<div class="phx-topic abstract-wrapper">The long-ailing Delaware &amp; Hudson Railway Co. has attracted more attention in bankruptcy proceedings</div>

The long-ailing Delaware & Hudson Railway Co. has attracted more attention in bankruptcy proceedings

<div>The long-ailing Delaware &amp; Hudson Railway Co. has attracted more attention in bankruptcy proceedings than it ever seemed to get during its recent years under the ownership of Guilford Transportation Industries Inc.The three finalists in the race to buy the New York state carrier have all submitted revised bids in the past few days, prompting the line's trustee to seek an extension Tuesday from the bankruptcy court judge to consider the new offers.In the jockeying for the railroad, Canadian Pacific Ltd. has become a major player and is attempting to forge its first direct link with Norfolk Southern Corp.'s railroads,...

The long-ailing Delaware & Hudson Railway Co. has attracted more attention in bankruptcy proceedings than it ever seemed to get during its recent years under the ownership of Guilford Transportation Industries Inc. The three finalists in the race to buy the New York state carrier have all submitted revised bids in the past few days, prompting the line's trustee to seek an extension Tuesday from the bankruptcy court judge to consider the new offers.In the jockeying for the railroad, Canadian Pacific Ltd. has become a major player and is attempting to forge its first direct link with Norfolk Southern Corp.'s railroads, according to reliable sources. CP's revised bid, details of which couldn't be determined Wednesday, apparently is contingent upon its striking a deal to interchange traffic with Norfolk Southern at Hagerstown, Md. While D&H, which was a subsidiary of troubled Guilford until the company put it into bankruptcy in June 1988, generates little traffic, it handles stack-train service from the West Coast and has trackage rights over Conrail to Potomac Yards outside of Washington, D.C. The stack-train routes and the line to Washington are apparently the few jewels in D&H's crown that originally attracted six bidders. They continue to interest CP; Delaware Otsego Corp., which has been operating D&H under a directed-service order; and a group headed by the investment banking firm of Wertheim, Schroder & Co. U.S. Bankruptcy Judge Helen S. Balick granted the extension sought by trustee Francis P. DiCello; final bids are due today at 5 p.m. A hearing has been scheduled in Wilmington bankruptcy court for Monday at 4 p.m. CP's attempt to hook up with Norfolk Southern at Hagerstown would apparently have to involve moving over track owned by Conrail. Norfolk Southern Tuesday acknowledged that talks with CP have occurred, although "nothing is pinned down at this point." Conrail officials failed to reply to a query by press time. While CP could presumably interchange traffic with Norfolk Southern in Washington, the Hagerstown connection would speed traffic on Norfolk Southern's lines to the west. Also, Norfolk Southern has been shifting much of its northbound traffic out of Potomac Yards, in favor of Hagerstown. CP's interest in D&H may also be linked to its recent plan to buy all of Soo Line RailroadCo. as it positions itself for the full implementation of the free-trade agreement between the United States and Canada. Part of CP's interest in D&H is apparently to compete with its chief rival, Canadian National Railways, for paper and lumber traffic that currently moves over CN's Central Vermont Railway and Conrail. Guilford purchased D&H from a grateful Norfolk & Western Railway in 1982 for $500,000; N&W, now part of Norfolk Southern, had been trying to find a purchaser for the line for several years. The state of New York and the federal government invested almost $150 million for improvements on the line.

Rail News

BIDDERS JOCKEY FOR RIGHT TO BUY D&H RAILWAY

<div class="phx-topic abstract-wrapper">Norden, Stena RoRo and Meriaura commit to up to 15 new ships as the resilience of the MPV market is reflected in the most recent quarterly sentiment index published by One World Shipbrokers.</div>

Norden, Stena RoRo and Meriaura commit to up to 15 new ships as the resilience of the MPV market is reflected in the most recent quarterly sentiment index published by One World Shipbrokers.

