<div class="phx-topic abstract-wrapper">Stevedores should not be entitled to an "interstate commerce" sales tax exemption, according to a un</div>

Stevedores should not be entitled to an "interstate commerce" sales tax exemption, according to a un

<div>Stevedores should not be entitled to an "interstate commerce" sales tax exemption, according to a unanimous ruling by the New York State Supreme Court's appellate division.Moran Towing &amp; Transportation Co., which leased four tugboats to provide towing services to larger vessels entering or leaving berths in the port of New York, had protested the New York State Tax Commission's demand for payment of sales and use taxes.Moran, joined in the suit by Moran Shipyard Corp., which serviced and repaired the tugs, and by Marine Supply Co., which sold various supplies for use by the tugs, claimed the boats should be...

Stevedores should not be entitled to an "interstate commerce" sales tax exemption, according to a unanimous ruling by the New York State Supreme Court's appellate division. Moran Towing & Transportation Co., which leased four tugboats to provide towing services to larger vessels entering or leaving berths in the port of New York, had protested the New York State Tax Commission's demand for payment of sales and use taxes.Moran, joined in the suit by Moran Shipyard Corp., which serviced and repaired the tugs, and by Marine Supply Co., which sold various supplies for use by the tugs, claimed the boats should be exempt from taxation. The companies argued that because the tugs moved vessels that are in interstate commerce, the tugs are engaged in interstate commerce although they are operated solely within the state of New York.

Maritime

MORAN LOSES NY RULING

<div class="phx-topic abstract-wrapper">The acquisition is expected to be completed this year, and will strengthen the combined network on the trans-Pacific, intra-Asia, the Atlantic, Latin America, and East Mediterranean while bringing up to $500 million in synergies, Hapag-Lloyd's CEO said. </div>

The acquisition is expected to be completed this year, and will strengthen the combined network on the trans-Pacific, intra-Asia, the Atlantic, Latin America, and East Mediterranean while bringing up to $500 million in synergies, Hapag-Lloyd's CEO said.

Feature image

<div class="phx-topic">Hapag-Lloyd inked a $4.2 billion deal Monday to acquire 100% of Zim Integrated Shipping Services, cementing the buyer’s position <a href="https://www.joc.com/article/hapag-lloyds-plan-to-acquire-zim-would-deepen-shipping-oligopoly-6170073">as the world’s fifth-largest container shipping company</a> with a fleet of over 400 vessels, a slot capacity of over 3 million TEUs, and an annual transport volume of more than 18 million TEUs. Financing the transaction from cash reserves and a $2.5 billion bridging fund, Hapag-Lloyd will take over the international operations of Zim but leave control of domestic operations to Israel-based private equity group FIMI Opportunity Funds. The deal is expected to be completed by the end of the year, subject to approval of Zim shareholders and regulatory approval in several jurisdictions. Hapag-Lloyd CEO Rolf Habben Jansen said the acquisition of the 10th largest ocean carrier would strengthen the combined network on the trans-Pacific, intra-Asia, the Atlantic, Latin America, and East Mediterranean while generating significant synergies. “We expect to see about $300 million to $500 million in synergies, mainly in network and procurement,” Habben Jansen told reporters during an online briefing shortly after signing the deal in Tel Aviv, noting that the synergies would bring down slot costs by an estimated $25 per TEU. “We know how to create those synergies, as we have done so in previous transactions,” he added. Zim will be the sixth carrier Hapag-Lloyd has taken over following previous deals for cpships (2005), CSAV (2014), UASC (2017), NileDutch (2021), and DAL (2022). <h3>‘A fair price’ </h3>Asked whether the $4.2 billion acquisition cost was too high, Habben Jansen said he believed it was “a fair price.” ”It was certainly not a low price that we paid, but we believe that it’s an excellent asset, and as such, I think the premium is justified,” he said. Analysts at investment bank J.P. Morgan were not convinced by the takeover premium, calling the price offered “a significant premium to forward expectations.” An analyst note said this was likely a reflection of the competitive nature of the tender and efforts by strategic players to increase market share in a highly competitive market dynamic where players without a large order book were disadvantaged. J.P. Morgan expects Zim’s earnings before interest, taxes, amortization and depreciation (EBITDA) margin for 2025 to be 30%, compared to 20% in 2023 and 11% in 2019, leaving “material downside potential as the container shipping cycle turns.” “This we expect will likely limit the value creation potential for Hapag-Lloyd in the coming years,” the bank said, although it noted that Hapag-Lloyd appeared less concerned over near-term dynamics, “despite a more challenging multi-year period ahead.” The international element of Zim’s capacity that Hapag-Lloyd will acquire is chartered, thus increasing the chartered portion of Hapag-Lloyd's fleet from its current 39% to 52%. Habben Jansen said there were benefits to holding chartered tonnage in a down cycle, but conceded that the level would be too high. “Dependent on how good or not so good the market is, you have a lot more flexibility in adjusting your cost base than if you do not have a large chunk of chartered tonnage,” he told reporters. “Having said that, I think if this transaction is completed, then the percentage of chartered tonnage that we would have is probably a bit on the high side,” he added. “So over time, one should expect that we then bring that down.” Only Ocean Network Express and Yang Ming have charter ratios above 50%, with other top 10 carriers below 40%. In the case of Evergreen and HMM, it is as low as 30% and 18%, respectively, Lars Jensen, CEO of Vespucci Maritime and a Journal of Commerce contributor, noted in a LinkedIn post. “This can prove to be a competitive advantage as the market is heading towards a cyclical downturn where the ability to tactically reduce the size of the operated fleet by redelivering charter vessels can be an important element of maintaining a high utilization and low unit cost,” Jensen wrote Monday. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com.</a></div>

