<div class="phx-topic abstract-wrapper">Port officials cited the raising of the Bayonne Bridge as “perhaps the biggest driving force" in achieving the cargo volume increase.</div>

Port officials cited the raising of the Bayonne Bridge as “perhaps the biggest driving force" in achieving the cargo volume increase.

<div><div><img></div>Cargo volumes increased in 2017 at the Port of New York and New Jersey, aided by the return of export growth. Photo: Hugh R. Morley.The Port of New York and New Jersey in 2017 enjoyed its largest increase in loaded cargo volumes — 5.5 percent — in more than five years, a sharp reversal in fortunes after the volume fell by 1 percent in 2016, figures released by the port this week show.The rebound was propelled in part by the first increase in loaded exports at the East Coast’s largest port since at least 2012, according to data compiled by...

Cargo volumes increased in 2017 at the Port of New York and New Jersey, aided by the return of export growth. Photo: Hugh R. Morley. The Port of New York and New Jersey in 2017 enjoyed its largest increase in loaded cargo volumes — 5.5 percent — in more than five years, a sharp reversal in fortunes after the volume fell by 1 percent in 2016, figures released by the port this week show. The rebound was propelled in part by the first increase in loaded exports at the East Coast’s largest port since at least 2012, according to data compiled by Port Authority of New York and New Jersey. Click to enlarge The figures, showing a hike in the port’s loaded cargo volume to 4.81 million TEU in 2017 from 4.56 million TEU in 2016, offer a snapshot of the port’s performance since the newly elevated Bayonne Bridge was opened in June. The project, which raised the bridge from 151 feet to 215 feet so that ships of more than 9,500 TEU for the first time could reach three of the port’s main terminals, is expected to increase cargo volume coming to the port. The figures show loaded exports increased by 4.4 percent in 2017, compared with declines of between 2.4 percent and 5 percent in each of the previous five years. The export volume of 1.43 million loaded TEU accounted for just less than one-third of the port’s loaded cargo in 2017. The increases in imports and exports nudged up the port’s share of the East Coast market slightly, from 29.23 percent to 29.26 percent, according to data from PIERS, a sister product of JOC.com. The port held 34.47 percent of the East Coast loaded import market in 2017, just slightly down from 34.75 percent in 2016, the figures show. However, the port increased its share of the East Coast's loaded export market, from 21 percent in 2016 to 21.25 in 2017, the figures show. The port said the 1 percent decline in cargo volumes in 2016 was mostly due to the comparison with 2015, which showed an unusually large increase — 5.3 percent — in cargo handled, including a 9 percent increase in imports. Port officials cited the raising of the bridge as “perhaps the biggest driving force in achieving the new cargo volume record”. “The investment we made to raise the Bayonne Bridge is clearly paying dividends by driving up cargo volumes and significantly boosting the jobs and economic activity,” said Rick Cotton, executive director of the Port Authority. Cotton touted the figures at the annual State of the Port event Monday, which was not open to the press unlike similar events at other major US ports, such as Long Beach, Los Angeles, and Savannah. However, what drove the cargo volume in 2017 is not clear from the figures, which do not show an acceleration in the volume of cargo handled once the bridge opened, as might be expected. The volume of loaded TEU handled by the port from July to December in 2017, after the bridge opened, accounted for 51.7 percent of the year’s total, only a slight increase over the 51.3 percent of the year’s total in that six-month period in 2016. However, the vessel size clearly increased in 2017. The port hosted 167 vessels of 9,000 TEU or larger in 2017, a 74 percent increase over the 2016 figure. Among them were 10 vessels over 13,000 TEU, the first ever to enter the port. Meanwhile, the number of vessels smaller than 9,000 TEU fell by 15 percent, or 344 vessels, to 1,844. Click to enlarge The port authority, and terminal operators, have said they have not seen a sudden surge in volume in the wake of the elevation of the bridge, and the flow will likely increase slowly as carriers adjust to the new accessibility of three of the port’s major port. “It’s just a slower process,” Dan Pastore, the port authority’s manager of strategic analysis, said, adding that “it takes time” for carriers to create demand and put big ships in the rotations. Any impact from the bridge also was more difficult to determine from the figures due to the fact that the port saw a strong increase in cargo volumes throughout the year, he said. Still, he said, the biggest ships to come in to the port — capable of carrying 13,000 and 14,000 TEU — arrived later in the year, and that trend will likely continue in 2018. “In January and February, I think you will start to see 13s and 14s grow pretty quickly,” he said. “Some of our carriers have said they are going to try to move of those ships into the services.” Pastor attributed the increase in exports in large part to the increase in imports coming to the ports, which prompts carriers to work harder and balance it with exports on the way out, for vessel stabilizations reasons. Another reason could be the rise in US manufacturing levels, Pastore said. Exports of auto parts through the port have increased by 28 percent, and exports of aluminum and plastics also have increased, he said. Of the port’s top trading nations, seven increased exports in 2017, with three — among them China, which recently stopped accepting recycled goods — declining. Exports through the Port of New York and New Jersey have declined for several years. Port officials have in the past attributed this in part to the rise in the number of ships making their first call in New York-New Jersey, which deters some exporters who are reluctant to send goods out on ships that may stop several times down the coast before heading to their destination. Another reason officials cite is decline of manufacturing in the Northeast, and its rise in the southern part of the nation. Contact Hugh R. Morley at Hugh.Morley@ihsmarkit.com and follow him on Twitter: @HughRMorley_JOC .

