<div class="phx-topic abstract-wrapper">In proactively and successfully influencing the direction of the market as container lines have done this year, leading to higher rates and stronger profit, the carriers will inevitably provoke a regulatory reaction.</div>

In proactively and successfully influencing the direction of the market as container lines have done this year, leading to higher rates and stronger profit, the carriers will inevitably provoke a regulatory reaction.

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<div>Ocean carriers are having quite a year, as several recent earnings announcements have made clear. But lines’ increased profitability could have important implications for the industry’s future, raising anew the question of just what carriers are doing with their improved financials to increase value in the supply chain.Carriers’ ability to use blank sailings to respond to unforeseen changes in demand by rapidly adjusting capacity came of age in 2020 amid the COVID-19 pandemic. Many observers believe that having experienced the upside of this strategy, a stark contrast to the much slower and more costly capacity withdrawal that occurred in 2009,...

Ocean carriers are having quite a year, as several recent earnings announcements have made clear. But lines’ increased profitability could have important implications for the industry’s future, raising anew the question of just what carriers are doing with their improved financials to increase value in the supply chain. Carriers’ ability to use blank sailings to respond to unforeseen changes in demand by rapidly adjusting capacity came of age in 2020 amid the COVID-19 pandemic. Many observers believe that having experienced the upside of this strategy, a stark contrast to the much slower and more costly capacity withdrawal that occurred in 2009, carriers will not retreat, just as they never reversed course on slow steaming after implementing it prior to the financial crisis more than a decade ago. Container speeds have fallen 25 percent on average over the past decade, according to shipbroker Clarksons. But proactively and successfully influencing the direction of the market as carriers have done this year, resulting in record eastbound trans-Pacific spot rates and robust increases in profits at several carriers, will inevitably provoke a regulatory reaction. Liner shipping regulation has long focused on the potential for rate collusion among carriers, although carriers have a lengthy law-abiding track record. Their newfound ability to influence the market through capacity management within the major alliances, however, will prompt a rethink among regulators. Although any reappraisal will likely take years, the process is already underway. The European Commission earlier this year extended the bloc exemption for liner consortia for five years through 2024, but several shippers complained during the rulemaking process that carriers are using the alliances to unfairly influence the market. More recently, China’s Ministry of Transport requested an explanation for the current sky-high rates from several carriers in response to complaints from shippers. Two US Federal Maritime Commissioners also favor increased scrutiny of blank sailings . This stems from growing discontent among shippers, with an added challenge being that the virtual business environment of Zoom calls is preventing parties from engaging in the type of in-person dialogue that can solve many of the problems arising from a shortage of capacity and/or an erosion of on-time performance. This begs the question: If the day arrives when regulators initiate a serious review of liner shipping regulation, addressing carriers’ ability to influence the market indirectly via capacity management, will the carriers be prepared to respond in a convincing manner? In other words, are lines acting responsibly in support of customers, supply chains, and trade more broadly? The carriers will point to their costly investments in ships, terminals, and landside services, which enable global supply chains accounting for 60 percent of the value of global waterborne trade, according to Statistica, an analytics software provider. But the carriers’ track record in taking actions that support shippers can be questioned when considering slow steaming, the construction of mega-ships (which also increase end-to-end transit times), and more recently the widespread use of blank sailings. The benefits of these actions accrue mostly to the carriers, not the shippers. Which raises the question of what carriers should be doing to protect, or “future-proof,” their ability legally to continue acting as they are this year. Are they reinvesting in the ability to serve shippers more effectively? The answer to that question is yes. Consider the formation last year of the Digital Container Shipping Association (DCSA), created and funded by the carriers to build basic data standards, in part to enable customers to more easily interact with carriers digitally. The steps the DCSA is taking are basic but important. The standards could, for example, enable an Evergreen Line container traveling on a ship operated by its alliance partner Cosco Shipping to communicate with that ship to create visibility for the customer; create a common standard for schedules to eliminate current widespread inconsistencies; or create common booking documents similar to the ones long in place for airlines. By creating standards around such basic functions, carriers would agree to put aside competition on basic functionality and compete instead in areas meaningful to the customer, such as the scope of the network, reliability, and end-to-end services. Creating standards represents collective action and investment by the industry to improve the industry for the benefit of customers. Should the day come when regulators put the industry under a microscope, it will be &shy;industry-wide efforts such as these that will form the message from carriers that their actions have improved service for customers and, by extension, improved the efficiency of supply chains and expanded the economic benefits of trade. But the caveat is that efforts such as the DCSA need to succeed first. Contact Peter Tirschwell at peter.tirschwell@ihsmarkit.com and follow him on Twitter: @petertirschwell .

Container lines

Higher profitability puts onus on container lines to build value

<div class="phx-topic abstract-wrapper">Delilah’s Law, a major crackdown on immigrants in the trucking industry, was passed 35 to 26 by the House Transportation and Infrastructure Committee and now heads to a floor vote.</div>

Delilah’s Law, a major crackdown on immigrants in the trucking industry, was passed 35 to 26 by the House Transportation and Infrastructure Committee and now heads to a floor vote.

