<div class="phx-topic abstract-wrapper">Recognizing that many community bank customers are entering global markets, MTB Bank, New York, has </div>

Recognizing that many community bank customers are entering global markets, MTB Bank, New York, has

<div>Recognizing that many community bank customers are entering global markets, MTB Bank, New York, has entered into strategic partnerships with community banks in New England and the mid-Atlantic region to service these customers.Working in tandem with bank officers, MTB Bank provides foreign trade expertise to a customer base including a Massachusetts fishing fleet shipping its catch overseas, a race car manufacturer doing business in Britain and a commercial greenhouse supplier whose structures are built in the Netherlands.The initiative is discussed in MTB Bank's new quarterly newsletter, TradeWinds.''The objective of TradeWinds is to report on events and trends that affect international...

Recognizing that many community bank customers are entering global markets, MTB Bank, New York, has entered into strategic partnerships with community banks in New England and the mid-Atlantic region to service these customers. Working in tandem with bank officers, MTB Bank provides foreign trade expertise to a customer base including a Massachusetts fishing fleet shipping its catch overseas, a race car manufacturer doing business in Britain and a commercial greenhouse supplier whose structures are built in the Netherlands.The initiative is discussed in MTB Bank's new quarterly newsletter, TradeWinds. ''The objective of TradeWinds is to report on events and trends that affect international trade and finance, and to provide a forum for the concerns of small to medium-sized businesses,'' said Fredric N. Tordella, MTB Bank's chairman and chief executive. The newsletter is a collaborative effort of various professionals within the bank and its clients and will include insights into growth management techniques, as well as articles on the bank's specialized products and services. MTB Bank offers letters of credit, documentary collections, performance guarantees, overseas product pricing, exchange rate risk management, foreign currency notes and precious metal coins. ''We are increasing our roster of import/export clients by partnering with community banks, but without competing for their core businesses,'' said Bob Hall, senior vice president of MTB Bank. ''This allows us to provide banks with complementary, value-added services that help preserve existing accounts and attract prospects, including those new to the international arena,'' Mr. Hall said. ''Because we don't compete with our community bank partners, we can jointly call upon their clients and prospects,'' he said. ''In this way, the corporate client has direct access to international expertise.'' Start-up, undercapitalized, and rapid-growth companies often find themselves with orders pouring in, outpacing cash flow and leaving them trapped in a liquidity crunch. Because MTB Bank accepts receivables as collateral, it can assist these emerging companies in raising needed capital through factoring by providing cash advances against receivables. IRS ISSUES 500 PAGES OF WITHHOLDING REGS The Internal Revenue Service has issued 500 pages of final regulations on the nonresident alien withholding and reporting requirements. ''If you like forms, you are in the right place,'' said Chip Collins, partner and national director for the information reporting practice of KMPG Peat Marwick. He described the regulations as ''breathtaking in their length, complexity and scope. ''Will they ever be understood?'' he wondered. The new regulations, which will be effective Jan. 1, 1999, represent a total overhaul of the regulations relating to cross-border payments, Mr. Collins said. They include cumbersome documentation requirements and a new form W-8 for portfolio interest. Banks will have to withhold 30 percent on payments to non-U.S. based financial institutions unless they can document relief. Exceptions include bank deposits and treaty income. Mr. Collins advised financial institutions to analyze the impact of the new regulations as soon as possible. MEXICAN BANK CITES LOW DEMAND FOR FINANCING Mexico's state-owned export promotion bank, Bancomext, said it will only lend about $5 billion to export-oriented firms this year, half of what it had planned to lend. The shortfall in lending is due to a lack of demand from businesses, a bank spokesman told a press conference in Mexico City earlier this month, according to Bridge News. Through September, Bancomext lent $3.235 billion. Its financing program for the entire year is $10 billion, Raul Aguelles, director general for promotional affairs of Bancomext, said. ''This is not a (credit) supply problem, this is a problem of demand,'' he said, explaining that there is a lack of fundable projects aimed at stimulating exports. This is the second year in a row that Bancomext has fallen far short of its lending target. Last year the bank also lent about half of what it had hoped. STATE STREET TARGETS PRE-EMERGING MARKETS State Street Global Advisors introduced the Pre-Emerging Markets Fund, which invests in economies outside the traditional emerging markets. The fund is designed to offer diversified equity exposure in countries that are not listed currently on any global equity index. Such countries include Botswana, Ghana, Ecuador, Trinidad and Tobago, Mauritius, Kenya, Cote d'Ivoire and Bangladesh. ''We want to give our clients the opportunity to participate in the expansion of economies that someday may be added to an index,'' said Peter Leahy, managing director of Global Structured Products. ''Many of these markets have significant natural resources and functioning capital markets that put them in prime position for further economic and market growth,'' he said. IIC TO PARTICIPATE IN AN ANDEAN FUND The Inter-American Investment Corp. agreed to make an equity investment of $5 million in Newbridge Andean Partners, a private equity fund which invests in companies located in Bolivia, Colombia, Ecuador, Peru and Venezuela. The Overseas Private Investment Corporaton has complemented the $60 million fund with a $100 million loan guarantee. The fund will provide companies in the Andean region with improved management techniques and modern technologies that are essential to increase efficiency. Newbridge Andean Partners is one of 18 private funds in which the Inter-American Investment Corp. participates throughout Latin America. It is part of the Inter-American Development Bank Group.

Transport, Trade and Regulation News

MTB IS HELPING COMMUNITY BANKS RETAIN CUSTOMERS WITH GLOBAL NEEDS

<div class="phx-topic abstract-wrapper">The joint BNSF/CSX services come as rivals Union Pacific and Norfolk Southern have agreed to an $85 billion deal that would create the first transcontinental railroad, if approved by federal regulators.</div>

The joint BNSF/CSX services come as rivals Union Pacific and Norfolk Southern have agreed to an $85 billion deal that would create the first transcontinental railroad, if approved by federal regulators.

