<div class="phx-topic abstract-wrapper">Sales Net Income Per Share CompanyPeriod Latest Prior Latest Pr</div>

Sales Net Income Per Share CompanyPeriod Latest Prior Latest Pr

<div>Sales Net Income Per ShareCompanyPeriod Latest Prior Latest Prior Latest Prior PageAmericanInternationalGroup Inc.A 2,545.7 1,807.5 234.0 136.3 1.43 .84 11AAusimont N.V.A 174.9 175.3 14.3 13.3 0.43 0.52 6BWheeling-PittsburghSteelA 255.1 219.6 34.0 4.0 6.20 0.34 -A-Three months ended March 31, 1986. ( ) Denotes loss.Figures in millions of dollars except net income per share.Lower earnings per share reflect a higher number of outstanding shares for the quarter.</div>...

Sales Net Income Per Share CompanyPeriod Latest Prior Latest Prior Latest Prior Page American International Group Inc. A 2,545.7 1,807.5 234.0 136.3 1.43 .84 11A Ausimont N.V. A 174.9 175.3 14.3 13.3 0.43 0.52 6B Wheeling-Pittsburgh Steel A 255.1 219.6 34.0 4.0 6.20 0.34 - A-Three months ended March 31, 1986. ( ) Denotes loss. Figures in millions of dollars except net income per share. Lower earnings per share reflect a higher number of outstanding shares for the quarter.

EARNINGS

<div class="phx-topic abstract-wrapper">The US’ de minimis program, which ended in May, allowed importers one shipment per day valued at $800 or less to clear customs duty-free and with minimal data elements. </div>

The US’ de minimis program, which ended in May, allowed importers one shipment per day valued at $800 or less to clear customs duty-free and with minimal data elements.

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<div class="phx-topic">US Customs and Border Protection (CBP) has collected more than $1 billion in duties on low-value imports since the May end of the duty-free de minimis provision. The duties collected were generated from more than 246 million low-cost, US-bound shipments since the Trump administration began phasing out the de minimis provision, also known as Section 321 shipments, earlier this year, CBP said in a statement Wednesday. The US’ de minimis program allowed importers one shipment per day valued at $800 or less to clear customs duty-free and with minimal data elements. “Reaching the $1 billion milestone so quickly shows just how much revenue was slipping away under the old rules,” CBP Commissioner Rodney Scott said in the statement. “With this change, American businesses don’t have to compete with duty-free foreign goods, and CBP has stronger oversight of what comes into our country.” The Trump administration began phasing out the de minimis rule on May 2 on shipments from China and Hong Kong and extended the ban globally on Aug. 29. The value threshold of the de minimis provision was increased from $200 to $800 in 2016, based largely on lobbying from parcel integrators interested in facilitating more frictionless e-commerce cross-border shipments. The higher threshold has been cited as the key driver in the huge growth of those shipments, especially in tandem with CBP’s Type 86 entry program, which allowed de minimis shipments to be cleared faster if moved via intermediaries that partnered with the agency to provide more robust details on the characteristics of the shipments than normal Section 321 entries. Low-cost e-commerce giants such as China-based Shein and Temu have used the higher threshold to grow revenue exponentially during and after the pandemic. <h3>Safety element </h3>US customs brokers have long argued that raising the de minimis value threshold created more security vulnerability for CBP, given that the limited customs entries associated with 321 filings were not robust enough. Customs brokers lost revenue because of broader use of the de minimis rule, as those shipments did not require formal customs entry, a process that brokers generally charge a fee for. CBP in its statement touted the safety element of ending the de minimis rule, saying seizures of unsafe and non-compliant low-value goods have increased by 82%, including counterfeits, narcotics, faulty electronics and goods containing hazardous chemicals. “With increased visibility into data for these low-value shipments, we’re better equipped to detect and disrupt criminal networks from smuggling drugs, counterfeits, and other illegal items — making our country safer,” Susan Thomas, acting executive assistant commissioner for CBP’s Office of Trade, said in the statement. The amount collected in duties from shipments once protected under the de minimis provision is a fraction of the overall amount of tariff revenue collected by CBP in 2025. The Trump administration stated in recent court filings that it has collected more than $125 billion in tariffs since the White House announced global tariffs under the International Emergency Economic Powers Act in the spring. But the legality of those tariffs is being challenged before the US Supreme Court, and a ruling against the administration could trigger massive refunds to importers. Contact Eric Johnson at <a href="mailto:eric.johnson@spglobal.com">eric.johnson@spglobal.com</a>. </div>

