<div class="phx-topic abstract-wrapper">(1)SPOT PRICE INFLATION RATE, SMOOTHED, ANNUALIZED, April 4, '94 - April 6, '95 (a graph) (2</div>

(1)SPOT PRICE INFLATION RATE, SMOOTHED, ANNUALIZED, April 4, '94 - April 6, '95 (a graph) (2

<div>(1)SPOT PRICE INFLATION RATE, SMOOTHED, ANNUALIZED, April 4, '94 - April 6, '95 (a graph)(2)DAILY INDEX* Annual Smoothed percent +11.561 Mo. ago 113.83 Mo. ago 114.2Year ago 96.43/23 114.63/24 114.53/27 114.23/28 114.43/29 113.83/30 113.53/31 113.14/3 113.54/4 113.94/5 113.84/6 113.8(3) TEXTILES* Annual Smoothed percent +17.311 Mo. ago 113.13 Mo. ago 108.0Year ago 94.43/24 112.53/27 113.03/28 112.73/29 112.33/30 111.93/31 111.04/3 111.34/4 111.04/5 111.34/6 111.6(4) METALS* Annual Smoothed percent +15.181 Mo. ago 99.53 Mo. ago 105.5Year ago 82.93/24 100.83/27 100.83/28 100.83/29 100.33/30 100.63/31 100.64/3 101.34/4 101.84/5 101.74/6 101.1(5) CRUDE OIL &amp; BENZENE* Annual Smoothed percent +2.911 Mo. ago 82.73 Mo. ago 84.4Year ago...

(1)SPOT PRICE INFLATION RATE, SMOOTHED, ANNUALIZED, April 4, '94 - April 6, '95 (a graph) (2)DAILY INDEX* Annual Smoothed percent +11.56 1 Mo. ago 113.8 3 Mo. ago 114.2 Year ago 96.4 3/23 114.6 3/24 114.5 3/27 114.2 3/28 114.4 3/29 113.8 3/30 113.5 3/31 113.1 4/3 113.5 4/4 113.9 4/5 113.8 4/6 113.8 (3) TEXTILES * Annual Smoothed percent +17.31 1 Mo. ago 113.1 3 Mo. ago 108.0 Year ago 94.4 3/24 112.5 3/27 113.0 3/28 112.7 3/29 112.3 3/30 111.9 3/31 111.0 4/3 111.3 4/4 111.0 4/5 111.3 4/6 111.6 (4) METALS * Annual Smoothed percent +15.18 1 Mo. ago 99.5 3 Mo. ago 105.5 Year ago 82.9 3/24 100.8 3/27 100.8 3/28 100.8 3/29 100.3 3/30 100.6 3/31 100.6 4/3 101.3 4/4 101.8 4/5 101.7 4/6 101.1 (5) CRUDE OIL & BENZENE * Annual Smoothed percent +2.91 1 Mo. ago 82.7 3 Mo. ago 84.4 Year ago 79.8 3/24 84.8 3/27 85.2 3/28 85.1 3/29 85.6 3/30 85.5 3/31 85.5 4/3 85.1 4/4 85.7 4/5 86.0 4/6 86.1 (6) MISCELLANEOUS * Annual smoothed percent +6.79 1 Mo. ago 147.5 3 Mo. ago 146.4 Year ago 122.0 3/24 147.8 3/27 145.6 3/28 147.0 3/29 145.3 3/30 144.1 3/31 143.6 4/3 144.2 4/4 144.9 4/5 144.3 4/6 144.4 Commodity Base 1990 = 100 AT 52-WEEK HIGH: Burlap, polyester. AT 52-WEEK LOW: None. ADVANCES: Cotton, hides, rubber, crude oil. DECLINES: Aluminum, tin. 1994 High: 113.6 1994 Low: 92.9 1995 High: 115.9 1995 Low: 112.2 * A smoothed percent change is an annual rate indicating the pace of the group's inflation. (SOURCE: The Center for International Business Cycle Research at Columbia University, telephone: 212-280-2895. Commodity prices are in Spot Commodities table on page 8B.

