<div class="phx-topic abstract-wrapper">It was a good run while it lasted, but the three fat years for ocean carriers have come to an appare</div>

It was a good run while it lasted, but the three fat years for ocean carriers have come to an appare

<div>It was a good run while it lasted, but the three fat years for ocean carriers have come to an apparent end that could be followed by three lean years. In the last few weeks, carriers that are publicly listed on stock markets around the world have released earnings reports that show how operating profits are starting to slide and warn of tough times ahead.Although the carriers' reports cover different periods and are not strictly comparable, nearly all share one trait: Operating income, or earnings before interest and taxes, is trending down. Perhaps even more startling after carriers' bullish reports...

It was a good run while it lasted, but the three fat years for ocean carriers have come to an apparent end that could be followed by three lean years. In the last few weeks, carriers that are publicly listed on stock markets around the world have released earnings reports that show how operating profits are starting to slide and warn of tough times ahead. Although the carriers' reports cover different periods and are not strictly comparable, nearly all share one trait: Operating income, or earnings before interest and taxes, is trending down. Perhaps even more startling after carriers' bullish reports of the last few years are the forecasts for the coming year. They are distinctly bearish. "At this time of the year, you get a lot of noise, with the liner companies talking things up, and the shippers talking things down," said Raymond Maguire, head of transport research for UBS in London. "We'll see what happens as we go through it, but the (shipping) boom of the last few years is certainly dying." One after another, listed carriers have issued reports that show how their operating income is being hit by three factors: the decline in freight rates at the end of last year through the first quarter of this year, spiraling bunker fuel costs, and increases in inland road and rail transport costs, especially in the U.S. Many of the reports warned of a difficult year ahead, but others appeared to be trying to talk the market up. For example, Maersk Line, the world's largest liner company, cautioned that "a result considerably below that for 2005 is expected." Meanwhile, Hanjin, reporting lower first-quarter profit, said it expects second-quarter results to improve "as the shipping market is likely to rally." All three Japanese carriers lowered their guidance for profits in the 2006 fiscal year ending March 31, 2007. NYK Line, the largest of the three, forecast 2006 profit would drop 3.3 percent as a result of higher bunker fuel costs; MOL expects profit to be down 8.7 percent; and while "K" Line forecasts profit to rise 4.2 percent, it expects operating income to drop 17.3 percent. The elephant in the room is the huge increase in capacity that overhangs the market, even as cargo volumes are expected to grow at a good clip. Shippers are acutely aware of it and have taken advantage of the pending capacity growth to negotiate lower rates in the first quarter of this year, but carriers are trying hard to ignore it. "Carriers remind me of pig farmers in the Netherlands," said Gerald van Kesteren, the Dutch chief financial officer of Kuehne & Nagel, the Switzerland-based logistics company that is one of the world's largest ocean forwarders. "When times are good, they breed their herds like crazy, but when times turn bad, they kill them off." Shippers have been quick to jump on the looming threat of overcapacity to drive down rates. "Is the glass half empty, or is it half full?" Maguire said. "You could say that rates are stabilizing at the moment both on Asia-Europe and trans-Pacific, so you could take that as a positive. Or you can say rates should stabilize almost by definition, because if your spot rates are down 10 to 15 percent year-on-year, that should be used as a basis for negotiating this year's contracts." If spot rates are locked in and become the basis for this year's contracts, then by definition rates are stabilizing, because they have been locked in at the lower levels. Based on past cycles, Maguire said the contracted rate becomes the maximum rate a shipper has to pay. But if demand stays level and capacity continues to increase, he said shippers can go back to their carriers to demand still lower rates, regardless of the contracted rate, and carriers have little choice but to cut rates to keep the business. The capacity of the vessels on order for delivery in the next three years promises to outstrip demand. Liner companies are scheduled to take delivery of 399 new container ships this year, which will boost the total container fleet capacity by 16.7 percent by year-end, according to the May forecast of French ship broker BRS-Alphaliner. Carriers will receive another 440 ships next year, boosting fleet capacity by 14.5 percent. And in 2008, they'll get another 344 ships, adding 13 percent to fleet capacity. BRS-Alphaliner projects an average growth in container fleet capacity of 14.7 percent between Jan. 1, 2006, and Jan. 1, 2009. Not until 2009 does BRS-Alphaliner foresee deliveries tailing off - to 92 new ships, with fleet capacity growing a mere 3.3 percent. "If you look at not only this year but 2007 and 2008, you're talking about a 15 to 16 percent increase in capacity each year," Maguire said. "We have never seen three years of 15 percent demand growth - ever. Unless you say there's going to be an unprecedented period of demand, then I can't see why rates won't continue to slide." Even with this boost in capacity, liner companies might be able to maintain a reasonable degree of profitability, as world trade is expected to grow 7 to 9 percent a year, but carrier costs are growing at higher rates. "The flip side of this wonderful fascination with freight rates is unit cost," Maguire said. "Even if your rates are stabilizing, then your unit costs are certainly going up because of fuel and rail and inland distribution costs and that sort of thing. To compound all of that, you have a weak dollar, which is certainly a negative for the carriers." The carriers' unit cost increases over the last year have been 8 to 9 percent, while their unit revenue has declined 1 percent, according to UBS calculations. Some carriers have been more adept at dodging the overcapacity bullet by managing their yield. "But that's a relative game," Maguire said. "The relative winners will be those carriers that have good yield-management systems and perhaps don't have as much aggressive supply coming on." Maguire said the three carriers that are best at yield management are Hapag-Lloyd, APL Ltd. and Orient Overseas Container Line. He said he could not judge Maersk's record in this regard because it does not release data on its yield management. "I haven't seen any data to prove whether those operators with almost nothing coming on have been discounting the most," Maguire said. APL managed to keep the decline in its average rates to a drop of 1 percent, according to UBS, by adding very little new capacity. But this has cost APL some market share while expenses have escalated. APL's parent company, NOL, called the 2006 business environment for the liner industry "challenging" in its first-quarter earnings release.

