<div class="phx-topic abstract-wrapper">Consolidated Chassis Management is asking cargo owners to encourage their trucking partners to sign up for the South Atlantic Chassis Pool (SACP) 3.0 before it launches in October.</div>

Consolidated Chassis Management is asking cargo owners to encourage their trucking partners to sign up for the South Atlantic Chassis Pool (SACP) 3.0 before it launches in October.

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<div>The administrator of a new chassis pool covering the ports of Jacksonville, Savannah and Wilmington, NC, plans to charge a hefty penalty to trucking companies that use equipment without registering for the pool. Drayage operators were required to register for previous iterations of the South Atlantic Chassis Pool (SACP), but invoices were not issued by Consolidated Chassis Management (CCM), which will administer and oversee the SACP 3.0. Registration details include the company name, US Department of Transportation number, Uniform Intermodal Interchange Agreement (UIIA) status, contact information for the billable party and an estimate of the number of chassis used annually,...

The administrator of a new chassis pool covering the ports of Jacksonville, Savannah and Wilmington, NC, plans to charge a hefty penalty to trucking companies that use equipment without registering for the pool. Drayage operators were required to register for previous iterations of the South Atlantic Chassis Pool (SACP), but invoices were not issued by Consolidated Chassis Management (CCM), which will administer and oversee the SACP 3.0. Registration details include the company name, US Department of Transportation number, Uniform Intermodal Interchange Agreement (UIIA) status, contact information for the billable party and an estimate of the number of chassis used annually, among other things. “If you don’t register on our website and try to pick up a chassis in the new pool, you’ll be charged $100 per day,” CCM CEO Mike Wilson told the Journal of Commerce. “We’re not going to stop the driver at the gate, but we’re going to charge them a penalty rate.” Wilson said beneficial cargo owners (BCOs) should check in with their drayage partners to ensure compliance before the pool goes live in October, adding that shippers can also register for the SACP 3.0. “The BCO can sign up to be a user if it has a volume to leverage lower rates or wants to have control of the payment,” he said. “Several BCOs have already registered on our website. We have three types of users: the ocean carriers, the BCOs and the motor carriers. If BCOs want to be the one that gets billed for the usage, we can do that.” Tiered fee system CCM will use a five-tier pricing structure for the SACP 3.0 based on the total number of “usage days” for a given customer annually. Using five chassis for five days, for example, would equate to 25 usage days. For customers with less than 100,000 usage days per year, the lowest usage tier, CCM will charge $22 per chassis per day. For customers with more than 500,000 chassis usage days, the daily rate will drop to $12 per day. Each of the five tiers is cheaper than the existing SACP 2.0 pool, which costs users between $26.50 and $34 per day, depending on the chassis provider. Only NACPC offers a similar rate of $19.50 per day. In addition to the ports of Jacksonville, Savannah and Wilmington, SACP 3.0 will cover inland locations in Atlanta, Ga.; Birmingham, Ala.; Charlotte, NC; and Tampa, Fla. Contact Ari Ashe at ari.ashe@spglobal.com and follow him on Twitter: @arijashe .

Drayage

Revamped Southeast chassis pool to charge ‘penalty fee’ to unregistered users

<div class="phx-topic abstract-wrapper">But the recommendations will not include guidance on handling empty container returns, as port stakeholders see it as a separate issue.</div>

But the recommendations will not include guidance on handling empty container returns, as port stakeholders see it as a separate issue.