Feature image

<div class="phx-topic">BNSF Railway and CSX Transportation are adding new joint intermodal routes linking the US West Coast to the Southeast, a competitive counterpunch to Union Pacific and Norfolk Southern (NS) as they seek federal approval for their <a href="https://www.joc.com/article/up-looks-to-create-first-coast-to-coast-railroad-with-85-billion-ns-deal-6052288">proposed merger</a>. BNSF and CSX said Friday they will launch bi-directional trains from Southern California to Charlotte, North Carolina, and to Jacksonville, Florida, supplementing their existing joint service to Atlanta. They also announced a new service that will connect Phoenix and Atlanta, opening an intermodal option in a lane long dominated by truckload carriers. The three new trains will travel via BNSF to the jointly-operated BNSF/CSX Fairburn terminal in Georgia, where CSX will take over and haul the cargo to Charlotte and Jacksonville. “This collaboration between BNSF and CSX demonstrates the power of partnership, delivering greater flexibility, efficiency and value for our customers,” Jon Gabriel, BNSF’s group vice president of consumer products, which includes intermodal, said in a statement. In addition, the two railroads announced new international intermodal trains connecting Kansas City with the Port of New York and New Jersey and the Port of Virginia. That comes after Virginia recently saw <a href="https://www.joc.com/article/norfolk-southern-to-drop-international-intermodal-service-on-many-usec-lanes-5993642">NS pulling out</a> of rail service to Memphis. Ocean containers will be routed on CSX to Chicago, then onto Kansas City via BNSF. The joint BNSF/CSX services come as their rivals, UP and NS, have agreed to a deal that would create the first transcontinental railroad, if approved by federal regulators. UP and NS are expected to file their formal application in early 2026; a decision by regulators could come in mid-2027. The proposed UP-NS coupling has drawn notice in the investor community, with activist investor Ancora Holdings writing a scathing letter to CSX on Aug. 6 urging it to pursue its own merger or face a proxy battle. Ancora, which has mounted unsuccessful battles against C.H. Robinson Worldwide and Norfolk Southern, attacked CSX CEO Joe Hinrichs and his management team, calling them “junior varsity executives.” “The [CSX] board needs to announce in the near term that it is working with identified third-party advisors to explore a range of merger options,” Ancora wrote in the letter, shared with the media this week. “Shareholders cannot afford more missteps as CSX plays catch-up in the rail consolidation race.” <h3>Single-line services </h3>BNSF and CSX have operated a direct intermodal service between Southern California and CSX’s Fairburn terminal for nearly two decades, bypassing busy interchanges in Chicago, Memphis and New Orleans, which often add a day or more to transit times. The service functions more like a single-line railroad, with only crew changes along the way. Replicating that model to Charlotte and Jacksonville with a switchover in Atlanta may serve as an important lever to show that an official BNSF-CSX merger is unnecessary. There are significant growth opportunities on the Charlotte and Jacksonville lanes. A total of more than 150,000 domestic intermodal containers move bi-directionally each year between Southern California and Atlanta, according to a Journal of Commerce analysis of data from the US Surface Transportation Board. About 80,000 containers move each year between Southern California and Charlotte, and approximately 55,000 between Southern California and Jacksonville. Those volumes highlight the growth potential in the new lanes, although Union Pacific and Norfolk Southern hold a transit time advantage from Southern California to Atlanta and Jacksonville using the Meridian Speedway through Mississippi, which runs faster than the BNSF-CSX service. Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>.</div>

BNSF Railway and CSX Transportation are adding new joint intermodal routes linking the US West Coast to the Southeast, a competitive counterpunch to Union Pacific and Norfolk Southern (NS) as they seek federal approval for their proposed merger . BNSF and CSX said Friday they will launch bi-directional trains from Southern California to Charlotte, North Carolina, and to Jacksonville, Florida, supplementing their existing joint service to Atlanta. They also announced a new service that will connect Phoenix and Atlanta, opening an intermodal option in a lane long dominated by truckload carriers. The three new trains will travel via BNSF to the jointly-operated BNSF/CSX Fairburn terminal in Georgia, where CSX will take over and haul the cargo to Charlotte and Jacksonville. “This collaboration between BNSF and CSX demonstrates the power of partnership, delivering greater flexibility, efficiency and value for our customers,” Jon Gabriel, BNSF’s group vice president of consumer products, which includes intermodal, said in a statement. In addition, the two railroads announced new international intermodal trains connecting Kansas City with the Port of New York and New Jersey and the Port of Virginia. That comes after Virginia recently saw NS pulling out of rail service to Memphis. Ocean containers will be routed on CSX to Chicago, then onto Kansas City via BNSF. The joint BNSF/CSX services come as their rivals, UP and NS, have agreed to a deal that would create the first transcontinental railroad, if approved by federal regulators. UP and NS are expected to file their formal application in early 2026; a decision by regulators could come in mid-2027. The proposed UP-NS coupling has drawn notice in the investor community, with activist investor Ancora Holdings writing a scathing letter to CSX on Aug. 6 urging it to pursue its own merger or face a proxy battle. Ancora, which has mounted unsuccessful battles against C.H. Robinson Worldwide and Norfolk Southern, attacked CSX CEO Joe Hinrichs and his management team, calling them “junior varsity executives.” “The [CSX] board needs to announce in the near term that it is working with identified third-party advisors to explore a range of merger options,” Ancora wrote in the letter, shared with the media this week. “Shareholders cannot afford more missteps as CSX plays catch-up in the rail consolidation race.” Single-line services BNSF and CSX have operated a direct intermodal service between Southern California and CSX’s Fairburn terminal for nearly two decades, bypassing busy interchanges in Chicago, Memphis and New Orleans, which often add a day or more to transit times. The service functions more like a single-line railroad, with only crew changes along the way. Replicating that model to Charlotte and Jacksonville with a switchover in Atlanta may serve as an important lever to show that an official BNSF-CSX merger is unnecessary. There are significant growth opportunities on the Charlotte and Jacksonville lanes. A total of more than 150,000 domestic intermodal containers move bi-directionally each year between Southern California and Atlanta, according to a Journal of Commerce analysis of data from the US Surface Transportation Board. About 80,000 containers move each year between Southern California and Charlotte, and approximately 55,000 between Southern California and Jacksonville. Those volumes highlight the growth potential in the new lanes, although Union Pacific and Norfolk Southern hold a transit time advantage from Southern California to Atlanta and Jacksonville using the Meridian Speedway through Mississippi, which runs faster than the BNSF-CSX service. Contact Ari Ashe at ari.ashe@spglobal.com .