Forwarding

'Pig farmers'

<div class="phx-topic abstract-wrapper">Drayage operators say they want EV trucks because they’re cheaper to operate than conventional trucks but driving ranges limit usage. </div>

Drayage operators say they want EV trucks because they’re cheaper to operate than conventional trucks but driving ranges limit usage.

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<div class="phx-topic">Advances in electric truck technology are making zero-emission vehicles more viable for container drayage, but operators say demand in the sector will only take off if the driving range of electric vehicle (EV) trucks is extended beyond the current limit of about 200 miles. The 200-mile mark is significant because most drayage operators need to run trucks at least 500 miles per day to make sufficient turns to cover their operating costs. While EVs are cheaper to operate than conventional diesel-burning trucks, they cost nearly twice as much to purchase at approximately $300,000 per rig. “At the end of the day, that’s what’s going to drive EV truck sales. Diesel fuel is not getting any cheaper,” said Matt Schrap, the newly appointed chief commercial officer at Forum Mobility, which builds electric charging infrastructure, and former CEO of the Harbor Trucking Association (HTA), which represents drayage carriers on the US West Coast. Many drayage operators who shuttle containers back and forth between ports and distribution warehouses cannot achieve the two turns they need per day before recharging, current HTA CEO Robert Loya told the Journal of Commerce. He added, however, that Tesla is developing an electric heavy-duty truck with a range of up to 500 miles, which would make the vehicle commercially viable for most drayage operators. “We as an industry support the move towards EVs,” Loya said. “But the 150- to 200-mile range; is that realistic?” Other improvements are also needed, such as the ability to handle larger, heavier payloads such as agricultural products and to climb up steep grades like the six-mile incline on the Grapevine highway north of Los Angeles, Loya said. <h3>Capital costs and range challenges </h3>Ken Kellaway, CEO of RoadOne IntermodaLogistics, which has drayage operations across the country, noted that the price of a new electric truck can be more than twice that of a diesel-powered vehicle. “Most owner-operators, which make up 80-plus percent of the drayage market, depend on buying used [diesel] trucks to get into business,” he added. Drayage operators in California have been whipsawed by regulations requiring them to purchase zero-emission trucks. <a href="https://www.joc.com/article/california-regulator-gives-temporary-reprieve-on-zero-emission-drayage-enforcement-5215238">California’s Advanced Clean Fleets (ACF) rule</a>, enacted in 2023, required fleets to transition to EVs over time and would have prohibited the sale of new diesel trucks starting in 2036. However, state regulators in late 2023 agreed to suspend the rule, and the state of California in January stopped seeking exemptions for the rule from the US Environmental Protection Agency. In the meantime, drayage operators in Southern California still have access to state and port subsidies to help narrow the pricing gap between diesel and electric trucks. The ports of Los Angeles and Long Beach since 2022 have <a href="https://www.joc.com/article/second-california-drayage-operator-shuts-business-cites-electric-truck-costs-6056822">collected about $250 million</a> in revenue from the joint Clean Truck Fund (CTF) Rate. Those funds are used to help drayage operators purchase new EV trucks and also to assist in the development of charging stations and infrastructure. Many drayage operators in other port regions don’t have access to large subsidies to help them purchase electric trucks, but they also don’t have to comply with state regulations that mandate the purchase of zero-emission vehicles. Still, Kellaway said they would be motivated to invest in EV trucks that can operate about 500 miles before needing to be recharged. “Range has been a challenge, but things will get better with time when it comes to technology,” he said. He also noted that charging stations for electric trucks are being developed on the East Coast, especially near the Port Authority of New York and New Jersey. Drayage operators need convenient access to charging stations in heavy-traffic corridors to invest in electric trucks, Kellaway said. Contact Bill Mongelluzzo at <a href="bill.mongelluzzo@spglobal.com">bill.mongelluzzo@spglobal.com</a>. </div>