Feature image

<div class="phx-topic">The breakbulk and project cargo vessel fleet is set to expand after three separate ship operators inked deals to add a raft of ships to their stables last week. DS Norden confirmed it will charter up to eight 17,400-deadweight metric ton (dwt) multipurpose vessels from Singapore-headquartered Wealth Holdings Shipping, with delivery of the first vessel expected in 2028. Wealth Holdings has placed a firm order for four ships with China’s Jiangsu Haitong Shipyard and has options for four similar vessels, a Norden spokesperson confirmed. The ships will take Norden’s total MPV order backlog to 24 ships. These include two MPVs Norden agreed in early January to acquire on long-term lease when the newbuild ships are delivered in 2028. The ship leases include purchase options for Norden to buy the vessels at the end of the rental period. Norden had 14 vessels on order at the end of last year that are also being acquired on newbuild leases with purchase options.   The Copenhagen-headquartered carrier said expansion of its MPV fleet is a “continuation of our strategy to grow our presence in the project cargo market.” “The MPV segment benefits from favorable supply fundamentals with a rapidly ageing fleet and low orderbook, coupled with a strong demand outlook,” the carrier said in a statement. <h3>Orders continue to roll in </h3>Stena RoRo, the Gothenberg, Sweden-based roll-on/roll-off vessel operator, has ordered up to six C-Flexer 15,000-dwt ro/ro ships from its long-term partner shipbuilder China Merchants Industry (CMI) Weihai Shipyard, the carrier said in a statement Jan. 28. The deal covers a firm order for two ships to be delivered in March and June 2029, plus options for four other vessels to be delivered at three-month intervals starting from September 2029. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="603b5e33-5aef-4074-b493-3043df26c4a7"></dynamic-object></div>The ships, developed by Stena RoRo in cooperation with Italian design company NAOS Ship and Boat Design, are the latest iteration of Stena’s Flexer design and feature multi-fuel engines and a scalable battery-hybrid system. “In the future, the C-Flexer will be able to operate entirely on batteries,” Per Westling, Stena RoRo managing director, said in the statement. “Until then, the installed diesel-battery hybrid system will provide the necessary flexibility and redundancy for many years to come.” Another new order came from Turku, Finland-headquartered Meriaura, which signed a contract with China’s Jiangsu Zhenjiang Shipyard (Group) for a 6,800-dwt open deck carrier to be delivered by the beginning of 2028, the vessel operator said. The ice-classed ship will be Meriaura’s third open deck carrier, following the smaller 4,500-dwt vessels Aura and Meri that are currently in service. Meriaura said the ship, like the earlier vessels, has been designed by Deltamarin Finland. The ship will be equipped with three main engines that can be adapted to operate on future low- or zero-carbon fuels. The new vessel will primarily operate in the short-sea shipping market. “Meriaura’s open deck carriers are market leaders in several heavy cargo segments in Northern Europe, but there is still significant untapped potential in regional short-sea shipping activities,” Jessica Saari, Meriaura’s business development director, said in a statement. <h3>Positive expectations driving long-term outlook </h3>The resilience of the MPV market was reflected in the most recent quarterly market sentiment index published by One World Shipbrokers, which said “short-term cargo volumes have modestly improved and longer-term expectations remain positive.” “Trade patterns suggest that Europe is currently operating closer to a spot market, while in Asia, carriers report bookings being made several weeks ahead, as breakbulk and project cargo becomes available more quickly than vessels returning on the longer Cape of Good Hope route,” Justin Archard, founder of the shipbroking house, wrote in the report. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="42dedc5b-182e-4cb5-b0ef-299b3178b84a"></dynamic-object></div>“Time charter rates remain high enough to reward owners of current stock, but are not high enough to encourage speculators,” Archard added. Despite an increase in newbuilding orders, including <a href="https://www.joc.com/article/cosco-awards-initial-newbuilding-deals-as-part-of-7-billion-fleet-expansion-6145063">deals by Cosco Shipping</a> and <a href="https://www.joc.com/article/chipolbrok-scales-up-heavy-lift-multipurpose-fleet-with-new-ship-orders-6146899">Chipolbrok in early January</a>, the average age of the MPV fleet is still close to 17 years old, with vessel scrapping likely to outstrip the arrival of new ships in the fleet, the One World report, published Jan. 28, said. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com.</a></div>

The breakbulk and project cargo vessel fleet is set to expand after three separate ship operators inked deals to add a raft of ships to their stables last week. DS Norden confirmed it will charter up to eight 17,400-deadweight metric ton (dwt) multipurpose vessels from Singapore-headquartered Wealth Holdings Shipping, with delivery of the first vessel expected in 2028. Wealth Holdings has placed a firm order for four ships with China’s Jiangsu Haitong Shipyard and has options for four similar vessels, a Norden spokesperson confirmed. The ships will take Norden’s total MPV order backlog to 24 ships. These include two MPVs Norden agreed in early January to acquire on long-term lease when the newbuild ships are delivered in 2028. The ship leases include purchase options for Norden to buy the vessels at the end of the rental period. Norden had 14 vessels on order at the end of last year that are also being acquired on newbuild leases with purchase options.   The Copenhagen-headquartered carrier said expansion of its MPV fleet is a “continuation of our strategy to grow our presence in the project cargo market.” “The MPV segment benefits from favorable supply fundamentals with a rapidly ageing fleet and low orderbook, coupled with a strong demand outlook,” the carrier said in a statement. Orders continue to roll in Stena RoRo, the Gothenberg, Sweden-based roll-on/roll-off vessel operator, has ordered up to six C-Flexer 15,000-dwt ro/ro ships from its long-term partner shipbuilder China Merchants Industry (CMI) Weihai Shipyard, the carrier said in a statement Jan. 28. The deal covers a firm order for two ships to be delivered in March and June 2029, plus options for four other vessels to be delivered at three-month intervals starting from September 2029. The ships, developed by Stena RoRo in cooperation with Italian design company NAOS Ship and Boat Design, are the latest iteration of Stena’s Flexer design and feature multi-fuel engines and a scalable battery-hybrid system. “In the future, the C-Flexer will be able to operate entirely on batteries,” Per Westling, Stena RoRo managing director, said in the statement. “Until then, the installed diesel-battery hybrid system will provide the necessary flexibility and redundancy for many years to come.” Another new order came from Turku, Finland-headquartered Meriaura, which signed a contract with China’s Jiangsu Zhenjiang Shipyard (Group) for a 6,800-dwt open deck carrier to be delivered by the beginning of 2028, the vessel operator said. The ice-classed ship will be Meriaura’s third open deck carrier, following the smaller 4,500-dwt vessels Aura and Meri that are currently in service. Meriaura said the ship, like the earlier vessels, has been designed by Deltamarin Finland. The ship will be equipped with three main engines that can be adapted to operate on future low- or zero-carbon fuels. The new vessel will primarily operate in the short-sea shipping market. “Meriaura’s open deck carriers are market leaders in several heavy cargo segments in Northern Europe, but there is still significant untapped potential in regional short-sea shipping activities,” Jessica Saari, Meriaura’s business development director, said in a statement. Positive expectations driving long-term outlook The resilience of the MPV market was reflected in the most recent quarterly market sentiment index published by One World Shipbrokers, which said “short-term cargo volumes have modestly improved and longer-term expectations remain positive.” “Trade patterns suggest that Europe is currently operating closer to a spot market, while in Asia, carriers report bookings being made several weeks ahead, as breakbulk and project cargo becomes available more quickly than vessels returning on the longer Cape of Good Hope route,” Justin Archard, founder of the shipbroking house, wrote in the report. “Time charter rates remain high enough to reward owners of current stock, but are not high enough to encourage speculators,” Archard added. Despite an increase in newbuilding orders, including deals by Cosco Shipping and Chipolbrok in early January , the average age of the MPV fleet is still close to 17 years old, with vessel scrapping likely to outstrip the arrival of new ships in the fleet, the One World report, published Jan. 28, said. Contact Keith Wallis at keithwallis@hotmail.com.