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<div class="phx-topic">A stakeholder group looking at truck appointment systems at Port of New York and New Jersey marine terminals is expected to release its recommendations this month, which steer clear of how those systems address empty container returns. Management of empty returns has been critical for the port’s truckers, but one that other stakeholders said was outside of the group’s legal limits. Beth Rooney, port director for the Port Authority of New York and New Jersey, said at a state of the port event last week that one of her priorities in 2026 is drafting a plan for “moving forward” on 11 final recommendations from the Appointment Systems Working Group (ASWG). “We’re going to step out with draft work plans for how we as a council and hopefully many of you would be willing to help advance those initiatives,” Rooney said to event attendees. ASWG was formed in June 2024 under the auspices of the Council for Port Performance, the Port Authority-led discussion group established in 2014 to address stakeholder concerns about cargo operations. The AWSG was formed because “appointment challenges and system outages have presented elevated traffic issues,” the CPP said in July 2024 meeting minutes. One of the main problems the working group identified was the difficulty some truckers face when making a double-move appointment for an empty container return and an import retrieval. The problem was especially bad in the wake of the pandemic due to the high number of empty containers left at the port. Rooney said that even though AWSG sought to include empty container returns in its draft recommendations, the final set will not include any references to the issue. Instead, those will be addressed in a separate set of recommendations. The commercial terms governing empty container handling by truckers became the main hangup for others in the AWSG. Marine terminal operators and ocean carriers also warned the group’s draft recommendations veered into legal and anti-trust issues by requiring marine terminals to offer empty return appointments or that ocean carriers compensate truckers for off-dock empty container returns. Sustainable Terminal Services, a consortium of NY-NJ terminal operators, said in a December letter the AWSG’s draft recommendations “raised significant legal and federal regulatory concerns” by imposing “commercial and financial terms and requirements on particular parties on a collective basis.” The Ocean Carrier Equipment Management Assocation (OCEMA) was also prepared to withhold support for the AWSG recommendations unless references to empty container returns were removed or a disclaimer was included to say the recommendations were not the CPP’s consensus view. “OCEMA remains committed to working with other stakeholders to find ways to create efficiencies and improve operations in the port,” OCEMA’s letter said. “If this is to be done successfully through the CPP, there needs to be clarity as to the scope of inquiry.” <h3>Off-dock empty returns </h3>The AWSG formed in response to the growing pains stemming from the rollout of appointment systems, and especially how they impacted truckers during the pandemic. Port Liberty New Jersey rolled out a half-day appointment system in 2016, while APM Terminals started its full-day system in 2020. By November 2024, APM added the ability to make double-move appointments and reported gate processing improvements, CPP minutes show. By March 2025, APM reported truckers were using up to 80% of the available appointments for returning empty containers. APM’s ability to offer double-move appointments, though, depends on how much space it has for empty containers, which itself depends on how quickly they are removed by ocean carriers. To help manage its empty container inventories, APM also began directing some truckers to “off-dock empty storage” in February 2025, meeting minutes show. Truckers say directing empties to the site just outside the port district adds to traffic and makes it difficult to even meet single-move appointments. But Rooney said the recommendations can’t direct marine terminals on offer double-move appointments for all empties or require paying for an off-dock move. “The CPP has no authority to force anyone to do anything,” Rooney said. “That becomes a contractual issue that we can’t delve into.” Instead, the separate, sector-specific recommendations say ocean carriers should proactively and constantly manage their empty container inventory and regularly evacuate to ensure balance in the port area. Lisa Yakomin, president of the Association of Bi-State Motor Carriers, which represents the port’s drayage carriers, said in a statement to the Journal of Commerce that her group’s members look to bring the issue of empty container management before the Federal Maritime Commission and will look to have the issue addressed in standardized container handling contracts administered by the Intermodal Association of North America. Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com">michael.angell@spglobal.com</a>. </div>