Advances in electric truck technology are making zero-emission vehicles more viable for container drayage, but operators say demand in the sector will only take off if the driving range of electric vehicle (EV) trucks is extended beyond the current limit of about 200 miles. The 200-mile mark is significant because most drayage operators need to run trucks at least 500 miles per day to make sufficient turns to cover their operating costs. While EVs are cheaper to operate than conventional diesel-burning trucks, they cost nearly twice as much to purchase at approximately $300,000 per rig. “At the end of the day, that’s what’s going to drive EV truck sales. Diesel fuel is not getting any cheaper,” said Matt Schrap, the newly appointed chief commercial officer at Forum Mobility, which builds electric charging infrastructure, and former CEO of the Harbor Trucking Association (HTA), which represents drayage carriers on the US West Coast. Many drayage operators who shuttle containers back and forth between ports and distribution warehouses cannot achieve the two turns they need per day before recharging, current HTA CEO Robert Loya told the Journal of Commerce. He added, however, that Tesla is developing an electric heavy-duty truck with a range of up to 500 miles, which would make the vehicle commercially viable for most drayage operators. “We as an industry support the move towards EVs,” Loya said. “But the 150- to 200-mile range; is that realistic?” Other improvements are also needed, such as the ability to handle larger, heavier payloads such as agricultural products and to climb up steep grades like the six-mile incline on the Grapevine highway north of Los Angeles, Loya said. Capital costs and range challenges Ken Kellaway, CEO of RoadOne IntermodaLogistics, which has drayage operations across the country, noted that the price of a new electric truck can be more than twice that of a diesel-powered vehicle. “Most owner-operators, which make up 80-plus percent of the drayage market, depend on buying used [diesel] trucks to get into business,” he added. Drayage operators in California have been whipsawed by regulations requiring them to purchase zero-emission trucks. California’s Advanced Clean Fleets (ACF) rule , enacted in 2023, required fleets to transition to EVs over time and would have prohibited the sale of new diesel trucks starting in 2036. However, state regulators in late 2023 agreed to suspend the rule, and the state of California in January stopped seeking exemptions for the rule from the US Environmental Protection Agency. In the meantime, drayage operators in Southern California still have access to state and port subsidies to help narrow the pricing gap between diesel and electric trucks. The ports of Los Angeles and Long Beach since 2022 have collected about $250 million in revenue from the joint Clean Truck Fund (CTF) Rate. Those funds are used to help drayage operators purchase new EV trucks and also to assist in the development of charging stations and infrastructure. Many drayage operators in other port regions don’t have access to large subsidies to help them purchase electric trucks, but they also don’t have to comply with state regulations that mandate the purchase of zero-emission vehicles. Still, Kellaway said they would be motivated to invest in EV trucks that can operate about 500 miles before needing to be recharged. “Range has been a challenge, but things will get better with time when it comes to technology,” he said. He also noted that charging stations for electric trucks are being developed on the East Coast, especially near the Port Authority of New York and New Jersey. Drayage operators need convenient access to charging stations in heavy-traffic corridors to invest in electric trucks, Kellaway said. Contact Bill Mongelluzzo at bill.mongelluzzo@spglobal.com .