US Customs and Border Protection (CBP) has collected more than $1 billion in duties on low-value imports since the May end of the duty-free de minimis provision. The duties collected were generated from more than 246 million low-cost, US-bound shipments since the Trump administration began phasing out the de minimis provision, also known as Section 321 shipments, earlier this year, CBP said in a statement Wednesday. The US’ de minimis program allowed importers one shipment per day valued at $800 or less to clear customs duty-free and with minimal data elements. “Reaching the $1 billion milestone so quickly shows just how much revenue was slipping away under the old rules,” CBP Commissioner Rodney Scott said in the statement. “With this change, American businesses don’t have to compete with duty-free foreign goods, and CBP has stronger oversight of what comes into our country.” The Trump administration began phasing out the de minimis rule on May 2 on shipments from China and Hong Kong and extended the ban globally on Aug. 29. The value threshold of the de minimis provision was increased from $200 to $800 in 2016, based largely on lobbying from parcel integrators interested in facilitating more frictionless e-commerce cross-border shipments. The higher threshold has been cited as the key driver in the huge growth of those shipments, especially in tandem with CBP’s Type 86 entry program, which allowed de minimis shipments to be cleared faster if moved via intermediaries that partnered with the agency to provide more robust details on the characteristics of the shipments than normal Section 321 entries. Low-cost e-commerce giants such as China-based Shein and Temu have used the higher threshold to grow revenue exponentially during and after the pandemic. Safety element US customs brokers have long argued that raising the de minimis value threshold created more security vulnerability for CBP, given that the limited customs entries associated with 321 filings were not robust enough. Customs brokers lost revenue because of broader use of the de minimis rule, as those shipments did not require formal customs entry, a process that brokers generally charge a fee for. CBP in its statement touted the safety element of ending the de minimis rule, saying seizures of unsafe and non-compliant low-value goods have increased by 82%, including counterfeits, narcotics, faulty electronics and goods containing hazardous chemicals. “With increased visibility into data for these low-value shipments, we’re better equipped to detect and disrupt criminal networks from smuggling drugs, counterfeits, and other illegal items — making our country safer,” Susan Thomas, acting executive assistant commissioner for CBP’s Office of Trade, said in the statement. The amount collected in duties from shipments once protected under the de minimis provision is a fraction of the overall amount of tariff revenue collected by CBP in 2025. The Trump administration stated in recent court filings that it has collected more than $125 billion in tariffs since the White House announced global tariffs under the International Emergency Economic Powers Act in the spring. But the legality of those tariffs is being challenged before the US Supreme Court, and a ruling against the administration could trigger massive refunds to importers. Contact Eric Johnson at eric.johnson@spglobal.com .

Transport, Trade and Regulation News

Revenue from low-value shipment duties crosses $1 billion mark: CBP

<div class="phx-topic abstract-wrapper">The resistance came primarily from Expeditors International, with sources saying the forwarder flagged ongoing uncertainty around the insurance premium implications of a Suez routing. </div>

The resistance came primarily from Expeditors International, with sources saying the forwarder flagged ongoing uncertainty around the insurance premium implications of a Suez routing.