A stakeholder group looking at truck appointment systems at Port of New York and New Jersey marine terminals is expected to release its recommendations this month, which steer clear of how those systems address empty container returns. Management of empty returns has been critical for the port’s truckers, but one that other stakeholders said was outside of the group’s legal limits. Beth Rooney, port director for the Port Authority of New York and New Jersey, said at a state of the port event last week that one of her priorities in 2026 is drafting a plan for “moving forward” on 11 final recommendations from the Appointment Systems Working Group (ASWG). “We’re going to step out with draft work plans for how we as a council and hopefully many of you would be willing to help advance those initiatives,” Rooney said to event attendees. ASWG was formed in June 2024 under the auspices of the Council for Port Performance, the Port Authority-led discussion group established in 2014 to address stakeholder concerns about cargo operations. The AWSG was formed because “appointment challenges and system outages have presented elevated traffic issues,” the CPP said in July 2024 meeting minutes. One of the main problems the working group identified was the difficulty some truckers face when making a double-move appointment for an empty container return and an import retrieval. The problem was especially bad in the wake of the pandemic due to the high number of empty containers left at the port. Rooney said that even though AWSG sought to include empty container returns in its draft recommendations, the final set will not include any references to the issue. Instead, those will be addressed in a separate set of recommendations. The commercial terms governing empty container handling by truckers became the main hangup for others in the AWSG. Marine terminal operators and ocean carriers also warned the group’s draft recommendations veered into legal and anti-trust issues by requiring marine terminals to offer empty return appointments or that ocean carriers compensate truckers for off-dock empty container returns. Sustainable Terminal Services, a consortium of NY-NJ terminal operators, said in a December letter the AWSG’s draft recommendations “raised significant legal and federal regulatory concerns” by imposing “commercial and financial terms and requirements on particular parties on a collective basis.” The Ocean Carrier Equipment Management Assocation (OCEMA) was also prepared to withhold support for the AWSG recommendations unless references to empty container returns were removed or a disclaimer was included to say the recommendations were not the CPP’s consensus view. “OCEMA remains committed to working with other stakeholders to find ways to create efficiencies and improve operations in the port,” OCEMA’s letter said. “If this is to be done successfully through the CPP, there needs to be clarity as to the scope of inquiry.” Off-dock empty returns The AWSG formed in response to the growing pains stemming from the rollout of appointment systems, and especially how they impacted truckers during the pandemic. Port Liberty New Jersey rolled out a half-day appointment system in 2016, while APM Terminals started its full-day system in 2020. By November 2024, APM added the ability to make double-move appointments and reported gate processing improvements, CPP minutes show. By March 2025, APM reported truckers were using up to 80% of the available appointments for returning empty containers. APM’s ability to offer double-move appointments, though, depends on how much space it has for empty containers, which itself depends on how quickly they are removed by ocean carriers. To help manage its empty container inventories, APM also began directing some truckers to “off-dock empty storage” in February 2025, meeting minutes show. Truckers say directing empties to the site just outside the port district adds to traffic and makes it difficult to even meet single-move appointments. But Rooney said the recommendations can’t direct marine terminals on offer double-move appointments for all empties or require paying for an off-dock move. “The CPP has no authority to force anyone to do anything,” Rooney said. “That becomes a contractual issue that we can’t delve into.” Instead, the separate, sector-specific recommendations say ocean carriers should proactively and constantly manage their empty container inventory and regularly evacuate to ensure balance in the port area. Lisa Yakomin, president of the Association of Bi-State Motor Carriers, which represents the port’s drayage carriers, said in a statement to the Journal of Commerce that her group’s members look to bring the issue of empty container management before the Federal Maritime Commission and will look to have the issue addressed in standardized container handling contracts administered by the Intermodal Association of North America. Contact Michael Angell at michael.angell@spglobal.com .

Port News

North American ports

Marine terminals

Maritime

NY-NJ port readying to guide terminals on truck appointment systems

<div class="phx-topic abstract-wrapper">The carrier reported a steep drop in profitability as declining rates combined with higher costs of rerouting ships around southern Africa and startup expenses for the Gemini network.</div>

The carrier reported a steep drop in profitability as declining rates combined with higher costs of rerouting ships around southern Africa and startup expenses for the Gemini network.