Port News

Drayage

Limited mileage range of EVs slowing US drayage adoption

<div class="phx-topic abstract-wrapper">The Premier Alliance is revamping a trans-Pacific service that would otherwise incur hundreds of millions of dollars in US port fees on Chinese-built vessels.</div>

The Premier Alliance is revamping a trans-Pacific service that would otherwise incur hundreds of millions of dollars in US port fees on Chinese-built vessels.

<div class="phx-topic">Container lines are taking preemptive steps to reduce their exposure to hefty tariffs on Chinese-built and -operated vessels calling US ports that take effect in mid-October. The Premier Alliance of Ocean Network Express (ONE), HMM and Yang Ming Marine Transport is revamping a trans-Pacific service to avoid the <a href="https://www.joc.com/article/revised-china-tonnage-tax-less-disruptive-still-costly-6005402">US Trade Representative’s fees</a>, and other major carriers are expected to follow suit. Carriers say the deployment of non-China-built ships won’t be the most efficient for their networks but balk at fees that will initially equate to $1 million per voyage. The savings that come from removing China-built vessels from US services could increase to ultimately more than $500 million per year by April 2028, as the severity of the tariffs ratchets up over the next three years. Ocean Network Express and HMM have confirmed that the Asia-Mediterranean segment of the current Mediterranean Pacific South 2 (MS2) service will operate as a standalone service, renamed Mediterranean 2 (MD2), starting early next month. The trans-Pacific leg of the MS2 will be incorporated into the alliance’s existing Asia Gulf Express 2 service, which will be rebranded as the Gulf Pacific South 2 (GS2) as of next week, limiting the deployment of 10 Chinese-built ONE container ships currently operating the MS2 service to the shortened MD2 route. According to ONE service schedules, these vessels include seven 15,300-TEU ships built by Yangzijiang Shipbuilding Group, China’s largest privately owned shipyard, and three built by state-controlled China State Shipbuilding Corp. Yang Ming Marine Transport has yet to announce the changes, which stand to save ONE an estimated $185 million in tariffs in the first year after the levy is implemented on Oct. 14. Under the USTR fee proposal, ships operated by China-based carriers or built by Chinese shipyards will be subject to fees of $50 per net ton of capacity per voyage calling at US ports in the first year of enforcement, rising to $140 per net ton in April 2028. The fees will be capped at five voyages, and <a href="https://www.joc.com/article/cosco-slams-us-port-fees-as-other-carriers-reckon-with-potential-costs-5989606">China-based carriers, the USTR’s primary target</a>, will face higher levies. With each of the MS2 deployed vessels assessed at about 74,000 net tons, ONE would face a bill of $3.7 million per ship per voyage, maxing out at $18.5 million for each of the 10 ships — a total of $185 million — after five voyages. In announcing the MS2 service adjustment, ONE and HMM said the changes would improve connectivity and transit times to certain markets. HMM said the new Mediterranean Service 2 (MD2) would provide an express service from western Mediterranean to Busan and central China. Similarly, GS2 — which HMM calls the Korea Middle East–Pacific South (KMP) loop — will provide direct services from Dubai to the US West Coast and the US West Coast to Dalian and Xingang, HMM said. Contact Keith Wallis at <a href="keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