<div class="phx-topic">Hapag-Lloyd has dropped plans to reinstate a Suez Canal routing for its India-US East Coast “TPI” service after failing to secure sufficient customer backing due to cargo insurance concerns, local industry sources, including within Hapag-Lloyd India, told the Journal of Commerce. The pushback came primarily from Expeditors International, said to be the German carrier’s largest freight forwarder account for India-US volumes. The US-based forwarder is understood to have flagged ongoing uncertainty around the insurance premium implications of a Suez routing in response to Hapag-Lloyd’s outreach for customer feedback. “Expeditors was unable to persuade many of its core shipper clients to sign on to a letter of intent framework that would have required them to absorb terrorism and war-risk liabilities for vessels transiting the Red Sea,” said a Hapag-Lloyd India executive who didn’t want to be identified. “Forwarders without this requirement are more willing to ship as they are able to manage the necessary insurance coverage for Suez transits.” When contacted by the Journal of Commerce for comment, a global spokesperson for Hapag-Lloyd said no timeline has been set for a return to the Suez route. “We continue to monitor developments very closely and maintain a detailed plan for a potential return, but any decision will only be taken when the security situation is sustainably safe,” the spokesperson said. “We need to see constant stability and tangible progress before routing vessels back through the Suez Canal.” Expeditors’ support is critical as it moves approximately 400 TEUs per week on Hapag-Lloyd’s India-US network, mostly on the TPI. The carrier is believed to have received positive signals for a Suez return from other major global forwarders such as DSV, Kuehne + Nagel and C.H. Robinson. Sources across European carriers agree that extra insurance exposure remains a sticking point in customer engagement on Suez resumption efforts. US retailer Costco is said to be among the Indian goods buyers reluctant to commit cargo support for Suez transits. Hapag-Lloyd is a predominant operator on the India-USEC trade. Out of an estimated 1.3 million TEUs shipped from India to the US this year through November, the carrier handled approximately 303,500 TEUs, representing about 23% of the market, according to industry data. <h3>Carriers weigh Red Sea return </h3>Ocean carriers have been weighing a resumption of mainline Red Sea/Suez Canal transits in the aftermath of what has been a shaky ceasefire between Israel and Hamas in Gaza, but most shipping executives say the security situation is still too unsettled, forcing continued diversions around southern Africa. The Premier Alliance <a href="https://www.joc.com/article/premier-alliances-2026-network-to-maintain-red-sea-diversions-6134989">unveiled its updated 2026 network this week</a> with services from Asia to Europe, the Mediterranean and the US East Coast continuing to divert around the Cape of Good Hope to avoid passing through the Red Sea. Still, Ocean Network Express <a href="https://www.joc.com/article/one-returns-to-red-sea-under-slot-charter-deal-with-thailands-rcl-partners-6136866">confirmed Wednesday</a> it will make a tentative return to the Red Sea cargo market under a slot charter agreement with three regional carriers. Sunil Vaswani, executive director of the Container Shipping Lines Association (India), said while there have been some eastbound sailing attempts over the Suez, most lines want to “test the Red Sea waters” ahead of implementing drastic network changes, given the persistent geopolitical volatility. Meanwhile, CMA CGM <a href="https://www.joc.com/article/stretched-logistics-capacity-in-europe-threatened-by-red-sea-return-6129492">is set to resume a Suez-based rotation for its India-USEC “Indamex” service</a> from January, with the first westbound sailing under the “normal” itinerary known to be the 6,039-TEU CMA CGM Verdi departing India’s Nhava Sheva Port Jan. 18 and transiting the Suez Canal Feb. 8, available data indicates. The French carrier plans to switch over to a full Suez rotation for the Indamex in the second quarter of 2026 as it continues to realign capacity deployments. Contact Bency Mathew at <a href="mailto:bencyvmathew@gmail.com">bencyvmathew@gmail.com</a>. </div>