North American ports

Marine terminals

NY-NJ posts largest cargo volume increase in more than five years

<div class="phx-topic abstract-wrapper">The declines from the country’s top three carriers are in line with what other carriers have reported thus far in an unsettled container shipping market.</div>

The declines from the country’s top three carriers are in line with what other carriers have reported thus far in an unsettled container shipping market.

Feature image

<div class="phx-topic">Taiwan's big three carriers saw revenue slide last year as weaker freight rates and cargo volumes took their toll on operating revenues. Evergreen Marine, the largest of the three, saw 2025 revenue fall 18% to $12 billion from almost $15 billion in 2024, it said in a stock exchange filing Thursday. Yang Ming, Taiwan’s second-largest carrier, reported the biggest drop, saying Friday that 2025 revenue fell 27% to $5.3 billion against $7 billion in the year prior. Intra-Asia focused Wan Hai Lines posted a 13% decline in 2025 revenue to $4.5 billion, it said in a filing Friday. The carriers gave no further details, as profit figures will be released as part of their formal annual results announcements in the next few months. But the revenue declines are thus far in line with the 2025 results of other carriers, <a href="https://www.joc.com/article/fourth-quarter-downturn-weighs-on-oocls-full-year-operating-result-6149730">with OOCL saying Friday</a> its revenue of $8.7 billion last year was down 10.6%. Trans-Pacific services were the biggest revenue generators for all three Taiwanese carriers last year. But indicative of the rate declines that hit their revenues, Shanghai Shipping Exchange data carried on the Journal of Commerce’s Gateway platform shows spot rates from Shanghai to the US West Coast tumbled 56% over the course of the year to end at $2,188 per FEU as of Jan. 2. Yang Ming in its filing indicated a pre-Lunar New Year cargo rush was driving volumes higher and supporting a rebound in revenues as 2026 began, momentum it expects to continue ahead of the holiday in mid-February. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com.</a></div>

Taiwan's big three carriers saw revenue slide last year as weaker freight rates and cargo volumes took their toll on operating revenues. Evergreen Marine, the largest of the three, saw 2025 revenue fall 18% to $12 billion from almost $15 billion in 2024, it said in a stock exchange filing Thursday. Yang Ming, Taiwan’s second-largest carrier, reported the biggest drop, saying Friday that 2025 revenue fell 27% to $5.3 billion against $7 billion in the year prior. Intra-Asia focused Wan Hai Lines posted a 13% decline in 2025 revenue to $4.5 billion, it said in a filing Friday. The carriers gave no further details, as profit figures will be released as part of their formal annual results announcements in the next few months. But the revenue declines are thus far in line with the 2025 results of other carriers, with OOCL saying Friday its revenue of $8.7 billion last year was down 10.6%. Trans-Pacific services were the biggest revenue generators for all three Taiwanese carriers last year. But indicative of the rate declines that hit their revenues, Shanghai Shipping Exchange data carried on the Journal of Commerce’s Gateway platform shows spot rates from Shanghai to the US West Coast tumbled 56% over the course of the year to end at $2,188 per FEU as of Jan. 2. Yang Ming in its filing indicated a pre-Lunar New Year cargo rush was driving volumes higher and supporting a rebound in revenues as 2026 began, momentum it expects to continue ahead of the holiday in mid-February. Contact Keith Wallis at keithwallis@hotmail.com.

Container lines

Trans-Pacific

Container Shipping News

Maritime

Taiwan’s major ocean carriers say weaker rates dragged down 2025 revenues

<div class="phx-topic abstract-wrapper">Seasonal fog along Texas waterways has caused ocean carriers to switch up typical Gulf Coast port rotations, sometimes with little warning of vessel arrivals.</div>

Seasonal fog along Texas waterways has caused ocean carriers to switch up typical Gulf Coast port rotations, sometimes with little warning of vessel arrivals.