<div class="phx-topic">A solid increase in Hapag-Lloyd’s Gemini Cooperation-driven volume last year and cost savings across the new network were not enough to offset a sharply correcting market in 2025, the carrier said Monday. Hapag-Lloyd reported a steep drop in profitability for the year as declining rates combined with the higher costs of rerouting ships around southern Africa and startup expenses for the Gemini network to weigh on its 2025 results. Hapag-Lloyd launched the Gemini network with partner Maersk in February 2025. “Robust growth in global trade and the new Gemini network led to an 8% increase in the transport volume to 13.5 million TEUs,” Hapag-Lloyd said in a statement on its preliminary 2025 results. The carrier provided no after-tax figures; its full annual report with a 2026 outlook will be unveiled March 26. Even as demand rose, it was mirrored by a drop in average rates that were down 8% year over year at $1,376 per TEU. That led to full-year revenue falling 1.9% to $21.1 billion and earnings before interest, taxes, amortization and depreciation (EBITDA) declining 28% to $3.6 billion. While earnings before interest and taxes (EBIT) were down 60% at $1.1 billion, they was at the higher end of the profitability forecast Hapag-Lloyd gave the market following the announcement of its nine-month results last November. <h3>Gemini savings kicking in </h3>The results showed that much of the 2025 financial damage occurred in the fourth quarter, similar to <a href="https://www.joc.com/article/gemini-benefits-face-looming-challenge-from-oversupplied-market-maersk-ceo-6164887">the full-year earnings of Maersk</a> and <a href="https://www.joc.com/article/frontloading-drags-one-to-a-loss-in-its-fiscal-third-quarter-6161263">the fiscal third-quarter results of Ocean Network Express</a>. Hapag-Lloyd’s fourth-quarter volume was up 6% year over year, but revenue fell 7.4% to $5 billion, EBITDA dropped 42% to $800 million and EBIT for the quarter was down 75% at $200 million. “On the other hand, Gemini-related cost savings started kicking in during the second half of 2025 and will be fully realized in 2026,” the carrier said. Hapag-Lloyd’s savings to be generated by Gemini are expected to be between $350 million and $400 million, which is approximately 40% of a total $1 billion in savings the carrier expects to have in place by the end of this year as part of an aggressive cost-savings program across its overall network. Hapag-Lloyd did not provide financials for its Hanseatic Global Terminals division, but it is a key part of the Gemini network. Maersk and Hapag-Lloyd control most of their terminal network, which gives the carriers greater berth access and handling productivity than common user facilities, especially in the congested hubs of Europe. That access saw Maersk reporting a record performance in its terminals division in 2025. Maritime consultant Drewry has upgraded its financial year 2025 profit forecast from $20 billion to $32 billion following “better than expected” third-quarter results from carriers and raised the outlook for 2026 from a $10 billion loss to a $1 billion profit. Contact Greg Knowler at <a href="https://www.joc.com/article/frontloading-drags-one-to-a-loss-in-its-fiscal-third-quarter-6161263">greg.knowler@spglobal.com</a>. </div>

A solid increase in Hapag-Lloyd’s Gemini Cooperation-driven volume last year and cost savings across the new network were not enough to offset a sharply correcting market in 2025, the carrier said Monday. Hapag-Lloyd reported a steep drop in profitability for the year as declining rates combined with the higher costs of rerouting ships around southern Africa and startup expenses for the Gemini network to weigh on its 2025 results. Hapag-Lloyd launched the Gemini network with partner Maersk in February 2025. “Robust growth in global trade and the new Gemini network led to an 8% increase in the transport volume to 13.5 million TEUs,” Hapag-Lloyd said in a statement on its preliminary 2025 results. The carrier provided no after-tax figures; its full annual report with a 2026 outlook will be unveiled March 26. Even as demand rose, it was mirrored by a drop in average rates that were down 8% year over year at $1,376 per TEU. That led to full-year revenue falling 1.9% to $21.1 billion and earnings before interest, taxes, amortization and depreciation (EBITDA) declining 28% to $3.6 billion. While earnings before interest and taxes (EBIT) were down 60% at $1.1 billion, they was at the higher end of the profitability forecast Hapag-Lloyd gave the market following the announcement of its nine-month results last November. Gemini savings kicking in The results showed that much of the 2025 financial damage occurred in the fourth quarter, similar to the full-year earnings of Maersk and the fiscal third-quarter results of Ocean Network Express . Hapag-Lloyd’s fourth-quarter volume was up 6% year over year, but revenue fell 7.4% to $5 billion, EBITDA dropped 42% to $800 million and EBIT for the quarter was down 75% at $200 million. “On the other hand, Gemini-related cost savings started kicking in during the second half of 2025 and will be fully realized in 2026,” the carrier said. Hapag-Lloyd’s savings to be generated by Gemini are expected to be between $350 million and $400 million, which is approximately 40% of a total $1 billion in savings the carrier expects to have in place by the end of this year as part of an aggressive cost-savings program across its overall network. Hapag-Lloyd did not provide financials for its Hanseatic Global Terminals division, but it is a key part of the Gemini network. Maersk and Hapag-Lloyd control most of their terminal network, which gives the carriers greater berth access and handling productivity than common user facilities, especially in the congested hubs of Europe. That access saw Maersk reporting a record performance in its terminals division in 2025. Maritime consultant Drewry has upgraded its financial year 2025 profit forecast from $20 billion to $32 billion following “better than expected” third-quarter results from carriers and raised the outlook for 2026 from a $10 billion loss to a $1 billion profit. Contact Greg Knowler at greg.knowler@spglobal.com .

