<div class="phx-topic abstract-wrapper">Water projects to supply drinking water, hydroelectric power, and sewage treatment are major sources of global shipments for engineering, procurement, and construction companies, and for forwarders and breakbulk carriers that deliver materials, including pipes, turbines, and modules for water treatment plants.</div>

Water projects to supply drinking water, hydroelectric power, and sewage treatment are major sources of global shipments for engineering, procurement, and construction companies, and for forwarders and breakbulk carriers that deliver materials, including pipes, turbines, and modules for water treatment plants.

<div class="phx-topic"><div class="wrapper-medium center-element"><img src="/images/phoenix/5252181_1.0.jpg"></img></div>A desalination plant in Santa Barbara, California. Photo credit: IDE Technologies.Water taps for the 4 million inhabitants of Cape Town, <a href="https://www.joc.com/geography/south-africa">South Africa</a>, could run dry as soon as July because of a sustained drought. São Paulo, Brazil’s largest city, has had water shortages so severe that armed convoys have had to accompany tanker trucks.Those are not isolated cases. Droughts, pollution, and poor resource management have threatened water supplies in other cities as widespread as Cairo, Eqypt; Lima, Peru; and Mexico City, and in smaller cities and rural areas throughout much of the world.Water projects to supply drinking water, hydroelectric power, and sewage treatment are major sources of shipments for engineering, procurement, and construction companies, and for forwarders and breakbulk carriers that deliver materials including pipes, turbines, and modules for water treatment plants.Construction of new dams and reservoirs attracts attention because of their size, cost, complexity, and need for project shipments, often over long distances and difficult terrain. Heather Cooley, water program director at the Pacific Institute, said these projects are increasingly concentrated in developing countries that provide water along with reliable electrical power.In many developed countries, such as the United States, dams and hydropower projects are no longer seen as the best way to generate water along with electricity. “They’ve already dammed up all the best sites — even some pretty bad ones,” Cooley said. “The cost of developing more projects is incredibly expensive, and the benefits that you get are less than previous projects.”<h2>Big hydroelectric era wanes</h2>Although the era of big hydroelectric power construction projects has waned in many regions, new projects continue in countries such as Brazil, Colombia, Ethiopia, and Laos.In <a href="https://www.joc.com/geography/brazil">Brazil</a>, the Bel Monte plant on the Amazon will be the world’s fourth-largest in hydroelectric capacity and will have a cost that industry analysts say could top $18 billion. In Colombia, the $5.5 billion Ituango plant is under construction on the Cauca River. China Gezhouba Group Corp. is building the Genale Dawa III plant in Ethiopia. China’s Sinohydro is managing construction of the Don Sahong hydropower project in Laos.China has been active in construction of water-related projects in developing nations in Africa and in countries such as Papua New Guinea, where China’s PNG Hydro Development is building the Edevu Hydro project, which will provide an alternative water supply along with electricity.The World Commission on Dams estimated that hydropower capacity increased 2.6 percent, to 1,246 gigawatts, in 2016, the most recent year for which statistics were available. More than one-third of the increase was in China, which added 11.7 gigawatts. Other countries hosting new deployments included Ecuador, Ethiopia, South Africa, Vietnam, Peru, and Switzerland.In addition to construction of new plants, existing facilities undergo periodic upgrading and maintenance, which also generates project cargo shipments. Two years ago, hydroelectric transporters moved via the Port of Vancouver, Washington, on an 11,341-mile transit from Sweden to Dalles, Oregon. The International Hydropower Association forecasts that by 2050, half of the current hydropower equipment in Latin America and Asia will undergo extensive modernization and maintenance.Dams and hydroelectric plants are not the only source of project cargo related to drinking water. Henry Moreno, a water supply and sanitation specialist at the Inter-American Development Bank, said many Latin American cities such as São Paulo and Lima are suffering serious water shortages, not just because of short supplies but because supplies are unfit to drink.Moreno said the most common reaction is to build hydropower and wastewater plants that address short-term water shortages but fail to address pollution, leaky pipes, and decrepit infrastructure. He said cities such as Panama City, São Paulo, and Medellín are working to reduce pollution and improving existing infrastructure in addition to adding supply.<h2>US: 50 percent of water infrastructure nearly obsolete</h2>In the United States, more than half of US municipal water and wastewater infrastructure is nearing the end of its useful life. Over the next decade, municipal utilities are expected to make about $500 billion in capital improvements to address US deteriorating water and sewer systems.Desalination is another source of water-related project shipments. <a href="https://www.joc.com/geography/israel">Israel</a> has invested $500 million in the Sorek Desalination Plant, the world’s largest seawater desalination plant. The plant, 10 miles south of Tel Aviv, supplies fresh water for 1.5 million people, nearly 20 percent of the country’s population.Built for the Israeli government by IDE Technologies, Sorek uses reverse osmosis, a conventional desalination technology that uses a semi-permeable membrane to remove pollutants.Since 1965, IDE has completed more than 400 water treatment plants, mainly desalination plants, in more than 40 countries worldwide, including Canada, Chile, Australia, and the United States. IDE’s recent major plants include facilities at Carlsbad and Santa Barbara, California, and Tianjin, China.Ziv Shor, vice president of projects at IDE, disagrees with critics who argue that desalination is too expensive to meet the fresh water needs of more than a handful of countries where rainfall is scarce and there are no reliably rushing rivers to harness via hydropower.Not every IDE plant is focused on producing drinking water. Last year, IDE announced that it was partnering with Taiwan’s Formosa Petrochemical Corp. to build a desalination plant that will produce high-quality water for industrial applications.Previous projects include supplying high-quality boiler feed water and potable water to Indian conglomerate Reliance for its oil refinery in the state of Gujarat.Although desalination plants are costly and take years to build, they provide reliable water supply, Shor said. “It is not just an issue of costs, but of water scarcity. If you have a drought, you don’t have to worry about access to water,” he said.US-based Poseidon Water has built desalination plants in <a href="https://www.joc.com/geography/california">California</a> and is developing them in <a href="https://www.joc.com/geography/florida">Florida</a>. Other players in the desalination market include Cadagua (Spain), Degremont Technologies (Canada), Doosan Heavy Industries (Korea), Hitachi Zosen (Japan), Mitsubishi Heavy Industries (Japan), Wabag (India), and Wetico (Saudi Arabia).Wabag has engineered the largest desalination plant in Oman, and Doosan has engineered such global projects as the Yanbu Phase 3 plant in <a href="Water%20projects%20to%20supply%20drinking%20water,%20hydroelectric%20power,%20and%20sewage%20treatment%20are%20major%20sources%20of%20shipments%20for%20engineering,%20procurement,%20and%20construction%20companies,%20and%20for%20forwarders%20and%20breakbulk%20carriers%20that%20deliver%20materials%20including%20pipes,%20turbines,%20and%20modules%20for%20water%20treatment%20plants.">Saudi Arabia</a>. Mitsubishi recently engineered a desalination plant at Rabigh, on Saudi Arabia’s Red Sea coast, scheduled for completion this year.“We’ve seen over the decades that the cost of desalination is going down because of vast improvements in membrane technologies, such as very efficient energy-recovery devices and more efficient pumps,” Shor said.But to remain competitive, IDE also has been working to reduce transportation and logistics costs. Like its competitors, IDE contracts with overseas firms, often in China, to fabricate the pipes, pumps, and pressure vessels that are then shipped to the sites where final assembly of the desalination plant takes place.Traditionally, IDE and other desalination companies have shipped these pieces of their plants as breakbulk cargo. More recently, IDE has been trying to fit as many modules as possible into containers, in order to further lower its costs and shorten its shipping schedules. Shor said it is more efficient to prefabricate modules and test them in advance of shipment than to wait until the various components are connected at the plant site.“We are going very far down the path of modularization,” he said. “Our competitors are doing similar things, but not to that extent. This is a transition that you see in the entire industry. It’s a huge engineering effort; it is not easy,” he said.This makes shipping “a very big issue” in the desalination business. “I’ve told my workers that a seawater reverse osmosis project is basically a logistics project,” he said. Now that desalination technologies have been proved, he said, logistics “is the main challenge.”Contact Alan M. Field at <a href="mailto:alanfield0@gmail.com">alanfield0@gmail.com</a>.</div>