<div class="phx-topic">Seasonal fog along the US Gulf Coast is delaying container ship arrivals to the Port of Houston and prompting diversions to Mobile. But shippers out of Mobile say they are only getting last-minute warnings of the diversions, giving them little time to ready their freight and causing further delays as export containers miss their cutoff day. Houston, the busiest port in the US when all types of ship traffic are considered, including tankers and bulkers, typically experiences fog during the winter months. While it’s unclear if this season’s fog episodes are more frequent or of longer duration, more container ships are having to wait longer to berth due to the fog. During the month of December, Houston had 21 container ships sit at anchor with an average delay of four days, according to Sea-web, a sister product of the Journal of Commerce within S&amp;P Global. During the holiday period, some ships were seeing five-day dwells at anchorage. The delays are spilling into 2026, with CMA CGM warning in an advisory this week of “building vessel congestion and dwell due to dense fog and seasonal holiday terminal closures.” <h3>Opting for Mobile </h3>Instead of waiting out the fog, ocean carriers are reversing typical port rotations for Gulf Coast services by calling Mobile first, then Houston. Since December, at least nine container ships that previously had a Houston-to-Mobile rotation instead made Mobile the first call, Sea-web data shows. Another four container ships that were not on regular deployment to the Gulf Coast also made Mobile-to-Houston rotations. Maersk rotated four ships to Mobile ahead of Houston during the period, while three Mediterranean Shipping Co. vessels and two CMA CGM ships made similar rotations. Evergreen Marine, Ocean Network Express, HMM and Yang Ming also followed a Mobile-to-Houston rotation. In many instances, though, shippers tell the Journal of Commerce they have only been given one-day notice of the schedule changes and vessel arrivals. That’s been especially difficult for exporters, who typically have a window of about a week to prepare an export container and bring it to the port. The director of global logistics for a Houston-based chemicals manufacturer that ships about 20,000 containers annually, primarily out of Mobile, said ships that he’s booked export freight on have arrived about a week ahead of schedule, well ahead of when his company has been able to stuff a container and find a trucker to move the box. ”We’ve missed the cutoff date on several voyages,” the source said, estimating that the early arrivals into Mobile have impacted about 800 of his company’s export containers since December. “We’re scrambling the day of the cutoff,” he said. “You can’t tell me that day to have the container ready.” As a result of the missed cutoff, his cargo is being rolled to later voyages. But since space is already booked on those voyages and other shippers have rolled cargo, the source said vessel capacity to certain regions, such as Southeast Asia, has tightened. “I’m not the only guy who has production that needs to get out,” he said. <h3>Carrier communication ‘not proactive’</h3>A Jacksonville-based ocean freight forwarder said one of his clients, a wood products company in Mississippi, ships between 20 and 30 containers per week out of Mobile. While some of that freight is already positioned at Mobile for export, the one-day cutoffs for ships means his client is having to find space at their facility to store already-loaded export containers that missed a vessel.“It’s like a big game of Jenga,” the forwarder said. “It takes time to stuff and stage these containers. Now you’ve got to move these back to your warehouse and repeat the process.” Other complications ensue because of the missed vessels, the source said. Export wood products may require a USDA certification that the product is pest-free. But the certification is only valid for a limited time, requiring a second certification if the product has not yet been exported. As for the communication from ocean carriers about the schedule changes: “They are not proactive,” the forwarder said. Maersk and CMA CGM did not respond to a request for comment about how they communicate schedule changes to shippers.In a statement to the Journal of Commerce, Port Houston Authority said it is supporting a bill introduced last year by Texas Sen. Ted Cruz and Rep. Brian Babin (R–Texas) that would direct the National Oceanic and Atmospheric Administration (NOAA) to expand observation and improve the forecasting of fog events that impact maritime navigation. Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com">michael.angell@spglobal.com</a> </div>

Seasonal fog along the US Gulf Coast is delaying container ship arrivals to the Port of Houston and prompting diversions to Mobile. But shippers out of Mobile say they are only getting last-minute warnings of the diversions, giving them little time to ready their freight and causing further delays as export containers miss their cutoff day. Houston, the busiest port in the US when all types of ship traffic are considered, including tankers and bulkers, typically experiences fog during the winter months. While it’s unclear if this season’s fog episodes are more frequent or of longer duration, more container ships are having to wait longer to berth due to the fog. During the month of December, Houston had 21 container ships sit at anchor with an average delay of four days, according to Sea-web, a sister product of the Journal of Commerce within S&P Global. During the holiday period, some ships were seeing five-day dwells at anchorage. The delays are spilling into 2026, with CMA CGM warning in an advisory this week of “building vessel congestion and dwell due to dense fog and seasonal holiday terminal closures.” Opting for Mobile Instead of waiting out the fog, ocean carriers are reversing typical port rotations for Gulf Coast services by calling Mobile first, then Houston. Since December, at least nine container ships that previously had a Houston-to-Mobile rotation instead made Mobile the first call, Sea-web data shows. Another four container ships that were not on regular deployment to the Gulf Coast also made Mobile-to-Houston rotations. Maersk rotated four ships to Mobile ahead of Houston during the period, while three Mediterranean Shipping Co. vessels and two CMA CGM ships made similar rotations. Evergreen Marine, Ocean Network Express, HMM and Yang Ming also followed a Mobile-to-Houston rotation. In many instances, though, shippers tell the Journal of Commerce they have only been given one-day notice of the schedule changes and vessel arrivals. That’s been especially difficult for exporters, who typically have a window of about a week to prepare an export container and bring it to the port. The director of global logistics for a Houston-based chemicals manufacturer that ships about 20,000 containers annually, primarily out of Mobile, said ships that he’s booked export freight on have arrived about a week ahead of schedule, well ahead of when his company has been able to stuff a container and find a trucker to move the box. ”We’ve missed the cutoff date on several voyages,” the source said, estimating that the early arrivals into Mobile have impacted about 800 of his company’s export containers since December. “We’re scrambling the day of the cutoff,” he said. “You can’t tell me that day to have the container ready.” As a result of the missed cutoff, his cargo is being rolled to later voyages. But since space is already booked on those voyages and other shippers have rolled cargo, the source said vessel capacity to certain regions, such as Southeast Asia, has tightened. “I’m not the only guy who has production that needs to get out,” he said. Carrier communication ‘not proactive’ A Jacksonville-based ocean freight forwarder said one of his clients, a wood products company in Mississippi, ships between 20 and 30 containers per week out of Mobile. While some of that freight is already positioned at Mobile for export, the one-day cutoffs for ships means his client is having to find space at their facility to store already-loaded export containers that missed a vessel. “It’s like a big game of Jenga,” the forwarder said. “It takes time to stuff and stage these containers. Now you’ve got to move these back to your warehouse and repeat the process.” Other complications ensue because of the missed vessels, the source said. Export wood products may require a USDA certification that the product is pest-free. But the certification is only valid for a limited time, requiring a second certification if the product has not yet been exported. As for the communication from ocean carriers about the schedule changes: “They are not proactive,” the forwarder said. Maersk and CMA CGM did not respond to a request for comment about how they communicate schedule changes to shippers. In a statement to the Journal of Commerce, Port Houston Authority said it is supporting a bill introduced last year by Texas Sen. Ted Cruz and Rep. Brian Babin (R–Texas) that would direct the National Oceanic and Atmospheric Administration (NOAA) to expand observation and improve the forecasting of fog events that impact maritime navigation. Contact Michael Angell at michael.angell@spglobal.com

