he said. “I’m determined this won’t happen a third time.” The shift in approach to seeking a partnership with an existing tenant rather than opening the project to bid again raised questions whether Canadian shippers would get the most competitive terminal, according to a source close to the RBT2 development. Roberts Bank 2 would provide an additional 2.4 million TEUs of capacity to Vancouver, which, by some estimates, would near its existing full capacity by the 2030s. The port now has nominal capacity of 5 million TEUs. The current timeline, which has been delayed by lengthy environmental reviews, is for the new terminal to open in the early 2030s. The project received environmental approval in 2023. Next steps Xotta, who is cautiously optimistic that the agreement will end with GCT as operator of RBT2, said future milestones for the proposed terminal would be receiving funding from Canada’s Infrastructure Bank and potentially being added to a list of infrastructure projects of national importance. Meanwhile, on Canada’s eastern coast, the Port of Montreal’s own stalled mega-terminal project , known as Contrecoeur, got a recent jolt back to life thanks to a C$1.16 million loan from the Infrastructure Bank, while Carney tapped it as one of five national infrastructure projects being fast-tracked. DP World and the port authority are developing the C$1.6 million terminal which would have an annual throughput of 1.15 million TEUs. In a May 20 interview at the Greater Vancouver Board of Trade, the prime minister said there is similar urgency to add port capacity in Western Canada. “We’re going to run out of capacity at the Port of Vancouver over the next, well, decade in effect,” he said. “We would likely run out of capacity sooner than that, because we would like to be growing our exports faster than that which means we act now” in terms of building more port capacity for container and bulk exports. Carney aims to double Canada’s non-US exports in a decade to diversify away from US trade. Contact Mark Szakonyi at  mark.szakonyi@spglobal.com .

Port News

North American ports

Maritime

Vancouver truce opens door for GCT as mega-terminal operator

<div class="phx-topic abstract-wrapper">Strong regional cargo demand, buoyant market sentiment and higher bunker costs signal continued upward movement on intra-Asia rates, executives and analysts warn.</div>

Strong regional cargo demand, buoyant market sentiment and higher bunker costs signal continued upward movement on intra-Asia rates, executives and analysts warn.