JOURNAL OF COMMERCE INDUSTRIAL PRICE INDEX

<div class="phx-topic abstract-wrapper">Both sides had been engaged in protracted negotiations to break the trade deadlock that had cut India’s imports to the US East Coast by more than 30% over the past six months.</div>

Both sides had been engaged in protracted negotiations to break the trade deadlock that had cut India’s imports to the US East Coast by more than 30% over the past six months.

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<div class="phx-topic">The US and India on Monday said they reached a trade agreement after a months-long dispute, prompting Washington to cut tariffs on Indian goods to 18% from the 50% that went into effect last August. In a key concession, India said it would stop its purchases of Russian oil. “When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation,” Indian Prime Minister Narendra Modi said in a statement. Both sides had been engaged in protracted negotiations to break the trade deadlock that had cut India’s imports to the US East Coast (USEC) by more than 30%. Further details, including the timeline for when the lower tariffs go into effect, were not immediately available. But the US said it would lower a “reciprocal” tariff on Indian goods from 25% to 18%, while also eliminating a separate 25% punitive tariff linked to India’s purchases of Russian oil. The lower tariffs make several Indian-made products, particularly textiles and apparel, more competitive than rival Asian sourcing markets, which augurs well for a potential trade boost between India and the US. “This is big news for the India-US trade,” an executive at a European ocean carrier told the Journal of Commerce. “We are hoping to see a rebound in capacity demand.” <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="893ffa5c-0a69-45c7-a555-425e44318711"></dynamic-object></div>Westbound volumes on the trade lane have been under tremendous pressure since the tariff uncertainty, forcing carriers to push ocean rates down to recent lows. Carriers have also been strategically adjusting capacity through blank calls to keep supply-demand dynamics as balanced as possible. Imports from India to the USEC have fallen 32% since the trade dispute broke out, from 93,160 TEUs in August to 63,590 TEUs in December, according to PIERS, a sister product of the Journal of Commerce within S&amp;P Global. And spot rates from India to the USEC that were $2,640 per FEU on Aug. 1 have steadily fallen since to $1,212.50 as of Jan. 30, down 54%, according to Platts, a sister company of the Journal of Commerce within S&amp;P Global. Major carriers have been unable to hold on to their intended rate hikes over the past few months with little demand support emerging. Contact Bency Mathew at <a href="mailto:bencyvmathew@gmail.com">bencyvmathew@gmail.com</a>.</div>

The US and India on Monday said they reached a trade agreement after a months-long dispute, prompting Washington to cut tariffs on Indian goods to 18% from the 50% that went into effect last August. In a key concession, India said it would stop its purchases of Russian oil. “When two large economies and the world’s largest democracies work together, it benefits our people and unlocks immense opportunities for mutually beneficial cooperation,” Indian Prime Minister Narendra Modi said in a statement. Both sides had been engaged in protracted negotiations to break the trade deadlock that had cut India’s imports to the US East Coast (USEC) by more than 30%. Further details, including the timeline for when the lower tariffs go into effect, were not immediately available. But the US said it would lower a “reciprocal” tariff on Indian goods from 25% to 18%, while also eliminating a separate 25% punitive tariff linked to India’s purchases of Russian oil. The lower tariffs make several Indian-made products, particularly textiles and apparel, more competitive than rival Asian sourcing markets, which augurs well for a potential trade boost between India and the US. “This is big news for the India-US trade,” an executive at a European ocean carrier told the Journal of Commerce. “We are hoping to see a rebound in capacity demand.” Westbound volumes on the trade lane have been under tremendous pressure since the tariff uncertainty, forcing carriers to push ocean rates down to recent lows. Carriers have also been strategically adjusting capacity through blank calls to keep supply-demand dynamics as balanced as possible. Imports from India to the USEC have fallen 32% since the trade dispute broke out, from 93,160 TEUs in August to 63,590 TEUs in December, according to PIERS, a sister product of the Journal of Commerce within S&P Global. And spot rates from India to the USEC that were $2,640 per FEU on Aug. 1 have steadily fallen since to $1,212.50 as of Jan. 30, down 54%, according to Platts, a sister company of the Journal of Commerce within S&P Global. Major carriers have been unable to hold on to their intended rate hikes over the past few months with little demand support emerging. Contact Bency Mathew at bencyvmathew@gmail.com .