North-American rail

Rail News

BNSF, CSX unveil new joint intermodal lanes in aftermath of UP-NS merger

<div class="phx-topic abstract-wrapper">Tariff-related surges in US-bound freight from Mexico have abated, but truck volumes in July partially recovered from a second-quarter decline, according to new data. </div>

Tariff-related surges in US-bound freight from Mexico have abated, but truck volumes in July partially recovered from a second-quarter decline, according to new data.

<div class="phx-topic">Soft freight demand and uncertainty over US tariffs are dampening cross-border truck trade with Mexico, with total northbound truck crossings climbing just 0.3% year over year in July after declining 2.2% on an annualized basis <a href="https://www.joc.com/article/us-shippers-ride-ebb-and-flow-of-mexican-cross-border-freight-demand-6022699">in the second quarter</a>. Data from the US Bureau of Transportation Statistics (BTS) shows that northbound truck traffic at the three largest US border crossings — Laredo and El Paso/Ysleta in Texas, and Otay Mesa in Southern California — fell 3.2% in July from the same month in 2024. Sequentially, each of those border crossings made volume gains in July from June, but only the combined El Paso and Ysleta crossings showed an annualized increase, with northbound crossings rising 1.8% year over year in July and 3.4% in the second quarter. Laredo, the largest US land port of entry, saw northbound traffic rise 1.6% to 253,425 trucks in July from June, but volume was still lower than in March, when US-bound trucks from Mexico surged 14.3% from February after a tariff deadline was extended. On an annualized basis, Laredo’s truck count was down 2.8% in July after falling 3.1% in the second quarter and 1.8% in the first quarter. For the first half of 2025, northbound truck volume through Laredo dropped 2.5% year over year to 1.49 million trucks. The overall trend is linked to generally soft demand in the US and the dissipation of tariff-related freight surges from Mexico as freight pulled forward ahead of changing tariff deadlines fills warehouses and saturates supply chains, logistics executives said. “As much as companies would like to pull forward major inventories, there just isn’t enough slack in supply chains to make any major moves,” Jordan Dewart, president of Redwood Mexico, a division of Redwood Logistics, told the Journal of Commerce. Combined, the eight largest US-Mexico border crossings — which handled 91.4% of US-bound truck traffic from Mexico in July — saw northbound trucks rise 0.8% last month from a year earlier after 2.1% annualized decline in the second quarter, according to BTS data. <h3>‘Panic-pushing’ freight </h3>The data for July and the first half of 2025 reflects a market skewed by the threat of <a href="https://www.joc.com/article/tariff-related-disruption-spreading-as-us-shippers-pause-plans-5989017">high tariffs on US imports</a>. US tariffs on goods from Mexico were announced in February and were supposed to take effect in March but <a href="https://www.joc.com/article/disrupted-cross-border-freight-shipping-braces-for-us-tariffs-5974787">have been postponed several times</a>. The US has imposed a 25% tariff on imports from Mexico not compliant with the US-Mexico-Canada Trade Agreement since April. S&amp;P Global Market Intelligence estimates a 14.7% effective US tariff rate on Mexican imports for 2025, falling to 11% next year. On July 31, the White House paused 30% tariffs on Mexico’s non-trade agreement-compliant exports to the US until Oct. 29. That gave US importers sourcing in Mexico a breather but didn’t clear the smoke of uncertainty still blanketing US-Mexico trade. “I’d almost say that uncertainty is the new norm, and people have been panic-pushing inventory downstream,” Frank McGuigan, executive chairman of Transport Capacity Services (TCS), a cross-border logistics provider, told the Journal of Commerce. McGuigan, the former CEO of Transplace and former president and COO of Uber Freight, founded TCS last year. Uber Freight acquired Transplace in 2021. Ben Enriquez, another Uber Freight and Transplace Veteran, was named CEO of TCS on Tuesday. “Many of our customers are in a waiting mode,” Enriquez told the Journal of Commerce. “Freight is still flowing, but everyone is still waiting for the next announcement [from the White House].” “If I’m in procurement, I’m planning for multiple scenarios,” he said. <h3>Bilateral trade rising </h3>Six of the eight largest US-Mexico truck crossings saw northbound truck counts drop between 0.8% (Nogales) and 12.8% (Otay Mesa) from a year earlier in the second quarter. But July saw gains in Brownsville, Nogales, El Paso/Ysleta and Eagle Pass. Eagle Pass, Texas, broke the mold with a 51.7% increase in US-bound trucks in the quarter, followed by a 73.7% annualized gain in July. The number of trucks crossing the border in one direction doesn’t directly reflect the value of US-Mexico trade by truck. Additional BTS data shows the value of that trade, in both directions, rising 6.3% to $318 billion in the first six months of 2025. The value of bilateral cross-border trade by truck rose 6.2% year over year in July to $53.5 billion, according to the BTS. That value soared 14.6% to $55.6 billion in March after the White House extended a tariff deadline — the same period in which truck numbers swelled. Third-party logistics companies, including TCS, Echo Global Logistics, Redwood, and C.H. Robinson Worldwide, have ramped up investment in Mexico and along the US-Mexico border. J.B. Hunt Transport Services is expanding its cross-border intermodal service. “Companies are trying to figure out how to up their production in Mexico,” said Troy Ryley, president of Echo’s Mexico unit. “We have a furniture client who wants to triple their production out of Mexico because most of their freight is from Asia.” Echo on Wednesday said it has received certification as a third-party logistics provider in the Department of Homeland Security’s Customs-Trade Partnership Against Terrorism (CTPAT) program. Security is a top priority for cross-border shippers, Echo said. Truckload carrier Landstar System bucked the investment trend by putting its intra-Mexico truckload subsidiary, Landstar Metro, up for sale, as per an Aug. 13 Securities and Exchange Commission filing. Landstar purchased the Mexican trucking company in 2017. The sale won’t affect Landstar’s cross-border US-Mexico operations, the company said. Still, cross-border business with both Mexico and Canada underperformed Landstar’s domestic US business in the second quarter, the company said in its earnings report. Current sluggishness and tariff-related ebbs and spikes won’t dampen long-term prospects for investment and trade with Mexico, TCS’ McGuigan said. Long term, “there will continue to be a shift [in manufacturing] from Asia to this hemisphere,” he said. Contact William B. Cassidy at <a href="mailto://bill.cassidy@spglobal.com">bill.cassidy@spglobal.com</a>. </div>