Container lines are taking preemptive steps to reduce their exposure to hefty tariffs on Chinese-built and -operated vessels calling US ports that take effect in mid-October. The Premier Alliance of Ocean Network Express (ONE), HMM and Yang Ming Marine Transport is revamping a trans-Pacific service to avoid the US Trade Representative’s fees , and other major carriers are expected to follow suit. Carriers say the deployment of non-China-built ships won’t be the most efficient for their networks but balk at fees that will initially equate to $1 million per voyage. The savings that come from removing China-built vessels from US services could increase to ultimately more than $500 million per year by April 2028, as the severity of the tariffs ratchets up over the next three years. Ocean Network Express and HMM have confirmed that the Asia-Mediterranean segment of the current Mediterranean Pacific South 2 (MS2) service will operate as a standalone service, renamed Mediterranean 2 (MD2), starting early next month. The trans-Pacific leg of the MS2 will be incorporated into the alliance’s existing Asia Gulf Express 2 service, which will be rebranded as the Gulf Pacific South 2 (GS2) as of next week, limiting the deployment of 10 Chinese-built ONE container ships currently operating the MS2 service to the shortened MD2 route. According to ONE service schedules, these vessels include seven 15,300-TEU ships built by Yangzijiang Shipbuilding Group, China’s largest privately owned shipyard, and three built by state-controlled China State Shipbuilding Corp. Yang Ming Marine Transport has yet to announce the changes, which stand to save ONE an estimated $185 million in tariffs in the first year after the levy is implemented on Oct. 14. Under the USTR fee proposal, ships operated by China-based carriers or built by Chinese shipyards will be subject to fees of $50 per net ton of capacity per voyage calling at US ports in the first year of enforcement, rising to $140 per net ton in April 2028. The fees will be capped at five voyages, and China-based carriers, the USTR’s primary target , will face higher levies. With each of the MS2 deployed vessels assessed at about 74,000 net tons, ONE would face a bill of $3.7 million per ship per voyage, maxing out at $18.5 million for each of the 10 ships — a total of $185 million — after five voyages. In announcing the MS2 service adjustment, ONE and HMM said the changes would improve connectivity and transit times to certain markets. HMM said the new Mediterranean Service 2 (MD2) would provide an express service from western Mediterranean to Busan and central China. Similarly, GS2 — which HMM calls the Korea Middle East–Pacific South (KMP) loop — will provide direct services from Dubai to the US West Coast and the US West Coast to Dalian and Xingang, HMM said. Contact Keith Wallis at keithwallis@hotmail.com .

Transport, Trade and Regulation News

Container lines

North American ports

Container Shipping News

Container lines begin shifting China-built ships out of US loops

<div class="phx-topic abstract-wrapper">The race among providers to provide the dominant and trusted US load board is ramping up and is further fueled by growing concerns about freight theft. </div>

The race among providers to provide the dominant and trusted US load board is ramping up and is further fueled by growing concerns about freight theft.