Hapag-Lloyd has dropped plans to reinstate a Suez Canal routing for its India-US East Coast “TPI” service after failing to secure sufficient customer backing due to cargo insurance concerns, local industry sources, including within Hapag-Lloyd India, told the Journal of Commerce. The pushback came primarily from Expeditors International, said to be the German carrier’s largest freight forwarder account for India-US volumes. The US-based forwarder is understood to have flagged ongoing uncertainty around the insurance premium implications of a Suez routing in response to Hapag-Lloyd’s outreach for customer feedback. “Expeditors was unable to persuade many of its core shipper clients to sign on to a letter of intent framework that would have required them to absorb terrorism and war-risk liabilities for vessels transiting the Red Sea,” said a Hapag-Lloyd India executive who didn’t want to be identified. “Forwarders without this requirement are more willing to ship as they are able to manage the necessary insurance coverage for Suez transits.” When contacted by the Journal of Commerce for comment, a global spokesperson for Hapag-Lloyd said no timeline has been set for a return to the Suez route. “We continue to monitor developments very closely and maintain a detailed plan for a potential return, but any decision will only be taken when the security situation is sustainably safe,” the spokesperson said. “We need to see constant stability and tangible progress before routing vessels back through the Suez Canal.” Expeditors’ support is critical as it moves approximately 400 TEUs per week on Hapag-Lloyd’s India-US network, mostly on the TPI. The carrier is believed to have received positive signals for a Suez return from other major global forwarders such as DSV, Kuehne + Nagel and C.H. Robinson. Sources across European carriers agree that extra insurance exposure remains a sticking point in customer engagement on Suez resumption efforts. US retailer Costco is said to be among the Indian goods buyers reluctant to commit cargo support for Suez transits. Hapag-Lloyd is a predominant operator on the India-USEC trade. Out of an estimated 1.3 million TEUs shipped from India to the US this year through November, the carrier handled approximately 303,500 TEUs, representing about 23% of the market, according to industry data. Carriers weigh Red Sea return Ocean carriers have been weighing a resumption of mainline Red Sea/Suez Canal transits in the aftermath of what has been a shaky ceasefire between Israel and Hamas in Gaza, but most shipping executives say the security situation is still too unsettled, forcing continued diversions around southern Africa. The Premier Alliance unveiled its updated 2026 network this week with services from Asia to Europe, the Mediterranean and the US East Coast continuing to divert around the Cape of Good Hope to avoid passing through the Red Sea. Still, Ocean Network Express confirmed Wednesday it will make a tentative return to the Red Sea cargo market under a slot charter agreement with three regional carriers. Sunil Vaswani, executive director of the Container Shipping Lines Association (India), said while there have been some eastbound sailing attempts over the Suez, most lines want to “test the Red Sea waters” ahead of implementing drastic network changes, given the persistent geopolitical volatility. Meanwhile, CMA CGM is set to resume a Suez-based rotation for its India-USEC “Indamex” service from January, with the first westbound sailing under the “normal” itinerary known to be the 6,039-TEU CMA CGM Verdi departing India’s Nhava Sheva Port Jan. 18 and transiting the Suez Canal Feb. 8, available data indicates. The French carrier plans to switch over to a full Suez rotation for the Indamex in the second quarter of 2026 as it continues to realign capacity deployments. Contact Bency Mathew at bencyvmathew@gmail.com .

Container lines

Trans-Atlantic

Asia-Europe

Container Shipping News

Maritime

Hapag-Lloyd nixes Suez return for India-USEC loop amid customer pushback

<div class="phx-topic abstract-wrapper">While the alliance will strengthen its presence in Southeast Asia, the refined network to be rolled out in April has removed several direct calls in other parts of Asia. </div>

While the alliance will strengthen its presence in Southeast Asia, the refined network to be rolled out in April has removed several direct calls in other parts of Asia.