Soft freight demand and uncertainty over US tariffs are dampening cross-border truck trade with Mexico, with total northbound truck crossings climbing just 0.3% year over year in July after declining 2.2% on an annualized basis in the second quarter . Data from the US Bureau of Transportation Statistics (BTS) shows that northbound truck traffic at the three largest US border crossings — Laredo and El Paso/Ysleta in Texas, and Otay Mesa in Southern California — fell 3.2% in July from the same month in 2024. Sequentially, each of those border crossings made volume gains in July from June, but only the combined El Paso and Ysleta crossings showed an annualized increase, with northbound crossings rising 1.8% year over year in July and 3.4% in the second quarter. Laredo, the largest US land port of entry, saw northbound traffic rise 1.6% to 253,425 trucks in July from June, but volume was still lower than in March, when US-bound trucks from Mexico surged 14.3% from February after a tariff deadline was extended. On an annualized basis, Laredo’s truck count was down 2.8% in July after falling 3.1% in the second quarter and 1.8% in the first quarter. For the first half of 2025, northbound truck volume through Laredo dropped 2.5% year over year to 1.49 million trucks. The overall trend is linked to generally soft demand in the US and the dissipation of tariff-related freight surges from Mexico as freight pulled forward ahead of changing tariff deadlines fills warehouses and saturates supply chains, logistics executives said. “As much as companies would like to pull forward major inventories, there just isn’t enough slack in supply chains to make any major moves,” Jordan Dewart, president of Redwood Mexico, a division of Redwood Logistics, told the Journal of Commerce. Combined, the eight largest US-Mexico border crossings — which handled 91.4% of US-bound truck traffic from Mexico in July — saw northbound trucks rise 0.8% last month from a year earlier after 2.1% annualized decline in the second quarter, according to BTS data. ‘Panic-pushing’ freight The data for July and the first half of 2025 reflects a market skewed by the threat of high tariffs on US imports . US tariffs on goods from Mexico were announced in February and were supposed to take effect in March but have been postponed several times . The US has imposed a 25% tariff on imports from Mexico not compliant with the US-Mexico-Canada Trade Agreement since April. S&P Global Market Intelligence estimates a 14.7% effective US tariff rate on Mexican imports for 2025, falling to 11% next year. On July 31, the White House paused 30% tariffs on Mexico’s non-trade agreement-compliant exports to the US until Oct. 29. That gave US importers sourcing in Mexico a breather but didn’t clear the smoke of uncertainty still blanketing US-Mexico trade. “I’d almost say that uncertainty is the new norm, and people have been panic-pushing inventory downstream,” Frank McGuigan, executive chairman of Transport Capacity Services (TCS), a cross-border logistics provider, told the Journal of Commerce. McGuigan, the former CEO of Transplace and former president and COO of Uber Freight, founded TCS last year. Uber Freight acquired Transplace in 2021. Ben Enriquez, another Uber Freight and Transplace Veteran, was named CEO of TCS on Tuesday. “Many of our customers are in a waiting mode,” Enriquez told the Journal of Commerce. “Freight is still flowing, but everyone is still waiting for the next announcement [from the White House].” “If I’m in procurement, I’m planning for multiple scenarios,” he said. Bilateral trade rising Six of the eight largest US-Mexico truck crossings saw northbound truck counts drop between 0.8% (Nogales) and 12.8% (Otay Mesa) from a year earlier in the second quarter. But July saw gains in Brownsville, Nogales, El Paso/Ysleta and Eagle Pass. Eagle Pass, Texas, broke the mold with a 51.7% increase in US-bound trucks in the quarter, followed by a 73.7% annualized gain in July. The number of trucks crossing the border in one direction doesn’t directly reflect the value of US-Mexico trade by truck. Additional BTS data shows the value of that trade, in both directions, rising 6.3% to $318 billion in the first six months of 2025. The value of bilateral cross-border trade by truck rose 6.2% year over year in July to $53.5 billion, according to the BTS. That value soared 14.6% to $55.6 billion in March after the White House extended a tariff deadline — the same period in which truck numbers swelled. Third-party logistics companies, including TCS, Echo Global Logistics, Redwood, and C.H. Robinson Worldwide, have ramped up investment in Mexico and along the US-Mexico border. J.B. Hunt Transport Services is expanding its cross-border intermodal service. “Companies are trying to figure out how to up their production in Mexico,” said Troy Ryley, president of Echo’s Mexico unit. “We have a furniture client who wants to triple their production out of Mexico because most of their freight is from Asia.” Echo on Wednesday said it has received certification as a third-party logistics provider in the Department of Homeland Security’s Customs-Trade Partnership Against Terrorism (CTPAT) program. Security is a top priority for cross-border shippers, Echo said. Truckload carrier Landstar System bucked the investment trend by putting its intra-Mexico truckload subsidiary, Landstar Metro, up for sale, as per an Aug. 13 Securities and Exchange Commission filing. Landstar purchased the Mexican trucking company in 2017. The sale won’t affect Landstar’s cross-border US-Mexico operations, the company said. Still, cross-border business with both Mexico and Canada underperformed Landstar’s domestic US business in the second quarter, the company said in its earnings report. Current sluggishness and tariff-related ebbs and spikes won’t dampen long-term prospects for investment and trade with Mexico, TCS’ McGuigan said. Long term, “there will continue to be a shift [in manufacturing] from Asia to this hemisphere,” he said. Contact William B. Cassidy at bill.cassidy@spglobal.com .