Hapag-Lloyd inked a $4.2 billion deal Monday to acquire 100% of Zim Integrated Shipping Services, cementing the buyer’s position as the world’s fifth-largest container shipping company with a fleet of over 400 vessels, a slot capacity of over 3 million TEUs, and an annual transport volume of more than 18 million TEUs. Financing the transaction from cash reserves and a $2.5 billion bridging fund, Hapag-Lloyd will take over the international operations of Zim but leave control of domestic operations to Israel-based private equity group FIMI Opportunity Funds. The deal is expected to be completed by the end of the year, subject to approval of Zim shareholders and regulatory approval in several jurisdictions. Hapag-Lloyd CEO Rolf Habben Jansen said the acquisition of the 10th largest ocean carrier would strengthen the combined network on the trans-Pacific, intra-Asia, the Atlantic, Latin America, and East Mediterranean while generating significant synergies. “We expect to see about $300 million to $500 million in synergies, mainly in network and procurement,” Habben Jansen told reporters during an online briefing shortly after signing the deal in Tel Aviv, noting that the synergies would bring down slot costs by an estimated $25 per TEU. “We know how to create those synergies, as we have done so in previous transactions,” he added. Zim will be the sixth carrier Hapag-Lloyd has taken over following previous deals for cpships (2005), CSAV (2014), UASC (2017), NileDutch (2021), and DAL (2022). ‘A fair price’ Asked whether the $4.2 billion acquisition cost was too high, Habben Jansen said he believed it was “a fair price.” ”It was certainly not a low price that we paid, but we believe that it’s an excellent asset, and as such, I think the premium is justified,” he said. Analysts at investment bank J.P. Morgan were not convinced by the takeover premium, calling the price offered “a significant premium to forward expectations.” An analyst note said this was likely a reflection of the competitive nature of the tender and efforts by strategic players to increase market share in a highly competitive market dynamic where players without a large order book were disadvantaged. J.P. Morgan expects Zim’s earnings before interest, taxes, amortization and depreciation (EBITDA) margin for 2025 to be 30%, compared to 20% in 2023 and 11% in 2019, leaving “material downside potential as the container shipping cycle turns.” “This we expect will likely limit the value creation potential for Hapag-Lloyd in the coming years,” the bank said, although it noted that Hapag-Lloyd appeared less concerned over near-term dynamics, “despite a more challenging multi-year period ahead.” The international element of Zim’s capacity that Hapag-Lloyd will acquire is chartered, thus increasing the chartered portion of Hapag-Lloyd's fleet from its current 39% to 52%. Habben Jansen said there were benefits to holding chartered tonnage in a down cycle, but conceded that the level would be too high. “Dependent on how good or not so good the market is, you have a lot more flexibility in adjusting your cost base than if you do not have a large chunk of chartered tonnage,” he told reporters. “Having said that, I think if this transaction is completed, then the percentage of chartered tonnage that we would have is probably a bit on the high side,” he added. “So over time, one should expect that we then bring that down.” Only Ocean Network Express and Yang Ming have charter ratios above 50%, with other top 10 carriers below 40%. In the case of Evergreen and HMM, it is as low as 30% and 18%, respectively, Lars Jensen, CEO of Vespucci Maritime and a Journal of Commerce contributor, noted in a LinkedIn post. “This can prove to be a competitive advantage as the market is heading towards a cyclical downturn where the ability to tactically reduce the size of the operated fleet by redelivering charter vessels can be an important element of maintaining a high utilization and low unit cost,” Jensen wrote Monday. Contact Greg Knowler at greg.knowler@spglobal.com.