<div class="phx-topic">The unseasonally high container spot rates on intra-Asia trades — up double-digit year over year — show no signs of slowing, thanks to strong regional cargo demand, buoyant market sentiment and higher bunker costs, according to freight executives and analysts. The upbeat conditions have led some carriers including Orient Overseas Container Line to push general rate increases (GRI) although others have so far left June rates unchanged. “The overall rate development is quite dynamic,” a FIBS Logistics spokesperson told the Journal of Commerce. OOCL has implemented a GRI of between $25 and $100 per TEU depending on the trade, said the spokesperson, adding that Maersk, Ocean Network Express and Hapag-Lloyd are maintaining the same rate for June. “We see increases in both rates and volumes in the intra-Asia market,” the head of an Asia-headquartered container line told the Journal of Commerce, adding that “It’s not very common at this time of the year so we hope it lasts as long as possible.” Wider trade dislocations caused by the Middle East war which have tightened capacity, put upward pressure on rates on long-haul East-West trades, said Peter Sand, chief analyst at benchmarking platform Xeneta. The container spot rates from Shanghai to Singapore have soared 56% since Feb. 28, the start of the Iran war, Sand noted, while rates from Shanghai to Vietnam have risen 40% and Shanghai-Bangkok, 15%. They now stand at $1,489 per FEU from Shanghai to Singapore, the highest since Jan. 14, 2025, $1,648 per FEU for Shanghai to Bangkok and $1,287 per FEU from Shanghai to Vietnam, which are both the highest since Dec. 31, 2025.<div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="435f0ad1-f797-4f48-8a29-74f1f3c33961"></dynamic-object></div>Shanghai Shipping Exchange rate data reflected the Xeneta statistics, with SSE also reporting rates from Shanghai to Japan at around $333 per TEU, the highest since early August 2023, according to its data carried on the Journal of Commerce’s Gateway platform. Drewry said its intra-Asia container index, a weighted average of weekly spot rates on 18 regional trades, reached a record $959 per FEU on May 22, the highest since it was launched on Oct. 31, 2025, partly due to higher longer haul Shanghai-Dubai rates. <h3>Peak season comes early </h3>Other executives said the healthy increases in cargo volumes are due to generally upbeat consumer demand in Asia with growth rates this year varying between 3% in China, 4% in Singapore and Malaysia and 10% in Vietnam, plus a likely early peak season in Europe and North America. This is driving shipments of semi-manufactured goods and components within Asia, especially between China and Southeast Asia, the Asia container line head said. UPS estimated that up to 80% of intra-Asia container volumes comprise raw materials, goods, parts, and semi-manufactured products transported between multiple Asian countries for processing and assembly before final export. “The uncertainty and prospect of further cost increases and perhaps operational disruptions is causing Western BCO’s to call forward their Christmas goods earlier, which, as a knock-on, is lifting the volumes of raw and intermediate materials on the intra-Asian trades sooner than usual,” Stijn Rubens, senior consultant, Drewry Supply Chain Advisors, told the Journal of Commerce. “Manufacturing shifts and stronger regional trade ties are what’s boosting intra-Asia trade and container flows,” the FIBS Logistics spokesperson said. Highlighting the growth in volumes, Hong Kong-listed intra-Asia carrier SITC said first quarter liftings climbed 8% to 855,795 TEU, Cosco Shipping Holdings saw a 6% rise in intra-Asia volumes to 2.3 million TEU, while Hong Kong’s TS Lines recorded a 3% increase to 396,935 TEU. Firm container growth on the intra-Asia trades is reflected in the latest figures from Container Trade Statistics which show total regional volumes climbed 7% in the first quarter to 11.9 million TEU, from 11.1 million TEU a year earlier which came after a 5% increase to 50 million TEU for the whole of 2025.Executives said higher fuel prices have also likely contributed to the increase in freight rates, which are paid by shippers to carriers through bunker adjustment factor surcharges. The cost of high-sulfur fuel in Singapore has risen 15% from an average of $579 per metric ton this year to $665 per mt on May 22, while the price of low sulfur diesel has increased 22% from an average of $684 per mt this year to $834 per mt on May 22. ”Fuel surcharges hit shippers unevenly. As some are capable of pushing back, while others don’t or can’t. Fuel surcharges don’t hit all trades in the same way,” Xeneta’s Sand said. He also thought port congestion may being playing a mild role in supporting intra-Asia freight rates by reducing available capacity. Sand said Singapore especially has “been challenged — not to the point of consistent peak trouble, but it continues to be under pressure as the world’s more important transshipment hub”. Carriers have highlighted congestion in Singapore, Shanghai and Osaka, Nagoya and Tokyo in Japan as reasons for vessel delays deployed in intra-Asia services. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