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US agrees to slash tariffs on imports from India after reaching trade deal

<div class="phx-topic abstract-wrapper">The software company with a network of thousands of proprietary roadside cameras has been primarily serving freight brokers with capacity sourcing and fraud mitigation tools. </div>

The software company with a network of thousands of proprietary roadside cameras has been primarily serving freight brokers with capacity sourcing and fraud mitigation tools.

<div class="phx-topic">Technology vendor GenLogs has secured $60 million in funding to build out its platform of tools that help service providers find available trucking capacity and mitigate freight theft and fraud, the company said Monday. The investment will be used to extend GenLogs’ reach to shippers, insurers and customers in the government and financial sectors, the Virginia-based company said in a statement. GenLogs, founded in 2023, has primarily served truckload freight brokers, but its customer list now includes J.B. Hunt, Werner Enterprises, and the Jacksonville Port Authority. GenLogs’ technology has been used mostly to help brokers source carriers and discover lanes where specific shippers move loads. The company broadened its focus as freight fraud and theft spiraled in the truckload industry, using its network of proprietary roadside sensors to help law enforcement track down missing loads and assets. The applicability of GenLogs’ data to financial and risk management sensors has had CEO Ryan Joyce, a former US intelligence officer, eyeing use cases in the banking and insurance sectors, he told the Journal of Commerce in December. GenLogs’ tools can also be used by shippers to track down shipments that have gone missing, help them avoid potentially unscrupulous carriers, and aid them in sourcing vetted capacity in lanes they run. GenLogs says it deletes any footage of private vehicles captured by its network of cameras before screening for commercial markings, such as a US Department of Transportation number, and blurs the vehicle’s windows to prevent personal biometric identification from being made known. Joyce said in a post on X Monday that GenLogs serves approximately 100 carriers, brokers, shippers, ports, insurance companies and law enforcement organizations, and has increased its revenue by 14 times over the past year, without specifying an exact figure. He also said that GenLogs supplements data gathered by its own cameras with data from satellites, IoT devices, and open-source information. The company has previously raised $21 million in two prior rounds of funding. Contact Eric Johnson at <a href="mailto:eric.johnson@spglobal.com">eric.johnson@spglobal.com</a>. </div>

Technology vendor GenLogs has secured $60 million in funding to build out its platform of tools that help service providers find available trucking capacity and mitigate freight theft and fraud, the company said Monday. The investment will be used to extend GenLogs’ reach to shippers, insurers and customers in the government and financial sectors, the Virginia-based company said in a statement. GenLogs, founded in 2023, has primarily served truckload freight brokers, but its customer list now includes J.B. Hunt, Werner Enterprises, and the Jacksonville Port Authority. GenLogs’ technology has been used mostly to help brokers source carriers and discover lanes where specific shippers move loads. The company broadened its focus as freight fraud and theft spiraled in the truckload industry, using its network of proprietary roadside sensors to help law enforcement track down missing loads and assets. The applicability of GenLogs’ data to financial and risk management sensors has had CEO Ryan Joyce, a former US intelligence officer, eyeing use cases in the banking and insurance sectors, he told the Journal of Commerce in December. GenLogs’ tools can also be used by shippers to track down shipments that have gone missing, help them avoid potentially unscrupulous carriers, and aid them in sourcing vetted capacity in lanes they run. GenLogs says it deletes any footage of private vehicles captured by its network of cameras before screening for commercial markings, such as a US Department of Transportation number, and blurs the vehicle’s windows to prevent personal biometric identification from being made known. Joyce said in a post on X Monday that GenLogs serves approximately 100 carriers, brokers, shippers, ports, insurance companies and law enforcement organizations, and has increased its revenue by 14 times over the past year, without specifying an exact figure. He also said that GenLogs supplements data gathered by its own cameras with data from satellites, IoT devices, and open-source information. The company has previously raised $21 million in two prior rounds of funding. Contact Eric Johnson at eric.johnson@spglobal.com .

Truckload

Truck brokers

Logistics Technology News

Tech vendor GenLogs lands $60 million to target shippers, banks

<div class="phx-topic abstract-wrapper">With few opportunities for large-scale consolidation and freight rates under growing pressure from slowing volumes and the largest-ever order book, liners will need to look elsewhere to save costs; it won’t be long before AI offers up ready solutions, writes Peter Tirschwell.</div>

With few opportunities for large-scale consolidation and freight rates under growing pressure from slowing volumes and the largest-ever order book, liners will need to look elsewhere to save costs; it won’t be long before AI offers up ready solutions, writes Peter Tirschwell.