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<div class="phx-topic">The US House Transportation and Infrastructure Committee on Wednesday advanced the bill known as “Dalilah’s Law,” sending the legislation that could reshape the truckload and drayage industry to the full House for consideration. The committee’s vote to approve the legislation was 35 to 26. President Donald Trump championed the bill in his State of the Union address in late February, calling for illegal immigrants to lose their non-domiciled commercial driver’s licenses (CDLs) while toughening standards around the English language proficiency of all drivers. The bill is named after a young girl named Dalilah Coleman of Bakersfield, California, who was critically injured in June 2024 in an accident with a tractor-trailer. The truck driver was a 20-year-old from India that the Trump administration said was in the US illegally. The legislation contains several provisions that go far beyond the scope of a Federal Motor Carrier Safety Administration (FMCSA) rule restricting non-domiciled CDLs that went into effect earlier this week which the agency estimates could remove up to 194,000 drivers from the market over five years. <h3>Immediate license revocation </h3>Delilah’s Law would prevent states from issuing commercial driver’s licenses to anyone who is not a US citizen or a permanent lawful resident unless the person has a valid H-2A, H-2B or E-2 visa. States would also be required to immediately revoke CDLs of any driver who does not meet the new standards, whereas the FMCSA rule cancels non-domiciled CDLs when they are up for renewal, or when the driver next interacts with a state licensing agency. The bill would even affect US citizens who drive trucks, as it would require a mandatory 180-day recertification of all CDL holders in the US, regardless of citizenship or nationality, with all testing done in English. “I cannot understand how these licenses have been issued to people who do not write or speak English. How are these being issued?” Rep. Mike Collins (R-Ga.) said during Wednesday’s hearing on Capitol Hill. “What happens when you get to a customer and you can’t talk to them, or you don’t know what you’re hauling? There’s a lot more than just reading road signs.” Collins said he supports the bill because the industry needs to crack down on the proliferation of so-called CDL mills that he and others say are putting unqualified men and women on the roads, jeopardizing safety. The bill has the support of more than 55 trucking, safety and transportation organizations including the Owner-Operator Independent Drivers Association (OOIDA), and the American Trucking Associations (ATA). Democrats on the committee opposed the bill because they believe it casts too wide of a net. “It reaches drivers who are lawfully present, who have complied with federal requirements and who have been working safely and consistently in this country for years, sometimes decades,” said Rep. Salud Carbajal (D-Calif.). “They will lose the ability to do the job they have trained for and relied on to support their families. There is no evidence presented here that these drivers are unsafe. This bill, as written, deeply misses the mark.” Contact Dan Ronan at <a href="mailto:contactdanronan@gmail.com">contactdanronan@gmail.com</a>.</div>

The US House Transportation and Infrastructure Committee on Wednesday advanced the bill known as “Dalilah’s Law,” sending the legislation that could reshape the truckload and drayage industry to the full House for consideration. The committee’s vote to approve the legislation was 35 to 26. President Donald Trump championed the bill in his State of the Union address in late February, calling for illegal immigrants to lose their non-domiciled commercial driver’s licenses (CDLs) while toughening standards around the English language proficiency of all drivers. The bill is named after a young girl named Dalilah Coleman of Bakersfield, California, who was critically injured in June 2024 in an accident with a tractor-trailer. The truck driver was a 20-year-old from India that the Trump administration said was in the US illegally. The legislation contains several provisions that go far beyond the scope of a Federal Motor Carrier Safety Administration (FMCSA) rule restricting non-domiciled CDLs that went into effect earlier this week which the agency estimates could remove up to 194,000 drivers from the market over five years. Immediate license revocation Delilah’s Law would prevent states from issuing commercial driver’s licenses to anyone who is not a US citizen or a permanent lawful resident unless the person has a valid H-2A, H-2B or E-2 visa. States would also be required to immediately revoke CDLs of any driver who does not meet the new standards, whereas the FMCSA rule cancels non-domiciled CDLs when they are up for renewal, or when the driver next interacts with a state licensing agency. The bill would even affect US citizens who drive trucks, as it would require a mandatory 180-day recertification of all CDL holders in the US, regardless of citizenship or nationality, with all testing done in English. “I cannot understand how these licenses have been issued to people who do not write or speak English. How are these being issued?” Rep. Mike Collins (R-Ga.) said during Wednesday’s hearing on Capitol Hill. “What happens when you get to a customer and you can’t talk to them, or you don’t know what you’re hauling? There’s a lot more than just reading road signs.” Collins said he supports the bill because the industry needs to crack down on the proliferation of so-called CDL mills that he and others say are putting unqualified men and women on the roads, jeopardizing safety. The bill has the support of more than 55 trucking, safety and transportation organizations including the Owner-Operator Independent Drivers Association (OOIDA), and the American Trucking Associations (ATA). Democrats on the committee opposed the bill because they believe it casts too wide of a net. “It reaches drivers who are lawfully present, who have complied with federal requirements and who have been working safely and consistently in this country for years, sometimes decades,” said Rep. Salud Carbajal (D-Calif.). “They will lose the ability to do the job they have trained for and relied on to support their families. There is no evidence presented here that these drivers are unsafe. This bill, as written, deeply misses the mark.” Contact Dan Ronan at contactdanronan@gmail.com .

Trucking News

Trucking labor

Surface

House committee advances bill targeting non-domiciled commercial driver’s licenses

<div class="phx-topic abstract-wrapper">Changing market dynamics offer an opportunity for motor carriers to raise rates, but also for intermodal providers to win business from cost-conscious shippers looking to shift modes.</div>

Changing market dynamics offer an opportunity for motor carriers to raise rates, but also for intermodal providers to win business from cost-conscious shippers looking to shift modes.