The unseasonally high container spot rates on intra-Asia trades — up double-digit year over year — show no signs of slowing, thanks to strong regional cargo demand, buoyant market sentiment and higher bunker costs, according to freight executives and analysts. The upbeat conditions have led some carriers including Orient Overseas Container Line to push general rate increases (GRI) although others have so far left June rates unchanged. “The overall rate development is quite dynamic,” a FIBS Logistics spokesperson told the Journal of Commerce. OOCL has implemented a GRI of between $25 and $100 per TEU depending on the trade, said the spokesperson, adding that Maersk, Ocean Network Express and Hapag-Lloyd are maintaining the same rate for June. “We see increases in both rates and volumes in the intra-Asia market,” the head of an Asia-headquartered container line told the Journal of Commerce, adding that “It’s not very common at this time of the year so we hope it lasts as long as possible.” Wider trade dislocations caused by the Middle East war which have tightened capacity, put upward pressure on rates on long-haul East-West trades, said Peter Sand, chief analyst at benchmarking platform Xeneta. The container spot rates from Shanghai to Singapore have soared 56% since Feb. 28, the start of the Iran war, Sand noted, while rates from Shanghai to Vietnam have risen 40% and Shanghai-Bangkok, 15%. They now stand at $1,489 per FEU from Shanghai to Singapore, the highest since Jan. 14, 2025, $1,648 per FEU for Shanghai to Bangkok and $1,287 per FEU from Shanghai to Vietnam, which are both the highest since Dec. 31, 2025. Shanghai Shipping Exchange rate data reflected the Xeneta statistics, with SSE also reporting rates from Shanghai to Japan at around $333 per TEU, the highest since early August 2023, according to its data carried on the Journal of Commerce’s Gateway platform. Drewry said its intra-Asia container index, a weighted average of weekly spot rates on 18 regional trades, reached a record $959 per FEU on May 22, the highest since it was launched on Oct. 31, 2025, partly due to higher longer haul Shanghai-Dubai rates. Peak season comes early Other executives said the healthy increases in cargo volumes are due to generally upbeat consumer demand in Asia with growth rates this year varying between 3% in China, 4% in Singapore and Malaysia and 10% in Vietnam, plus a likely early peak season in Europe and North America. This is driving shipments of semi-manufactured goods and components within Asia, especially between China and Southeast Asia, the Asia container line head said. UPS estimated that up to 80% of intra-Asia container volumes comprise raw materials, goods, parts, and semi-manufactured products transported between multiple Asian countries for processing and assembly before final export. “The uncertainty and prospect of further cost increases and perhaps operational disruptions is causing Western BCO’s to call forward their Christmas goods earlier, which, as a knock-on, is lifting the volumes of raw and intermediate materials on the intra-Asian trades sooner than usual,” Stijn Rubens, senior consultant, Drewry Supply Chain Advisors, told the Journal of Commerce. “Manufacturing shifts and stronger regional trade ties are what’s boosting intra-Asia trade and container flows,” the FIBS Logistics spokesperson said. Highlighting the growth in volumes, Hong Kong-listed intra-Asia carrier SITC said first quarter liftings climbed 8% to 855,795 TEU, Cosco Shipping Holdings saw a 6% rise in intra-Asia volumes to 2.3 million TEU, while Hong Kong’s TS Lines recorded a 3% increase to 396,935 TEU. Firm container growth on the intra-Asia trades is reflected in the latest figures from Container Trade Statistics which show total regional volumes climbed 7% in the first quarter to 11.9 million TEU, from 11.1 million TEU a year earlier which came after a 5% increase to 50 million TEU for the whole of 2025. Executives said higher fuel prices have also likely contributed to the increase in freight rates, which are paid by shippers to carriers through bunker adjustment factor surcharges. The cost of high-sulfur fuel in Singapore has risen 15% from an average of $579 per metric ton this year to $665 per mt on May 22, while the price of low sulfur diesel has increased 22% from an average of $684 per mt this year to $834 per mt on May 22. ”Fuel surcharges hit shippers unevenly. As some are capable of pushing back, while others don’t or can’t. Fuel surcharges don’t hit all trades in the same way,” Xeneta’s Sand said. He also thought port congestion may being playing a mild role in supporting intra-Asia freight rates by reducing available capacity. Sand said Singapore especially has “been challenged — not to the point of consistent peak trouble, but it continues to be under pressure as the world’s more important transshipment hub”. Carriers have highlighted congestion in Singapore, Shanghai and Osaka, Nagoya and Tokyo in Japan as reasons for vessel delays deployed in intra-Asia services. Contact Keith Wallis at keithwallis@hotmail.com .

Container lines

Container Shipping News

Double-digit rate increases whip up intra-Asia trades

<div class="phx-topic abstract-wrapper">Caterpillar and Deere are key global manufacturers of high-and-heavy cargo and considered bellwether companies for the ro/ro breakbulk shipping segment.</div>

Caterpillar and Deere are key global manufacturers of high-and-heavy cargo and considered bellwether companies for the ro/ro breakbulk shipping segment.