Container lines

Container Shipping News

Fourth-quarter rate slump drags down Hapag-Lloyd’s 2025 financials

<div class="phx-topic abstract-wrapper">The entire port workforce had walked off the job almost two weeks ago to protest a government decision to lease the port’s busiest terminal to DP World.</div>

The entire port workforce had walked off the job almost two weeks ago to protest a government decision to lease the port’s busiest terminal to DP World.

<div class="phx-topic">Container flows in and out of Bangladesh’s Chittagong Port resumed Monday after dockworkers and port employees suspended their nearly two-week-long strike until Feb. 15 “in the national interest,” local industry sources told the Journal of Commerce. The entire Chittagong port workforce <a href="https://www.joc.com/article/labor-strike-at-chittagong-port-cripples-bangladesh-container-flows-6164202">had walked off the job</a> to protest a government decision to lease the port’s busiest facility, the New Mooring Container Terminal (NMCT), to DP World. Workers agreed to return to work in view of the country’s upcoming general elections and the need to handle Ramadan-related festival cargo, according to the Chattogram Bandar Rokkha Sangram Parishad, the labor group spearheading the industrial action. The group said in a statement it returned to work “to ensure uninterrupted release of essential goods.” Port authorities are also believed to have assured labor representatives that the incumbent government would not push through the NMCT leasing deal. But it remained unclear whether workers would start a new strike next weekend. “All terminals within Chittagong [Chattogram] Port are expected to restart operations, and our teams are already in close coordination with port authorities, terminal operators and relevant stakeholders to support a smooth and safe ramp-up of cargo movement,” Maersk said in a customer advisory. “We will continue to monitor the situation closely.” However, local shipping sources do not expect supply chain operations at Bangladesh’s main gateway to normalize anytime soon, citing huge cargo backlogs and the risk of renewed disruption. “The dock is severely congested, and it is unlikely that many waiting vessels will be able to secure berths over the next few days,” a Chittagong-based ship agent who didn’t want to be identified told the Journal of Commerce. Contact Bency Mathew at <a href="mailto:bencyvmathew@gmail.com">bencyvmathew@gmail.com</a>. </div>

Container flows in and out of Bangladesh’s Chittagong Port resumed Monday after dockworkers and port employees suspended their nearly two-week-long strike until Feb. 15 “in the national interest,” local industry sources told the Journal of Commerce. The entire Chittagong port workforce had walked off the job to protest a government decision to lease the port’s busiest facility, the New Mooring Container Terminal (NMCT), to DP World. Workers agreed to return to work in view of the country’s upcoming general elections and the need to handle Ramadan-related festival cargo, according to the Chattogram Bandar Rokkha Sangram Parishad, the labor group spearheading the industrial action. The group said in a statement it returned to work “to ensure uninterrupted release of essential goods.” Port authorities are also believed to have assured labor representatives that the incumbent government would not push through the NMCT leasing deal. But it remained unclear whether workers would start a new strike next weekend. “All terminals within Chittagong [Chattogram] Port are expected to restart operations, and our teams are already in close coordination with port authorities, terminal operators and relevant stakeholders to support a smooth and safe ramp-up of cargo movement,” Maersk said in a customer advisory. “We will continue to monitor the situation closely.” However, local shipping sources do not expect supply chain operations at Bangladesh’s main gateway to normalize anytime soon, citing huge cargo backlogs and the risk of renewed disruption. “The dock is severely congested, and it is unlikely that many waiting vessels will be able to secure berths over the next few days,” a Chittagong-based ship agent who didn’t want to be identified told the Journal of Commerce. Contact Bency Mathew at bencyvmathew@gmail.com .