Trucking News

Truckload

Surface

US-Mexico truck crossings rose marginally in July amid sluggish demand

<div class="phx-topic abstract-wrapper">Truck Parking Club commissioned a report to quantify the truck parking problem facing drivers and what costs trickle down to the rest of the industry. </div>

Truck Parking Club commissioned a report to quantify the truck parking problem facing drivers and what costs trickle down to the rest of the industry.

<div class="phx-topic">Truck Parking Club and veteran trucking analyst Noel Perry estimate that the US truckload industry incurs unexpected costs of more than $100 billion annually due to inefficiencies caused by a lack of adequate parking for drivers. Their report published this week, <a href="https://truckparkingclub.com/research">North American Logistics Basics: Heavy Duty Truck Parking</a>, takes a stab at calculating the scope of the problem, primarily by categorizing the types of stops drivers make and the facilities they use to park and comparing that with the number of commercial parking spots available to drivers. The report found there is a massive shortfall in available spots. Out of approximately 23.4 million spaces at 4.5 million locations, which include truck stops, rest stops, carrier yards, shipper yards, retail stores and restaurants, only approximately 638,000 spaces are publicly available and appropriate for truck parking. That accounts for just 30% of the required capacity. “So, about seven of 10 en route truckers who need a place to rest use informal spaces,” the report said. Truck Parking Club, which operates a marketplace between carriers and facilities looking to monetize available parking spaces, commissioned the study to get a handle on the challenge facing the industry. A lack of guaranteed parking space for drivers causes them to incur costs, the report asserts — from driving in a different direction to secure a space to not fully using their hours of service for fear of not finding a space when their driving time expires — that carriers either have to absorb the costs or pass them along to broker or shipper customers. The report also describes how available time slots, and not actual parking spaces, are the metric most important to drivers, as a slot refers to a window of time that a parking space is available. “When trucks need 14.5 million parking slots every working day, even small inefficiencies add up to big numbers,” the report said. “Frequently, truckers have to venture off route to find parking, especially for rest stops. If a driver generates 15 miles of circuity for each rest stop, the annual cost to the carrier is $13,047.” With the average driver incurring those circuity costs one-third of the time when searching for rest parking, the annual cost to the industry for rest stop circuity is $37.7 billion, the report estimates. <h3>Relevance for shippers </h3>The report delves into details around why specific facilities are better equipped than others to accommodate parking and the different types of stops drivers make, which can vary in length from a few minutes to a few days. The truck parking issue also has direct relevance for shippers, as many operate private fleets or depend on dedicated fleets that serve their needs directly. Truck Parking Club executives told the Journal of Commerce in July that some fleets think strategically about ensuring drivers have parking available to them but most essentially hand that responsibility off to the driver. Truck Parking Club landed an investment in July from CAT Scale, North America’s largest truck scale weighing network, to <a href="https://www.joc.com/article/parking-platform-uses-business-growth-to-target-truckload-fleet-inefficiency-6046754">build out the list of locations in its marketplace</a>. Contact Eric Johnson at <a href="mailto:eric.johnson@spglobal.com">eric.johnson@spglobal.com</a>.</div>

Truck Parking Club and veteran trucking analyst Noel Perry estimate that the US truckload industry incurs unexpected costs of more than $100 billion annually due to inefficiencies caused by a lack of adequate parking for drivers. Their report published this week, North American Logistics Basics: Heavy Duty Truck Parking , takes a stab at calculating the scope of the problem, primarily by categorizing the types of stops drivers make and the facilities they use to park and comparing that with the number of commercial parking spots available to drivers. The report found there is a massive shortfall in available spots. Out of approximately 23.4 million spaces at 4.5 million locations, which include truck stops, rest stops, carrier yards, shipper yards, retail stores and restaurants, only approximately 638,000 spaces are publicly available and appropriate for truck parking. That accounts for just 30% of the required capacity. “So, about seven of 10 en route truckers who need a place to rest use informal spaces,” the report said. Truck Parking Club, which operates a marketplace between carriers and facilities looking to monetize available parking spaces, commissioned the study to get a handle on the challenge facing the industry. A lack of guaranteed parking space for drivers causes them to incur costs, the report asserts — from driving in a different direction to secure a space to not fully using their hours of service for fear of not finding a space when their driving time expires — that carriers either have to absorb the costs or pass them along to broker or shipper customers. The report also describes how available time slots, and not actual parking spaces, are the metric most important to drivers, as a slot refers to a window of time that a parking space is available. “When trucks need 14.5 million parking slots every working day, even small inefficiencies add up to big numbers,” the report said. “Frequently, truckers have to venture off route to find parking, especially for rest stops. If a driver generates 15 miles of circuity for each rest stop, the annual cost to the carrier is $13,047.” With the average driver incurring those circuity costs one-third of the time when searching for rest parking, the annual cost to the industry for rest stop circuity is $37.7 billion, the report estimates. Relevance for shippers The report delves into details around why specific facilities are better equipped than others to accommodate parking and the different types of stops drivers make, which can vary in length from a few minutes to a few days. The truck parking issue also has direct relevance for shippers, as many operate private fleets or depend on dedicated fleets that serve their needs directly. Truck Parking Club executives told the Journal of Commerce in July that some fleets think strategically about ensuring drivers have parking available to them but most essentially hand that responsibility off to the driver. Truck Parking Club landed an investment in July from CAT Scale, North America’s largest truck scale weighing network, to build out the list of locations in its marketplace . Contact Eric Johnson at eric.johnson@spglobal.com .

Logistics Technology News

Truck parking a $100 billion inefficiency issue for US truckload industry: report

<div class="phx-topic abstract-wrapper">Fiori joined NYK Line (North America) in 1990 as executive vice president with a mandate to grow the newly formed liner agency and position it closer to US-based BCOs.</div>

Fiori joined NYK Line (North America) in 1990 as executive vice president with a mandate to grow the newly formed liner agency and position it closer to US-based BCOs.