Container lines

Container Shipping News

Hapag-Lloyd bolsters fleet with $4.2 billion deal to acquire Zim

<div class="phx-topic abstract-wrapper">The acquisition, if approved, would solidify the Hamburg-based ocean carrier among the five largest container lines by capacity.</div>

The acquisition, if approved, would solidify the Hamburg-based ocean carrier among the five largest container lines by capacity.

<div class="phx-topic">Hapag-Lloyd’s plan to acquire Zim Integrated Shipping Services for more than $3.5 billion, pending regulatory approval, will solidify the Hamburg-based carrier among the five largest container lines by capacity, deepening the industry oligopoly. The negotiations, as reported by Israeli media and confirmed by Hapag-Lloyd, would retain Jersualem’s golden share by allowing Hapag-Lloyd to take over international operations, but leaving control of domestic operation to Israel-based private equity group FIMI. The acquisition wouldl boost Hapag-Lloyd’s existing fleet, including chartered ships, by 704,000 TEUs, bringing its total fleet capacity to more than 3 million TEUs, according to maritime analyst Alphaliner. Aside from the tonnage an acquisition of the 10th largest ocean carrier would bring, Hapag-Lloyd’s focus on container shipping versus end-to-end logistics mirrors that of Zim, which prides itself in its agility compared to larger carriers. Hapag-Lloyd on Sunday said its board “was in advance negotiations regarding a potential acquisition of all shares in its Israeli competitor Zim Integrated Shipping Services Ltd.” The deal, which <a href="https://www.calcalistech.com/ctechnews/article/synasqadwg">has been in the works for six months</a>, according to the Israel financial newspaper Calcalist, resolves government constraints on foreign ownership requiring a set amount of ships to be Israel-owned. <h3>Fewer options for east-west services</h3>The deal would further advance consolidation in an industry that has gone from more than 20 major east-west ocean carriers over 25 years ago to just 10. The top five carriers control 64.5% of global capacity while the top 10 control 84.1%, according to Alphaliner. As recently as 2013, the top 10 lines controlled just over 60% while in 1996 the top 10 carriers controlled 48%, analyst Lars Jensen wrote in “Liner Shipping 2025.”“The liner shipping industry has seen a persistent drive towards consolidation for more than 30 years,” Jensen wrote.The deal also underscores the obstacles to expansion in the current era. Shipyards are full, charter rates remain high, and the top carriers control a greater share of the second-hand market, limiting carriers’ ability to expand organically. Carriers remain flush with cash following a string of profitable years that began with the pandemic, meaning the financial duress that triggered many prior mergers is not present currently. Yet the advantages stemming from scale are undeniable. Despite the potential for three to four years of overcapacity that took a noticeable toll on freight rates and carrier profits in the second half of 2025, the ability of carriers to influence capacity and benefit from external capacity shocks, many believe, leaves them in a more favorable long-term position compared to the 30 years pre-COVID. “A key lesson learned over the last five years is that disruption can be highly profitable for carriers,” <a href="From Tailwind to Headwind: The Changing Dynamics of Maritime Shipping | The Supply Chain Xchange">analyst John McCown wrote in January</a>. Hapag-Lloyd has long been a big part of the consolidation trend in the industry. In 2005, it acquired Canadian carrier CP Ships which itself had absorbed Mexican carrier TMM. In 2014, Hapag-Lloyd acquired Chilean carrier CSAV, and in 2017 it acquired United Arab Shipping Company. Hapag-Lloyd acquired Africa carrier NileDutch and Deutsche Afrika-Linien (DAL) in 2021 and in 2022, respectively.In structuring the Zim sale to satisfy Israel government security concerns, the deal harkens back to the late 1990s sale of APL to Singapore-based Neptune Orient Lines, under which the US government required APL’s US-flag ships to be operated by an American vessel operations entity.Contact Mark Szakonyi <a href="at mark.szakonyi@spglobal.com">at mark.szakonyi@spglobal.com</a>.</div>