International ports

Longshore labor

Bangladesh boxes begin to move as Chittagong port workers suspend strike

<div class="phx-topic abstract-wrapper">Ship operators say a return to the Red Sea hinges on broad shipper acceptance across multi-shipper voyages, according to a survey conducted by One World Shipbrokers. </div>

Ship operators say a return to the Red Sea hinges on broad shipper acceptance across multi-shipper voyages, according to a survey conducted by One World Shipbrokers.

<div class="phx-topic">Multipurpose vessel (MPV) operators remain deeply opposed to a return to Red Sea transits despite moves by container lines to resume trade corridors through the Suez Canal. Gemini Cooperation partners Maersk and Hapag-Lloyd <a href="https://www.joc.com/article/maersk-hapag-lloyd-confirm-theyll-route-gemini-service-through-suez-6163432">announced Feb. 3</a> that vessels in their ME11/IMX service will be routed through the Suez Canal in mid-February, marking the first time in more than two years that a Gemini service has transited the Red Sea. However, in the Jan. 28 One World Shipbrokers’ Market Sentiment Index (MSI), Justin Archard, founder and senior shipbroker at the company, surveyed 26 MPV operators and asked them to rate from 1 to 10 how willing they are to transit the Red Sea and/or Suez Canal based on current conditions. A score of 1 indicated “no way” and 10 equaled “no problem.” Half of the respondents gave a score of 1, while only three scored higher than 5 and no carrier replied with a 10. The mean response was 2.8. The carriers that showed more of a tendency to consider Suez transits were semi-liner MPV operators that typically operate higher deadweight tonnage. Suez Canal transits generally trended upward in 2025 but still remain 50% lower than they were in late 2023, Archard said. A contributor to the MSI survey said that a return to Suez transits hinges on securing broad shipper acceptance across multi-shipper voyages, yet getting everyone aligned is proving to be “a challenge.” <h3>Stable market conditions prevail </h3>The 20th edition of the MSI for the MPV and breakbulk industry showed a third successive — albeit modest — rise to a level of 53.4, from 53.3. The MSI averages responses from an anonymous group of 20 to 30 MPV owners and operators to a set of breakbulk shipping-related questions. A reading of 50 is neutral, indicating a static market. Scores below 50 show pessimism or wariness, while a score above 50 indicates optimism. This tallied with the Feb. 6 Toepfer Multipurpose Index (TMI) assessment of $12,701 per day for February, up from $12,648 per day in January. Toepfer’s TMI is based on expected average rates for six- to 12-month time charters for 12,500-deadweight ton “F-Type” vessels with safe working loads (SWLs) of 240-360 metric tons, as reported to Toepfer by owners and operators. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="b18155ea-a9ea-4cd7-a428-29704663b957"></dynamic-object></div>“The sideways movement in MPV charter rates continues despite the approach of the Chinese New Year celebrations, which generally cause import and export activities in Chinese ports to cease for about a week,” said Toepfer Transport. “The TMI rate is rising slightly, and the majority of carriers are expressing positive sentiment.” Archard said the MPV sector entered 2026 in “a balanced and resilient position,” maintaining a positive outlook for the year. “Forecasts made 12 months ago for improving market conditions have proven demonstrably correct, even inside the maelstrom of uncertainty,” he said. The outlook for the next MSI, due for publication at the end of April, points to a further modest increase, although a contributor to the MSI warned that the longer-term outlook is still driven by uncertainty. “Several elections in the Americas this year, coupled with a slow political move to the right, bodes well for mining and oil and gas, but less well for renewables in the Americas,” the respondent said. Contact Carly Fields at <a href="mailto:carly.fields@spglobal.com">carly.fields@spglobal.com</a>. </div>