Breakbulk carriers

Ro/ro cargo

Heavy-haul transport

Project cargo

Breakbulk News

Maritime

Breakbulk, project cargo operators expand fleets with raft of new orders

<div class="phx-topic abstract-wrapper">The appointment of Maersk’s terminals arm came just hours after Panama’s Supreme Court nullified the concessions Hutchison had held at the Balboa and Cristobal ports for almost 30 years.</div>

The appointment of Maersk’s terminals arm came just hours after Panama’s Supreme Court nullified the concessions Hutchison had held at the Balboa and Cristobal ports for almost 30 years.

<div class="phx-topic">Maersk’s APM Terminals on Friday was appointed the interim administrator of the Balboa and Cristobal terminals that bookend the Panama Canal after the country’s Supreme Court nullified the operating concessions long held by the Panama Ports Company, a subsidiary of Hutchinson Port Holdings. The Panama Maritime Authority said it hoped for an orderly and coordinated transition from Panama Ports to APMT, noting Hong Kong conglomerate CK Hutchison Holdings is a “globally recognized organization known for its strong corporate reputation.” “In this context, we trust in their constructive collaboration during this phase, for the benefit of the port system’s stability,” the maritime authority said in a statement announcing the Maersk takeover. This came a day after Panama Ports Company (PPC) <a href="https://www.joc.com/article/panama-court-voids-ck-hutchison-canal-terminal-leases-6161145">angrily rejected the Supreme Court’s decision to cancel its concessions</a>, saying the ruling “lacks legal basis and jeopardizes not only PPC and its contract, but also the well-being and stability of thousands of Panamanian families who depend directly and indirectly on port activity, but also the rule of law and legal certainty in the country.” PPC also warned it could take national and international legal action against the Panamanian government in response to the court decision, which it said was the latest development in an ongoing campaign that included “a range of surprise actions” targeting the terminal concessions and PPC. PPC did not immediately respond to questions from the Journal of Commerce on whether it would allow APM Terminals to take over operational control of the terminals. PPC has operated the terminals at Balboa on the Pacific side of the canal and Cristobal on the Atlantic coast since 1997 following the award of an initial 25-year concession that was extended in 2021, deals the Supreme Court has now ruled unconstitutional. Hutchison had already agreed to sell the two terminals to a consortium of BlackRock’s Global Infrastructure Partners and Mediterranean Shipping Co. subsidiary Terminal Investments Limited (TiL) as part of a $22.8 billion sale of its 43 terminal operations worldwide. But the deal has run into opposition from Beijing over ties between US President Donald Trump and BlackRock leadership. The maritime authority did not say when APM Terminals would assume responsibility as temporary operator, how long its assignment would last or the process for appointing a new terminal operator. In a separate statement Friday, APM Terminals said it would begin “operations at the terminals in compliance with all legal formalities and procedures.” “This will only occur after the decision of the Supreme Court of Justice of Panama becomes final, a timeframe beyond the company’s control,” APMT said. The terminal operator said it “confirms its willingness” to temporarily assume operation of both terminals. “This aims to mitigate risks that could affect essential services for regional and global trade and to support Panama’s logistics hub,” it said. The maritime authority said Panama, as the owner of the ports, guarantees the operational continuity of the national port system, which it said were “proceeding normally, without interruption, and maintaining optimal levels of productivity, efficiency, and service quality for shipping lines and their clients.” <h3>ACP seeks developers for two new terminals </h3>The legal wrangle over PPC’s concession and APM Terminals interim appointment came as the Panama Canal Authority (ACP) announced Friday that it was asking international terminal operators to prequalify to develop two new container terminals at either end of the canal. Companies have to submit prequalification documents by April 8. The common-user terminals, estimated to cost a total of $2.6 billon, will be built in Corozal at the Pacific entrance of the canal, and Telfers lsland at the canal’s Atlantic entrance. APMT was one of the 12 terminal operators that had individual meetings in October with ACP officials to discuss the project. Others were Cosco Shipping Ports, CMA Terminals, DP World, Hanseatic Global Terminals, MOL, PSA International, SSA Marine-Grupo Carrix, Terminal Investment Limited (TiL), ONE, and Evergreen. Several already run existing terminals. SSA Marine operates Manzanillo International Terminals, while Evergreen is concessionaire for Colon Container Terminal, both on the Atlantic side of the canal. Singapore’s PSA operates its Panama International Terminal on the Pacific Coast. The two new terminals are specifically aimed at boosting Panama’s annual transshipment capacity to between 5 million TEUs and 6 million TEUs and strengthening Panama’s position as a globally competitive intermodal hub. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>.</div>