A desalination plant in Santa Barbara, California. Photo credit: IDE Technologies. Water taps for the 4 million inhabitants of Cape Town, South Africa , could run dry as soon as July because of a sustained drought. São Paulo, Brazil’s largest city, has had water shortages so severe that armed convoys have had to accompany tanker trucks. Those are not isolated cases. Droughts, pollution, and poor resource management have threatened water supplies in other cities as widespread as Cairo, Eqypt; Lima, Peru; and Mexico City, and in smaller cities and rural areas throughout much of the world. Water projects to supply drinking water, hydroelectric power, and sewage treatment are major sources of shipments for engineering, procurement, and construction companies, and for forwarders and breakbulk carriers that deliver materials including pipes, turbines, and modules for water treatment plants. Construction of new dams and reservoirs attracts attention because of their size, cost, complexity, and need for project shipments, often over long distances and difficult terrain. Heather Cooley, water program director at the Pacific Institute, said these projects are increasingly concentrated in developing countries that provide water along with reliable electrical power. In many developed countries, such as the United States, dams and hydropower projects are no longer seen as the best way to generate water along with electricity. “They’ve already dammed up all the best sites — even some pretty bad ones,” Cooley said. “The cost of developing more projects is incredibly expensive, and the benefits that you get are less than previous projects.” Big hydroelectric era wanes Although the era of big hydroelectric power construction projects has waned in many regions, new projects continue in countries such as Brazil, Colombia, Ethiopia, and Laos. In Brazil , the Bel Monte plant on the Amazon will be the world’s fourth-largest in hydroelectric capacity and will have a cost that industry analysts say could top $18 billion. In Colombia, the $5.5 billion Ituango plant is under construction on the Cauca River. China Gezhouba Group Corp. is building the Genale Dawa III plant in Ethiopia. China’s Sinohydro is managing construction of the Don Sahong hydropower project in Laos. China has been active in construction of water-related projects in developing nations in Africa and in countries such as Papua New Guinea, where China’s PNG Hydro Development is building the Edevu Hydro project, which will provide an alternative water supply along with electricity. The World Commission on Dams estimated that hydropower capacity increased 2.6 percent, to 1,246 gigawatts, in 2016, the most recent year for which statistics were available. More than one-third of the increase was in China, which added 11.7 gigawatts. Other countries hosting new deployments included Ecuador, Ethiopia, South Africa, Vietnam, Peru, and Switzerland. In addition to construction of new plants, existing facilities undergo periodic upgrading and maintenance, which also generates project cargo shipments. Two years ago, hydroelectric transporters moved via the Port of Vancouver, Washington, on an 11,341-mile transit from Sweden to Dalles, Oregon. The International Hydropower Association forecasts that by 2050, half of the current hydropower equipment in Latin America and Asia will undergo extensive modernization and maintenance. Dams and hydroelectric plants are not the only source of project cargo related to drinking water. Henry Moreno, a water supply and sanitation specialist at the Inter-American Development Bank, said many Latin American cities such as São Paulo and Lima are suffering serious water shortages, not just because of short supplies but because supplies are unfit to drink. Moreno said the most common reaction is to build hydropower and wastewater plants that address short-term water shortages but fail to address pollution, leaky pipes, and decrepit infrastructure. He said cities such as Panama City, São Paulo, and Medellín are working to reduce pollution and improving existing infrastructure in addition to adding supply. US: 50 percent of water infrastructure nearly obsolete In the United States, more than half of US municipal water and wastewater infrastructure is nearing the end of its useful life. Over the next decade, municipal utilities are expected to make about $500 billion in capital improvements to address US deteriorating water and sewer systems. Desalination is another source of water-related project shipments. Israel has invested $500 million in the Sorek Desalination Plant, the world’s largest seawater desalination plant. The plant, 10 miles south of Tel Aviv, supplies fresh water for 1.5 million people, nearly 20 percent of the country’s population. Built for the Israeli government by IDE Technologies, Sorek uses reverse osmosis, a conventional desalination technology that uses a semi-permeable membrane to remove pollutants. Since 1965, IDE has completed more than 400 water treatment plants, mainly desalination plants, in more than 40 countries worldwide, including Canada, Chile, Australia, and the United States. IDE’s recent major plants include facilities at Carlsbad and Santa Barbara, California, and Tianjin, China. Ziv Shor, vice president of projects at IDE, disagrees with critics who argue that desalination is too expensive to meet the fresh water needs of more than a handful of countries where rainfall is scarce and there are no reliably rushing rivers to harness via hydropower. Not every IDE plant is focused on producing drinking water. Last year, IDE announced that it was partnering with Taiwan’s Formosa Petrochemical Corp. to build a desalination plant that will produce high-quality water for industrial applications. Previous projects include supplying high-quality boiler feed water and potable water to Indian conglomerate Reliance for its oil refinery in the state of Gujarat. Although desalination plants are costly and take years to build, they provide reliable water supply, Shor said. “It is not just an issue of costs, but of water scarcity. If you have a drought, you don’t have to worry about access to water,” he said. US-based Poseidon Water has built desalination plants in California and is developing them in Florida . Other players in the desalination market include Cadagua (Spain), Degremont Technologies (Canada), Doosan Heavy Industries (Korea), Hitachi Zosen (Japan), Mitsubishi Heavy Industries (Japan), Wabag (India), and Wetico (Saudi Arabia). Wabag has engineered the largest desalination plant in Oman, and Doosan has engineered such global projects as the Yanbu Phase 3 plant in Saudi Arabia . Mitsubishi recently engineered a desalination plant at Rabigh, on Saudi Arabia’s Red Sea coast, scheduled for completion this year. “We’ve seen over the decades that the cost of desalination is going down because of vast improvements in membrane technologies, such as very efficient energy-recovery devices and more efficient pumps,” Shor said. But to remain competitive, IDE also has been working to reduce transportation and logistics costs. Like its competitors, IDE contracts with overseas firms, often in China, to fabricate the pipes, pumps, and pressure vessels that are then shipped to the sites where final assembly of the desalination plant takes place. Traditionally, IDE and other desalination companies have shipped these pieces of their plants as breakbulk cargo. More recently, IDE has been trying to fit as many modules as possible into containers, in order to further lower its costs and shorten its shipping schedules. Shor said it is more efficient to prefabricate modules and test them in advance of shipment than to wait until the various components are connected at the plant site. “We are going very far down the path of modularization,” he said. “Our competitors are doing similar things, but not to that extent. This is a transition that you see in the entire industry. It’s a huge engineering effort; it is not easy,” he said. This makes shipping “a very big issue” in the desalination business. “I’ve told my workers that a seawater reverse osmosis project is basically a logistics project,” he said. Now that desalination technologies have been proved, he said, logistics “is the main challenge.” Contact Alan M. Field at alanfield0@gmail.com .