Hapag-Lloyd’s plan to acquire Zim Integrated Shipping Services for more than $3.5 billion, pending regulatory approval, will solidify the Hamburg-based carrier among the five largest container lines by capacity, deepening the industry oligopoly. The negotiations, as reported by Israeli media and confirmed by Hapag-Lloyd, would retain Jersualem’s golden share by allowing Hapag-Lloyd to take over international operations, but leaving control of domestic operation to Israel-based private equity group FIMI. The acquisition wouldl boost Hapag-Lloyd’s existing fleet, including chartered ships, by 704,000 TEUs, bringing its total fleet capacity to more than 3 million TEUs, according to maritime analyst Alphaliner. Aside from the tonnage an acquisition of the 10th largest ocean carrier would bring, Hapag-Lloyd’s focus on container shipping versus end-to-end logistics mirrors that of Zim, which prides itself in its agility compared to larger carriers. Hapag-Lloyd on Sunday said its board “was in advance negotiations regarding a potential acquisition of all shares in its Israeli competitor Zim Integrated Shipping Services Ltd.” The deal, which has been in the works for six months , according to the Israel financial newspaper Calcalist, resolves government constraints on foreign ownership requiring a set amount of ships to be Israel-owned. Fewer options for east-west services The deal would further advance consolidation in an industry that has gone from more than 20 major east-west ocean carriers over 25 years ago to just 10. The top five carriers control 64.5% of global capacity while the top 10 control 84.1%, according to Alphaliner. As recently as 2013, the top 10 lines controlled just over 60% while in 1996 the top 10 carriers controlled 48%, analyst Lars Jensen wrote in “Liner Shipping 2025.” “The liner shipping industry has seen a persistent drive towards consolidation for more than 30 years,” Jensen wrote. The deal also underscores the obstacles to expansion in the current era. Shipyards are full, charter rates remain high, and the top carriers control a greater share of the second-hand market, limiting carriers’ ability to expand organically. Carriers remain flush with cash following a string of profitable years that began with the pandemic, meaning the financial duress that triggered many prior mergers is not present currently. Yet the advantages stemming from scale are undeniable. Despite the potential for three to four years of overcapacity that took a noticeable toll on freight rates and carrier profits in the second half of 2025, the ability of carriers to influence capacity and benefit from external capacity shocks, many believe, leaves them in a more favorable long-term position compared to the 30 years pre-COVID. “A key lesson learned over the last five years is that disruption can be highly profitable for carriers,” analyst John McCown wrote in January . Hapag-Lloyd has long been a big part of the consolidation trend in the industry. In 2005, it acquired Canadian carrier CP Ships which itself had absorbed Mexican carrier TMM. In 2014, Hapag-Lloyd acquired Chilean carrier CSAV, and in 2017 it acquired United Arab Shipping Company. Hapag-Lloyd acquired Africa carrier NileDutch and Deutsche Afrika-Linien (DAL) in 2021 and in 2022, respectively. In structuring the Zim sale to satisfy Israel government security concerns, the deal harkens back to the late 1990s sale of APL to Singapore-based Neptune Orient Lines, under which the US government required APL’s US-flag ships to be operated by an American vessel operations entity. Contact Mark Szakonyi at mark.szakonyi@spglobal.com .

Port News

Trans-Atlantic

Asia-Europe

Trans-Pacific

Hapag-Lloyd’s plan to acquire Zim would deepen shipping oligopoly

<div class="phx-topic abstract-wrapper">The wide-ranging plan includes proposals to tax foreign-built ships calling US ports, rebuild domestic shipbuilding capacity, and eliminate “burdensome regulations” through a series of deregulatory measures. </div>

The wide-ranging plan includes proposals to tax foreign-built ships calling US ports, rebuild domestic shipbuilding capacity, and eliminate “burdensome regulations” through a series of deregulatory measures.