Multipurpose vessel (MPV) operators remain deeply opposed to a return to Red Sea transits despite moves by container lines to resume trade corridors through the Suez Canal. Gemini Cooperation partners Maersk and Hapag-Lloyd announced Feb. 3 that vessels in their ME11/IMX service will be routed through the Suez Canal in mid-February, marking the first time in more than two years that a Gemini service has transited the Red Sea. However, in the Jan. 28 One World Shipbrokers’ Market Sentiment Index (MSI), Justin Archard, founder and senior shipbroker at the company, surveyed 26 MPV operators and asked them to rate from 1 to 10 how willing they are to transit the Red Sea and/or Suez Canal based on current conditions. A score of 1 indicated “no way” and 10 equaled “no problem.” Half of the respondents gave a score of 1, while only three scored higher than 5 and no carrier replied with a 10. The mean response was 2.8. The carriers that showed more of a tendency to consider Suez transits were semi-liner MPV operators that typically operate higher deadweight tonnage. Suez Canal transits generally trended upward in 2025 but still remain 50% lower than they were in late 2023, Archard said. A contributor to the MSI survey said that a return to Suez transits hinges on securing broad shipper acceptance across multi-shipper voyages, yet getting everyone aligned is proving to be “a challenge.” Stable market conditions prevail The 20th edition of the MSI for the MPV and breakbulk industry showed a third successive — albeit modest — rise to a level of 53.4, from 53.3. The MSI averages responses from an anonymous group of 20 to 30 MPV owners and operators to a set of breakbulk shipping-related questions. A reading of 50 is neutral, indicating a static market. Scores below 50 show pessimism or wariness, while a score above 50 indicates optimism. This tallied with the Feb. 6 Toepfer Multipurpose Index (TMI) assessment of $12,701 per day for February, up from $12,648 per day in January. Toepfer’s TMI is based on expected average rates for six- to 12-month time charters for 12,500-deadweight ton “F-Type” vessels with safe working loads (SWLs) of 240-360 metric tons, as reported to Toepfer by owners and operators. “The sideways movement in MPV charter rates continues despite the approach of the Chinese New Year celebrations, which generally cause import and export activities in Chinese ports to cease for about a week,” said Toepfer Transport. “The TMI rate is rising slightly, and the majority of carriers are expressing positive sentiment.” Archard said the MPV sector entered 2026 in “a balanced and resilient position,” maintaining a positive outlook for the year. “Forecasts made 12 months ago for improving market conditions have proven demonstrably correct, even inside the maelstrom of uncertainty,” he said. The outlook for the next MSI, due for publication at the end of April, points to a further modest increase, although a contributor to the MSI warned that the longer-term outlook is still driven by uncertainty. “Several elections in the Americas this year, coupled with a slow political move to the right, bodes well for mining and oil and gas, but less well for renewables in the Americas,” the respondent said. Contact Carly Fields at carly.fields@spglobal.com .

Breakbulk carriers

Breakbulk News

MPV carriers emphatic on no resumption of Suez transits under current conditions

<div class="phx-topic abstract-wrapper">The new vessels are shorter and narrower than most 400-meter megaships that are mostly confined to the Asia-Europe trade, giving the carrier more deployment options across its global network. </div>

The new vessels are shorter and narrower than most 400-meter megaships that are mostly confined to the Asia-Europe trade, giving the carrier more deployment options across its global network.