Maersk’s APM Terminals on Friday was appointed the interim administrator of the Balboa and Cristobal terminals that bookend the Panama Canal after the country’s Supreme Court nullified the operating concessions long held by the Panama Ports Company, a subsidiary of Hutchinson Port Holdings. The Panama Maritime Authority said it hoped for an orderly and coordinated transition from Panama Ports to APMT, noting Hong Kong conglomerate CK Hutchison Holdings is a “globally recognized organization known for its strong corporate reputation.” “In this context, we trust in their constructive collaboration during this phase, for the benefit of the port system’s stability,” the maritime authority said in a statement announcing the Maersk takeover. This came a day after Panama Ports Company (PPC) angrily rejected the Supreme Court’s decision to cancel its concessions , saying the ruling “lacks legal basis and jeopardizes not only PPC and its contract, but also the well-being and stability of thousands of Panamanian families who depend directly and indirectly on port activity, but also the rule of law and legal certainty in the country.” PPC also warned it could take national and international legal action against the Panamanian government in response to the court decision, which it said was the latest development in an ongoing campaign that included “a range of surprise actions” targeting the terminal concessions and PPC. PPC did not immediately respond to questions from the Journal of Commerce on whether it would allow APM Terminals to take over operational control of the terminals. PPC has operated the terminals at Balboa on the Pacific side of the canal and Cristobal on the Atlantic coast since 1997 following the award of an initial 25-year concession that was extended in 2021, deals the Supreme Court has now ruled unconstitutional. Hutchison had already agreed to sell the two terminals to a consortium of BlackRock’s Global Infrastructure Partners and Mediterranean Shipping Co. subsidiary Terminal Investments Limited (TiL) as part of a $22.8 billion sale of its 43 terminal operations worldwide. But the deal has run into opposition from Beijing over ties between US President Donald Trump and BlackRock leadership. The maritime authority did not say when APM Terminals would assume responsibility as temporary operator, how long its assignment would last or the process for appointing a new terminal operator. In a separate statement Friday, APM Terminals said it would begin “operations at the terminals in compliance with all legal formalities and procedures.” “This will only occur after the decision of the Supreme Court of Justice of Panama becomes final, a timeframe beyond the company’s control,” APMT said. The terminal operator said it “confirms its willingness” to temporarily assume operation of both terminals. “This aims to mitigate risks that could affect essential services for regional and global trade and to support Panama’s logistics hub,” it said. The maritime authority said Panama, as the owner of the ports, guarantees the operational continuity of the national port system, which it said were “proceeding normally, without interruption, and maintaining optimal levels of productivity, efficiency, and service quality for shipping lines and their clients.” ACP seeks developers for two new terminals The legal wrangle over PPC’s concession and APM Terminals interim appointment came as the Panama Canal Authority (ACP) announced Friday that it was asking international terminal operators to prequalify to develop two new container terminals at either end of the canal. Companies have to submit prequalification documents by April 8. The common-user terminals, estimated to cost a total of $2.6 billon, will be built in Corozal at the Pacific entrance of the canal, and Telfers lsland at the canal’s Atlantic entrance. APMT was one of the 12 terminal operators that had individual meetings in October with ACP officials to discuss the project. Others were Cosco Shipping Ports, CMA Terminals, DP World, Hanseatic Global Terminals, MOL, PSA International, SSA Marine-Grupo Carrix, Terminal Investment Limited (TiL), ONE, and Evergreen. Several already run existing terminals. SSA Marine operates Manzanillo International Terminals, while Evergreen is concessionaire for Colon Container Terminal, both on the Atlantic side of the canal. Singapore’s PSA operates its Panama International Terminal on the Pacific Coast. The two new terminals are specifically aimed at boosting Panama’s annual transshipment capacity to between 5 million TEUs and 6 million TEUs and strengthening Panama’s position as a globally competitive intermodal hub. Contact Keith Wallis at keithwallis@hotmail.com .

Port News

Container lines

Trans-Pacific

Marine terminals

International ports

Container Shipping News

APMT to run Hutchison’s Panama terminals on interim basis after court ruling 

<div class="phx-topic abstract-wrapper">The move comes after Spain turned away three US-flag ships and a Danish multipurpose vessel on the grounds they were carrying military cargo bound for Israel.</div>

The move comes after Spain turned away three US-flag ships and a Danish multipurpose vessel on the grounds they were carrying military cargo bound for Israel.

<div class="phx-topic">Spanish-flagged vessels could be looking at US fees of up to $2.3 million per voyage and bans from US ports as Washington doubles down on a probe prompted by Spain’s refusal of multiple US-flag ships and a Danish multipurpose vessel (MPV) delivering weapons and military cargo to Israel. The US Federal Maritime Commission (FMC) is considering industry comments through Feb. 20 after issuing a late-December notice requesting new information on whether Spain is creating conditions “unfavorable” to foreign trade. The FMC’s notice indicated that in November 2024, Spain barred three US-flag vessels that were operating under the US Maritime Administration’s (MARAD’s) Maritime Security Program, which supports the US Department of Defense during emergencies and wartime. According to the FMC, Spain turned the ships away on grounds they were carrying cargo to Israel. The FMC also cited policy changes the Spanish government adopted last September to limit military cargo shipments to Israel. “Spain’s recent announcement and information from multiple sources indicate that the basic conditions the commission initiated this investigation to address still exist and are likely creating general or special conditions unfavorable to shipping in US foreign commerce,” the FMC stated in the December notice. The three US-flagged ships were container vessels — the Maersk Denver, the Maersk Nysted, and the Maersk Seletar, which were denied access in Spain after departing from New York ports. The FMC’s investigation indicates that Spain also turned away a Danish MPV vessel, the Marianne Danica, in May 2024 on grounds that it was transporting weapons to Israel. Spanish newspaper El País reported that the ship was carrying 27 tons of explosive material from Chennai in India to the port of Haifa in Israel. Both container and multipurpose vessels are used to transport weapons and military cargo. MPVs can carry advanced weaponry as well as roll-on/roll-off military equipment such as tanks and armored vehicles. <h3>Initial probe launched in December 2024 </h3>The FMC launched an initial investigation in December 2024 and received over 8,000 comments, many of which related to respondents’ positions on the Israel-Hamas conflict. The commission requested a second round of public comments after the Spanish government last September announced formal measures to halt the flow of certain cargo bound to or from Israel. The measures include banning ships and aircraft transporting weapons to Israel and barring tankers carrying fuel for the Israeli military from using Spanish ports and airspace. The FMC is collecting public input “on whether Spain is creating general or special conditions unfavorable to shipping in foreign trade,” and if so, what actions the agency should take in response. Among those actions, the FMC said it could impose fees of up to $2.3 million per voyage on Spanish-flag ships calling US ports, restrict voyages to or from US ports, and limit cargo types and amounts. The commission could also order the Department of Homeland Security to detain, refuse, and fine vessels. The FMC’s inquiry is part of a broader overall effort by the agency to flex its muscle and effect changes that could reshape global maritime policy. In March 2025, the FMC launched an investigation into international maritime chokepoints, which the commission cited as a potential threat to US security. Last May, the FMC initiated an inquiry into whether foreign countries’ flagging practices, including “flags of convenience,” are creating barriers to US trade. The FMC has remained relatively silent on those investigations since then, but both remain active. Contact Autumn Cafiero Giusti at <a href="mailto:autumn@autumngiusti.com">autumn@autumngiusti.com</a>.</div>