<div class="phx-topic">The Trump administration Friday unveiled a wide-ranging blueprint for revitalizing the US maritime sector, the financial cornerstone of which would be a Maritime Security Trust Fund (MSTF) that would be fed in large part by taxing foreign-owned vessels calling US ports. “America’s Maritime Action Plan” includes a “universal infrastructure or security fee” that would be imposed on all foreign-built commercial vessels. The fee would be assessed based on the weight of the imported tonnage carried on the vessel. The action plan also includes a separate fee on imports arriving via land. While no specific figures were proposed, the plan to tax cargo tonnage imported by foreign-built ships did offer two scenarios: A fee of 1 cent per kilogram would generate about $66 billion over 10 years, while a fee of 25 cents per kg would yield close to $1.5 trillion. It’s unclear how the estimates were calculated. “As foreign-built vessels benefit from US market access, this policy ensures they contribute to the long-term revitalization of America’s maritime capabilities,” the plan said. The proposal echoes the tit-for-tat tariffs the US and China intended to impose on each other’s tonnage <a href="https://www.joc.com/article/year-long-pause-on-us-port-fees-targeting-china-vessels-to-start-nov-10-6108431">until a one-year suspension was enacted last November</a> as part of a <a href="https://www.joc.com/article/trade-deal-could-boost-short-term-china-imports-but-uncertainty-lingers-6106809">broader trade deal between Washington and Beijing</a>. The action plan also includes proposals to rebuild domestic shipbuilding capacity, strengthen the maritime industrial base, increase the fleet of US-built and -flagged commercial vessels working international trades, and eliminate “burdensome regulations” through a series of deregulatory measures. “For decades, the nation’s strategic position and shipbuilding industrial capacity have weakened due to a lack of strategic focus, cumbersome government procurement processes and a lack of strategic support for construction of commercial vessels in domestic shipyards,” the plan’s introduction stated. The action plan is an extension of an executive order issued by President Donald Trump last April calling for the restoration of American maritime dominance. The 40-page plan offers several concrete proposals, including the creation of the MSTF that would be fed by new revenue streams. “By securing stable, long-term funding, the MSTF would ensure consistent support for investments in shipbuilding, fleet expansion, industrial base resilience, and maritime workforce development,” the plan said. “Authorized expenditures would include programs identified as helpful for the promotion, growth and strengthening of the domestic maritime sector.” The MSTF would help fund the revitalization of US shipbuilding capacity, which is “the cornerstone of the administration’s strategy to restore America’s maritime strength and self-sufficiency,” according to the plan, which noted only eight shipyards exist in the country that can build vessels greater than 400 feet in length. The plan calls for investment that would fund upgrades to commercial shipyards in order to add and modernize drydocks, heavy-lift and gantry cranes, panel lines, and automated handling systems “to support higher‑rate production and large hull handling.” <h3>Land port tax </h3>A separate proposed funding mechanism, the Land Port Maintenance Tax, would be an equivalent to the existing Harbor Maintenance Tax for marine ports. The plan proposes a “modest tax” on merchandise entering the US via land of 0.125% of the value of the goods. “Funds collected under this tax will be deposited into the newly established Land Port Maintenance Trust Fund (LPMTF), which will support the planning, design, construction, maintenance and improvement of land port infrastructure,” according to the plan. The action plan also proposes the creation of a Strategic Commercial Fleet (SCF) that would consist of US-built vessels working international trades. The SCF would “provide the depth and redundancy required to sustain military logistics around the globe and ensure the continuous flow of goods to the US economy,” the plan said. “Vessels in the SCF would receive financial support for both construction and operation, leveling the playing field between the US and subsidized foreign competition.” Many of the proposals included in the maritime action plan require Congressional approval, so the Trump administration said it is compiling a legislative package that will be sent to Congress after the publication of Trump’s fiscal year 2027 budget request. Presidents typically send annual budget requests to Congress in February, although the timeline can be delayed. “The Trump administration urges Congress to enact this package in tandem with existing legislative vehicles, ensuring the US maritime industry is equipped to meet the demands of global competition, national defense and economic growth,” the plan said. Contact Kevin Saville at <a href="mailto:kevin.saville2@spglobal.com">kevin.saville2@spglobal.com</a>.</div>