<div class="phx-topic">Highway, a provider of truckload carrier identity software, said on Monday it has launched a digital freight marketplace composed entirely of carriers verified and brokers vetted by its product, as it attempts to create a closed exchange for truckload freight in a market beset by rising levels of freight fraud and theft. The new marketplace, called the Trusted Freight Exchange (TFX), ostensibly places Highway into the world of existing load board providers, where DAT Freight &amp; Analytics and Truckstop.com are the two most widely-used products. The exchange will tie Highway’s vetting tools with rating, payment and credit tools from freight-focused financial firm Triumph. Highway has built a fast-growing business around allowing freight brokers to verify the identity of carriers they use, primarily to steer clear of freight theft and fraud. In just three years since its founding, Highway has grown to more than 1,000 customers, including 70 of the top 100 US brokers. Highway’s software has generally been used to vet transactions that occur on public load boards, where it has been historically difficult to police carriers. As cargo theft and fraud have spiraled in the last few years, Highway’s products have been in demand. The decision to provide a way to transact within the product is the next evolution of its product. “From the beginning, our goal was simple: build a secure, transparent platform to move freight,” Highway CEO Jordan Graft, formerly CEO at Triumph, said in a statement. “We’re eliminating the fraud and fragmentation of traditional load boards and creating a digital freight exchange defined by trust.” As Highway ventures into the load board space, Truckstop.com in late July said it is providing a new feature that allows brokers to efficiently build proprietary, pre-vetted carrier networks. The product, Truckstop Private Loads, is aiming to provide brokers with a marketplace tool that has more innate trust than its public load board. “We understand the daily pressures brokers face to find trusted capacity quickly and the frustration and lost time carriers experience switching between public and private loads,” Truckstop.com CEO Scott Moscrip, who in June <a href="https://www.joc.com/article/truckstop-begins-strategic-realignment-names-founder-as-interim-ceo-6020214">returned to head the company he founded</a>, said in a July statement about the private load boards. Brokers that post on Truckstop Private Loads can send those loads to Truckstop’s public load board of verified carriers as needed to expand their network and cover the load, the company said in the statement. Both Truckstop, through its 2022 <a href="https://www.joc.com/article/truckstop-acquires-freight-matching-platform-to-target-high-quality-carriers-5201888">acquisition of carrier compliance platform Registry Monitoring Insurance Services</a> (RMIS), and DAT, through a focus on <a href="https://www.joc.com/article/dat-adds-in-house-factoring-services-with-latest-acquisition-6005462">internal carrier verification technology</a>, are cognizant of the ongoing threat cargo theft and fraud play in their public marketplaces. <h3>Blurring lines </h3>The blurring of lines between traditional load board operators and providers of payment, rate benchmarking, and carrier identification products has accelerated the past few years, as various entities try to create well-rounded marketplaces that allow brokers and carriers to do multiple tasks within one platform. To that end, Triumph, primarily known as a financial services provider to the truckload industry, has expanded into market intelligence through its <a href="https://www.joc.com/article/triumph-acquires-broker-focused-pricing-technology-provider-greenscreensai-5951484">February acquisition of Greenscreens.ai</a>, while DAT has acquired visibility, payment and factoring, and transaction automation tools through acquisitions of Trucker Tools, Outgo, and <a href="https://www.joc.com/article/dat-acquiring-convoy-automation-platform-from-flexport-6051850">Convoy over the past nine months</a>. Truckstop itself entered the factoring sector by <a href="https://www.joc.com/article/truckstopcom-acquires-truckload-factoring-service-denim-6065710">acquiring Denim on Aug. 19</a>. Contact Eric Johnson at <a href="mailto:eric.johnson@spglobal.com">eric.johnson@spglobal.com</a>. </div>

Highway, a provider of truckload carrier identity software, said on Monday it has launched a digital freight marketplace composed entirely of carriers verified and brokers vetted by its product, as it attempts to create a closed exchange for truckload freight in a market beset by rising levels of freight fraud and theft. The new marketplace, called the Trusted Freight Exchange (TFX), ostensibly places Highway into the world of existing load board providers, where DAT Freight & Analytics and Truckstop.com are the two most widely-used products. The exchange will tie Highway’s vetting tools with rating, payment and credit tools from freight-focused financial firm Triumph. Highway has built a fast-growing business around allowing freight brokers to verify the identity of carriers they use, primarily to steer clear of freight theft and fraud. In just three years since its founding, Highway has grown to more than 1,000 customers, including 70 of the top 100 US brokers. Highway’s software has generally been used to vet transactions that occur on public load boards, where it has been historically difficult to police carriers. As cargo theft and fraud have spiraled in the last few years, Highway’s products have been in demand. The decision to provide a way to transact within the product is the next evolution of its product. “From the beginning, our goal was simple: build a secure, transparent platform to move freight,” Highway CEO Jordan Graft, formerly CEO at Triumph, said in a statement. “We’re eliminating the fraud and fragmentation of traditional load boards and creating a digital freight exchange defined by trust.” As Highway ventures into the load board space, Truckstop.com in late July said it is providing a new feature that allows brokers to efficiently build proprietary, pre-vetted carrier networks. The product, Truckstop Private Loads, is aiming to provide brokers with a marketplace tool that has more innate trust than its public load board. “We understand the daily pressures brokers face to find trusted capacity quickly and the frustration and lost time carriers experience switching between public and private loads,” Truckstop.com CEO Scott Moscrip, who in June returned to head the company he founded , said in a July statement about the private load boards. Brokers that post on Truckstop Private Loads can send those loads to Truckstop’s public load board of verified carriers as needed to expand their network and cover the load, the company said in the statement. Both Truckstop, through its 2022 acquisition of carrier compliance platform Registry Monitoring Insurance Services (RMIS), and DAT, through a focus on internal carrier verification technology , are cognizant of the ongoing threat cargo theft and fraud play in their public marketplaces. Blurring lines The blurring of lines between traditional load board operators and providers of payment, rate benchmarking, and carrier identification products has accelerated the past few years, as various entities try to create well-rounded marketplaces that allow brokers and carriers to do multiple tasks within one platform. To that end, Triumph, primarily known as a financial services provider to the truckload industry, has expanded into market intelligence through its February acquisition of Greenscreens.ai , while DAT has acquired visibility, payment and factoring, and transaction automation tools through acquisitions of Trucker Tools, Outgo, and Convoy over the past nine months . Truckstop itself entered the factoring sector by acquiring Denim on Aug. 19 . Contact Eric Johnson at eric.johnson@spglobal.com .