Spanish-flagged vessels could be looking at US fees of up to $2.3 million per voyage and bans from US ports as Washington doubles down on a probe prompted by Spain’s refusal of multiple US-flag ships and a Danish multipurpose vessel (MPV) delivering weapons and military cargo to Israel. The US Federal Maritime Commission (FMC) is considering industry comments through Feb. 20 after issuing a late-December notice requesting new information on whether Spain is creating conditions “unfavorable” to foreign trade. The FMC’s notice indicated that in November 2024, Spain barred three US-flag vessels that were operating under the US Maritime Administration’s (MARAD’s) Maritime Security Program, which supports the US Department of Defense during emergencies and wartime. According to the FMC, Spain turned the ships away on grounds they were carrying cargo to Israel. The FMC also cited policy changes the Spanish government adopted last September to limit military cargo shipments to Israel. “Spain’s recent announcement and information from multiple sources indicate that the basic conditions the commission initiated this investigation to address still exist and are likely creating general or special conditions unfavorable to shipping in US foreign commerce,” the FMC stated in the December notice. The three US-flagged ships were container vessels — the Maersk Denver, the Maersk Nysted, and the Maersk Seletar, which were denied access in Spain after departing from New York ports. The FMC’s investigation indicates that Spain also turned away a Danish MPV vessel, the Marianne Danica, in May 2024 on grounds that it was transporting weapons to Israel. Spanish newspaper El País reported that the ship was carrying 27 tons of explosive material from Chennai in India to the port of Haifa in Israel. Both container and multipurpose vessels are used to transport weapons and military cargo. MPVs can carry advanced weaponry as well as roll-on/roll-off military equipment such as tanks and armored vehicles. Initial probe launched in December 2024 The FMC launched an initial investigation in December 2024 and received over 8,000 comments, many of which related to respondents’ positions on the Israel-Hamas conflict. The commission requested a second round of public comments after the Spanish government last September announced formal measures to halt the flow of certain cargo bound to or from Israel. The measures include banning ships and aircraft transporting weapons to Israel and barring tankers carrying fuel for the Israeli military from using Spanish ports and airspace. The FMC is collecting public input “on whether Spain is creating general or special conditions unfavorable to shipping in foreign trade,” and if so, what actions the agency should take in response. Among those actions, the FMC said it could impose fees of up to $2.3 million per voyage on Spanish-flag ships calling US ports, restrict voyages to or from US ports, and limit cargo types and amounts. The commission could also order the Department of Homeland Security to detain, refuse, and fine vessels. The FMC’s inquiry is part of a broader overall effort by the agency to flex its muscle and effect changes that could reshape global maritime policy. In March 2025, the FMC launched an investigation into international maritime chokepoints, which the commission cited as a potential threat to US security. Last May, the FMC initiated an inquiry into whether foreign countries’ flagging practices, including “flags of convenience,” are creating barriers to US trade. The FMC has remained relatively silent on those investigations since then, but both remain active. Contact Autumn Cafiero Giusti at autumn@autumngiusti.com .

Transport, Trade and Regulation News

Supply chain

FMC weighs hefty fees, port bans for Spanish vessels

<div class="phx-topic abstract-wrapper">CEO Mark Rourke said a spot rate surge in December was the first sign of truckload capacity exits having a material impact on prices that will eventually lead to the carrier being able to charge shippers higher rates.</div>

CEO Mark Rourke said a spot rate surge in December was the first sign of truckload capacity exits having a material impact on prices that will eventually lead to the carrier being able to charge shippers higher rates.