<div class="phx-topic">Freight transportation companies, including ocean carriers, closely scrutinize the cost structure of their competitors. The reason is existential: In highly competitive and quasi-commodity markets, companies with lower costs can undercut the competition, walking away with customers, revenues and market share. With artificial intelligence (AI) entering the picture, offering the potential for mass-automation of human tasks, an ever-present focus on cost is set to be hyper-charged. The race is on to leverage AI to lower costs as quickly and aggressively as possible, with one forwarder telling the Journal of Commerce the urgency is more a matter of remaining competitive — and ultimately remaining in business — than improving profitability. <div class="wrapper-narrow float-right-element"><img src="/images/phoenix/6162804_0.1.jpg"></img></div>“One issue that stands out is the opportunity to use AI to cut costs ... the supply chain sector is ripe for major cost savings,” Benjamin Gordon, managing partner of Cambridge Capital, <a href="https://www.linkedin.com/posts/bengordon18_bgsaconference-activity-7422998274158137344-KhAK?utm_source=share&amp;utm_medium=member_desktop&amp;rcm=ACoAAADfW-8BOfvVS8-hsN9U369b-ZDwYA85OWY">wrote in late January</a> following his annual BGSA Supply Chain Conference. Among ocean container carriers, blocks of cost were taken out over decades through a series of mergers and acquisitions that took the market share of the top 10 carriers from about 50% in the mid-1990s to nearly 85% today, according to Alphaliner. But with few further opportunities for large-scale consolidation and freight rates under growing pressure from slowing volumes and the largest-ever order book, carriers will need to look elsewhere. It won’t be long before AI offers up ready solutions. The reason, some way, is that big new pockets of cost are able to be removed by automating a range of core carrier processes including customer service, dispute resolution, scrutiny of vendor invoices, and the order-to-cash cycle. <h3>Customer service inquires primed for automation </h3>Customer service is a prime target. Customer inquiries regarding vessel ETA, last free day, extension on free time, whether a bill of lading (BoL) has been sent or if a draft BoL can be sent, all are standardized processes ripe for automation, said Siddharth Vijay, founder of New York-based Lynk Labs, which is building AI agents to automate core operational workflows at supply chain companies. Vijay estimates that 40% of ocean carrier customer service volume can be automated, with humans left to focus on exceptions. “I estimate this number can get up to 70% in the next two years,” he told the Journal of Commerce. Assuming a $30,000 fully loaded headcount cost per customer service representative, if a carrier has 2,000 staff, the savings would be about $24 million per year. If the staff count is 5,000, the savings could reach $60 million per year, Vijay estimated. Those numbers are too big to be ignored. “This only accounts for the headcount savings,” he said. “The other large value proposition is improving customer relationships with timely, rapid answers,” a key KPI for customer service teams. It is unlikely that ocean carriers, even though they tend to be conservative organizations, will not soon begin exploring such opportunities given the competitive implications. In the area of dispute resolution, to handle thousands of billing and service disputes, ocean carriers employ small armies to research history, exceptions and documentation required to resolve the dispute. Vijay said AI can make the process vastly more efficient by identifying root causes of disputes to enable carriers to proactively fix systemic issues, summarizing disputes and suggesting resolutions to improve handling time per dispute and reducing the number of disputes. <h3>AI and carrier decision-making a ‘very viable’ pairing </h3>For ocean carriers, there may be an even bigger prize from large-scale integration of AI. Could AI one day soon drive core carrier decision-making regarding when to accept or reject bookings, where to position empty containers, what ports to call, when to blank sailings, and where to deploy ships, all rolled up into running the business to maximize profit? Such a scenario is “very viable,” Vijay said. “I don’t think it is far-fetched at all,” he said. “At its core, this is what we call a constrained optimization problem. Given vessels, capacity, rates, port constraints, and customer commitments, etc., what is the profit-maximizing network?” “The hardest part isn’t the AI algorithm itself; it’s aggregating clean, operational data across the carrier and having enough representative historical examples to ‘train’ and validate the system,” Vijay added. “In other words, it’s fundamentally a data availability problem.” Contact Peter Tirschwell at <a href="mailto:peter.tirschwell@spglobal.com">peter.tirschwell@spglobal.com</a>.</div>