<div class="phx-topic">Demand for equipment to support the buildout of data centers is driving production for high-and-heavy equipment makers Caterpillar and Deere, helping offset tariff costs and — for Deere — declines stemming from geopolitical uncertainty. Caterpillar and Deere are key global manufacturers of high-and-heavy cargo and considered bellwether companies for the roll-on/roll-off (ro/ro) breakbulk shipping segment. Both US-based companies import some materials and parts, even though much of their equipment comes from domestic production and sourcing. Farming industry pressures are taking a toll on agriculture equipment sales for Illinois-based Deere &amp; Company, but data centers, oil and gas expansions, and infrastructure projects are pushing up orders for heavy construction equipment. Deere is projecting a 15% to 20% decline for farming equipment sales in the US and Canada, driven by higher manufacturing expenses and ongoing global market uncertainty, including the war in Iran and surging farming expenses stemming from the conflict, according to the company’s latest quarterly earnings report. Year-over-year sales for large agricultural equipment fell 14% to $4.5 billion in its fiscal second quarter ending May 3. “Our baseline view remains that 2026 will represent the bottom of the ag cycle,” Brent Norwood, Deere’s senior vice president and CFO, said during the company’s May 21 earnings call. Deere saw some cost relief in the fiscal second quarter in the form of a $272 million refund on US import tariffs following the Supreme Court’s ruling in February invalidating billions of dollars in tariffs. Factoring in the refund and the ruling, Deere’s tariff cost projections for 2026 remain unchanged at $1.2 billion, although the refund brings those costs down to about $900 million. As part of its long-term plan to get a handle on production expenses, Deere is pouring $20 billion into US manufacturing facilities over the next 10 years. This quarter, the company started building Deere-designed excavators in North Carolina, following a $70 million investment to bring US-designed and -manufactured excavators to the market. Approximately 80% of Deere’s US equipment is produced at domestic manufacturing facilities, and about 75% of those components are sourced from US suppliers. Construction, meanwhile, is propping up Deere, with the company projecting an increase of approximately 5% for equipment sales in the sector. Year-over-year construction equipment sales rose 29% to $3.8 billion in its second quarter. Deere is riding the wave of a surge in construction projects, supported by the data center boom, expansions in the oil and gas sector, federal infrastructure investment, road projects, and warehouse construction. “Reflecting that strength, we’ve increased our year-over-year net sales guide to up about 20%,” Norwood said. In the US and Canada, Deere’s construction equipment orders have risen by over 60% since November, reaching their highest level since April 2024; over 80% of production slots are filled for the year, Norwood said. Data center construction is expected to top $100 billion in 2026, with additional double-digit growth into 2027, Norwood said. “This is great for our customers in both large-scale site prep, but also water and utility contractors who also support these projects,” he said. <h3>Order backlog surges for CAT </h3>The rise of generative AI and cloud computing is generating growth for heavy equipment maker Caterpillar, as the Illinois-based company is seeing greater demand for its equipment to support data center construction. Along with construction and mining equipment, Caterpillar manufactures engines and turbines needed to provide backup power to data centers, as well as the electrical infrastructure that supports these facilities. “Our largest customers and the broader data center industry have significantly increased their expectations for capital spending. That has translated to accelerated order rates for us,” Alex Kapper, Caterpillar’s vice president for investor relations, said during the company’s first-quarter earnings call April 30. Kapper said customers are committing to longer-term orders, including some well into 2028. In part because of that demand, Caterpillar is projecting low double-digit sales growth for 2026, according to the company’s first-quarter earnings report. Deere also lowered its tariff cost estimate for the year to $2.2 billion from $2.4 billion, down from the company’s previous estimate of $2.6 billion. With growth across its primary business segments, Caterpillar’s order backlog surged to $63 billion in the first quarter, up 79% year over year. Construction equipment sales saw the sharpest increase in the quarter, up 38% to $7.2 billion year over year, while power and energy sales rose 22% to $7 billion. Caterpillar’s resource industries business, which includes mining equipment, grew 4% to $3.8 billion in the first quarter. Contact Autumn Cafiero Giusti at <a href="mailto:autumn@autumngiusti.com">autumn@autumngiusti.com</a>. </div>