The Trump administration Friday unveiled a wide-ranging blueprint for revitalizing the US maritime sector, the financial cornerstone of which would be a Maritime Security Trust Fund (MSTF) that would be fed in large part by taxing foreign-owned vessels calling US ports. “America’s Maritime Action Plan” includes a “universal infrastructure or security fee” that would be imposed on all foreign-built commercial vessels. The fee would be assessed based on the weight of the imported tonnage carried on the vessel. The action plan also includes a separate fee on imports arriving via land. While no specific figures were proposed, the plan to tax cargo tonnage imported by foreign-built ships did offer two scenarios: A fee of 1 cent per kilogram would generate about $66 billion over 10 years, while a fee of 25 cents per kg would yield close to $1.5 trillion. It’s unclear how the estimates were calculated.  “As foreign-built vessels benefit from US market access, this policy ensures they contribute to the long-term revitalization of America’s maritime capabilities,” the plan said. The proposal echoes the tit-for-tat tariffs the US and China intended to impose on each other’s tonnage until a one-year suspension was enacted last November as part of a broader trade deal between Washington and Beijing . The action plan also includes proposals to rebuild domestic shipbuilding capacity, strengthen the maritime industrial base, increase the fleet of US-built and -flagged commercial vessels working international trades, and eliminate “burdensome regulations” through a series of deregulatory measures. “For decades, the nation’s strategic position and shipbuilding industrial capacity have weakened due to a lack of strategic focus, cumbersome government procurement processes and a lack of strategic support for construction of commercial vessels in domestic shipyards,” the plan’s introduction stated. The action plan is an extension of an executive order issued by President Donald Trump last April calling for the restoration of American maritime dominance. The 40-page plan offers several concrete proposals, including the creation of the MSTF that would be fed by new revenue streams. “By securing stable, long-term funding, the MSTF would ensure consistent support for investments in shipbuilding, fleet expansion, industrial base resilience, and maritime workforce development,” the plan said. “Authorized expenditures would include programs identified as helpful for the promotion, growth and strengthening of the domestic maritime sector.” The MSTF would help fund the revitalization of US shipbuilding capacity, which is “the cornerstone of the administration’s strategy to restore America’s maritime strength and self-sufficiency,” according to the plan, which noted only eight shipyards exist in the country that can build vessels greater than 400 feet in length. The plan calls for investment that would fund upgrades to commercial shipyards in order to add and modernize drydocks, heavy-lift and gantry cranes, panel lines, and automated handling systems “to support higher‑rate production and large hull handling.” Land port tax A separate proposed funding mechanism, the Land Port Maintenance Tax, would be an equivalent to the existing Harbor Maintenance Tax for marine ports. The plan proposes a “modest tax” on merchandise entering the US via land of 0.125% of the value of the goods. “Funds collected under this tax will be deposited into the newly established Land Port Maintenance Trust Fund (LPMTF), which will support the planning, design, construction, maintenance and improvement of land port infrastructure,” according to the plan. The action plan also proposes the creation of a Strategic Commercial Fleet (SCF) that would consist of US-built vessels working international trades. The SCF would “provide the depth and redundancy required to sustain military logistics around the globe and ensure the continuous flow of goods to the US economy,” the plan said. “Vessels in the SCF would receive financial support for both construction and operation, leveling the playing field between the US and subsidized foreign competition.” Many of the proposals included in the maritime action plan require Congressional approval, so the Trump administration said it is compiling a legislative package that will be sent to Congress after the publication of Trump’s fiscal year 2027 budget request. Presidents typically send annual budget requests to Congress in February, although the timeline can be delayed. “The Trump administration urges Congress to enact this package in tandem with existing legislative vehicles, ensuring the US maritime industry is equipped to meet the demands of global competition, national defense and economic growth,” the plan said. Contact Kevin Saville at kevin.saville2@spglobal.com .

Transport, Trade and Regulation News

Port infrastructure

North American ports

Trump administration unveils US maritime revitalization ‘action plan’

<div class="phx-topic abstract-wrapper">North and South Atlantic loops from Northern European to the US will consolidate to one East Coast-wide service, with a Baltimore call dropped and fewer overall vessels used.</div>

North and South Atlantic loops from Northern European to the US will consolidate to one East Coast-wide service, with a Baltimore call dropped and fewer overall vessels used.