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Breakbulk, forwarders adapt to meet demands of new water works era

<div class="phx-topic abstract-wrapper">Taiwan’s number two carrier has been involved in three service launches this year, with plans to add 22 container ships to its fleet between now and early 2030. </div>

Taiwan’s number two carrier has been involved in three service launches this year, with plans to add 22 container ships to its fleet between now and early 2030.

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<div class="phx-topic">Yang Ming Marine Transport will develop and strengthen new and existing sources of cargo and improve slot utilization and schedule reliability to offset trade risks facing the container shipping market, Taiwan’s second-largest carrier said Wednesday. “Geopolitical risks and evolving trade policies remain major sources of uncertainty,” the carrier said in a commentary accompanying the release of its first-quarter results, which saw declines in net profits and revenue. On developing its cargo base, the carrier has been involved in three service launches this year, with plans to add 22 container ships to its fleet between now and early 2030. The new loops comprise the inauguration of a Premier Alliance combined Far East-Latin America pendulum and Vietnam shuttle express service on April 28; its own China-Singapore-Malaysia (CMS) service using three 2,800-TEU vessels; and a slot charter agreement on the PS8/AP2 trans-Pacific service jointly operated by Ocean Network Express and Wan Hai Lines. Yang Ming said it will take delivery of three additional 15,600-TEU LNG-fueled ships this year following delivery of the first two ships in February. While delivery of new vessels is likely to outpace cargo demand growth this year, “persistent rerouting of vessels” to avoid the Middle East war zone will absorb surplus capacity and “effectively alleviate supply-side pressures,” the carrier said. Yang Ming said Alphaliner has forecast demand growth at 2.5% this year compared with supply growth of 3.8%, “with approximately 1.61 million TEUs of new vessel capacity scheduled for delivery.” “In response to market uncertainties, Yang Ming continues to strengthen its business deployment and cost competitiveness to capitalize on the recovery of post-Labor Day [May 1] shipments and the upcoming peak season demand,” the carrier said. Yang Ming noted the International Monetary Fund has cut its global economic growth forecast to 3.1% this year, citing heightened geopolitical uncertainty and significant volatility in energy prices, according to the IMF’s latest World Economic Outlook published last month. Despite those worries, Yang Ming said the manufacturing sector in most major economies “continues to demonstrate resilience.” <h3>Q1 decline in net profits, revenues </h3>The carrier, meanwhile, saw a decline in freight rates in the first quarter, resulting in lower net profit and revenues. Yang Ming said its first-quarter net profit slumped 81% to $50 million, while revenue dropped 14% to $1.2 billion. The carrier derives almost 60% of its revenue from the Asia-Europe and US trans-Pacific trades. Separately, Wan Hai Lines, the third of Taiwan’s Big Three carriers, reported that its first-quarter net profit dropped 15% to $243 million, according to a filing to the Taiwan stock exchange Tuesday. Revenue fell 20% to $1 billion. Evergreen Marine, the largest of Taiwan’s carriers and ranked 7th-largest globally, will release its first-quarter profit and revenue figures Thursday. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