<div class="phx-topic">The tightening of truckload capacity and a sharp rise in diesel prices are beginning to reset surface transportation rates in the US, giving carriers renewed leverage while opening a potential growth opportunity for intermodal rail. Crackdowns on <a href="https://www.joc.com/article/impact-of-non-domiciled-cdl-enforcement-splits-us-trucking-sector-6135184">non-domiciled commercial drivers</a> and stricter English-language enforcement are constraining truckload capacity after a four-year freight recession. Meanwhile, diesel prices have surged to their highest level since late 2022 amid the war with Iran, lifting transportation costs for all and forcing shippers to reassess their budgets. It has started a cascading effect across domestic US transportation. Brokers and asset-based truckload carriers are rejecting freight and insisting on renegotiating contract rates, while shippers facing blown transportation budgets consider cheaper options such as intermodal rail. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="f7dc31b8-1e1c-4a59-907f-2391c69d4e9f"></dynamic-object></div>Early signs of that repricing are already evident. Spot truckload rates are up between 15% and 20% from a year ago, according to DAT Freight &amp; Analytics, even as freight demand remains muted amid elevated interest rates, a lackluster housing market, and mixed signals from the US industrial sector. “Not only are you seeing elevated rates across other modalities such as flatbed, but in the overall dry-van market, you’re seeing 14%, 15% tender rejections coming out of the slowest freight month of the year,” said Jared Weisfeld, chief strategy officer for RXO, a non-asset broker, speaking at the J.P. Morgan Industrials Conference on Tuesday. As recently as last year, tender rejections were at or less than 5%, according to Weisfeld. <h3>Regulatory tightening reinforces supply constraint </h3>The supply side could tighten further as new federal regulations take hold. The Federal Motor Carrier Safety Administration (FCMSA) enacted a rule earlier this week restricting non-domiciled commercial driver’s licenses (CDLs), a move the agency estimates could remove up to 194,000 drivers over five years. On Wednesday, the US House of Representatives advanced “Delilah’s Law,” which would accelerate enforcement over non-domiciled CDLs by retroactively invalidating certain licenses, rather than waiting for a non-domiciled CDL holder to interact with state licensing agencies. Despite higher rates, fleets have been cautious about adding capacity, even though stricter emissions regulations in 2027 will increase the purchase price of a new truck. “Our customers are more middle- to smaller-sized [carriers], and I think there’s still a lot of hesitation on that side to make the decisions,” said Cristina Gallo-Aquino, CFO of Ryder Systems, speaking at the J.P. Morgan event. “We are pointing it all out to them to show them how much of a price increase could be coming ... but we haven’t really seen the shift to make a decision and preorder.” <h3>Fuel surge amplifies pricing pressure </h3>Diesel prices averaged $5.07 per gallon last week, according to the US Energy Information Administration, the highest since November 2022 and adding another layer of cost pressure across the truckload market. On the spot market, where rates are often negotiated on an all-in basis, the increase is squeezing owner-operators and smaller carriers that cannot pass through fuel costs. That dynamic may cause more capacity to exit the truckload sector. In the contract market, larger asset-based carriers pass through higher fuel costs via surcharges. Since March 1, the average surcharge has risen nearly 20 cents per mile, although methodologies vary. For shippers, the result is sticker shock on invoices and a renewed focus on lower-cost alternatives such as rail. “For the intermodal space, it starts to put pressure on truck rates, which is a pretty good thing for us,” Mark George, CEO of Norfolk Southern, said at the J.P. Morgan event. “We’ve been pretty depressed [price-wise] for a while. We’d love to see some evacuation of capacity in trucking.” Intermodal providers are already prepared for that shift. Darren Field, president of intermodal at J.B. Hunt Transport Services, said the company is actively engaging with shippers looking to manage rising transportation costs. “How can we convert business from the highway back to intermodal, or to intermodal for the first time to hopefully save you a little money and prepare your budget for a year where truckload capacity and prices could get difficult for you,” Field said at the J.P. Morgan conference. “How can you hedge against the potential for a cost increase coming at your budget as a shipper by utilizing more intermodal?” But capturing that opportunity will depend on execution. Railroads must maintain service reliability even as volumes rise, a lesson of the pandemic when congestion and labor shortages left intermodal with a lingering stigma among some shippers. Service metrics suggest the industry has made progress. In a Journal of Commerce survey conducted late last year, 91.3% of respondents said they were satisfied with domestic intermodal service, up from 45.3% in the spring of 2023. Whether that improvement holds under renewed demand may determine how much freight ultimately shifts modes. Shippers, having experienced pandemic-era disruptions, are unlikely to tolerate a repeat. Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>.</div>