<div class="phx-topic">Dodd W. Fiori, a larger-than-life figure in an earlier container shipping era who led the US agency of NYK Line, died Aug. 16. He was 82. At the height of his career in the 1990s, Fiori was executive vice president of Japanese carrier NYK Line (North America) Inc., a job in which he personified the high-profile, influential and charismatic US leader of foreign ocean carriers. It’s a role that has largely disappeared as carrier headquarters have assumed greater control over their far-flung operations. Fiori joined NYK Line (North America) in 1990 as executive vice president after stints at Seatrain and APL. The job came with a mandate to grow the newly formed North American liner agency with a view toward being closer to US beneficial cargo owners (BCOs) and independent from the traditional centralized headquarters, top-down management style typical of ocean carriers at the time. When Fiori arrived at NYK, the carrier, whose liner business was consolidated into Ocean Network Express (ONE) in 2017, along with those of two other major Japanese carriers, was investing in and adding capacity in the trans-Pacific with a focus on capturing rapidly growing manufacturing output in Japan, Taiwan, South Korea and, later, China. It was a heady time, with independent or non-conference carriers such as Evergreen Marine, Hanjin, Hyundai Merchant Marine and Yang Ming rapidly gaining market share at the expense of the traditionally dominant US-flag carriers American President Lines and Sea-Land Service Inc., which were operating in the Asia-North America Eastbound Rate Agreement (ANERA) and its westbound counterpart the TWRA, both of which disbanded in 1999. Fiori later served as president of the freight consolidation and handling unit of Pacer Global Logistics, a unit of Pacer International. “His larger-than-life personality and sense of humor put him in the forefront of US-based executives, never shy to give opinions and criticism but also acknowledging loyalty and good performance,” said Mike Divirgilio, who worked under Fiori at NYK. According to Divirgilio, in the late 90s as the liner industry was under pressure that eventually led to the collapse of the conference system and the 1998 Ocean Shipping Reform Act, Fiori, in order to protect carriers’ anti-trust immunity, was one of the key influencers seeking to project a positive image and the necessity of what the liner industry meant to US foreign trade. This led to the creation of the World Shipping Council in 2000 as the advocate for liner carriers. Contact Peter Tirschwell at <a href="mailto:peter.tirschwell@spglobal.com">peter.tirschwell@spglobal.com</a>. </div>

Dodd W. Fiori, a larger-than-life figure in an earlier container shipping era who led the US agency of NYK Line, died Aug. 16. He was 82. At the height of his career in the 1990s, Fiori was executive vice president of Japanese carrier NYK Line (North America) Inc., a job in which he personified the high-profile, influential and charismatic US leader of foreign ocean carriers. It’s a role that has largely disappeared as carrier headquarters have assumed greater control over their far-flung operations. Fiori joined NYK Line (North America) in 1990 as executive vice president after stints at Seatrain and APL. The job came with a mandate to grow the newly formed North American liner agency with a view toward being closer to US beneficial cargo owners (BCOs) and independent from the traditional centralized headquarters, top-down management style typical of ocean carriers at the time. When Fiori arrived at NYK, the carrier, whose liner business was consolidated into Ocean Network Express (ONE) in 2017, along with those of two other major Japanese carriers, was investing in and adding capacity in the trans-Pacific with a focus on capturing rapidly growing manufacturing output in Japan, Taiwan, South Korea and, later, China. It was a heady time, with independent or non-conference carriers such as Evergreen Marine, Hanjin, Hyundai Merchant Marine and Yang Ming rapidly gaining market share at the expense of the traditionally dominant US-flag carriers American President Lines and Sea-Land Service Inc., which were operating in the Asia-North America Eastbound Rate Agreement (ANERA) and its westbound counterpart the TWRA, both of which disbanded in 1999. Fiori later served as president of the freight consolidation and handling unit of Pacer Global Logistics, a unit of Pacer International. “His larger-than-life personality and sense of humor put him in the forefront of US-based executives, never shy to give opinions and criticism but also acknowledging loyalty and good performance,” said Mike Divirgilio, who worked under Fiori at NYK. According to Divirgilio, in the late 90s as the liner industry was under pressure that eventually led to the collapse of the conference system and the 1998 Ocean Shipping Reform Act, Fiori, in order to protect carriers’ anti-trust immunity, was one of the key influencers seeking to project a positive image and the necessity of what the liner industry meant to US foreign trade. This led to the creation of the World Shipping Council in 2000 as the advocate for liner carriers. Contact Peter Tirschwell at peter.tirschwell@spglobal.com .

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Dodd Fiori, ex-NYK North America executive, dead at 82

<div class="phx-topic abstract-wrapper">With uncertainty surrounding tariffs and renewable energy policy, wind turbine orders in the US fell 50% in the first half of 2025 year over year, the lowest since the early COVID-19 days in 2020. </div>

With uncertainty surrounding tariffs and renewable energy policy, wind turbine orders in the US fell 50% in the first half of 2025 year over year, the lowest since the early COVID-19 days in 2020.