<div class="phx-topic">The Asia-Europe trade lane of the Premier Alliance’s revised 2026 network is edging closer to a hub-and-spoke model, with some loops having just five ports in their rotation. While the alliance of HMM, Ocean Network Express (ONE) and Yang Ming will strengthen its presence in Southeast Asia, the refined network that was unveiled earlier this week and will be put into play in April has removed several direct calls in other parts of Asia, according to Alphaliner. “This will be compensated for by more feeder services calling at Busan for transshipment to and from Kaohsiung, Xiamen and the Japanese ports of Tokyo, Kobe and Nagoya,” the analyst wrote in its latest newsletter. The Gemini Cooperation alliance of Maersk and Hapag-Lloyd uses a hub-and-spoke approach, with its east-west network consisting of 29 mainline services and 28 intra-regional shuttle services. The carriers wholly or partly control the hub terminals where Gemini ships call, with Maersk controlling most of the shuttles that make up the spokes. “While not adopting the hub-and-spoke principle applied by the Gemini Cooperation, some [Premier Alliance] Asia-North Europe loops will only have five ports in their rotation,” Alphaliner noted, adding that the Asia-Europe trade was most affected by the network revision. For example, the Asia-North Europe leg will be maintained as a dedicated Southeast Asia-North Europe FE1 loop calling at five ports — Laem Chabang (Thailand), Cai Mep (Vietnam), Singapore, Rotterdam and Hamburg before returning to Singapore and Laem Chabang. The FE4 loop from April will also have a limited rotation, with calls at Shanghai and Busan on the Asian side and at Rotterdam, Hamburg and Le Havre in Europe. On the FE3 loop, Busan, Shanghai and Xiamen will be removed, with the Asian rotation including stops at Qingdao, Ningbo, Yantian and Singapore. The European rotation will become Algeciras (Spain), Felixstowe (replacing Southampton), Hamburg and Antwerp (replacing Rotterdam). Another change is that the vessels will return directly from Antwerp to Qingdao, skipping current eastbound calls at Singapore and Yantian. In the North Europe-Asia-North America West Coast FP2 pendulum service, the European rotation will only include Southampton, Rotterdam and a new second eastbound call at Southampton. <h3>Schedule reliability needs improvement </h3>The shortening of some rotations is aimed at enhancing the Premier Alliance’s schedule reliability, an area that requires substantial improvement. On-time performance data from eeSea by Xeneta shows the alliance carriers’ global reliability was at 36% in the first quarter but slid to 22% by the third quarter before edging up to 23% thus far in the fourth quarter. Average ship delays began the year at 2.7 days in the first quarter, but that has almost doubled to 5.2 days in the fourth quarter. Peter Sand, chief analyst at Xeneta, said there was certainly room for improvement in Premier’s on-time performance. “Shippers will hold Premier Alliance responsible in 2026 for their claim that enhanced service reliability will be delivered through an optimized global network,” Sand told the Journal of Commerce. In <a href="https://www.joc.com/article/premier-alliances-2026-network-to-maintain-red-sea-diversions-6134989">a joint statement earlier this week</a>, Premier Alliance members said the updated network aimed to “deliver improved service reliability by means of an optimized global structure.” “With the Premier Alliance calling fewer ports on individual services, that could prove to be one pathway to better on-time performance,” Sand noted. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="327db686-17bc-4c86-bc4e-86d341c2425a"></dynamic-object></div>Gemini Cooperation continues to lead global schedule reliability scores, recording 88.6% on-time performance across September and October, according to data from Sea-Intelligence Maritime Analysis. The standalone Mediterranean Shipping Co. was at 77.5%, Ocean Alliance scored 65% and Premier Alliance recorded 64.6% over the two months. Data from eeSea shows overall industry schedule reliability on the Asia-North Europe trade lane in November was 32%, up from a 2025 low of just 18% in August. Asia-Mediterranean on-time performance of 30% in November, while still at a low level, was also a substantial improvement on the 15% recorded in August. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