The tightening of truckload capacity and a sharp rise in diesel prices are beginning to reset surface transportation rates in the US, giving carriers renewed leverage while opening a potential growth opportunity for intermodal rail. Crackdowns on non-domiciled commercial drivers and stricter English-language enforcement are constraining truckload capacity after a four-year freight recession. Meanwhile, diesel prices have surged to their highest level since late 2022 amid the war with Iran, lifting transportation costs for all and forcing shippers to reassess their budgets. It has started a cascading effect across domestic US transportation. Brokers and asset-based truckload carriers are rejecting freight and insisting on renegotiating contract rates, while shippers facing blown transportation budgets consider cheaper options such as intermodal rail. Early signs of that repricing are already evident. Spot truckload rates are up between 15% and 20% from a year ago, according to DAT Freight & Analytics, even as freight demand remains muted amid elevated interest rates, a lackluster housing market, and mixed signals from the US industrial sector. “Not only are you seeing elevated rates across other modalities such as flatbed, but in the overall dry-van market, you’re seeing 14%, 15% tender rejections coming out of the slowest freight month of the year,” said Jared Weisfeld, chief strategy officer for RXO, a non-asset broker, speaking at the J.P. Morgan Industrials Conference on Tuesday. As recently as last year, tender rejections were at or less than 5%, according to Weisfeld. Regulatory tightening reinforces supply constraint The supply side could tighten further as new federal regulations take hold. The Federal Motor Carrier Safety Administration (FCMSA) enacted a rule earlier this week restricting non-domiciled commercial driver’s licenses (CDLs), a move the agency estimates could remove up to 194,000 drivers over five years. On Wednesday, the US House of Representatives advanced “Delilah’s Law,” which would accelerate enforcement over non-domiciled CDLs by retroactively invalidating certain licenses, rather than waiting for a non-domiciled CDL holder to interact with state licensing agencies. Despite higher rates, fleets have been cautious about adding capacity, even though stricter emissions regulations in 2027 will increase the purchase price of a new truck. “Our customers are more middle- to smaller-sized [carriers], and I think there’s still a lot of hesitation on that side to make the decisions,” said Cristina Gallo-Aquino, CFO of Ryder Systems, speaking at the J.P. Morgan event. “We are pointing it all out to them to show them how much of a price increase could be coming ... but we haven’t really seen the shift to make a decision and preorder.” Fuel surge amplifies pricing pressure Diesel prices averaged $5.07 per gallon last week, according to the US Energy Information Administration, the highest since November 2022 and adding another layer of cost pressure across the truckload market. On the spot market, where rates are often negotiated on an all-in basis, the increase is squeezing owner-operators and smaller carriers that cannot pass through fuel costs. That dynamic may cause more capacity to exit the truckload sector. In the contract market, larger asset-based carriers pass through higher fuel costs via surcharges. Since March 1, the average surcharge has risen nearly 20 cents per mile, although methodologies vary. For shippers, the result is sticker shock on invoices and a renewed focus on lower-cost alternatives such as rail. “For the intermodal space, it starts to put pressure on truck rates, which is a pretty good thing for us,” Mark George, CEO of Norfolk Southern, said at the J.P. Morgan event. “We’ve been pretty depressed [price-wise] for a while. We’d love to see some evacuation of capacity in trucking.” Intermodal providers are already prepared for that shift. Darren Field, president of intermodal at J.B. Hunt Transport Services, said the company is actively engaging with shippers looking to manage rising transportation costs. “How can we convert business from the highway back to intermodal, or to intermodal for the first time to hopefully save you a little money and prepare your budget for a year where truckload capacity and prices could get difficult for you,” Field said at the J.P. Morgan conference. “How can you hedge against the potential for a cost increase coming at your budget as a shipper by utilizing more intermodal?” But capturing that opportunity will depend on execution. Railroads must maintain service reliability even as volumes rise, a lesson of the pandemic when congestion and labor shortages left intermodal with a lingering stigma among some shippers. Service metrics suggest the industry has made progress. In a Journal of Commerce survey conducted late last year, 91.3% of respondents said they were satisfied with domestic intermodal service, up from 45.3% in the spring of 2023. Whether that improvement holds under renewed demand may determine how much freight ultimately shifts modes. Shippers, having experienced pandemic-era disruptions, are unlikely to tolerate a repeat. Contact Ari Ashe at ari.ashe@spglobal.com .

Rail News

Truckload

Capacity cuts, fuel shocks provide openings for trucking and rail

<div class="phx-topic abstract-wrapper">The most disruptive energy shock in modern history has reawakened the debate over whether emergency fuel surcharges are a fair way for ocean carriers to recoup unexpected costs or blatant “double-dipping” that angers shippers.</div>

The most disruptive energy shock in modern history has reawakened the debate over whether emergency fuel surcharges are a fair way for ocean carriers to recoup unexpected costs or blatant “double-dipping” that angers shippers.