Logistics Technology News

Truck brokers

Truckload

Highway latest entry in load board sector amid cargo crime rise

<div class="phx-topic abstract-wrapper">Automobile carriers have benefited from falling charter rates to meet growing outbound vehicle moves from Asia. </div>

Automobile carriers have benefited from falling charter rates to meet growing outbound vehicle moves from Asia.

<div class="phx-topic">Significantly reduced tariffs on US vehicle imports haven’t hurt the car carrier market, which continued to see record exports from Asia in the second quarter, shipping executives said. Vehicle carrier operators including Wallenius Wilhelmsen and Höegh Autoliners have benefited from falls in vessel charter rates, enabling them to lease vessels for short periods at more competitive rates to handle the surge in Asian vehicle exports, they said. Andreas Enger, Höegh Autoliners’ chief executive, said clarity over US tariffs on vehicle imports, including a significant reduction to 15% from at least 25%, “has stabilized the market” compared with the uncertainty seen in the first quarter. “It has created a situation where the disruption of near-term trade flows is small or virtually non-existent,” Enger told an online interim results briefing Friday. But while tariffs have been agreed upon, no date has yet been announced for when they will be implemented on imports from South Korea, Japan and the European Union. Consequently, he added, “it would be naïve to believe that higher tariffs, higher fees and higher cost of transportation will not impact the market longer term. But right now, we are at the situation where things have stabilized and we have strong current performance and have a strong outlook,” Enger said. He said revisions to the US Trade Representative port fee proposals for car carriers — which were switched June 6 from a vessel capacity levy to a tonnage tax — have also benefited operators. That reduced Höegh Autoliners’ annual bill from an estimated $70 million to about $30 million, Enger said. While operators continue to fight the proposal, Enger said Höegh is working on capacity planning and management of trades and customers to mitigate the impact. That came as Wallenius Wilhelmsen and Höegh saw a strong rebound in vehicle exports from Asia in the second quarter. Wilhelmsen said volumes were up 13% to about 14 million cubic meters in the second quarter from the first quarter although at a similar level to the second quarter last year in an interim results briefing on Aug. 12. Höegh said its export volumes from Asia rose 5% quarter over quarter to a record 2 million cubic meters in the second quarter but 47% from 1.4 million cubic meters in the second quarter last year. <h3>Export imbalance increasing </h3>Both Höegh and Wilhelmsen reiterated the widening imbalance in vehicle exports from Asia with those from Europe and the US in the first half, which is creating a shortage of capacity from Asia. Both carriers said they have taken advantage of the fall in car carrier charter rates, caused by the influx of new ships, to hire vessels either for a single voyage or up to three months to enable them to meet the demand surge. The cost of a one-year charter of a 6,500-CEU (car equivalent unit) vessel fell from $115,000 per day in January 2024 to $45,000 per day this month, British shipbroker Clarksons said on a commentary on Aug. 15. Both companies expected third-quarter earnings to match those of the two previous quarters. But they are more cautious about prospects next year even though long-term contracts, including at least $300 million worth of new deals signed recently, meant they have more than 80% of their shipping capacity covered in 2026. “We still think this year will be a strong year but it’s too early to call 2026,” Lasse Kristoffersen, president and CEO at Wallenius Wilhelmsen, said. Wilhelmsen saw second-quarter net profit climb 28% to $403 million compared with $315 million in the same period in the year prior, although this included a $135 million gain from the sale of its MIRRAT vehicle logistics business in Australia. Excluding this gain, net profit would have been up 8% to $268 million. Revenue was unchanged at $1.35 billion, of which shipping contributed $1 billion. Höegh Autoliners also posted a strong second quarter with net profit of $123 million on revenues of $367 million. While net profit was down from $174 million in the second quarter of last year, that included a $39 million tax gain. Revenue was $341 million in the second quarter last year. Contact Keith Wallis at <a href="keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