Yang Ming Marine Transport will develop and strengthen new and existing sources of cargo and improve slot utilization and schedule reliability to offset trade risks facing the container shipping market, Taiwan’s second-largest carrier said Wednesday. “Geopolitical risks and evolving trade policies remain major sources of uncertainty,” the carrier said in a commentary accompanying the release of its first-quarter results, which saw declines in net profits and revenue. On developing its cargo base, the carrier has been involved in three service launches this year, with plans to add 22 container ships to its fleet between now and early 2030. The new loops comprise the inauguration of a Premier Alliance combined Far East-Latin America pendulum and Vietnam shuttle express service on April 28; its own China-Singapore-Malaysia (CMS) service using three 2,800-TEU vessels; and a slot charter agreement on the PS8/AP2 trans-Pacific service jointly operated by Ocean Network Express and Wan Hai Lines. Yang Ming said it will take delivery of three additional 15,600-TEU LNG-fueled ships this year following delivery of the first two ships in February. While delivery of new vessels is likely to outpace cargo demand growth this year, “persistent rerouting of vessels” to avoid the Middle East war zone will absorb surplus capacity and “effectively alleviate supply-side pressures,” the carrier said. Yang Ming said Alphaliner has forecast demand growth at 2.5% this year compared with supply growth of 3.8%, “with approximately 1.61 million TEUs of new vessel capacity scheduled for delivery.” “In response to market uncertainties, Yang Ming continues to strengthen its business deployment and cost competitiveness to capitalize on the recovery of post-Labor Day [May 1] shipments and the upcoming peak season demand,” the carrier said. Yang Ming noted the International Monetary Fund has cut its global economic growth forecast to 3.1% this year, citing heightened geopolitical uncertainty and significant volatility in energy prices, according to the IMF’s latest World Economic Outlook published last month. Despite those worries, Yang Ming said the manufacturing sector in most major economies “continues to demonstrate resilience.” Q1 decline in net profits, revenues The carrier, meanwhile, saw a decline in freight rates in the first quarter, resulting in lower net profit and revenues. Yang Ming said its first-quarter net profit slumped 81% to $50 million, while revenue dropped 14% to $1.2 billion. The carrier derives almost 60% of its revenue from the Asia-Europe and US trans-Pacific trades. Separately, Wan Hai Lines, the third of Taiwan’s Big Three carriers, reported that its first-quarter net profit dropped 15% to $243 million, according to a filing to the Taiwan stock exchange Tuesday. Revenue fell 20% to $1 billion. Evergreen Marine, the largest of Taiwan’s carriers and ranked 7th-largest globally, will release its first-quarter profit and revenue figures Thursday. Contact Keith Wallis at keithwallis@hotmail.com .

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Yang Ming to develop cargo base to offset trade, geopolitical uncertainties

<div class="phx-topic abstract-wrapper">Weather-related port congestion in January and February caused higher terminal storage costs while the war in the Middle East raised operating expenses late in the quarter.</div>

Weather-related port congestion in January and February caused higher terminal storage costs while the war in the Middle East raised operating expenses late in the quarter.

<div class="phx-topic">Hapag-Lloyd recorded a $300 million loss in the first quarter as severe winter weather on both sides of the Atlantic, rising energy costs and sharply declining rates dragged down the carrier’s earnings. It was “an unsatisfactory start to the year,” Hapag-Lloyd CEO Rolf Habben Jansen told reporters during a results briefing Wednesday. “We had adverse weather conditions in north and south Europe in January and February, and similar conditions on the East Coast of the US, and we are heavily exposed to those markets,” he said. Although bunker prices fell in the first quarter because of the time lag between purchase and consumption, higher terminal storage costs stacked up from weather-related port congestion in January and February, with Middle East-related disruptions adding to March operating costs. Hapag-Lloyd’s first-quarter volume was down 0.7% at 3.2 million TEUs, while average freight rates fell 10% year over year to $1,330 per TEU. The weak performance in the liner shipping segment dragged Hapag’s revenue down 7.5% to $4.9 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 54% to $500 million and earnings before interest and taxes were down 60% at $200 million. The $300 million net loss was down from a $500 million profit in the first quarter of 2025. War in the Middle East drove up energy prices from the end of February. Habben Jansen said the carrier was bunkering 100,000 tons of fuel a week, which was adding $50 million to $60 million to its weekly bills. “The situation in the Middle East caused significant extra cost from March, which we hope to recover through surcharges in the second quarter,” the CEO said. “A significant increase in bunker cost is expected in Q2 which will be covered by our emergency fuel surcharge and the regular marine fuel recovery mechanism.” <h3>Recovering rising bunker costs </h3>Half of the carrier’s volume is under contract where surcharges enable rising fuel costs to be fully recovered. On the spot market, Habben Jansen said rising rates through the peak season will factor in the bunker costs. “Looking at the sheer magnitude of the additional costs that we face, I think in most cases we have sensible discussions with customers, and that can be that we either come up with an emergency additional charge, or in some cases we move from a quarterly adjustment in the bunker formula to a monthly adjustment,” he said. While volume was flat compared with the first quarter of last year, the carrier was seeing solid market demand into May and beyond, and Habben Jansen said the industry was on track for a “decent” peak season. “We don’t see any real softening in demand for cargo at this point,” he said. “When we look at forward bookings, when we look at futures markets, when we talk to customers, there is an expectation that we will have a pretty decent peak season.” That’s not a view necessarily shared by the National Retail Federation, <a href="https://www.joc.com/article/weak-consumer-confidence-rising-inflation-dim-peak-season-hopes-6217405">which indicated on Friday</a> that peak season for US imports will be less than impressive due to weak consumer confidence, rising inflation and retailers hesitant to launch any meaningful restocking given a hazy economic outlook. <h3>HMM’s Q1 earnings also fall </h3>Meanwhile, South Korea carrier HMM also reported a sharp drop in first-quarter earnings as falling rates and rising costs from the Middle East war weighed on its results. Revenue fell 4.8% year over year to $1.8 million, operating profit declined 56% to $181 million and first-quarter net profit of $237 million was down 52%, HMM said in a statement Wednesday. The carrier warned of growing market uncertainty driven by increasing vessel capacity from a bloated order book, rising costs associated with the Middle East war, and US tariff policies. “HMM will implement fuel cost optimization strategies to mitigate the impact of prolonged high oil prices,” the carrier noted. “HMM also plans to launch new routes to markets like Africa by adopting a hub-and-spoke strategy, while securing new demand in regions such as Southeast Asia.” Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