<div class="phx-topic">The speed and severity of the jump in global oil prices amid the war in the Middle East have reignited long-standing suspicions by cargo owners that fuel surcharges levied by ocean carriers are used as a revenue stream rather than a cost recovery mechanism. Container lines defend the fees, ranging from $30 to $300 per TEU depending on the trade lane, arguing that what is widely seen as the most significant energy shock in history has forced them to recoup costs with fees beyond the lagging quarterly bunker adjustment factor (BAF). Bunker fuel prices contribute approximately 15% to 30% of operating costs, depending on the year, according to various container line financial reports.And while the traditional linkage between fuel costs and BAFs has fractured due to the rapid escalation of the war and the effective closure of the Strait of Hormuz, according to a Vizion analysis, shippers nonetheless are retaining a cynical view of the emergency fuel surcharges. “Shipping lines always seem to manage to turn a crisis into a cash-grab,” was the blunt message from James Hookham, director of the Global Shippers Forum. “This apparent ‘double-dipping’ brings the whole sordid practice of surcharging into further disrepute.” Emergency bunker adjustment factors (EBAFs) on top of quarterly fuel price adjustments to recover costs in what is a core operational expense were acceptable for the current contract period ending March 26, said Antonios Rigalos, managing partner of shipper network ShiftX. But going forward, increased bunker costs should be recovered by the quarterly BAF review, he noted.“The BAF reviews executed for Q3 will reflect the higher bunker costs for the previous quarter [March/April/May], and an EBAF plus BAF review would create a double charging of customers,” Rigalos said. “While we understand the situation of carriers and that increased bunker costs have a big impact that somehow needs to be recovered, it needs to be carried out in a fair way and not by double charging BCOs [beneficial cargo owners] and clients.” Several carriers have announced emergency bunker fuel surcharges on top of quarterly fuel price adjustments to recover costs in what is a core operational expense, but the moves have sparked growing concern from shippers. An Asia-Europe shipper based in Hong Kong said he negotiated contracts based on the Shanghai Containerized Freight Index (SCFI) that covers both BAF and EBAF surcharges. “We adjust the bunker fuel surcharge bi-monthly and as far as we are concerned, we will fight any additional emergency fuel surcharge from the carriers,” the source said. <h3>Long hauls hit with surcharges </h3>CMA CGM this week announced an upward review of its “emergency fuel surcharge” imposed on March 16 that will increase from $150 per TEU to $265/TEU on all long-haul trade lanes. OOCL said it will impose a temporary emergency bunker surcharge (EBS) from March 23 to manage global challenges to fuel availability because the increased costs are “beyond the scope of existing fuel cost recovery and low sulfur adjustment mechanisms.” Cosco Shipping has also announced emergency bunker surcharges on various trades between Europe, South America and Africa, while Mediterranean Shipping Co. introduced a temporary emergency bunker surcharge on March 16 that varies from $30/TEU to $300/TEU depending on the trade lane. Maersk on March 10 announced it would implement an emergency bunker surcharge of $200/TEU on all long hauls “to safeguard cargo integrity and maintain the stability of our network.” “This surcharge covers the impact of fuel availability, cost and mix outside of what is covered in our fossil fuel fee [FFF],” the carrier said in a statement. “This means we are better positioned to have the necessary access to fuel and the ability to move it to necessary locations.” Maersk CCO Karsten Kildahl said the carrier was being forced to take the unprecedented step of <a href="https://www.joc.com/article/maersk-forced-to-ship-fuel-from-us-europe-as-asia-bunkers-start-to-run-dry-6184651">filling ships with fuel in the US and Europe and transferring the bunkers to vessels in Asia as supplies at bunkering hubs dried up</a>. Most of the emergency fuel surcharges will be reviewed by carriers every two weeks, but with the Strait of Hormuz — through which about 20% of global oil and liquefied natural gas supplies move each day — out of bounds to commercial shipping, there is little chance the EBAF will be dropped anytime soon. The speed with which the fuel surcharges were imposed by carriers made it “nigh on impossible” for shippers to recover costs from their own customers or suppliers, Hookham told the Journal of Commerce. “For smaller businesses, that cash flow hit can be fatal when payments are likely to be late due to late or non-delivery of cargo,” he said, noting that the number of surcharges being introduced made it difficult for shippers to track which ones applied to their shipments. “The US got it right when the [Federal Maritime Commission] <a href="https://www.joc.com/article/fmc-says-closely-monitoring-carrier-rate-moves-tied-to-middle-east-war-6184781">required 30-day notice periods</a> before surcharges could take effect on US services,” Hookham said. “The current surcharging behavior will only hasten demands for similar notice periods to become mandatory worldwide.” <h3>Fractured fuel links </h3>While carriers roll out their fuel surcharges to try to recover rising costs, freight tracking platform Vizion believes the traditional linkage between fuel costs and BAFs has fractured due to the rapid escalation of the war and the effective closure of the Strait of Hormuz. In a recent review of bunker surcharges, Vizion noted that average very low sulfur fuel oil (VLSFO) prices of $535 per metric ton in 2025 were down 14.4% year over year, the lowest since 2020, with BAF contributing just 10% to 20% to total freight costs. The launch of US and Israeli strikes on Iran on Feb. 28 triggered a 73% fuel price spike to $939/metric ton in under two weeks, and carriers within days responded with emergency surcharges of $60/TEU to $190/TEU, far faster than standard quarterly BAF adjustments. That shows the traditional BAF fuel-price correlation has weakened as carriers shift to emergency mechanisms to manage extreme volatility, according to Vizion. But Vizion said a deeper trend was emerging with a market fracture in progress as carriers divided into two camps: immediate risk transfer versus contract stability. Carriers such as Maersk initially absorbed the volatility to protect long-term contract relationships, although the carrier has subsequently announced an emergency fuel surcharge. A more aggressive strategy was taken by MSC and CMA CGM, with both adopting a rapid pass-through of fuel spikes to protect their margins immediately. Shippers with locked-in rates will enjoy a short-term cost advantage, but it will be a temporary relief before fuel adjustments hit. Vizion warned that over the next three to six months, shippers can expect aggressive second-quarter BAF corrections to capture the remaining fuel cost delta. Chantal McRoberts, director and head of advisory at Drewry Supply Chain Advisors, said shippers understand they will pay an increased fuel cost in the third quarter as that is part of the BAF policy that enables carriers to recover fuel costs over time. “The concern around the introduction of EBAF is the potential for double recovery,” McRoberts told the Journal of Commerce. “In practice, a shipper may pay an EBAF during Q2 to reflect higher fuel prices and then see its underlying BAF increase in Q3 as the formula catches up with those same Q2 fuel costs. At that point, the EBAF risks becoming revenue‑generating rather than purely cost‑recovering. “This is the dilemma currently facing shippers,” she added. “As a result, those operating under transparent, formula‑based BAF mechanisms are, in many cases, pushing back on EBAF charges.” Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