<div class="phx-topic">As US President Donald Trump’s clampdown on the wind industry causes original equipment manufacturers (OEMs) of wind turbines to temper their expectations of US markets, the next two years could bring a temporary uptick in wind cargo activity as project developers race to order turbine components before federal tax credits expire. Turbines for onshore and offshore wind farms account for an important source of breakbulk and project cargo, andthe shortened timeline could temporarily drive up demand for turbine components for projects under construction. Under the broad-based spending bill that Trump signed into law July 4, wind projects must begin construction by July 4, 2026, or become operational by the end of 2027 to qualify for a 30% tax credit and other bonuses. On Aug. 15, the US Internal Revenue Service (IRS) issued tighter restrictions on qualifying for those incentives — eliminating a rule that a project could count as having begun construction if the developer spent at least 5% of the project cost. The new rules come at a time when US orders have plummeted to a five-year low, and after the Trump administration in July canceled plans to use federal waters for any new offshore wind development. And just this week, Trump posted on social media that his administration would not approve any additional solar or wind projects in the US. With uncertainty surrounding tariffs and renewable energy policy, wind turbine orders in the US fell 50% in the first half of 2025 compared with the same period last year, marking the lowest level of orders since 2020, according to a July report from the American Clean Power Association. Martyn Lawns, senior vice president of growth for new energy and interim global head of industrial projects for DHL Global Forwarding, told the Journal of Commerce that US offshore wind cargo activity has declined rapidly among its customers. “It’s clear those decisions have immediately impacted the investment in offshore wind,” Lawns said. “What that’s done is it’s diverted that cargo to other parts of the world.” He added that manufacturers appear to have shifted their focus to Europe as the largest growth area for offshore wind. <h3>US pullback, tariffs take toll </h3>The slowdown in the US wind market was reflected in the latest quarterly performance of four of the world’s largest OEMs of wind turbines — GE Vernova, Nordex SE, Siemens Gamesa and Vestas. For Danish turbine maker Vestas, the company’s year-over-year order intake fell 44% to 2,009 megawatts (MW), driven by a lack of orders in the US as customers awaited clarity on US wind energy policy, according to the company’s Aug. 13 second-quarter earnings report. Vestas did not receive offshore orders from any of its markets in the second quarter, while onshore orders from the Americas fell 32% to 2,009 MW. At Siemens Gamesa, the sting of tariffs overshadowed a record quarter for offshore wind orders, although new US orders were absent from the most recent earnings period. Spain’s Siemens Gamesa is supplying 176 wind turbines for the ongoing 2.6-gigawatt (GW) Coastal Virginia Offshore Wind (CVOW) project that Virginia utility Dominion Energy is developing off the coast of Virginia Beach. In May, Dominion Energy estimated that tariffs could add $500 million to the total cost of the project, which is set for completion in 2026. During an Aug. 6 third-quarter earnings call for German parent company Siemens Energy AG, CFO Maria Ferraro said tariffs accounted for the “number one” factor that offset operational improvements as Siemens Gamesa continues to undergo a restructuring. “They had an impact here of a mid-double-digit amount, which accounts for almost half of the impact of Siemens Energy so far,” Ferraro said. <h3>OEMs look to ongoing US projects </h3>At US-based GE Vernova, CEO Scott Strazik is expecting a short-term bump in orders to come from US wind project developers scrambling to receive federal tax incentives before they sunset. The US accounts for two-thirds of the 57,000 onshore wind turbines GE Vernova has installed globally. “Since the tax bill was signed on July 4, we have experienced an increase in our customer engagement in the US,” Strazik said during the company’s July 23 second-quarter earnings call. “So the potential certainly exists for an inflection towards growth.” Meanwhile, German turbine maker Nordex SE, which primarily serves the onshore wind segment, is forging ahead with plans to resume turbine production at its long-dormant factory in Iowa despite the expiration of federal tax credits and uncertainties about the industry’s future in the US. The facility, which had been shuttered since 2013, reopened in July. “We are doing so to qualify turbines for continuous construction,” chairman and CEO Jose Luis Blanco Diéguez said during the company’s July 28 half-year earnings call, referring to the US requirement that after wind projects begin, they must demonstrate continuous physical work to obtain tax credits. Contact Autumn Cafiero Giusti at <a href="mailto:autumn@autumngiusti.com">autumn@autumngiusti.com</a>. </div>

As US President Donald Trump’s clampdown on the wind industry causes original equipment manufacturers (OEMs) of wind turbines to temper their expectations of US markets, the next two years could bring a temporary uptick in wind cargo activity as project developers race to order turbine components before federal tax credits expire. Turbines for onshore and offshore wind farms account for an important source of breakbulk and project cargo, andthe shortened timeline could temporarily drive up demand for turbine components for projects under construction. Under the broad-based spending bill that Trump signed into law July 4, wind projects must begin construction by July 4, 2026, or become operational by the end of 2027 to qualify for a 30% tax credit and other bonuses. On Aug. 15, the US Internal Revenue Service (IRS) issued tighter restrictions on qualifying for those incentives — eliminating a rule that a project could count as having begun construction if the developer spent at least 5% of the project cost. The new rules come at a time when US orders have plummeted to a five-year low, and after the Trump administration in July canceled plans to use federal waters for any new offshore wind development. And just this week, Trump posted on social media that his administration would not approve any additional solar or wind projects in the US. With uncertainty surrounding tariffs and renewable energy policy, wind turbine orders in the US fell 50% in the first half of 2025 compared with the same period last year, marking the lowest level of orders since 2020, according to a July report from the American Clean Power Association. Martyn Lawns, senior vice president of growth for new energy and interim global head of industrial projects for DHL Global Forwarding, told the Journal of Commerce that US offshore wind cargo activity has declined rapidly among its customers. “It’s clear those decisions have immediately impacted the investment in offshore wind,” Lawns said. “What that’s done is it’s diverted that cargo to other parts of the world.” He added that manufacturers appear to have shifted their focus to Europe as the largest growth area for offshore wind. US pullback, tariffs take toll The slowdown in the US wind market was reflected in the latest quarterly performance of four of the world’s largest OEMs of wind turbines — GE Vernova, Nordex SE, Siemens Gamesa and Vestas. For Danish turbine maker Vestas, the company’s year-over-year order intake fell 44% to 2,009 megawatts (MW), driven by a lack of orders in the US as customers awaited clarity on US wind energy policy, according to the company’s Aug. 13 second-quarter earnings report. Vestas did not receive offshore orders from any of its markets in the second quarter, while onshore orders from the Americas fell 32% to 2,009 MW. At Siemens Gamesa, the sting of tariffs overshadowed a record quarter for offshore wind orders, although new US orders were absent from the most recent earnings period. Spain’s Siemens Gamesa is supplying 176 wind turbines for the ongoing 2.6-gigawatt (GW) Coastal Virginia Offshore Wind (CVOW) project that Virginia utility Dominion Energy is developing off the coast of Virginia Beach. In May, Dominion Energy estimated that tariffs could add $500 million to the total cost of the project, which is set for completion in 2026. During an Aug. 6 third-quarter earnings call for German parent company Siemens Energy AG, CFO Maria Ferraro said tariffs accounted for the “number one” factor that offset operational improvements as Siemens Gamesa continues to undergo a restructuring. “They had an impact here of a mid-double-digit amount, which accounts for almost half of the impact of Siemens Energy so far,” Ferraro said. OEMs look to ongoing US projects At US-based GE Vernova, CEO Scott Strazik is expecting a short-term bump in orders to come from US wind project developers scrambling to receive federal tax incentives before they sunset. The US accounts for two-thirds of the 57,000 onshore wind turbines GE Vernova has installed globally. “Since the tax bill was signed on July 4, we have experienced an increase in our customer engagement in the US,” Strazik said during the company’s July 23 second-quarter earnings call. “So the potential certainly exists for an inflection towards growth.” Meanwhile, German turbine maker Nordex SE, which primarily serves the onshore wind segment, is forging ahead with plans to resume turbine production at its long-dormant factory in Iowa despite the expiration of federal tax credits and uncertainties about the industry’s future in the US. The facility, which had been shuttered since 2013, reopened in July. “We are doing so to qualify turbines for continuous construction,” chairman and CEO Jose Luis Blanco Diéguez said during the company’s July 28 half-year earnings call, referring to the US requirement that after wind projects begin, they must demonstrate continuous physical work to obtain tax credits. Contact Autumn Cafiero Giusti at autumn@autumngiusti.com .