<div class="phx-topic">The Ocean Alliance and Ocean Network Express (ONE) will remove some ships and consolidate US port calls in their jointly-operated trans-Atlantic network. The move follows an uneven year in the trade, with US exports to Europe up strongly but Europe’s exports to the US slowing.Ocean Alliance partner CMA CGM said Friday its trans-Atlantic network will change effective in April. The new network, CMA CGM said, will provide the US East Coast with “stronger coverage [and] reinforced frequency” and better leverage CMA CGM’s US and European terminals. The biggest change will be the end of the “Unity Bridge” service between major Northern European ports and the ports of Charleston and Savannah. Unity Bridge, which operates with four ONE ships and one Evergreen Marine vessel, will make its last westbound departure from Le Havre on March 16. The south Atlantic US ports will instead be included on the rotation for the higher-capacity Liberty Bridge service, which currently calls the ports of New York-New Jersey, Norfolk and Baltimore. The new Liberty Bridge service will drop Baltimore as of the first westbound sailing from Southampton on March 27. Charleston and Savannah will be added after the Norfolk call. The new trans-Atlantic network comes after the Ocean Alliance and ONE revised their one-year-old vessel sharing agreement filed with the Federal Maritime Commission (FMC) on Feb. 6 to consolidate their north and south Atlantic networks into a broader North American trans-Atlantic service. The new agreement will see seven ships deployed in the revised trans-Atlantic network, compared with the 11 ships the carriers deployed under the separate north and south Atlantic networks. ONE will go from providing four ships to the soon- expiring south Atlantic network to two ships under the revised trans-Atlantic network. Cosco and OOCL will also remove a ship, providing two to the new network. Evergreen will also remove a ship, providing one to the new network. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="ce24ca8a-5149-4e8e-a00a-5743e4d2abba"></dynamic-object></div><h3>Trade volatility behind capacity swings</h3>Peter Sand, chief analyst for rate benchmarking platform Xeneta, said in a statement to the Journal of Commerce the consolidation of trans-Atlantic services and removal of ships represent a 37% drop in weekly nominal capacity for the carriers, going from 16,400 TEUs to 10,386 TEUs. The fourth quarter of 2025 saw overall vessel utilization on the trans-Atlantic slip to just over 80%, down from 87% in the third quarter, according to Xeneta. Sand said weekly vessel capacity in the trans-Atlantic had been volatile during 2025, swinging between 30,700 TEUs and 58,800 TEUs. The unbalanced trans-Atlantic volumes last year also came amid volatile US trade policy. According to PIERS, a sister product of the Journal of Commerce within S&amp;P Global, westbound shipments from North Europe to the US East Coast grew just 2.1% in 2025 to 1.79 million TEUs, while eastbound shipments from the US rose almost 11% to 916,467 TEUs.“Shippers won’t be particularly pleased knowing that services will be cut, giving them arguably less options,” Sand said. “The move is set to tighten the market. But the market has mainly seen stronger growth on the backhaul.”Contact Michael Angell at <a href="mailto: michael.angell@spglobal.com">michael.angell@spglobal.com</a>. </div>

The Ocean Alliance and Ocean Network Express (ONE) will remove some ships and consolidate US port calls in their jointly-operated trans-Atlantic network. The move follows an uneven year in the trade, with US exports to Europe up strongly but Europe’s exports to the US slowing. Ocean Alliance partner CMA CGM said Friday its trans-Atlantic network will change effective in April. The new network, CMA CGM said, will provide the US East Coast with “stronger coverage [and] reinforced frequency” and better leverage CMA CGM’s US and European terminals. The biggest change will be the end of the “Unity Bridge” service between major Northern European ports and the ports of Charleston and Savannah. Unity Bridge, which operates with four ONE ships and one Evergreen Marine vessel, will make its last westbound departure from Le Havre on March 16. The south Atlantic US ports will instead be included on the rotation for the higher-capacity Liberty Bridge service, which currently calls the ports of New York-New Jersey, Norfolk and Baltimore. The new Liberty Bridge service will drop Baltimore as of the first westbound sailing from Southampton on March 27. Charleston and Savannah will be added after the Norfolk call. The new trans-Atlantic network comes after the Ocean Alliance and ONE revised their one-year-old vessel sharing agreement filed with the Federal Maritime Commission (FMC) on Feb. 6 to consolidate their north and south Atlantic networks into a broader North American trans-Atlantic service. The new agreement will see seven ships deployed in the revised trans-Atlantic network, compared with the 11 ships the carriers deployed under the separate north and south Atlantic networks. ONE will go from providing four ships to the soon- expiring south Atlantic network to two ships under the revised trans-Atlantic network. Cosco and OOCL will also remove a ship, providing two to the new network. Evergreen will also remove a ship, providing one to the new network. Trade volatility behind capacity swings Peter Sand, chief analyst for rate benchmarking platform Xeneta, said in a statement to the Journal of Commerce the consolidation of trans-Atlantic services and removal of ships represent a 37% drop in weekly nominal capacity for the carriers, going from 16,400 TEUs to 10,386 TEUs. The fourth quarter of 2025 saw overall vessel utilization on the trans-Atlantic slip to just over 80%, down from 87% in the third quarter, according to Xeneta. Sand said weekly vessel capacity in the trans-Atlantic had been volatile during 2025, swinging between 30,700 TEUs and 58,800 TEUs. The unbalanced trans-Atlantic volumes last year also came amid volatile US trade policy. According to PIERS, a sister product of the Journal of Commerce within S&P Global, westbound shipments from North Europe to the US East Coast grew just 2.1% in 2025 to 1.79 million TEUs, while eastbound shipments from the US rose almost 11% to 916,467 TEUs. “Shippers won’t be particularly pleased knowing that services will be cut, giving them arguably less options,” Sand said. “The move is set to tighten the market. But the market has mainly seen stronger growth on the backhaul.” Contact Michael Angell at michael.angell@spglobal.com .