Houston fog sets up ship diversions to Mobile, forcing exporters to scramble

<div class="phx-topic abstract-wrapper">This year’s positive MPV forecast is bolstered by a high level of forward bookings and the prospect of postponed projects coming onstream. </div>

This year’s positive MPV forecast is bolstered by a high level of forward bookings and the prospect of postponed projects coming onstream.

<div class="phx-topic">An optimistic outlook for the multipurpose sector in 2026 is underpinned by a well-utilized fleet, revivals of postponed high-capacity projects, and a reportedly healthy level of forward bookings. Yorck Niclas Prehm, head of research at specialist shipbroker Toepfer Transport, said multipurpose vessel (MPV) operators with highly specialized vessels can look forward to an “even more comfortable” 2026. With super-heavy-lift vessels and vessels with offshore installation capabilities almost fully booked for 2026, operators are now focused on bookings for 2027 and 2028. In comments for the Journal of Commerce’s 2026 Annual Review and Outlook, Prehm said the multipurpose and breakbulk shipping market in 2025 was “characterized by minimal volatility and a stable and steady behavior of freight and charter rates.” Prehm added that while this could be viewed as “a rather boring development,” considering the economic and geopolitical challenges the shipping industry and global supply chains faced in 2025, the stability underscores how “extraordinarily strong and resilient this niche market is.” The foundation for this stability was the constraint on ordering exercised by owners and operators in the sector last year, Prehm said. In its end-of-year quarterly report, Toepfer Transport noted the order book for MPVs is “relatively moderate,” with total fleet growth in 2025 of 2.4% by deadweight tons, or 19 ships net. For freight rate assessments, the Toepfer Multipurpose Index for January, published Thursday, is $12,648 per day, down from $12,818 in December. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="eb684173-3331-459c-8c00-85ae47522402"></dynamic-object></div><h3>Positive outlook for year ahead </h3>Toepfer’s upbeat assessment for 2026 was echoed by Ulrich Ulrichs, CEO of MPV operator BBC Chartering. In comments for the Journal of Commerce’s Annual Review and Outlook, Ulrichs described his outlook for the breakbulk and project cargo sector in 2026 as positive. “Supply and demand in our sector appear to be reasonably balanced, and the number of newbuildings for the multipurpose vessel sector remains sparse,” Ulrichs said. New orders are for more efficient tonnage, phasing out older tonnage with no overcapacity being generated. In terms of cargo demand, Ulrichs said BBC is focused on the “dominant drivers” of energy-related cargoes from both the wind turbine sector and the oil and gas and mining sectors. However, he raised concerns about the offshore wind sector, “the success — or otherwise — of which is entirely due to political decision-making.” Regulations and geopolitics will continue to buffet the MPV sector in 2026, characterized by an “increasingly unpredictable” US market and “complex and region-specific regulations,” including the European Union Emissions Trading System and FuelEU Maritime, Ulrichs said. “While these initiatives aim to reduce environmental impact, their implementation has introduced significant operational and financial challenges — especially for carriers operating across multiple jurisdictions,” he said. Ulrichs called for a single, global, and transparent set of rules to reduce administrative overhead for MPV operations, level the playing field, and encourage broader compliance. Contact Carly Fields at <a href="mailto:carly.fields@spglobal.com">carly.fields@spglobal.com</a>. </div>