Freight transportation companies, including ocean carriers, closely scrutinize the cost structure of their competitors. The reason is existential: In highly competitive and quasi-commodity markets, companies with lower costs can undercut the competition, walking away with customers, revenues and market share. With artificial intelligence (AI) entering the picture, offering the potential for mass-automation of human tasks, an ever-present focus on cost is set to be hyper-charged. The race is on to leverage AI to lower costs as quickly and aggressively as possible, with one forwarder telling the Journal of Commerce the urgency is more a matter of remaining competitive — and ultimately remaining in business — than improving profitability. “One issue that stands out is the opportunity to use AI to cut costs ... the supply chain sector is ripe for major cost savings,” Benjamin Gordon, managing partner of Cambridge Capital, wrote in late January following his annual BGSA Supply Chain Conference. Among ocean container carriers, blocks of cost were taken out over decades through a series of mergers and acquisitions that took the market share of the top 10 carriers from about 50% in the mid-1990s to nearly 85% today, according to Alphaliner. But with few further opportunities for large-scale consolidation and freight rates under growing pressure from slowing volumes and the largest-ever order book, carriers will need to look elsewhere. It won’t be long before AI offers up ready solutions. The reason, some way, is that big new pockets of cost are able to be removed by automating a range of core carrier processes including customer service, dispute resolution, scrutiny of vendor invoices, and the order-to-cash cycle. Customer service inquires primed for automation Customer service is a prime target. Customer inquiries regarding vessel ETA, last free day, extension on free time, whether a bill of lading (BoL) has been sent or if a draft BoL can be sent, all are standardized processes ripe for automation, said Siddharth Vijay, founder of New York-based Lynk Labs, which is building AI agents to automate core operational workflows at supply chain companies. Vijay estimates that 40% of ocean carrier customer service volume can be automated, with humans left to focus on exceptions. “I estimate this number can get up to 70% in the next two years,” he told the Journal of Commerce. Assuming a $30,000 fully loaded headcount cost per customer service representative, if a carrier has 2,000 staff, the savings would be about $24 million per year. If the staff count is 5,000, the savings could reach $60 million per year, Vijay estimated. Those numbers are too big to be ignored. “This only accounts for the headcount savings,” he said. “The other large value proposition is improving customer relationships with timely, rapid answers,” a key KPI for customer service teams. It is unlikely that ocean carriers, even though they tend to be conservative organizations, will not soon begin exploring such opportunities given the competitive implications. In the area of dispute resolution, to handle thousands of billing and service disputes, ocean carriers employ small armies to research history, exceptions and documentation required to resolve the dispute. Vijay said AI can make the process vastly more efficient by identifying root causes of disputes to enable carriers to proactively fix systemic issues, summarizing disputes and suggesting resolutions to improve handling time per dispute and reducing the number of disputes. AI and carrier decision-making a ‘very viable’ pairing For ocean carriers, there may be an even bigger prize from large-scale integration of AI. Could AI one day soon drive core carrier decision-making regarding when to accept or reject bookings, where to position empty containers, what ports to call, when to blank sailings, and where to deploy ships, all rolled up into running the business to maximize profit? Such a scenario is “very viable,” Vijay said. “I don’t think it is far-fetched at all,” he said. “At its core, this is what we call a constrained optimization problem. Given vessels, capacity, rates, port constraints, and customer commitments, etc., what is the profit-maximizing network?” “The hardest part isn’t the AI algorithm itself; it’s aggregating clean, operational data across the carrier and having enough representative historical examples to ‘train’ and validate the system,” Vijay added. “In other words, it’s fundamentally a data availability problem.” Contact Peter Tirschwell at peter.tirschwell@spglobal.com .

AI primed to offer ocean carriers many and varied ways to cut expenses

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

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

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

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

Breakbulk carriers

Ro/ro cargo

Heavy-haul transport

Project cargo

Breakbulk News

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

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

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

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

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

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

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