Hapag-Lloyd recorded a $300 million loss in the first quarter as severe winter weather on both sides of the Atlantic, rising energy costs and sharply declining rates dragged down the carrier’s earnings. It was “an unsatisfactory start to the year,” Hapag-Lloyd CEO Rolf Habben Jansen told reporters during a results briefing Wednesday. “We had adverse weather conditions in north and south Europe in January and February, and similar conditions on the East Coast of the US, and we are heavily exposed to those markets,” he said. Although bunker prices fell in the first quarter because of the time lag between purchase and consumption, higher terminal storage costs stacked up from weather-related port congestion in January and February, with Middle East-related disruptions adding to March operating costs. Hapag-Lloyd’s first-quarter volume was down 0.7% at 3.2 million TEUs, while average freight rates fell 10% year over year to $1,330 per TEU. The weak performance in the liner shipping segment dragged Hapag’s revenue down 7.5% to $4.9 billion. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 54% to $500 million and earnings before interest and taxes were down 60% at $200 million. The $300 million net loss was down from a $500 million profit in the first quarter of 2025. War in the Middle East drove up energy prices from the end of February. Habben Jansen said the carrier was bunkering 100,000 tons of fuel a week, which was adding $50 million to $60 million to its weekly bills. “The situation in the Middle East caused significant extra cost from March, which we hope to recover through surcharges in the second quarter,” the CEO said. “A significant increase in bunker cost is expected in Q2 which will be covered by our emergency fuel surcharge and the regular marine fuel recovery mechanism.” Recovering rising bunker costs Half of the carrier’s volume is under contract where surcharges enable rising fuel costs to be fully recovered. On the spot market, Habben Jansen said rising rates through the peak season will factor in the bunker costs. “Looking at the sheer magnitude of the additional costs that we face, I think in most cases we have sensible discussions with customers, and that can be that we either come up with an emergency additional charge, or in some cases we move from a quarterly adjustment in the bunker formula to a monthly adjustment,” he said. While volume was flat compared with the first quarter of last year, the carrier was seeing solid market demand into May and beyond, and Habben Jansen said the industry was on track for a “decent” peak season. “We don’t see any real softening in demand for cargo at this point,” he said. “When we look at forward bookings, when we look at futures markets, when we talk to customers, there is an expectation that we will have a pretty decent peak season.” That’s not a view necessarily shared by the National Retail Federation, which indicated on Friday that peak season for US imports will be less than impressive due to weak consumer confidence, rising inflation and retailers hesitant to launch any meaningful restocking given a hazy economic outlook. HMM’s Q1 earnings also fall Meanwhile, South Korea carrier HMM also reported a sharp drop in first-quarter earnings as falling rates and rising costs from the Middle East war weighed on its results. Revenue fell 4.8% year over year to $1.8 million, operating profit declined 56% to $181 million and first-quarter net profit of $237 million was down 52%, HMM said in a statement Wednesday. The carrier warned of growing market uncertainty driven by increasing vessel capacity from a bloated order book, rising costs associated with the Middle East war, and US tariff policies. “HMM will implement fuel cost optimization strategies to mitigate the impact of prolonged high oil prices,” the carrier noted. “HMM also plans to launch new routes to markets like Africa by adopting a hub-and-spoke strategy, while securing new demand in regions such as Southeast Asia.” Contact Greg Knowler at greg.knowler@spglobal.com .

Hapag-Lloyd posts Q1 net loss in ‘unsatisfactory’ start to 2026

<div class="phx-topic abstract-wrapper">If current market conditions continue, analyst Larry Gross believes there will be fresh gains in domestic intermodal share. </div>

If current market conditions continue, analyst Larry Gross believes there will be fresh gains in domestic intermodal share.

<div class="phx-topic">Last month, <a href="https://www.joc.com/article/tailwinds-for-us-intermodal-volume-growth-strengthening-analyst-6206045">I wrote about</a> the gathering tailwinds for domestic intermodal. With truck rates rising under the pressure of tighter driver supply and skyrocketing diesel prices, the intermodal alternative should become more attractive. When they arrived, the March numbers from the Intermodal Association of North America (IANA) confirmed the story. Domestic intermodal across North America was up 8.4% from the prior year, and for loads originating and terminating within the US, the gain was even stronger at 9.3%. This led me to ask another question — will we finally see an upturn in domestic intermodal market share? Looking at those numbers, the answer for the moment appears to be: not yet. <div class="wrapper-narrow float-right-element"><img src="/images/phoenix/6219923_0.1.jpg"></img></div>My market share calculations have changed a bit this year, because the source of the truck data is new. The truck numbers are now being provided by the highly respected commercial vehicle and transportation market analytical powerhouse ACT Research. US dry-van and reefer loads are compiled monthly by mileage range. The lowest relevant mileage range is 301 to 600 miles. This raises a question: Which truck mileage range should we use to compute intermodal market share — 301 miles and more, or 600 miles and more? The decision has a huge effect on the share calculation, because, according to ACT, almost half of the dry-van and reefer truckloads that are moving distances of over 300 miles lie in that short-haul 301-600-mile range. For long-haul intermodal, the percentage is much lower, with significantly less than 10% of domestic intermodal activity moving 600 miles or less. Neither approach is perfect. Using the 300-mile cutoff has a dramatic downward effect on intermodal market share, while comparing all domestic intermodal with the 601-plus mile market artificially boosts intermodal market share by a bit. Rather than making the choice, the chart included here presents the data both ways. After all, we are far more interested in the trend, i.e. whether the number is rising or falling, than the actual number, which is only an estimate with a pretty decent margin of error. While the numbers are slightly different from my previous calculations, the message is relatively unchanged: domestic intermodal share is down from previous levels. Using the 601-plus-mile figures, share, which averaged 6.5% in 2013, averaged 5.7% over the 12-month period ending in March 2026. Further, it did not change much in 2025. However, these revised numbers do show that a modest gain occurred in 2023 and 2024 versus the trough in 2022, at least when the 601-plus-mile truck numbers are used for the comparison. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="fe43f201-73c6-4a49-a33e-7b3a3a655f43"></dynamic-object></div>Where to from here? I believe that if current conditions continue, then we will see domestic intermodal market share gains. It may simply be too soon to see it in the data. Supply chains, while more agile than they used to be, still don’t turn on a dime. The intermodal growth baton is being handed off from international to domestic. With international loads flagging, the domestic improvement will come just in time. Then the industry will face an operational test, and we will see if lessons have been learned. Ample supplies of domestic containers and chassis remain available to handle higher volumes. Will the railroads be able to cope with increased activity without deterioration in intermodal service levels? In my experience, the four most dangerous words in forecasting are: “this time it’s different.” History says that when volume increases, the railroads lack the surge capacity required and have a tough time catching up. The railroads say that won’t happen this time. On this, I am optimistic, but still very cautious. I don’t think it will take very long to see where things are headed. Larry Gross is president and founder of Gross Transportation Consulting. Contact him at <a href="mailto:lawrencejgross@gmail.com">lawrencejgross@gmail.com</a>. </div>