The Asia-Europe trade lane of the Premier Alliance’s revised 2026 network is edging closer to a hub-and-spoke model, with some loops having just five ports in their rotation. While the alliance of HMM, Ocean Network Express (ONE) and Yang Ming will strengthen its presence in Southeast Asia, the refined network that was unveiled earlier this week and will be put into play in April has removed several direct calls in other parts of Asia, according to Alphaliner. “This will be compensated for by more feeder services calling at Busan for transshipment to and from Kaohsiung, Xiamen and the Japanese ports of Tokyo, Kobe and Nagoya,” the analyst wrote in its latest newsletter. The Gemini Cooperation alliance of Maersk and Hapag-Lloyd uses a hub-and-spoke approach, with its east-west network consisting of 29 mainline services and 28 intra-regional shuttle services. The carriers wholly or partly control the hub terminals where Gemini ships call, with Maersk controlling most of the shuttles that make up the spokes. “While not adopting the hub-and-spoke principle applied by the Gemini Cooperation, some [Premier Alliance] Asia-North Europe loops will only have five ports in their rotation,” Alphaliner noted, adding that the Asia-Europe trade was most affected by the network revision. For example, the Asia-North Europe leg will be maintained as a dedicated Southeast Asia-North Europe FE1 loop calling at five ports — Laem Chabang (Thailand), Cai Mep (Vietnam), Singapore, Rotterdam and Hamburg before returning to Singapore and Laem Chabang. The FE4 loop from April will also have a limited rotation, with calls at Shanghai and Busan on the Asian side and at Rotterdam, Hamburg and Le Havre in Europe. On the FE3 loop, Busan, Shanghai and Xiamen will be removed, with the Asian rotation including stops at Qingdao, Ningbo, Yantian and Singapore. The European rotation will become Algeciras (Spain), Felixstowe (replacing Southampton), Hamburg and Antwerp (replacing Rotterdam). Another change is that the vessels will return directly from Antwerp to Qingdao, skipping current eastbound calls at Singapore and Yantian. In the North Europe-Asia-North America West Coast FP2 pendulum service, the European rotation will only include Southampton, Rotterdam and a new second eastbound call at Southampton. Schedule reliability needs improvement The shortening of some rotations is aimed at enhancing the Premier Alliance’s schedule reliability, an area that requires substantial improvement. On-time performance data from eeSea by Xeneta shows the alliance carriers’ global reliability was at 36% in the first quarter but slid to 22% by the third quarter before edging up to 23% thus far in the fourth quarter. Average ship delays began the year at 2.7 days in the first quarter, but that has almost doubled to 5.2 days in the fourth quarter. Peter Sand, chief analyst at Xeneta, said there was certainly room for improvement in Premier’s on-time performance. “Shippers will hold Premier Alliance responsible in 2026 for their claim that enhanced service reliability will be delivered through an optimized global network,” Sand told the Journal of Commerce. In a joint statement earlier this week , Premier Alliance members said the updated network aimed to “deliver improved service reliability by means of an optimized global structure.” “With the Premier Alliance calling fewer ports on individual services, that could prove to be one pathway to better on-time performance,” Sand noted. Gemini Cooperation continues to lead global schedule reliability scores, recording 88.6% on-time performance across September and October, according to data from Sea-Intelligence Maritime Analysis. The standalone Mediterranean Shipping Co. was at 77.5%, Ocean Alliance scored 65% and Premier Alliance recorded 64.6% over the two months. Data from eeSea shows overall industry schedule reliability on the Asia-North Europe trade lane in November was 32%, up from a 2025 low of just 18% in August. Asia-Mediterranean on-time performance of 30% in November, while still at a low level, was also a substantial improvement on the 15% recorded in August. Contact Greg Knowler at greg.knowler@spglobal.com .

Premier Alliance trims Asia-Europe port calls in new 2026 network

<div class="phx-topic abstract-wrapper">Port officials say the next Army Corps spending bill needs to make sure that dredging funds set aside under a 2020 law actually get distributed. </div>

Port officials say the next Army Corps spending bill needs to make sure that dredging funds set aside under a 2020 law actually get distributed.