An optimistic outlook for the multipurpose sector in 2026 is underpinned by a well-utilized fleet, revivals of postponed high-capacity projects, and a reportedly healthy level of forward bookings. Yorck Niclas Prehm, head of research at specialist shipbroker Toepfer Transport, said multipurpose vessel (MPV) operators with highly specialized vessels can look forward to an “even more comfortable” 2026. With super-heavy-lift vessels and vessels with offshore installation capabilities almost fully booked for 2026, operators are now focused on bookings for 2027 and 2028. In comments for the Journal of Commerce’s 2026 Annual Review and Outlook, Prehm said the multipurpose and breakbulk shipping market in 2025 was “characterized by minimal volatility and a stable and steady behavior of freight and charter rates.” Prehm added that while this could be viewed as “a rather boring development,” considering the economic and geopolitical challenges the shipping industry and global supply chains faced in 2025, the stability underscores how “extraordinarily strong and resilient this niche market is.” The foundation for this stability was the constraint on ordering exercised by owners and operators in the sector last year, Prehm said. In its end-of-year quarterly report, Toepfer Transport noted the order book for MPVs is “relatively moderate,” with total fleet growth in 2025 of 2.4% by deadweight tons, or 19 ships net. For freight rate assessments, the Toepfer Multipurpose Index for January, published Thursday, is $12,648 per day, down from $12,818 in December. Positive outlook for year ahead Toepfer’s upbeat assessment for 2026 was echoed by Ulrich Ulrichs, CEO of MPV operator BBC Chartering. In comments for the Journal of Commerce’s Annual Review and Outlook, Ulrichs described his outlook for the breakbulk and project cargo sector in 2026 as positive. “Supply and demand in our sector appear to be reasonably balanced, and the number of newbuildings for the multipurpose vessel sector remains sparse,” Ulrichs said. New orders are for more efficient tonnage, phasing out older tonnage with no overcapacity being generated. In terms of cargo demand, Ulrichs said BBC is focused on the “dominant drivers” of energy-related cargoes from both the wind turbine sector and the oil and gas and mining sectors. However, he raised concerns about the offshore wind sector, “the success — or otherwise — of which is entirely due to political decision-making.” Regulations and geopolitics will continue to buffet the MPV sector in 2026, characterized by an “increasingly unpredictable” US market and “complex and region-specific regulations,” including the European Union Emissions Trading System and FuelEU Maritime, Ulrichs said. “While these initiatives aim to reduce environmental impact, their implementation has introduced significant operational and financial challenges — especially for carriers operating across multiple jurisdictions,” he said. Ulrichs called for a single, global, and transparent set of rules to reduce administrative overhead for MPV operations, level the playing field, and encourage broader compliance. Contact Carly Fields at carly.fields@spglobal.com .

Breakbulk News

Optimistic outlook sets multipurpose sector on firm footing for 2026

<div class="phx-topic abstract-wrapper">The performance of the Cosco Shipping subsidiary provides an early glimpse of what to expect as ocean carriers prepare to report their full-year 2025 earnings in an uncertain container shipping market. </div>

The performance of the Cosco Shipping subsidiary provides an early glimpse of what to expect as ocean carriers prepare to report their full-year 2025 earnings in an uncertain container shipping market.