Last month, I wrote about the gathering tailwinds for domestic intermodal. With truck rates rising under the pressure of tighter driver supply and skyrocketing diesel prices, the intermodal alternative should become more attractive. When they arrived, the March numbers from the Intermodal Association of North America (IANA) confirmed the story. Domestic intermodal across North America was up 8.4% from the prior year, and for loads originating and terminating within the US, the gain was even stronger at 9.3%. This led me to ask another question — will we finally see an upturn in domestic intermodal market share? Looking at those numbers, the answer for the moment appears to be: not yet. My market share calculations have changed a bit this year, because the source of the truck data is new. The truck numbers are now being provided by the highly respected commercial vehicle and transportation market analytical powerhouse ACT Research. US dry-van and reefer loads are compiled monthly by mileage range. The lowest relevant mileage range is 301 to 600 miles. This raises a question: Which truck mileage range should we use to compute intermodal market share — 301 miles and more, or 600 miles and more? The decision has a huge effect on the share calculation, because, according to ACT, almost half of the dry-van and reefer truckloads that are moving distances of over 300 miles lie in that short-haul 301-600-mile range. For long-haul intermodal, the percentage is much lower, with significantly less than 10% of domestic intermodal activity moving 600 miles or less. Neither approach is perfect. Using the 300-mile cutoff has a dramatic downward effect on intermodal market share, while comparing all domestic intermodal with the 601-plus mile market artificially boosts intermodal market share by a bit. Rather than making the choice, the chart included here presents the data both ways. After all, we are far more interested in the trend, i.e. whether the number is rising or falling, than the actual number, which is only an estimate with a pretty decent margin of error. While the numbers are slightly different from my previous calculations, the message is relatively unchanged: domestic intermodal share is down from previous levels. Using the 601-plus-mile figures, share, which averaged 6.5% in 2013, averaged 5.7% over the 12-month period ending in March 2026. Further, it did not change much in 2025. However, these revised numbers do show that a modest gain occurred in 2023 and 2024 versus the trough in 2022, at least when the 601-plus-mile truck numbers are used for the comparison. Where to from here? I believe that if current conditions continue, then we will see domestic intermodal market share gains. It may simply be too soon to see it in the data. Supply chains, while more agile than they used to be, still don’t turn on a dime. The intermodal growth baton is being handed off from international to domestic. With international loads flagging, the domestic improvement will come just in time. Then the industry will face an operational test, and we will see if lessons have been learned. Ample supplies of domestic containers and chassis remain available to handle higher volumes. Will the railroads be able to cope with increased activity without deterioration in intermodal service levels? In my experience, the four most dangerous words in forecasting are: “this time it’s different.” History says that when volume increases, the railroads lack the surge capacity required and have a tough time catching up. The railroads say that won’t happen this time. On this, I am optimistic, but still very cautious. I don’t think it will take very long to see where things are headed. Larry Gross is president and founder of Gross Transportation Consulting. Contact him at lawrencejgross@gmail.com .

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Domestic intermodal share improvement remains elusive, for now

<div class="phx-topic abstract-wrapper">The carrier is increasing capacity in response to growth in Indian imports from China and other Asian production markets in recent years, propelled by input sourcing to support rapid industrial development.</div>

The carrier is increasing capacity in response to growth in Indian imports from China and other Asian production markets in recent years, propelled by input sourcing to support rapid industrial development.

<div class="phx-topic">Maersk is restarting an intra-Asia service that was suspended in late 2020 as part of widespread network shakeups in the aftermath of the pandemic. The standalone FI2 service connecting key ports in China, Malaysia, India and Pakistan is set to return to the trade lane in early June, complementing the FI3 that the Danish carrier still operates in a revamped format. Six ships in the 3,400-TEU to 4,500-TEU range will be deployed on the FI2 to provide a weekly rotation, calling at Shanghai, Ningbo, Nansha, Tanjung Pelepas, Nhava Sheva, Pipavav and Port Qasim (Karachi). The first sailing from Shanghai is planned for June 4. “Designed to strengthen network coverage and offer greater flexibility, the FI2 service provides enhanced connectivity from Southern and Central China to key, fast-growing markets in Northwest India and Pakistan,” Maersk said in a customer advisory. The FI3 has stops at Qingdao, Xingang, Busan, Tanjung Pelepas, Nhava Sheva, Pipavav, Mundra and Karachi. Maersk is increasing capacity in response to growth in Indian imports from China and other Asian production markets in recent years, propelled by input sourcing to support rapid industrial development. Indian imports from China by value were up 16% year over year in the 2025–26 fiscal year that ended in March, according to official data. Logistics industry executives view China-India trade as a fast-growing lane, estimating double-digit growth in volumes over the past year. They expect the boom to accelerate as multinational manufacturers pursuing a China-plus-one strategy add more production lines in India. Japanese automaker Toyota has announced plans to set up a new sports utility vehicle (SUV) manufacturing plant in the western Indian state of Maharashtra, its fourth in the country. <h3>Middle East chokepoints shift focus to intra-Asia </h3>Ashish Sheth, chairman and managing director of Sarjak Container Lines, believes Persian Gulf chokepoints such as the Strait of Hormuz and Red Sea have refueled the strategic importance of intra-Asia trades for India. “China-India container trade continues to show strong structural growth in 2026, driven by electronics, machinery, chemicals and manufacturing inputs,” Sheth told the Journal of Commerce. Cargo booking rates from China to India have risen in recent months, with average mainline Shanghai-Nhava Sheva rates now at $1,300 to $1,400 per FEU, industry data indicates. Most mainliners have already positioned themselves alongside niche intra-Asia operators to capture fresh demand gains. In late 2025, CMA CGM began a regional loop linking Thailand, Vietnam and Malaysia to Chennai in southeast India with extended reach for western India and Pakistan via feeder connectivity. Ocean Network Express and HMM have also cemented their intra-Asia presence out of India through vessel-sharing or slot partnerships. Chinese-backed CU Lines seems to be another emerging capacity participant on the trade lane, rivaling the predominant regional carriers such as Wan Hai Lines, Cosco Shipping, Pacific International Lines, Evergreen, Yang Ming and Interasia Lines. Contact Bency Mathew at <a href="mailto:bencyvmathew@gmail.com">bencyvmathew@gmail.com</a>. </div>