The speed and severity of the jump in global oil prices amid the war in the Middle East have reignited long-standing suspicions by cargo owners that fuel surcharges levied by ocean carriers are used as a revenue stream rather than a cost recovery mechanism. Container lines defend the fees, ranging from $30 to $300 per TEU depending on the trade lane, arguing that what is widely seen as the most significant energy shock in history has forced them to recoup costs with fees beyond the lagging quarterly bunker adjustment factor (BAF). Bunker fuel prices contribute approximately 15% to 30% of operating costs, depending on the year, according to various container line financial reports. And while the traditional linkage between fuel costs and BAFs has fractured due to the rapid escalation of the war and the effective closure of the Strait of Hormuz, according to a Vizion analysis, shippers nonetheless are retaining a cynical view of the emergency fuel surcharges. “Shipping lines always seem to manage to turn a crisis into a cash-grab,” was the blunt message from James Hookham, director of the Global Shippers Forum. “This apparent ‘double-dipping’ brings the whole sordid practice of surcharging into further disrepute.” Emergency bunker adjustment factors (EBAFs) on top of quarterly fuel price adjustments to recover costs in what is a core operational expense were acceptable for the current contract period ending March 26, said Antonios Rigalos, managing partner of shipper network ShiftX. But going forward, increased bunker costs should be recovered by the quarterly BAF review, he noted. “The BAF reviews executed for Q3 will reflect the higher bunker costs for the previous quarter [March/April/May], and an EBAF plus BAF review would create a double charging of customers,” Rigalos said. “While we understand the situation of carriers and that increased bunker costs have a big impact that somehow needs to be recovered, it needs to be carried out in a fair way and not by double charging BCOs [beneficial cargo owners] and clients.” Several carriers have announced emergency bunker fuel surcharges on top of quarterly fuel price adjustments to recover costs in what is a core operational expense, but the moves have sparked growing concern from shippers. An Asia-Europe shipper based in Hong Kong said he negotiated contracts based on the Shanghai Containerized Freight Index (SCFI) that covers both BAF and EBAF surcharges. “We adjust the bunker fuel surcharge bi-monthly and as far as we are concerned, we will fight any additional emergency fuel surcharge from the carriers,” the source said. Long hauls hit with surcharges CMA CGM this week announced an upward review of its “emergency fuel surcharge” imposed on March 16 that will increase from $150 per TEU to $265/TEU on all long-haul trade lanes. OOCL said it will impose a temporary emergency bunker surcharge (EBS) from March 23 to manage global challenges to fuel availability because the increased costs are “beyond the scope of existing fuel cost recovery and low sulfur adjustment mechanisms.” Cosco Shipping has also announced emergency bunker surcharges on various trades between Europe, South America and Africa, while Mediterranean Shipping Co. introduced a temporary emergency bunker surcharge on March 16 that varies from $30/TEU to $300/TEU depending on the trade lane. Maersk on March 10 announced it would implement an emergency bunker surcharge of $200/TEU on all long hauls “to safeguard cargo integrity and maintain the stability of our network.” “This surcharge covers the impact of fuel availability, cost and mix outside of what is covered in our fossil fuel fee [FFF],” the carrier said in a statement. “This means we are better positioned to have the necessary access to fuel and the ability to move it to necessary locations.” Maersk CCO Karsten Kildahl said the carrier was being forced to take the unprecedented step of filling ships with fuel in the US and Europe and transferring the bunkers to vessels in Asia as supplies at bunkering hubs dried up . Most of the emergency fuel surcharges will be reviewed by carriers every two weeks, but with the Strait of Hormuz — through which about 20% of global oil and liquefied natural gas supplies move each day — out of bounds to commercial shipping, there is little chance the EBAF will be dropped anytime soon. The speed with which the fuel surcharges were imposed by carriers made it “nigh on impossible” for shippers to recover costs from their own customers or suppliers, Hookham told the Journal of Commerce. “For smaller businesses, that cash flow hit can be fatal when payments are likely to be late due to late or non-delivery of cargo,” he said, noting that the number of surcharges being introduced made it difficult for shippers to track which ones applied to their shipments. “The US got it right when the [Federal Maritime Commission] required 30-day notice periods before surcharges could take effect on US services,” Hookham said. “The current surcharging behavior will only hasten demands for similar notice periods to become mandatory worldwide.” Fractured fuel links While carriers roll out their fuel surcharges to try to recover rising costs, freight tracking platform Vizion believes the traditional linkage between fuel costs and BAFs has fractured due to the rapid escalation of the war and the effective closure of the Strait of Hormuz. In a recent review of bunker surcharges, Vizion noted that average very low sulfur fuel oil (VLSFO) prices of $535 per metric ton in 2025 were down 14.4% year over year, the lowest since 2020, with BAF contributing just 10% to 20% to total freight costs. The launch of US and Israeli strikes on Iran on Feb. 28 triggered a 73% fuel price spike to $939/metric ton in under two weeks, and carriers within days responded with emergency surcharges of $60/TEU to $190/TEU, far faster than standard quarterly BAF adjustments. That shows the traditional BAF fuel-price correlation has weakened as carriers shift to emergency mechanisms to manage extreme volatility, according to Vizion. But Vizion said a deeper trend was emerging with a market fracture in progress as carriers divided into two camps: immediate risk transfer versus contract stability. Carriers such as Maersk initially absorbed the volatility to protect long-term contract relationships, although the carrier has subsequently announced an emergency fuel surcharge. A more aggressive strategy was taken by MSC and CMA CGM, with both adopting a rapid pass-through of fuel spikes to protect their margins immediately. Shippers with locked-in rates will enjoy a short-term cost advantage, but it will be a temporary relief before fuel adjustments hit. Vizion warned that over the next three to six months, shippers can expect aggressive second-quarter BAF corrections to capture the remaining fuel cost delta. Chantal McRoberts, director and head of advisory at Drewry Supply Chain Advisors, said shippers understand they will pay an increased fuel cost in the third quarter as that is part of the BAF policy that enables carriers to recover fuel costs over time. “The concern around the introduction of EBAF is the potential for double recovery,” McRoberts told the Journal of Commerce. “In practice, a shipper may pay an EBAF during Q2 to reflect higher fuel prices and then see its underlying BAF increase in Q3 as the formula catches up with those same Q2 fuel costs. At that point, the EBAF risks becoming revenue‑generating rather than purely cost‑recovering. “This is the dilemma currently facing shippers,” she added. “As a result, those operating under transparent, formula‑based BAF mechanisms are, in many cases, pushing back on EBAF charges.” Contact Greg Knowler at greg.knowler@spglobal.com .

Container Shipping News

Maritime

War reignites tussle between ocean carriers, cargo owners over fuel surcharges

<div class="phx-topic abstract-wrapper">Signs of stress are emerging as boxes pour into a land transport network crucial for the flow of cargo across the war-torn region. </div>

Signs of stress are emerging as boxes pour into a land transport network crucial for the flow of cargo across the war-torn region.