Demand for equipment to support the buildout of data centers is driving production for high-and-heavy equipment makers Caterpillar and Deere, helping offset tariff costs and — for Deere — declines stemming from geopolitical uncertainty. Caterpillar and Deere are key global manufacturers of high-and-heavy cargo and considered bellwether companies for the roll-on/roll-off (ro/ro) breakbulk shipping segment. Both US-based companies import some materials and parts, even though much of their equipment comes from domestic production and sourcing. Farming industry pressures are taking a toll on agriculture equipment sales for Illinois-based Deere & Company, but data centers, oil and gas expansions, and infrastructure projects are pushing up orders for heavy construction equipment. Deere is projecting a 15% to 20% decline for farming equipment sales in the US and Canada, driven by higher manufacturing expenses and ongoing global market uncertainty, including the war in Iran and surging farming expenses stemming from the conflict, according to the company’s latest quarterly earnings report. Year-over-year sales for large agricultural equipment fell 14% to $4.5 billion in its fiscal second quarter ending May 3. “Our baseline view remains that 2026 will represent the bottom of the ag cycle,” Brent Norwood, Deere’s senior vice president and CFO, said during the company’s May 21 earnings call. Deere saw some cost relief in the fiscal second quarter in the form of a $272 million refund on US import tariffs following the Supreme Court’s ruling in February invalidating billions of dollars in tariffs. Factoring in the refund and the ruling, Deere’s tariff cost projections for 2026 remain unchanged at $1.2 billion, although the refund brings those costs down to about $900 million. As part of its long-term plan to get a handle on production expenses, Deere is pouring $20 billion into US manufacturing facilities over the next 10 years. This quarter, the company started building Deere-designed excavators in North Carolina, following a $70 million investment to bring US-designed and -manufactured excavators to the market. Approximately 80% of Deere’s US equipment is produced at domestic manufacturing facilities, and about 75% of those components are sourced from US suppliers. Construction, meanwhile, is propping up Deere, with the company projecting an increase of approximately 5% for equipment sales in the sector. Year-over-year construction equipment sales rose 29% to $3.8 billion in its second quarter. Deere is riding the wave of a surge in construction projects, supported by the data center boom, expansions in the oil and gas sector, federal infrastructure investment, road projects, and warehouse construction. “Reflecting that strength, we’ve increased our year-over-year net sales guide to up about 20%,” Norwood said. In the US and Canada, Deere’s construction equipment orders have risen by over 60% since November, reaching their highest level since April 2024; over 80% of production slots are filled for the year, Norwood said. Data center construction is expected to top $100 billion in 2026, with additional double-digit growth into 2027, Norwood said. “This is great for our customers in both large-scale site prep, but also water and utility contractors who also support these projects,” he said. Order backlog surges for CAT The rise of generative AI and cloud computing is generating growth for heavy equipment maker Caterpillar, as the Illinois-based company is seeing greater demand for its equipment to support data center construction. Along with construction and mining equipment, Caterpillar manufactures engines and turbines needed to provide backup power to data centers, as well as the electrical infrastructure that supports these facilities. “Our largest customers and the broader data center industry have significantly increased their expectations for capital spending. That has translated to accelerated order rates for us,” Alex Kapper, Caterpillar’s vice president for investor relations, said during the company’s first-quarter earnings call April 30. Kapper said customers are committing to longer-term orders, including some well into 2028. In part because of that demand, Caterpillar is projecting low double-digit sales growth for 2026, according to the company’s first-quarter earnings report. Deere also lowered its tariff cost estimate for the year to $2.2 billion from $2.4 billion, down from the company’s previous estimate of $2.6 billion. With growth across its primary business segments, Caterpillar’s order backlog surged to $63 billion in the first quarter, up 79% year over year. Construction equipment sales saw the sharpest increase in the quarter, up 38% to $7.2 billion year over year, while power and energy sales rose 22% to $7 billion. Caterpillar’s resource industries business, which includes mining equipment, grew 4% to $3.8 billion in the first quarter. Contact Autumn Cafiero Giusti at autumn@autumngiusti.com .

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High-and-heavy equipment makers tap into data centers for growth

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