Maersk is restarting an intra-Asia service that was suspended in late 2020 as part of widespread network shakeups in the aftermath of the pandemic. The standalone FI2 service connecting key ports in China, Malaysia, India and Pakistan is set to return to the trade lane in early June, complementing the FI3 that the Danish carrier still operates in a revamped format. Six ships in the 3,400-TEU to 4,500-TEU range will be deployed on the FI2 to provide a weekly rotation, calling at Shanghai, Ningbo, Nansha, Tanjung Pelepas, Nhava Sheva, Pipavav and Port Qasim (Karachi). The first sailing from Shanghai is planned for June 4. “Designed to strengthen network coverage and offer greater flexibility, the FI2 service provides enhanced connectivity from Southern and Central China to key, fast-growing markets in Northwest India and Pakistan,” Maersk said in a customer advisory. The FI3 has stops at Qingdao, Xingang, Busan, Tanjung Pelepas, Nhava Sheva, Pipavav, Mundra and Karachi. Maersk is increasing capacity in response to growth in Indian imports from China and other Asian production markets in recent years, propelled by input sourcing to support rapid industrial development. Indian imports from China by value were up 16% year over year in the 2025–26 fiscal year that ended in March, according to official data. Logistics industry executives view China-India trade as a fast-growing lane, estimating double-digit growth in volumes over the past year. They expect the boom to accelerate as multinational manufacturers pursuing a China-plus-one strategy add more production lines in India. Japanese automaker Toyota has announced plans to set up a new sports utility vehicle (SUV) manufacturing plant in the western Indian state of Maharashtra, its fourth in the country. Middle East chokepoints shift focus to intra-Asia Ashish Sheth, chairman and managing director of Sarjak Container Lines, believes Persian Gulf chokepoints such as the Strait of Hormuz and Red Sea have refueled the strategic importance of intra-Asia trades for India. “China-India container trade continues to show strong structural growth in 2026, driven by electronics, machinery, chemicals and manufacturing inputs,” Sheth told the Journal of Commerce. Cargo booking rates from China to India have risen in recent months, with average mainline Shanghai-Nhava Sheva rates now at $1,300 to $1,400 per FEU, industry data indicates. Most mainliners have already positioned themselves alongside niche intra-Asia operators to capture fresh demand gains. In late 2025, CMA CGM began a regional loop linking Thailand, Vietnam and Malaysia to Chennai in southeast India with extended reach for western India and Pakistan via feeder connectivity. Ocean Network Express and HMM have also cemented their intra-Asia presence out of India through vessel-sharing or slot partnerships. Chinese-backed CU Lines seems to be another emerging capacity participant on the trade lane, rivaling the predominant regional carriers such as Wan Hai Lines, Cosco Shipping, Pacific International Lines, Evergreen, Yang Ming and Interasia Lines. Contact Bency Mathew at bencyvmathew@gmail.com .

International ports

Maersk joins race to target burgeoning China-India trade with capacity boost

<div class="phx-topic abstract-wrapper">Without the funding element, shipping groups and environmental campaigners argue that the so-called net-zero framework will be unable to provide crucial funding for shipping’s decarbonization journey.</div>

Without the funding element, shipping groups and environmental campaigners argue that the so-called net-zero framework will be unable to provide crucial funding for shipping’s decarbonization journey.

<div class="phx-topic">The pricing mechanism that is a core pillar of the International Maritime Organization’s (IMO’s) net-zero framework is “exceedingly unlikely” to be accepted by the US, according to maritime classification society DNV. At a meeting of the IMO’s Marine Environment Protection Committee (MEPC 84) in London in late April, Washington reiterated its opposition to the economic mechanism in the net-zero framework (NZF) that is meant to provide crucial funding for shipping’s decarbonization journey. “The fund mechanism is, in our assessment, dead in the water,” Eirik Nyhus, DNV’s vice president and director of environment, told a webcast organized by the group last week. “We see it as exceedingly unlikely that the US will accept the economic aspects of [the] net-zero framework in any form.” Achieving the IMO target of full decarbonization by or around 2050 with benchmark targets set along the way will require narrowing the wide price gap that exists between fossil fuels and the low- or zero-emission alternatives, which, by its very nature, will require making fossil fuels more expensive. But without the funding element, shipping groups and environmental campaigners argue that the NZF will become irrelevant. A report from the Global Maritime Forum earlier this year warned that any removal of the economic element— designed to make green technologies cheaper than high-emission alternatives — would also remove the likelihood of effective enforcement. “A standalone global fuel standard with no economic elements would likely merely replicate what already exists in the carbon intensity indicator [CII] mechanism, which requires ships with repeated non-compliance at a certain level to file a corrective action plan,” the report noted. <h3>US reiterates opposition </h3>The Trump administration made clear its opposition to the net-zero framework at a contentious MEPC 83 meeting in October last year, even threatening to leave the IMO over the issue. That <a href="https://www.joc.com/article/fmcs-dibella-brings-anti-net-zero-message-to-imo-london-meeting-6210952">anti-NZF message was reinforced by Federal Maritime Commission (FMC) Chairman Laura DiBella</a> when she attended the most recent MEPC meeting in London two weeks ago. “The NZF is an unnecessary tax on US shippers and vessels operating in international waters,” DiBella said in a statement before attending the meeting. “The NZF would cost the maritime industry billions of dollars annually. As the largest consumer of imported goods, these costs will be directly passed onto US consumers.” The IMO’s NZF is aimed at reducing greenhouse gas (GHG) emissions from ships, in line with its 2023 GHG Strategy. It aims to set global standards for shipping’s carbon emissions and create a greenhouse gas pricing mechanism for ocean carriers to sharply reduce emissions by 2050. The NZF took a big step forward with the formal adoption of <a href="https://www.joc.com/article/imo-sets-out-path-to-decarbonize-shipping-after-contentious-climate-talks-5982209">a two-tier pricing mechanism at the April 2025 MEPC meeting</a>. But it was a short-lived victory as growing pressure from the US and its supporters culminated in a tense MEPC meeting last October. Despite 80% approval for the NZF from member states voting in April 2025, 34 countries switched positions between April and October to favor the deferment in the face of growing pressure from the US. As a result, the IMO <a href="https://www.joc.com/article/imo-punts-on-pivotal-net-zero-shipping-regulation-6099141">was forced to delay adoption of the net-zero framework for one year</a>, until the MEPC 85 meeting planned for Nov. 30 to Dec. 4. “What we saw [at MEPC 84] was that the opposition to, and the coalition against, the net-zero framework that we saw emerge at MEPC 83 was largely unchanged,” Nyhus said. “The language was a little bit different in some cases, but the root positions were more or less what they used to be.” <h3>Binding regulatory measure </h3>While positions are entrenched, there was some progress made at MEPC 84. At the close of the meeting on May 1, countries at least confirmed that the NZF will serve as the foundation for upcoming negotiations in addition to alternate proposals that have been submitted by some countries, including Japan and Liberia. With the architecture of the NZF preserved, non-profit organization Environmental Defense Fund (EDF) said member states can now work through the concerns and priorities of all parties to develop a binding regulatory measure to reduce emissions from the sector. “Decarbonizing shipping isn’t just good for the climate, it’s good for business,” said Mark Brownstein, EDF’s senior vice president of energy transition. “The market is ready. Investors are ready. What’s needed now is certainty, and the net-zero framework is the foundation to build it on.” The IMO is now focused on building consensus around some version of the NZF this year before a reconvened MEPC meets in late November to finalize the legally binding measures. There will be two IMO intersessional working groups in the coming months, alongside a technical expert workshop on fuel supply chain traceability, that will try to address outstanding concerns and come up with detailed guidelines needed to get the framework ready for adoption at MEPC 85 in November. “We will see how that all plays out, but there is at least a willingness to keep talking, and it is important that the process keeps moving forward,” Nyhus said. “But as a consequence of this, the timeline for anything post-2026 remains unclear. “We don’t know if we will have an approval at MEPC 85, and we don’t know what it will look like if we get it,” he added. Contact Greg Knowler at <a href="https://www.joc.com/article/no-clear-path-to-get-imos-net-zero-framework-over-the-line-industry-experts-6175174">greg.knowler@spglobal.com</a>. </div>