<div class="phx-topic">The injection of containerized cargo by ocean carriers into a land-based transport network not set up to handle such volume is placing road and rail options in the Middle East under increasing pressure. CMA CGM is the latest ocean carrier to deploy road, rail and feeder solutions to shippers with cargo stranded in the war-torn Middle East, joining carriers such as Hapag-Lloyd, Maersk, Ocean Network Express and Zim Integrated Shipping Services. “The infrastructure was not originally designed to accommodate such a high level of incremental trucking demand, particularly given the longer distances resulting from cross-country movements,” a spokesman for Hapag-Lloyd told the Journal of Commerce. “We are partnering closely with our logistics partners to ensure reliable service for our customers in the United Arab Emirates [UAE],” he added. Crane Worldwide Logistics said in a Middle East update Tuesday that road freight was largely operational but faced growing customs delays and capacity pressure as air and sea cargo shifted to land. “A trucking capacity shortage is growing across the Oman, Fujairah and Saudi corridors with the scarcity compressing resolution timelines for stranded and in-transit cargo looking for alternatives to air and ocean,” the update noted. DHL Global Forwarding is also reporting rising congestion across ports and road networks with ships calling at Khor Fakkan in the UAE facing 10-plus day delays and long truck queues, and high demand for road freight driving up transit times and costs. Commercial shipping remains unable to pass through the Strait of Hormuz as the US-Iran war enters its third week and container traffic destined for the Middle East is being offloaded at strategic entry points outside the Persian Gulf, such as Khor Fakkan and Fujairah in the UAE and Sohar in Oman. <h3>Alternative transport solutions </h3>Countries in the Persian Gulf import more than 90% of their products and the disabling of ocean access represents a significant threat. Trucking is the next best option and CMA CGM is offering shippers alternative transport solutions connecting the UAE, Saudi Arabia, Oman, Iraq, Qatar, Bahrain, Kuwait and Jordan via the ports of Khor Fakkan, Fujairah, Sohar and Jeddah in Saudi Arabia. The carrier is using logistics corridors to serve the main hubs in the UAE (Khalifa, Jebel Ali and Sharjah) and other countries bordering the Arabian Gulf via a combination of regional road and maritime transport. From the Red Sea port of Jeddah, CMA CGM has established road corridors, with or without maritime connections, for onward delivery to Saudi Arabia (Dammam), the UAE, Qatar, Bahrain, Kuwait and Iraq. This setup also allows flows to connect to the Mediterranean and Asia without exposure to the Strait of Hormuz. A third option is via the Omani ports with road and feeder connections to the UAE and northern Gulf countries. Before the war started, most of the container lines were offering carrier or merchant haulage across the Middle East but in the past two weeks have had to adapt their land-based services to handle the disruption caused by the war. For general and non-urgent cargo, MSC, CMA CGM and Yang Ming are among the carriers that have declared “end of voyage” for Persian Gulf-bound containers already onboard vessels when the war started. That cargo status means the carriers are unable to fulfil obligations on a bill of lading, and when the containers are offloaded at a port, they become the responsibility of the cargo owner. <a href="https://www.joc.com/article/maersk-forced-to-ship-fuel-from-us-europe-as-asia-bunkers-start-to-run-dry-6184651">Maersk has taken a different approach</a>, offering shippers three options: keeping the cargo in temporary storage, having it returned to the port of departure, or delivering it to another destination for onward transport by another mode. “We are using Salalah and Khor Fakkan for cargo that comes from the east and are securing trucking capacity to take it into the Gulf,” Maersk CCO Karsten Kildahl told the Journal of Commerce in an interview last week. “For cargo that comes from Europe, we focus mainly on Jeddah and are deploying trucks to take the cargo across the Arabian Peninsula through the desert,” he added. Many of the global forwarders, such as Kuehne + Nagel, DHL Global Forwarding, Crane and DSV are actively using road freight to move cargo between consumer markets in the Middle East. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

The injection of containerized cargo by ocean carriers into a land-based transport network not set up to handle such volume is placing road and rail options in the Middle East under increasing pressure. CMA CGM is the latest ocean carrier to deploy road, rail and feeder solutions to shippers with cargo stranded in the war-torn Middle East, joining carriers such as Hapag-Lloyd, Maersk, Ocean Network Express and Zim Integrated Shipping Services. “The infrastructure was not originally designed to accommodate such a high level of incremental trucking demand, particularly given the longer distances resulting from cross-country movements,” a spokesman for Hapag-Lloyd told the Journal of Commerce. “We are partnering closely with our logistics partners to ensure reliable service for our customers in the United Arab Emirates [UAE],” he added. Crane Worldwide Logistics said in a Middle East update Tuesday that road freight was largely operational but faced growing customs delays and capacity pressure as air and sea cargo shifted to land. “A trucking capacity shortage is growing across the Oman, Fujairah and Saudi corridors with the scarcity compressing resolution timelines for stranded and in-transit cargo looking for alternatives to air and ocean,” the update noted. DHL Global Forwarding is also reporting rising congestion across ports and road networks with ships calling at Khor Fakkan in the UAE facing 10-plus day delays and long truck queues, and high demand for road freight driving up transit times and costs. Commercial shipping remains unable to pass through the Strait of Hormuz as the US-Iran war enters its third week and container traffic destined for the Middle East is being offloaded at strategic entry points outside the Persian Gulf, such as Khor Fakkan and Fujairah in the UAE and Sohar in Oman. Alternative transport solutions Countries in the Persian Gulf import more than 90% of their products and the disabling of ocean access represents a significant threat. Trucking is the next best option and CMA CGM is offering shippers alternative transport solutions connecting the UAE, Saudi Arabia, Oman, Iraq, Qatar, Bahrain, Kuwait and Jordan via the ports of Khor Fakkan, Fujairah, Sohar and Jeddah in Saudi Arabia. The carrier is using logistics corridors to serve the main hubs in the UAE (Khalifa, Jebel Ali and Sharjah) and other countries bordering the Arabian Gulf via a combination of regional road and maritime transport. From the Red Sea port of Jeddah, CMA CGM has established road corridors, with or without maritime connections, for onward delivery to Saudi Arabia (Dammam), the UAE, Qatar, Bahrain, Kuwait and Iraq. This setup also allows flows to connect to the Mediterranean and Asia without exposure to the Strait of Hormuz. A third option is via the Omani ports with road and feeder connections to the UAE and northern Gulf countries. Before the war started, most of the container lines were offering carrier or merchant haulage across the Middle East but in the past two weeks have had to adapt their land-based services to handle the disruption caused by the war. For general and non-urgent cargo, MSC, CMA CGM and Yang Ming are among the carriers that have declared “end of voyage” for Persian Gulf-bound containers already onboard vessels when the war started. That cargo status means the carriers are unable to fulfil obligations on a bill of lading, and when the containers are offloaded at a port, they become the responsibility of the cargo owner. Maersk has taken a different approach , offering shippers three options: keeping the cargo in temporary storage, having it returned to the port of departure, or delivering it to another destination for onward transport by another mode. “We are using Salalah and Khor Fakkan for cargo that comes from the east and are securing trucking capacity to take it into the Gulf,” Maersk CCO Karsten Kildahl told the Journal of Commerce in an interview last week. “For cargo that comes from Europe, we focus mainly on Jeddah and are deploying trucks to take the cargo across the Arabian Peninsula through the desert,” he added. Many of the global forwarders, such as Kuehne + Nagel, DHL Global Forwarding, Crane and DSV are actively using road freight to move cargo between consumer markets in the Middle East. Contact Greg Knowler at greg.knowler@spglobal.com .