<div class="phx-topic">Large US ports face the prospect of less federal support for dredging and maintenance projects next year if Congress doesn’t ensure fairer distribution of monies from a government-run maintenance fund, lawmakers were told Wednesday. Port of Long Beach Chief Operating Officer Noel Hacegaba told the House Transportation and Infrastructure Committee that Congress needs to require the US Army Corps of Engineers’ (USACE’s) next spending authorization to comply with a law passed during its 2020 authorization that aimed at more even distribution of dredging funds. That law, known as Section 102, aimed to distribute at least 12% of the federal Harbor Maintenance Trust Fund back to so-called “donor and energy ports,” which contribute about half of the funds. Hacegaba’s testimony comes as Congress looks to draft a biennial spending authorization for the USACE. The Harbor Maintenance Trust Fund is expected to reach $7.8 billion next year. Sen. John Kennedy (R-Louisiana) introduced a spending bill earlier this month that would require the USACE to use $417 million from the trust toward Section 102 funding in 2026. The House version of the next USACE, however, does not have that provision. Hacegaba said the 2025 US Army Corps of Engineers (USACE) budget failed to include some $380 million that should be available under Section 102. Without that, Hacegaba said there was a $43 million shortfall in federal funds available this year to Long Beach for dredging and other maintenance. “You’re talking about nearly a 90% drop in funding that is critical for this project,” Hacegaba said. “[Long Beach] respectfully requests your continued support to ensure that annual distribution of these funds is not viewed as optional,” he added. “We are asking for equitable funding for donor and energy ports.” The American Association of Port Authorities (AAPA), which has estimated that <a href="https://www.joc.com/article/big-us-ports-ask-congress-to-follow-law-for-equal-funding-of-dredging-work-6055791">lax enforcement of Section 102 could mean a $1 billion loss in dredging funds</a>, said in a letter to Congress the law itself needs to be redrafted due to having too many qualifiers that “have led to inconsistent implementation.” Changing the law “would provide stability and ensure that these critical hubs receive the support needed to maintain safe and efficient operations,” AAPA said. Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com ">michael.angell@spglobal.com</a>. </div>

Large US ports face the prospect of less federal support for dredging and maintenance projects next year if Congress doesn’t ensure fairer distribution of monies from a government-run maintenance fund, lawmakers were told Wednesday. Port of Long Beach Chief Operating Officer Noel Hacegaba told the House Transportation and Infrastructure Committee that Congress needs to require the US Army Corps of Engineers’ (USACE’s) next spending authorization to comply with a law passed during its 2020 authorization that aimed at more even distribution of dredging funds. That law, known as Section 102, aimed to distribute at least 12% of the federal Harbor Maintenance Trust Fund back to so-called “donor and energy ports,” which contribute about half of the funds. Hacegaba’s testimony comes as Congress looks to draft a biennial spending authorization for the USACE. The Harbor Maintenance Trust Fund is expected to reach $7.8 billion next year. Sen. John Kennedy (R-Louisiana) introduced a spending bill earlier this month that would require the USACE to use $417 million from the trust toward Section 102 funding in 2026. The House version of the next USACE, however, does not have that provision. Hacegaba said the 2025 US Army Corps of Engineers (USACE) budget failed to include some $380 million that should be available under Section 102. Without that, Hacegaba said there was a $43 million shortfall in federal funds available this year to Long Beach for dredging and other maintenance. “You’re talking about nearly a 90% drop in funding that is critical for this project,” Hacegaba said. “[Long Beach] respectfully requests your continued support to ensure that annual distribution of these funds is not viewed as optional,” he added. “We are asking for equitable funding for donor and energy ports.” The American Association of Port Authorities (AAPA), which has estimated that lax enforcement of Section 102 could mean a $1 billion loss in dredging funds , said in a letter to Congress the law itself needs to be redrafted due to having too many qualifiers that “have led to inconsistent implementation.” Changing the law “would provide stability and ensure that these critical hubs receive the support needed to maintain safe and efficient operations,” AAPA said. Contact Michael Angell at michael.angell@spglobal.com .

Port infrastructure

North American ports

Big US ports ask Congress to ensure fair funding for dredging

<div class="phx-topic abstract-wrapper">Zvi Schreiber oversaw key milestones such as Freightos’ public listing and a transformative acquisition of air freight booking platform WebCargo, but the company has yet to turn a profit. </div>

Zvi Schreiber oversaw key milestones such as Freightos’ public listing and a transformative acquisition of air freight booking platform WebCargo, but the company has yet to turn a profit.