The pricing mechanism that is a core pillar of the International Maritime Organization’s (IMO’s) net-zero framework is “exceedingly unlikely” to be accepted by the US, according to maritime classification society DNV. At a meeting of the IMO’s Marine Environment Protection Committee (MEPC 84) in London in late April, Washington reiterated its opposition to the economic mechanism in the net-zero framework (NZF) that is meant to provide crucial funding for shipping’s decarbonization journey. “The fund mechanism is, in our assessment, dead in the water,” Eirik Nyhus, DNV’s vice president and director of environment, told a webcast organized by the group last week. “We see it as exceedingly unlikely that the US will accept the economic aspects of [the] net-zero framework in any form.” Achieving the IMO target of full decarbonization by or around 2050 with benchmark targets set along the way will require narrowing the wide price gap that exists between fossil fuels and the low- or zero-emission alternatives, which, by its very nature, will require making fossil fuels more expensive. But without the funding element, shipping groups and environmental campaigners argue that the NZF will become irrelevant. A report from the Global Maritime Forum earlier this year warned that any removal of the economic element— designed to make green technologies cheaper than high-emission alternatives — would also remove the likelihood of effective enforcement. “A standalone global fuel standard with no economic elements would likely merely replicate what already exists in the carbon intensity indicator [CII] mechanism, which requires ships with repeated non-compliance at a certain level to file a corrective action plan,” the report noted. US reiterates opposition The Trump administration made clear its opposition to the net-zero framework at a contentious MEPC 83 meeting in October last year, even threatening to leave the IMO over the issue. That anti-NZF message was reinforced by Federal Maritime Commission (FMC) Chairman Laura DiBella when she attended the most recent MEPC meeting in London two weeks ago. “The NZF is an unnecessary tax on US shippers and vessels operating in international waters,” DiBella said in a statement before attending the meeting. “The NZF would cost the maritime industry billions of dollars annually. As the largest consumer of imported goods, these costs will be directly passed onto US consumers.” The IMO’s NZF is aimed at reducing greenhouse gas (GHG) emissions from ships, in line with its 2023 GHG Strategy. It aims to set global standards for shipping’s carbon emissions and create a greenhouse gas pricing mechanism for ocean carriers to sharply reduce emissions by 2050. The NZF took a big step forward with the formal adoption of a two-tier pricing mechanism at the April 2025 MEPC meeting . But it was a short-lived victory as growing pressure from the US and its supporters culminated in a tense MEPC meeting last October. Despite 80% approval for the NZF from member states voting in April 2025, 34 countries switched positions between April and October to favor the deferment in the face of growing pressure from the US. As a result, the IMO was forced to delay adoption of the net-zero framework for one year , until the MEPC 85 meeting planned for Nov. 30 to Dec. 4. “What we saw [at MEPC 84] was that the opposition to, and the coalition against, the net-zero framework that we saw emerge at MEPC 83 was largely unchanged,” Nyhus said. “The language was a little bit different in some cases, but the root positions were more or less what they used to be.” Binding regulatory measure While positions are entrenched, there was some progress made at MEPC 84. At the close of the meeting on May 1, countries at least confirmed that the NZF will serve as the foundation for upcoming negotiations in addition to alternate proposals that have been submitted by some countries, including Japan and Liberia. With the architecture of the NZF preserved, non-profit organization Environmental Defense Fund (EDF) said member states can now work through the concerns and priorities of all parties to develop a binding regulatory measure to reduce emissions from the sector. “Decarbonizing shipping isn’t just good for the climate, it’s good for business,” said Mark Brownstein, EDF’s senior vice president of energy transition. “The market is ready. Investors are ready. What’s needed now is certainty, and the net-zero framework is the foundation to build it on.” The IMO is now focused on building consensus around some version of the NZF this year before a reconvened MEPC meets in late November to finalize the legally binding measures. There will be two IMO intersessional working groups in the coming months, alongside a technical expert workshop on fuel supply chain traceability, that will try to address outstanding concerns and come up with detailed guidelines needed to get the framework ready for adoption at MEPC 85 in November. “We will see how that all plays out, but there is at least a willingness to keep talking, and it is important that the process keeps moving forward,” Nyhus said. “But as a consequence of this, the timeline for anything post-2026 remains unclear. “We don’t know if we will have an approval at MEPC 85, and we don’t know what it will look like if we get it,” he added. Contact Greg Knowler at greg.knowler@spglobal.com .

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IMO carbon pricing mechanism ‘dead in the water’: DNV

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Domestic intermodal share improvement remains elusive, for now