<div class="phx-topic">Schneider National was disappointed with freight demand in the fourth quarter but remains hopeful that regulatory crackdowns in the trucking industry will pull out enough supply in 2026 to end the freight recession. Schneider CEO Mark Rourke said during the company’s fourth-quarter earnings call Thursday the intermodal provider was “not satisfied” with its results, which included a more than 30% drop in net income. But he said a spot rate surge in December was the first sign of truckload capacity exits having a material impact on prices that will eventually lead to the carrier being able to charge shippers higher rates. The US Department of Transportation (USDOT) has been pressuring states to cancel non-domiciled commercial driver’s licenses for immigrants with expired or invalid work authorizations and those seeking asylum. It has also taken drivers out of service who cannot demonstrate the ability to read and understand English and shut down driving schools that do not rigorously train students before qualifying them to operate a rig. “The industry is already feeling the impact of supply rationalization related to regulatory actions in areas such as non-domiciled CDLs, English language proficiency, and driver school certifications,” Rourke said. “We expect capacity attrition to continue to ramp up, and we continue to believe the impact is likely to be greater than what we saw from the electronic logging mandate in 2017.” Rourke, however, said the USDOT crackdowns will tighten available truck capacity over quarters, not months. He also said economic drivers of freight demand must recover in 2026 to truly flip the market toward carriers. “The trajectory of consumer spending, the impacts from the [Republican-led appropriations bill], and interest rate policy all have the potential to significantly influence the timing and magnitude of improvement in market conditions,” he said. Schneider grew revenue 4.5% year over year to $1.4 billion during the fourth quarter. But net income of $22.1 million was down 32% from the year-ago quarter. Schneider reported fourth-quarter truckload revenues of $610 million, up nearly $50 million compared with the prior year, driven by a 21% increase in dedicated volume. Logistics revenues were $329.3 million, up 2% compared with the same quarter in 2024. <h3>Intermodal volume gains </h3>Results in the trucking and logistics divisions were propped by the integration of the Cowan Systems business. Schneider bought the Baltimore-based trucking company for $390 million, with the deal closing at the end of 2024. Cowan’s business lines included one-way truckload, dedicated truckload, and logistics brokerage. Schneider’s intermodal revenues in the fourth quarter were $268.2 million, down 3% from the year-ago period and driven by a 5% decrease in revenue per order. Intermodal volume increased 3%, suggesting Schneider was able to take market share from competitor J.B. Hunt Transport Services, which dropped 2% year over year in the fourth quarter. Schneider, meanwhile, also announced Rourke would transition to the role of executive chairman effective July 1, 2026, and that longtime company executive Jim Filter will become the new CEO. Filter will become only the fifth CEO in the history of the company, which has been around since 1935. Filter is currently the executive vice president and group president of transportation logistics, a position he has held since 2022. He ran Schneider’s intermodal division prior to that. “Despite a challenging market in 2025, our actions throughout the year have strengthened our foundation and positioned us to benefit as conditions continue to improve,” Filter said on Thursday’s call. Contact Dan Ronan at <a href="mailto:contactdanronan@gmail.com">contactdanronan@gmail.com</a>.</div>

Schneider National was disappointed with freight demand in the fourth quarter but remains hopeful that regulatory crackdowns in the trucking industry will pull out enough supply in 2026 to end the freight recession. Schneider CEO Mark Rourke said during the company’s fourth-quarter earnings call Thursday the intermodal provider was “not satisfied” with its results, which included a more than 30% drop in net income. But he said a spot rate surge in December was the first sign of truckload capacity exits having a material impact on prices that will eventually lead to the carrier being able to charge shippers higher rates. The US Department of Transportation (USDOT) has been pressuring states to cancel non-domiciled commercial driver’s licenses for immigrants with expired or invalid work authorizations and those seeking asylum. It has also taken drivers out of service who cannot demonstrate the ability to read and understand English and shut down driving schools that do not rigorously train students before qualifying them to operate a rig. “The industry is already feeling the impact of supply rationalization related to regulatory actions in areas such as non-domiciled CDLs, English language proficiency, and driver school certifications,” Rourke said. “We expect capacity attrition to continue to ramp up, and we continue to believe the impact is likely to be greater than what we saw from the electronic logging mandate in 2017.” Rourke, however, said the USDOT crackdowns will tighten available truck capacity over quarters, not months. He also said economic drivers of freight demand must recover in 2026 to truly flip the market toward carriers. “The trajectory of consumer spending, the impacts from the [Republican-led appropriations bill], and interest rate policy all have the potential to significantly influence the timing and magnitude of improvement in market conditions,” he said. Schneider grew revenue 4.5% year over year to $1.4 billion during the fourth quarter. But net income of $22.1 million was down 32% from the year-ago quarter. Schneider reported fourth-quarter truckload revenues of $610 million, up nearly $50 million compared with the prior year, driven by a 21% increase in dedicated volume. Logistics revenues were $329.3 million, up 2% compared with the same quarter in 2024. Intermodal volume gains Results in the trucking and logistics divisions were propped by the integration of the Cowan Systems business. Schneider bought the Baltimore-based trucking company for $390 million, with the deal closing at the end of 2024. Cowan’s business lines included one-way truckload, dedicated truckload, and logistics brokerage. Schneider’s intermodal revenues in the fourth quarter were $268.2 million, down 3% from the year-ago period and driven by a 5% decrease in revenue per order. Intermodal volume increased 3%, suggesting Schneider was able to take market share from competitor J.B. Hunt Transport Services, which dropped 2% year over year in the fourth quarter. Schneider, meanwhile, also announced Rourke would transition to the role of executive chairman effective July 1, 2026, and that longtime company executive Jim Filter will become the new CEO. Filter will become only the fifth CEO in the history of the company, which has been around since 1935. Filter is currently the executive vice president and group president of transportation logistics, a position he has held since 2022. He ran Schneider’s intermodal division prior to that. “Despite a challenging market in 2025, our actions throughout the year have strengthened our foundation and positioned us to benefit as conditions continue to improve,” Filter said on Thursday’s call. Contact Dan Ronan at contactdanronan@gmail.com .

Trucking News

Truckload

Intermodal providers

Surface

Schneider Q4 profit weakens, but company pins hopes on capacity exits

<div class="phx-topic abstract-wrapper">A surge in tariff-driven frontloading from Asia to North America earlier in the year led to a wait-and-see approach from US importers, resulting in weaker demand.</div>

A surge in tariff-driven frontloading from Asia to North America earlier in the year led to a wait-and-see approach from US importers, resulting in weaker demand.