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OEMs adapt to US wind industry slowdown, yet bank on tax credit uptick

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At SSA Marine Mexico, we firmly believe that business development must go hand in hand with social and environmental well-being. Our vision is not solely focused on operating efficiently, but also on creating a meaningful and positive impact in the communities where we are present. Since 1995, we have reaffirmed this commitment through tangible actions that reflect our core values of responsibility, solidarity, and sustainability. <span class="joc_admin__inline-image joc_admin__inline-image-aspect-ratio-3_2 joc_admin__inline-image-position-left joc_admin__inline-image-size-medium" data-figure-size="medium" data-figure-position="left" data-figure-aspect-ratio="3:2"><img src="/content-assets/1752584535914_Photo%201.jpg" alt="" class="joc_admin__inline-image-inherit"> A Year of Major Achievements Over the past year, we allocated more than $107,000 USD to the implementation of 60 social and environmental projects, positively impacting over 7,800 people across various regions of Mexico. Each initiative was designed with a holistic approach, addressing key areas that contribute to long-term community development. Education: Laying the Foundation for the Future Education is one of the most powerful tools to promote social mobility and equitable development. At SSA Marine Mexico, we support academic initiatives that inspire and empower the next generation of leaders. One of our most impactful partnerships was with the University of Colima, where we sponsored the “Reto Camp” program. This initiative encourages university students to develop innovative solutions in the fields of sustainability, logistics, and port operations, offering them mentorship, tools, and real-world challenges to solve. In addition, we donated microscopes, school supplies, and educational materials to institutions in underserved communities, helping to improve the learning environment and provide students with the resources they need to succeed. Health and Sports: Promoting Wellness We believe that healthy communities are strong communities. We have supported several local sporting events and provided direct assistance to talented athletes, enabling them to pursue their passions and represent their regions with pride. Beyond sports, we also strengthened our collaboration with critical emergency response organizations such as the Mexican Red Cross and Civil Protection. Our contributions helped enhance their readiness and capabilities in times of crisis, ensuring better outcomes for those affected by emergencies. Supporting Vulnerable Groups: Reaching Those Who Need It Most A core part of our social responsibility efforts is directed toward supporting vulnerable populations. We have contributed to a range of initiatives focused on children, migrants, and at-risk families. These efforts included donations to orphanages and shelters, as well as support for the National Institute of Migration and grassroots organizations dedicated to protecting and empowering people facing adversity. By standing with those in need, we reinforce our commitment to inclusion and social justice, values that are central to our identity as a responsible company. <span class="joc_admin__inline-image joc_admin__inline-image-aspect-ratio-3_2 joc_admin__inline-image-position-left joc_admin__inline-image-size-medium" data-figure-size="medium" data-figure-position="left" data-figure-aspect-ratio="3:2"><img src="/content-assets/1752584944645_Photo%202.png" alt="" class="joc_admin__inline-image-inherit">Culture: Strengthening Community Identity Cultural identity is a key element in building resilient and united communities. At SSA Marine Mexico, we actively participate in the organization and sponsorship of cultural events that celebrate local traditions and foster civic pride. Working alongside port authorities and municipal governments, we helped bring music, art, and heritage to the forefront, creating spaces for community engagement and intercultural dialogue. Environment: Investing in the Planet Our commitment to sustainability goes beyond operations—it’s a philosophy that drives every decision we make. We have partnered with environmental institutions to carry out reforestation campaigns, beach cleanups, and conservation efforts. In collaboration with the Institute for the Environment, we supported initiatives aimed at decarbonization, biodiversity protection, and environmental education. By involving our employees and local volunteers in these actions, we also foster a culture of environmental stewardship throughout our organization and our surrounding communities. Innovation for a Sustainable Future Sustainability is not just about doing good—it’s also about doing things better. In 2024, we invested $22 million USD in the acquisition of 11 state-of-the-art E-RTG cranes. These electric rubber-tired gantry cranes represent a significant technological advancement in port equipment. Seven of them are already operating on clean electric energy, resulting in a reduction of nearly 4,000 tons of CO₂ emissions and improving operational efficiency by 7%. The remaining four cranes are fully compatible with future electrification, underscoring our long-term strategy to modernize our operations in an environmentally responsible way. This investment is part of a broader innovation roadmap that includes digitalization, automation, and cleaner energy sources—all designed to ensure that our ports continue to grow without compromising the health of our planet. Building a Better Tomorrow, Together At SSA Marine Mexico, we understand that sustainability is a shared and ongoing responsibility. True impact requires collaboration across sectors, long-term vision, and unwavering commitment. That is why we continue to work hand-in-hand with local authorities, non-profit organizations, universities, and our own employees to create solutions that are both scalable and sustainable. Our journey is far from over. In the years ahead, we will continue to deepen our community engagement, explore cleaner technologies, and strengthen the social fabric of the regions where we operate. Each initiative, no matter the size, is a step toward building a future where business success goes hand-in-hand with human and environmental prosperity. We are proud of what we have achieved in 2024, but we are even more excited about what lies ahead. SSA Marine Mexico — Moving the World, Caring for People and Planet. LINK: https://www.ssamarine.mx/

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