Ocean Alliance, ONE rework trans-Atlantic services, remove ships

<div class="phx-topic abstract-wrapper">Quebec-based investment manager La Caisse earlier this week said it would put its future investments with DP World on hold until the company addressed Sultan Ahmed Bin Sulayem’s relationship with Jeffrey Epstein.</div>

Quebec-based investment manager La Caisse earlier this week said it would put its future investments with DP World on hold until the company addressed Sultan Ahmed Bin Sulayem’s relationship with Jeffrey Epstein.

<div class="phx-topic">The Canadian pension fund that partners with DP World on port projects around the globe said Friday it welcomed the company’s move to sever ties with Chairman and Chief Executive Sultan Ahmed Bin Sulayem following revelations about his ties to convicted sex offender Jeffrey Epstein. Quebec-based investment manager La Caisse <a href="https://www.joc.com/article/dp-worlds-financial-partner-hits-pause-over-ceos-ties-to-epstein-6168005">earlier this week</a> announced it would put its future investments with DP World on hold until the company addressed Sulayem’s relationship with Epstein, which came to light when US Congressional representatives released millions of additional pages of the so-called Epstein files. La Caisse, which manages C$496 billion in assets, said in a statement to the Journal of Commerce it supported DP World’s action against Sulayem and hopes to finance other DP World projects. Although La Caisse has not made a firm commitment to it, DP World is slated to develop Quebec’s Contrecoeur terminal. “The company took the appropriate measures,” La Caisse said. “We will move quickly to work with DP World’s new leadership to continue our partnership on port projects around the world.” Dubai-based DP World said Friday that effective immediately, its CFO Yuvraj Narayan will also take over as CEO, while Essa Kazim, governor of the country’s International Financial Center and chairman of its stock exchange, will take over the chairman’s role. Officially, DP World said Sulayem “resigned” from the company. He had served as chairman and CEO since 2016. Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com">michael.angell@spglobal.com</a>.</div>

The Canadian pension fund that partners with DP World on port projects around the globe said Friday it welcomed the company’s move to sever ties with Chairman and Chief Executive Sultan Ahmed Bin Sulayem following revelations about his ties to convicted sex offender Jeffrey Epstein. Quebec-based investment manager La Caisse earlier this week announced it would put its future investments with DP World on hold until the company addressed Sulayem’s relationship with Epstein, which came to light when US Congressional representatives released millions of additional pages of the so-called Epstein files. La Caisse, which manages C$496 billion in assets, said in a statement to the Journal of Commerce it supported DP World’s action against Sulayem and hopes to finance other DP World projects. Although La Caisse has not made a firm commitment to it, DP World is slated to develop Quebec’s Contrecoeur terminal. “The company took the appropriate measures,” La Caisse said. “We will move quickly to work with DP World’s new leadership to continue our partnership on port projects around the world.” Dubai-based DP World said Friday that effective immediately, its CFO Yuvraj Narayan will also take over as CEO, while Essa Kazim, governor of the country’s International Financial Center and chairman of its stock exchange, will take over the chairman’s role. Officially, DP World said Sulayem “resigned” from the company. He had served as chairman and CEO since 2016. Contact Michael Angell at michael.angell@spglobal.com .

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