<div class="phx-topic">Weakening demand and falling rates on OOCL’s major trade lanes through the fourth quarter weighed heavily on the carrier’s full-year operating result announced Friday. The performance of the Hong Kong-based subsidiary of Cosco Shipping provides an early glimpse of what to expect as ocean carriers prepare to report their full-year 2025 earnings in an uncertain container shipping market. Solid earnings in the first three quarters of 2025 have ensured most carriers will report a profitable year — Drewry Shipping Consultants has forecast a combined $20 billion in profits — but the difficult fourth-quarter operating environment was reflected in OOCL’s revenue and volume. No profit and loss figures were disclosed by OOCL in its operating result. OOCL reported fourth-quarter revenue of $2.08 billion, a 17.2% year-over-year decline across its major trade lanes, while Q4 volume rose just 0.8% to 2 million TEUs. Available capacity increased 4.5% and average revenue per TEU plunged 17.8% compared to the 2024 fourth quarter. From a trade lane perspective, trans-Pacific revenue in Q4 was down 25% year over year at $726 million, with volume down 4.2% at 528,394 TEUs. Asia-Europe revenue fell 24.5% to $418 million while volume edged up 1.3% to 367,728 TEUs. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="ea023e46-41d8-4790-b614-6af084fc81ec"></dynamic-object></div>OOCL’s largest trade lane, which combines Australasia with intra-Asia, saw revenue fall 6.8% to $772 million in the fourth quarter while volume rose 2.4% to 974,653 TEUs. The trans-Atlantic, the smallest of the carrier’s major trades, reported flat revenue of $163 million in Q4 and an 8.8% increase in volume to 130,231 TEUs. For the full year, OOCL revenue of $8.7 billion declined 10.6% year over year against volume that increased 3.7% to 7.8 million TEUs. Available capacity for the year was up 6.1% and average revenue per TEU dropped 13.7% year over year. Full-year revenue on the trans-Pacific of $3.2 billion was down 17.2% year over year, with volume up 1.7% at 2.1 million TEUs. Asia-Europe revenue came in at $1.8 billion, down 21.3%, and volume was flat at 1.4 million TEUs. Intra-Asia/Australasia revenue of $3 billion was up 1.2% and volume grew 4.8% to 3.8 million TEUs, while trans-Atlantic revenue increased 14.9% to $708 million and volume also rose 14.9% to 550,765 TEUs. <h3>Supply-demand imbalance hangs over market </h3>As carriers enter the new year, they will be buoyed by sharply increasing rates on the east-west trades out of Asia as shippers get their cargo on the water ahead of a relatively late start to the Lunar New Year on Feb. 17. Platts, a sister company of the Journal of Commerce within S&amp;P Global, pegged North Asia-US West Coast spot rates at $2,175 per FEU of Thursday, up from $1,270 per FEU on Dec. 12. Asia-North Europe rates of $2,700 per FEU this week are up from $2,440 per FEU four weeks ago. The World Container Index as assessed by Drewry pegged Shanghai-to-Los Angeles rates at $3,132 per FEU as of Thursday, up from $2,103 on Dec. 11. Shanghai-to-Rotterdam rates at $2,840 per FEU were up from $2,361 per FEU over the same period, according to Drewry. But with significant newbuilding capacity being added to the market, analysts expect excess tonnage to exert downwards pressure on rates. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="300082c3-330d-45f1-b9d8-9a63e1bb82b4"></dynamic-object></div>“A traditional pre-Lunar New Year cargo rush at the start of the 2026 is a key driver behind dramatic increases in spot rates out of the Far East that are up almost 60% into the US West Coast compared to a month ago,” Peter Sand, chief analyst at rate benchmarking platform Xeneta, wrote in a market update this week. “With Lunar New Year just over a month away, shippers will ramp up efforts to get goods out of the Far East before the holiday shutdown, so there will be further upward pressure on rates,” Sand added. “The question is whether the expected increase in deployed capacity will be enough to outweigh higher demand.” That question extends far beyond the first quarter of 2026. The full-year earnings prognosis is not positive for carriers, with analysts predicting that a growing imbalance between supply and demand will <a href="https://www.joc.com/article/supply-demand-imbalance-puts-ocean-carriers-on-course-for-heavy-losses-6143218">bring container shipping’s five-year run of profitability to an end</a>. With vessel capacity outstripping volumes on the major trade lanes, analysts expect carriers to fall into the red as early as the first quarter, culminating in a multi-billion-dollar combined loss for the full year. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com.</a></div>

Weakening demand and falling rates on OOCL’s major trade lanes through the fourth quarter weighed heavily on the carrier’s full-year operating result announced Friday. The performance of the Hong Kong-based subsidiary of Cosco Shipping provides an early glimpse of what to expect as ocean carriers prepare to report their full-year 2025 earnings in an uncertain container shipping market. Solid earnings in the first three quarters of 2025 have ensured most carriers will report a profitable year — Drewry Shipping Consultants has forecast a combined $20 billion in profits — but the difficult fourth-quarter operating environment was reflected in OOCL’s revenue and volume. No profit and loss figures were disclosed by OOCL in its operating result. OOCL reported fourth-quarter revenue of $2.08 billion, a 17.2% year-over-year decline across its major trade lanes, while Q4 volume rose just 0.8% to 2 million TEUs. Available capacity increased 4.5% and average revenue per TEU plunged 17.8% compared to the 2024 fourth quarter. From a trade lane perspective, trans-Pacific revenue in Q4 was down 25% year over year at $726 million, with volume down 4.2% at 528,394 TEUs. Asia-Europe revenue fell 24.5% to $418 million while volume edged up 1.3% to 367,728 TEUs. OOCL’s largest trade lane, which combines Australasia with intra-Asia, saw revenue fall 6.8% to $772 million in the fourth quarter while volume rose 2.4% to 974,653 TEUs. The trans-Atlantic, the smallest of the carrier’s major trades, reported flat revenue of $163 million in Q4 and an 8.8% increase in volume to 130,231 TEUs. For the full year, OOCL revenue of $8.7 billion declined 10.6% year over year against volume that increased 3.7% to 7.8 million TEUs. Available capacity for the year was up 6.1% and average revenue per TEU dropped 13.7% year over year. Full-year revenue on the trans-Pacific of $3.2 billion was down 17.2% year over year, with volume up 1.7% at 2.1 million TEUs. Asia-Europe revenue came in at $1.8 billion, down 21.3%, and volume was flat at 1.4 million TEUs. Intra-Asia/Australasia revenue of $3 billion was up 1.2% and volume grew 4.8% to 3.8 million TEUs, while trans-Atlantic revenue increased 14.9% to $708 million and volume also rose 14.9% to 550,765 TEUs. Supply-demand imbalance hangs over market As carriers enter the new year, they will be buoyed by sharply increasing rates on the east-west trades out of Asia as shippers get their cargo on the water ahead of a relatively late start to the Lunar New Year on Feb. 17. Platts, a sister company of the Journal of Commerce within S&P Global, pegged North Asia-US West Coast spot rates at $2,175 per FEU of Thursday, up from $1,270 per FEU on Dec. 12. Asia-North Europe rates of $2,700 per FEU this week are up from $2,440 per FEU four weeks ago. The World Container Index as assessed by Drewry pegged Shanghai-to-Los Angeles rates at $3,132 per FEU as of Thursday, up from $2,103 on Dec. 11. Shanghai-to-Rotterdam rates at $2,840 per FEU were up from $2,361 per FEU over the same period, according to Drewry. But with significant newbuilding capacity being added to the market, analysts expect excess tonnage to exert downwards pressure on rates. “A traditional pre-Lunar New Year cargo rush at the start of the 2026 is a key driver behind dramatic increases in spot rates out of the Far East that are up almost 60% into the US West Coast compared to a month ago,” Peter Sand, chief analyst at rate benchmarking platform Xeneta, wrote in a market update this week. “With Lunar New Year just over a month away, shippers will ramp up efforts to get goods out of the Far East before the holiday shutdown, so there will be further upward pressure on rates,” Sand added. “The question is whether the expected increase in deployed capacity will be enough to outweigh higher demand.” That question extends far beyond the first quarter of 2026. The full-year earnings prognosis is not positive for carriers, with analysts predicting that a growing imbalance between supply and demand will bring container shipping’s five-year run of profitability to an end . With vessel capacity outstripping volumes on the major trade lanes, analysts expect carriers to fall into the red as early as the first quarter, culminating in a multi-billion-dollar combined loss for the full year. Contact Greg Knowler at greg.knowler@spglobal.com.