<div class="phx-topic">Freightos founder and CEO Zvi Schreiber will step down on Jan. 31, the company announced Wednesday, as the freight technology and marketplace provider looks for new leadership to guide it into its “next phase.” CFO Pablo Pinillos will become interim CEO from Feb. 1, Freightos said in a statement, adding that Schreiber will remain as a non-executive board member with the company after his departure as CEO. “The time is right for Freightos to have a CEO laser-focused on our next stage of scale-up, while I turn my attention to new adventures,” Schreiber said in the statement. Founded by Schreiber in 2012, Freightos provides a range of procurement, booking, rate management and rate data services. Among the notable milestones in Schreiber’s tenure as CEO was the launch of the now-widely used FBX spot rate index, the move to take Freightos public in 2023 on the NASDAQ exchange, and the transformative acquisition of air freight booking platform WebCargo. Along with launching a freight rate marketplace used primarily by forwarders and smaller importers and exporters, Freightos provides tools for cargo airlines and a digital customs brokerage service. Despite sizable growth in two key metrics it tracks — the number of bookings and gross booking value passing through its marketplace — Freightos has yet to turn a profit. The company’s third-quarter financials showed losses before interest, taxes, depreciation and amortization of $2.6 million on revenue of $7.7 million. For context, those losses are the lowest since the company went public two years ago and its revenue is 25% higher over the last year. “Zvi poured himself into this company,” Udo Lange, non-executive chairman of Freightos, said in the statement. “His vision and his belief in a connected, digital freight ecosystem have shaped Freightos at every step. We’re now moving into Freightos’ next phase ... as we scale, implementing ongoing improvements for operational discipline, and delivering the full potential of the platform that Zvi envisioned.” Contact Eric Johnson at <a href="mailto:eric.johnson@spglobal.com">eric.johnson@spglobal.com</a>.</div>

Freightos founder and CEO Zvi Schreiber will step down on Jan. 31, the company announced Wednesday, as the freight technology and marketplace provider looks for new leadership to guide it into its “next phase.” CFO Pablo Pinillos will become interim CEO from Feb. 1, Freightos said in a statement, adding that Schreiber will remain as a non-executive board member with the company after his departure as CEO. “The time is right for Freightos to have a CEO laser-focused on our next stage of scale-up, while I turn my attention to new adventures,” Schreiber said in the statement. Founded by Schreiber in 2012, Freightos provides a range of procurement, booking, rate management and rate data services. Among the notable milestones in Schreiber’s tenure as CEO was the launch of the now-widely used FBX spot rate index, the move to take Freightos public in 2023 on the NASDAQ exchange, and the transformative acquisition of air freight booking platform WebCargo. Along with launching a freight rate marketplace used primarily by forwarders and smaller importers and exporters, Freightos provides tools for cargo airlines and a digital customs brokerage service. Despite sizable growth in two key metrics it tracks — the number of bookings and gross booking value passing through its marketplace — Freightos has yet to turn a profit. The company’s third-quarter financials showed losses before interest, taxes, depreciation and amortization of $2.6 million on revenue of $7.7 million. For context, those losses are the lowest since the company went public two years ago and its revenue is 25% higher over the last year. “Zvi poured himself into this company,” Udo Lange, non-executive chairman of Freightos, said in the statement. “His vision and his belief in a connected, digital freight ecosystem have shaped Freightos at every step. We’re now moving into Freightos’ next phase ... as we scale, implementing ongoing improvements for operational discipline, and delivering the full potential of the platform that Zvi envisioned.” Contact Eric Johnson at eric.johnson@spglobal.com .

Logistics Technology News

Freightos founder to step down as CEO as company moves into ‘next phase’

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

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

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

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

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Customers scoring their intermodal partners to identify the best service providers

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A premium access outlook critical to shippers and transportation providers

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