Significantly reduced tariffs on US vehicle imports haven’t hurt the car carrier market, which continued to see record exports from Asia in the second quarter, shipping executives said. Vehicle carrier operators including Wallenius Wilhelmsen and Höegh Autoliners have benefited from falls in vessel charter rates, enabling them to lease vessels for short periods at more competitive rates to handle the surge in Asian vehicle exports, they said. Andreas Enger, Höegh Autoliners’ chief executive, said clarity over US tariffs on vehicle imports, including a significant reduction to 15% from at least 25%, “has stabilized the market” compared with the uncertainty seen in the first quarter. “It has created a situation where the disruption of near-term trade flows is small or virtually non-existent,” Enger told an online interim results briefing Friday. But while tariffs have been agreed upon, no date has yet been announced for when they will be implemented on imports from South Korea, Japan and the European Union. Consequently, he added, “it would be naïve to believe that higher tariffs, higher fees and higher cost of transportation will not impact the market longer term. But right now, we are at the situation where things have stabilized and we have strong current performance and have a strong outlook,” Enger said. He said revisions to the US Trade Representative port fee proposals for car carriers — which were switched June 6 from a vessel capacity levy to a tonnage tax — have also benefited operators. That reduced Höegh Autoliners’ annual bill from an estimated $70 million to about $30 million, Enger said. While operators continue to fight the proposal, Enger said Höegh is working on capacity planning and management of trades and customers to mitigate the impact. That came as Wallenius Wilhelmsen and Höegh saw a strong rebound in vehicle exports from Asia in the second quarter. Wilhelmsen said volumes were up 13% to about 14 million cubic meters in the second quarter from the first quarter although at a similar level to the second quarter last year in an interim results briefing on Aug. 12. Höegh said its export volumes from Asia rose 5% quarter over quarter to a record 2 million cubic meters in the second quarter but 47% from 1.4 million cubic meters in the second quarter last year. Export imbalance increasing Both Höegh and Wilhelmsen reiterated the widening imbalance in vehicle exports from Asia with those from Europe and the US in the first half, which is creating a shortage of capacity from Asia. Both carriers said they have taken advantage of the fall in car carrier charter rates, caused by the influx of new ships, to hire vessels either for a single voyage or up to three months to enable them to meet the demand surge. The cost of a one-year charter of a 6,500-CEU (car equivalent unit) vessel fell from $115,000 per day in January 2024 to $45,000 per day this month, British shipbroker Clarksons said on a commentary on Aug. 15. Both companies expected third-quarter earnings to match those of the two previous quarters. But they are more cautious about prospects next year even though long-term contracts, including at least $300 million worth of new deals signed recently, meant they have more than 80% of their shipping capacity covered in 2026. “We still think this year will be a strong year but it’s too early to call 2026,” Lasse Kristoffersen, president and CEO at Wallenius Wilhelmsen, said. Wilhelmsen saw second-quarter net profit climb 28% to $403 million compared with $315 million in the same period in the year prior, although this included a $135 million gain from the sale of its MIRRAT vehicle logistics business in Australia. Excluding this gain, net profit would have been up 8% to $268 million. Revenue was unchanged at $1.35 billion, of which shipping contributed $1 billion. Höegh Autoliners also posted a strong second quarter with net profit of $123 million on revenues of $367 million. While net profit was down from $174 million in the second quarter of last year, that included a $39 million tax gain. Revenue was $341 million in the second quarter last year. Contact Keith Wallis at keithwallis@hotmail.com .

Ro/ro cargo

US tariff deals on vehicle imports stabilizing car carrier market: Höegh

<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.

<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 .

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

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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. 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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. 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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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