<div class="phx-topic">Weak demand on the trans-Pacific and an oversupply of shipping capacity pulled down rate levels and dragged Ocean Network Express (ONE) to an $88 million loss in its fiscal third quarter that ended Dec. 31, the carrier said Friday. It was the Singapore-based liner’s first quarterly loss of its current financial year as a surge in US tariff-driven frontloading from Asia to North America earlier in the year led to a wait-and-see approach from US importers, resulting in weaker demand. ONE’s financial year runs from April to March. “Our Q3 FY2025 results reflect a challenging operating environment as we continue to navigate the complexities of the current global landscape,” ONE CEO Jeremy Nixon said in a statement. “Although market dynamics have impacted our performance during the quarter, we remain focused on disciplined capacity management, cost control and ongoing network optimization to enhance operational resilience,” Nixon added. A persistent increase in container ship supply and slowing demand eroded freight rates on the trans-Pacific and Asia-Europe trades. Data from PIERS, a sister company of the Journal of Commerce within S&amp;P Global, shows US containerized imports from China in October declined 16% year over year, November imports fell 18.2% and December was down 22.3%. This led to sharp year-over-year declines across ONE’s four main earnings metrics in its fiscal third quarter. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="3fc7098b-efc8-4b40-945d-b76f29f9698c"></dynamic-object></div>Revenue from the period fell 16% to just over $4 billion, earnings before interest, taxes, depreciation and amortization (EBITDA) were down 66% at $536 million; and an earnings before interest and taxes (EBIT) loss of $84 million was recorded, along with the $88 million net loss. <h3>Utilization falls on excess supply </h3>The oversupply of capacity could be seen in a drop in ONE’s volume and ship utilization during the fiscal quarter. Trans-Pacific volume of 678,000 TEUs was down 5% both year over year and compared with its second fiscal quarter. Utilization of 90% continued a steady decline over the last financial year when ships were 100% utilized. On Asia-Europe, demand dropped off after Golden Week at the beginning of October, although volume of 444,000 TEUs, while down 11% compared with the fiscal second quarter, was up 6% year over year. Still, an excess in market supply saw ship utilization falling sharply to 81%, down from 91% in the first half. For the first nine months of its financial year, ONE revenue of $12.5 billion was down 18% year over year, while EBITDA of $2 billion was down from $5.2 billion in the previous fiscal nine months. EBIT of $236 million was down from $3.6 billion and the carrier recorded a $283 million net profit in the most recent nine months compared with the $3.9 billion in the previous year. ONE expects demand and rates to improve “modestly” through its fourth quarter from January through March and has made a slight upward adjustment to its full-year 2025–26 forecast. The carrier is now expecting full-year revenue of $16.6 billion (previously $16.5 billion), EBITDA of $2.7 billion ($2.6 billion) and EBIT of $300 million ($250 million), with net profit remaining at $310 million. The forecast earnings reflect the enormous correction facing ocean carriers compared with last year. In its 2024–25 financial year, ONE posted revenue of $19.2 billion, EBITDA of $5.9 billion, EBIT of $3.8 billion and a net profit of $4.2 billion. Still, maritime consultant Drewry has upgraded its financial year 2025 profit forecast from $20 billion to $32 billion following “better than expected” third-quarter results from the carriers and has raised the outlook for 2026 from a $10 billion loss to a $1 billion profit. Contact Greg Knowler at <a href="">greg.knowler@spglobal.com</a>. </div>

Weak demand on the trans-Pacific and an oversupply of shipping capacity pulled down rate levels and dragged Ocean Network Express (ONE) to an $88 million loss in its fiscal third quarter that ended Dec. 31, the carrier said Friday. It was the Singapore-based liner’s first quarterly loss of its current financial year as a surge in US tariff-driven frontloading from Asia to North America earlier in the year led to a wait-and-see approach from US importers, resulting in weaker demand. ONE’s financial year runs from April to March. “Our Q3 FY2025 results reflect a challenging operating environment as we continue to navigate the complexities of the current global landscape,” ONE CEO Jeremy Nixon said in a statement. “Although market dynamics have impacted our performance during the quarter, we remain focused on disciplined capacity management, cost control and ongoing network optimization to enhance operational resilience,” Nixon added. A persistent increase in container ship supply and slowing demand eroded freight rates on the trans-Pacific and Asia-Europe trades. Data from PIERS, a sister company of the Journal of Commerce within S&P Global, shows US containerized imports from China in October declined 16% year over year, November imports fell 18.2% and December was down 22.3%. This led to sharp year-over-year declines across ONE’s four main earnings metrics in its fiscal third quarter. Revenue from the period fell 16% to just over $4 billion, earnings before interest, taxes, depreciation and amortization (EBITDA) were down 66% at $536 million; and an earnings before interest and taxes (EBIT) loss of $84 million was recorded, along with the $88 million net loss. Utilization falls on excess supply The oversupply of capacity could be seen in a drop in ONE’s volume and ship utilization during the fiscal quarter. Trans-Pacific volume of 678,000 TEUs was down 5% both year over year and compared with its second fiscal quarter. Utilization of 90% continued a steady decline over the last financial year when ships were 100% utilized. On Asia-Europe, demand dropped off after Golden Week at the beginning of October, although volume of 444,000 TEUs, while down 11% compared with the fiscal second quarter, was up 6% year over year. Still, an excess in market supply saw ship utilization falling sharply to 81%, down from 91% in the first half. For the first nine months of its financial year, ONE revenue of $12.5 billion was down 18% year over year, while EBITDA of $2 billion was down from $5.2 billion in the previous fiscal nine months. EBIT of $236 million was down from $3.6 billion and the carrier recorded a $283 million net profit in the most recent nine months compared with the $3.9 billion in the previous year. ONE expects demand and rates to improve “modestly” through its fourth quarter from January through March and has made a slight upward adjustment to its full-year 2025–26 forecast. The carrier is now expecting full-year revenue of $16.6 billion (previously $16.5 billion), EBITDA of $2.7 billion ($2.6 billion) and EBIT of $300 million ($250 million), with net profit remaining at $310 million. The forecast earnings reflect the enormous correction facing ocean carriers compared with last year. In its 2024–25 financial year, ONE posted revenue of $19.2 billion, EBITDA of $5.9 billion, EBIT of $3.8 billion and a net profit of $4.2 billion. Still, maritime consultant Drewry has upgraded its financial year 2025 profit forecast from $20 billion to $32 billion following “better than expected” third-quarter results from the carriers and has raised the outlook for 2026 from a $10 billion loss to a $1 billion profit. Contact Greg Knowler at  greg.knowler@spglobal.com . 