Asia-Europe

Fourth-quarter downturn weighs on OOCL’s full-year operating result

<div class="phx-topic abstract-wrapper">The merger will see Fatton &amp; Lyseo use Ovrsea’s proprietary operating software across its air and sea customers in Asia, Africa and North America. </div>

The merger will see Fatton & Lyseo use Ovrsea’s proprietary operating software across its air and sea customers in Asia, Africa and North America.

<div class="phx-topic">French forwarding group Fatton &amp; Lyseo on Thursday said it has merged operations with Ovrsea, a digital forwarder owned by the Bolloré Group. The merger will see Fatton &amp; Lyseo, itself the combination of a 2024 merger between two French forwarders, use Ovrsea’s proprietary operating software across its air and sea customers in Asia, Africa and North America. Financial terms of the deal were not disclosed. Ovrsea CEO Arthur Barillas de Thé will become CEO of the joint company, with Fatton &amp; Lyseo CEO Sylvain Fatton moving into a chairman role. The combined company brings 350 million euros of revenue across 60 offices in 14 countries, with 1,000 employees. “By combining over a century of operational excellence with pioneering digital technology and talent, we are creating a unique offering and position ourselves for strong organic and external growth in the future,” Barillas de Thé said in a LinkedIn post announcing the merger. Ovrsea was founded in 2017 as part of a cohort of so-called digital forwarders such as Flexport, Forto, iContainers, Nowports, and ExFreight as a technology-focused alternative to established global third-party logistics providers (3PLs) and non-vessel-operating common carriers. Unlike most of its cohorts, Paris-based Ovrsea eschewed major investment from venture capital or private equity firms, instead selling a majority stake in 2021 to the Bolloré Group, where it served as the 3PL’s digital customer channel and operated independently. <a href="https://www.joc.com/article/bollor-backed-startup-ovrsea-expands-digital-forwarding-options-to-us-5222142">Ovrsea entered the US market</a> a year later on the basis of the relationship with Bolloré. Its customers generally move in the range of 200 to 1,000 TEUs annually. Fatton &amp; Lyseo provides ocean, air, warehousing and customs services. Contact Eric Johnson at <a href="mailto:eric.johnson@spglobal.com">eric.johnson@spglobal.com</a>. </div>

French forwarding group Fatton & Lyseo on Thursday said it has merged operations with Ovrsea, a digital forwarder owned by the Bolloré Group. The merger will see Fatton & Lyseo, itself the combination of a 2024 merger between two French forwarders, use Ovrsea’s proprietary operating software across its air and sea customers in Asia, Africa and North America. Financial terms of the deal were not disclosed. Ovrsea CEO Arthur Barillas de Thé will become CEO of the joint company, with Fatton & Lyseo CEO Sylvain Fatton moving into a chairman role. The combined company brings 350 million euros of revenue across 60 offices in 14 countries, with 1,000 employees. “By combining over a century of operational excellence with pioneering digital technology and talent, we are creating a unique offering and position ourselves for strong organic and external growth in the future,” Barillas de Thé said in a LinkedIn post announcing the merger. Ovrsea was founded in 2017 as part of a cohort of so-called digital forwarders such as Flexport, Forto, iContainers, Nowports, and ExFreight as a technology-focused alternative to established global third-party logistics providers (3PLs) and non-vessel-operating common carriers. Unlike most of its cohorts, Paris-based Ovrsea eschewed major investment from venture capital or private equity firms, instead selling a majority stake in 2021 to the Bolloré Group, where it served as the 3PL’s digital customer channel and operated independently. Ovrsea entered the US market a year later on the basis of the relationship with Bolloré. Its customers generally move in the range of 200 to 1,000 TEUs annually. Fatton & Lyseo provides ocean, air, warehousing and customs services. Contact Eric Johnson at eric.johnson@spglobal.com .