Asia-Europe

International ports

Rising road volume puts Middle East land-based options under pressure

<div class="phx-topic abstract-wrapper">The terminal, capable of ultimately handling 5.7 million TEUs annually, will be the global terminal operator’s third in Vietnam. </div>

The terminal, capable of ultimately handling 5.7 million TEUs annually, will be the global terminal operator’s third in Vietnam.

<div class="phx-topic">APM Terminals and its long-standing local partner Hateco Group are set for a 50-year concession to develop the $1.8 billion Lieu Chieu container terminal in the central Vietnam port city of Da Nang. The duo was approved by the People’s Committee of Da Nang on Tuesday — the local government — as the preferred bidder for a terminal with an annual capacity of 5.7 million TEUs. Work is due to start later this year, with the first two berths due to open in 2028 and full completion is expected by 2035. Container lines, supported by record profits from disruption, are investing more in marine terminals to gain better control of landside operations and mitigate port congestion. Maersk’s stakes and investment in marine terminals, such as Tanjung Pelepas in Malaysia, enable the Gemini Cooperation’s hub-and-spoke network with partner Hapag-Lloyd. US tariffs on China have made Vietnam a more attractive origin of US imports, with the latter’s share of laden inbound shipments rising to 12% last year from 9.9% in 2024, according to PIERS, a sister company of the Journal of Commerce. APM Terminals, Hateco Group and Hateco Port Company will build, operate and manage the terminal, which will have eight container berths with a total quay of 9,022 feet capable of handling 18,000-TEU container ships. There will also be a barge berth for vessels up to 5,000 metric tons to support local cargo consolidation and distribution, easing pressure on the regional road network, and reducing transport costs. The facility, midway between the major ports of Haiphong in the north near Hanoi and Ho Chi Minh in the south, is expected to become a key hub for cargo in Vietnam’s central provinces and neighboring Laos as well as transshipment traffic. The facility is the second to be jointly developed by APM Terminals division and Hateco after the two firms won a concession to build and operate the Hateco Haiphong International Container Terminal that opened last July. The two-berth terminal at Haiphong’s Lach Huyen port in northern Vietnam can handle 18,000-TEU-sized ships. Da Nang will be APM Terminals’ third facility in Vietnam — the firm operates the two-berth 2.1-million-TEU capacity Cai Mep International Terminal 31 miles southeast of Ho Chin Minh City. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

APM Terminals and its long-standing local partner Hateco Group are set for a 50-year concession to develop the $1.8 billion Lieu Chieu container terminal in the central Vietnam port city of Da Nang. The duo was approved by the People’s Committee of Da Nang on Tuesday — the local government — as the preferred bidder for a terminal with an annual capacity of 5.7 million TEUs. Work is due to start later this year, with the first two berths due to open in 2028 and full completion is expected by 2035. Container lines, supported by record profits from disruption, are investing more in marine terminals to gain better control of landside operations and mitigate port congestion. Maersk’s stakes and investment in marine terminals, such as Tanjung Pelepas in Malaysia, enable the Gemini Cooperation’s hub-and-spoke network with partner Hapag-Lloyd. US tariffs on China have made Vietnam a more attractive origin of US imports, with the latter’s share of laden inbound shipments rising to 12% last year from 9.9% in 2024, according to PIERS, a sister company of the Journal of Commerce. APM Terminals, Hateco Group and Hateco Port Company will build, operate and manage the terminal, which will have eight container berths with a total quay of 9,022 feet capable of handling 18,000-TEU container ships. There will also be a barge berth for vessels up to 5,000 metric tons to support local cargo consolidation and distribution, easing pressure on the regional road network, and reducing transport costs. The facility, midway between the major ports of Haiphong in the north near Hanoi and Ho Chi Minh in the south, is expected to become a key hub for cargo in Vietnam’s central provinces and neighboring Laos as well as transshipment traffic. The facility is the second to be jointly developed by APM Terminals division and Hateco after the two firms won a concession to build and operate the Hateco Haiphong International Container Terminal that opened last July. The two-berth terminal at Haiphong’s Lach Huyen port in northern Vietnam can handle 18,000-TEU-sized ships. Da Nang will be APM Terminals’ third facility in Vietnam — the firm operates the two-berth 2.1-million-TEU capacity Cai Mep International Terminal 31 miles southeast of Ho Chin Minh City. Contact Keith Wallis at keithwallis@hotmail.com .

Port News

Port infrastructure

Marine terminals

APM Terminals to build $1.8 billion terminal in Da Nang

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