Asia-Europe

Frontloading drags ONE to a loss in its fiscal third quarter

Use code GTW595 at checkout and save $900 on first year of an annual Gold subscription!

Upgrade Subscription - Gold Trials

Become a Gold Subscriber and Save!

Arm your team with the most trusted information portal for the international container shipping industry.

Group Subscriptions - Wide Box

Get into a group subscription today

Use code NYW26 at checkout to save 25% on a Silver or Silver Plus annual subscription! 

Subscribe Now - FT to S/SP - Wide Box

NEW YEAR SALE

Use code NYW595 and upgrade to Gold for just $595! Valid for first year of subscription.

Upgrade Subscription - S/SP to Gold - Wide Box

Subscribe today using code NYW26 at checkout and save 25% on a Silver or Silver Plus annual subscription!

Subscribe Now - Anonymous to S/SP - Wide Box

Use code NYW995 at checkout to save $500 on first year of a Gold subscription!

Subscribe Now - FT to Gold - Wide Box

Get into a Gold subscription today and save $500 by using code NYW995 at checkout!

Subscribe Now - Anonymous to Gold - Wide Box

NEW YEAR SALE: Use code NYW26 to save 25% on first year of a Silver or Silver Plus annual subscription!


Subscribe Now - FT to S/SP - Offer Box

Subscribe and Save

NEW YEAR SALE: Subscribe today using code NYW26 at checkout and save 25% on a Silver or Silver Plus annual subscription!

Subscribe Now - Anonymous to S/SP - Offer Box

SUBSCRIBE TODAY

UPGRADE TO GOLD AND SAVE: Use code GTW595 at checkout and save $900 on first year of a Gold subscription!

Upgrade Subscription

NEW YEAR SALE: Get into a Gold subscription today and save $500 by using code NYW995 at checkout!

Subscribe Now - Anonymous to Gold - Offer Box

NEW YEAR SALE: Use code NYW595 and upgrade to Gold for just $595! Valid on first year of subscription.

Upgrade Subscription - S/SP to Gold - Offer Box

NEW YEAR SALE: Use code NYW995 at checkout to save $500 on a Gold subscription!

Subscribe Now - FT to Gold - Offer Box

SUBSCRIBE AND SAVE

Monthly publication providing an editorial deep dive into global supply chain news

Journal of Commerce Magazine - Rectangle Box

Journal of Commerce Magazine

A premium access index of savings using domestic intermodal vs. OTR 

ISI Report - Rectangle Box

Intermodal Savings Index

An in-depth analysis of transport trends in the multipurpose and heavy-lift fleet segment

Breakbulk Report - Rectangle Box

Breakbulk Quarterly

An extensive dashboard of charts organized by trade lane, mode, and topic

Gateway - Rectangle Box

Gateway

Customers scoring their intermodal partners to identify the best service providers

Intermodal Service Scorecard - Rectangle Box

Intermodal Service Scorecard

A premium access outlook critical to shippers and transportation providers

QI Report - Rectangle Box

Quarterly Intelligence

The premier conference for the global container shipping and supply chain community

TPM Conference - Rectangle Box

Attend TPM26

The only editorially independent conference for the breakbulk & project cargo industry

Breakbulk Conference - Rectangle Box

Attend Breakbulk26

The Journal of Commerce’s analysis and coverage of North American and global rail news encompasses Class I railroad, intermodal marketing providers, and supporting drayage and truckload services. Reporting on freight railroad news today, journalists track volume, intermodal freight rates, service levels, precision schedule railroading, transloading, regulation, union labor and network investment at domestic and international intermodal terminals.

International rail

North-American rail

Stay updated with our rail transport news and trends. Journal of Commerce covers intermodal news, and port connectivity news in the container rail transport sector.

Rail News | Journal of Commerce

The Journal of Commerce’s surface transport news and analysis focuses on landside transport movement — from railroad news to trucking news — including full load trucking, less-than-truckload (LTL), refrigerated (or reefer) trucking, flatbed and domestic and international intermodal rail, and how it connects with seaports, inland rail hubs, distribution centers and transloading operations. Reporting on the surface transport sector covers the movement of domestic shipments within the United States and international cargoes transported via domestic equipment including trailers and 53-foot containers.

Discover comprehensive trucking news and trends with Journal of Commerce - from trucking LTL to regulation and trucking supply and demand.

Trucking News | Journal of Commerce

Explore the world of ground transport news - from trucks to railroads, intermodal connections, and port ties. Daily insights on US and global shipments.

Latest News

More News & Analysis

Breakbulk, project cargo operators expand fleets with raft of new orders

APMT to run Hutchison’s Panama terminals on interim basis after court ruling

FMC weighs hefty fees, port bans for Spanish vessels