Logistics Technology News

Digital forwarder owned by Bolloré merges with French forwarding group

Use code GTW595 at checkout and save $900 on first year of an annual Gold subscription!

Upgrade Subscription - Gold Trials

Become a Gold Subscriber and Save!

Arm your team with the most trusted information portal for the international container shipping industry.

Group Subscriptions - Wide Box

Get into a group subscription today

Use code NYW26 at checkout to save 25% on a Silver or Silver Plus annual subscription! 

Subscribe Now - FT to S/SP - Wide Box

NEW YEAR SALE

Use code NYW595 and upgrade to Gold for just $595! Valid for first year of subscription.

Upgrade Subscription - S/SP to Gold - Wide Box

Subscribe today using code NYW26 at checkout and save 25% on a Silver or Silver Plus annual subscription!

Subscribe Now - Anonymous to S/SP - Wide Box

Use code NYW995 at checkout to save $500 on first year of a Gold subscription!

Subscribe Now - FT to Gold - Wide Box

Get into a Gold subscription today and save $500 by using code NYW995 at checkout!

Subscribe Now - Anonymous to Gold - Wide Box

NEW YEAR SALE: Use code NYW26 to save 25% on first year of a Silver or Silver Plus annual subscription!


Subscribe Now - FT to S/SP - Offer Box

Subscribe and Save

NEW YEAR SALE: Subscribe today using code NYW26 at checkout and save 25% on a Silver or Silver Plus annual subscription!

Subscribe Now - Anonymous to S/SP - Offer Box

SUBSCRIBE TODAY

UPGRADE TO GOLD AND SAVE: Use code GTW595 at checkout and save $900 on first year of a Gold subscription!

Upgrade Subscription

NEW YEAR SALE: Get into a Gold subscription today and save $500 by using code NYW995 at checkout!

Subscribe Now - Anonymous to Gold - Offer Box

NEW YEAR SALE: Use code NYW595 and upgrade to Gold for just $595! Valid on first year of subscription.

Upgrade Subscription - S/SP to Gold - Offer Box

NEW YEAR SALE: Use code NYW995 at checkout to save $500 on a Gold subscription!

Subscribe Now - FT to Gold - Offer Box

SUBSCRIBE AND SAVE

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

Journal of Commerce Magazine - Rectangle Box

Journal of Commerce Magazine

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

ISI Report - Rectangle Box

Intermodal Savings Index

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

Breakbulk Report - Rectangle Box

Breakbulk Quarterly

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

Gateway - Rectangle Box

Gateway

Customers scoring their intermodal partners to identify the best service providers

Intermodal Service Scorecard - Rectangle Box

Intermodal Service Scorecard

A premium access outlook critical to shippers and transportation providers

QI Report - Rectangle Box

Quarterly Intelligence

The premier conference for the global container shipping and supply chain community

TPM Conference - Rectangle Box

Attend TPM26

The only editorially independent conference for the breakbulk & project cargo industry

Breakbulk Conference - Rectangle Box

Attend Breakbulk26

The latest port news from the Journal of Commerce spans the globe from North Carolina and Florida to Shanghai and Singapore. Port news includes port automation, terminal construction projects, the future of decarbonization and net-zero shipping, dredging, port hinterland connectivity, labor, disruption, port congestion and cargo flow.

International ports

Longshore labor

Drayage

Port infrastructure

Breakbulk ports

Stay informed on port news worldwide with Journal of Commerce. From decarbonization to labor updates, get insights on global developments.

Port News | Journal of Commerce

Port News

The Journal of Commerce is the industry’s source for maritime news and analysis about ocean container shipping, logistics, supply chains, global shipping ports, shipping technology solutions and end-to-end connectivity. Coverage tracks the movement of containerized cargo — from origin to destination — handled by marine terminals in the US and abroad, depots, container ports, container lines, drayage, consignees and shippers, forwarders, non-vessel operating common carriers (NVOs) and off-dock warehousing providers, as well as pricing, capacity, volume and reliability on the trans-Pacific, Asia–Europe, North America–Caribbean, Central and South American and intra-Asia trades.

Discover comprehensive trucking news and trends with Journal of Commerce - from trucking LTL to regulation and trucking supply and demand.

Breakbulk News shipping | Journal of Commerce

Container shipping news and analysis of ocean container shipping, logistics, supply chains, technology and end-to-end connectivity.

Container Shipping News | Journal of Commerce

News and analysis of ocean containerized cargo movement, logistics, supply chains, technology, and end-to-end connectivity. Maritime news and analysis of containerized ocean cargo movement, breakbulk and roll-on and roll-off shipping from origin to destination.

Latest News

More News & Analysis

Taiwan’s major ocean carriers say weaker rates dragged down 2025 revenues

Houston fog sets up ship diversions to Mobile, forcing exporters to scramble

Optimistic outlook sets multipurpose sector on firm footing for 2026