<div class="phx-topic">Maersk has opted for greater flexibility around vessel deployment in a new order for eight 18,600-TEU dual-fuel ships that are part of its ongoing fleet renewal program, the carrier announced Monday. The new vessels — to be delivered in 2029 and 2030 — are shorter and narrower than most 400-meter megaships that are mostly confined to the Asia-Europe trade, giving Maersk more deployment options across its global network. “Deployment flexibility has been a key factor in our decision-making,” Anda Cristescu, head of chartering and newbuilding at Maersk, said in a statement. “Although these vessels are large, they offer greater flexibility than the largest ships currently being built in our industry. This provides us with multiple deployment options across both our current and future network.” The eight-vessel order was signed with China’s New Times Shipbuilding Co. The ships will be equipped with dual-fuel engines able to operate on conventional bunker fuel or liquified natural gas (LNG). Financial terms of the order were not disclosed. Maersk now has 33 ships on order, four of which are scheduled to be delivered this year. Following 4.3% growth in its fleet in 2025, Maersk’s total in-service capacity reached 4.6 million TEUs. The increase in capacity was attributed to an early 2025 injection to support strong demand when the Gemini Cooperation with Hapag-Lloyd was launched a year ago, with utilization of 94% in the third quarter continuing through the fourth quarter. “We seek to protect the high asset turns we have achieved with Gemini, which will allow us to carry more containers with our existing fleet so we can grow with minimal fleet expansion,” Maersk CEO Vincent Clerc said during an earnings call with analysts last week. Maersk’s volume in 2025 increased 4.9% to just shy of 13 million FEUs. <h3>Fast-expanding global order book </h3>The global container shipping order book is sitting near 10.7 million TEUs, or 32% of the current in-service fleet, according to Sea-web, a sister company of the Journal of Commerce within S&amp;P Global. Just over 1 million TEUs of capacity via ships above 10,000 TEUs is scheduled to be delivered this year. But 2.3 million TEUs of capacity is due for delivery in 2027, with 3.4 million TEUs due to come online in 2028, equal to all the tonnage received in 2022 and 2023. While new ships steadily sail into service, the number of cellular container vessels scrapped in 2025 was the lowest in 20 years, according to Alphaliner, with only 12 ships recycled with a total capacity of just 8,172 TEUs.Maersk believes its capacity is at an optimal level to serve both its standalone services and Gemini’s needs, but the carrier’s CFO Patrick Jany remains <a href="https://www.joc.com/article/gemini-benefits-face-looming-challenge-from-oversupplied-market-maersk-ceo-6164887">concerned over the excess tonnage in container shipping</a> and believes scrapping levels simply must increase. “We have all the tools across the industry to get this back in whack,” Jany said on last week’s earnings call, noting that for the past six years carriers have been in an abnormal supply-and-demand cycle. “The question is how long for the industry to get back to what was normal,” he added. “If it takes long for the discipline to come, then you will see rates at a difficult level for a while. If there is good discipline and people do what needs to be done, then this could resorlve itself quite fast.” Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

Maersk has opted for greater flexibility around vessel deployment in a new order for eight 18,600-TEU dual-fuel ships that are part of its ongoing fleet renewal program, the carrier announced Monday. The new vessels — to be delivered in 2029 and 2030 — are shorter and narrower than most 400-meter megaships that are mostly confined to the Asia-Europe trade, giving Maersk more deployment options across its global network. “Deployment flexibility has been a key factor in our decision-making,” Anda Cristescu, head of chartering and newbuilding at Maersk, said in a statement. “Although these vessels are large, they offer greater flexibility than the largest ships currently being built in our industry. This provides us with multiple deployment options across both our current and future network.” The eight-vessel order was signed with China’s New Times Shipbuilding Co. The ships will be equipped with dual-fuel engines able to operate on conventional bunker fuel or liquified natural gas (LNG). Financial terms of the order were not disclosed. Maersk now has 33 ships on order, four of which are scheduled to be delivered this year. Following 4.3% growth in its fleet in 2025, Maersk’s total in-service capacity reached 4.6 million TEUs. The increase in capacity was attributed to an early 2025 injection to support strong demand when the Gemini Cooperation with Hapag-Lloyd was launched a year ago, with utilization of 94% in the third quarter continuing through the fourth quarter. “We seek to protect the high asset turns we have achieved with Gemini, which will allow us to carry more containers with our existing fleet so we can grow with minimal fleet expansion,” Maersk CEO Vincent Clerc said during an earnings call with analysts last week. Maersk’s volume in 2025 increased 4.9% to just shy of 13 million FEUs. Fast-expanding global order book The global container shipping order book is sitting near 10.7 million TEUs, or 32% of the current in-service fleet, according to Sea-web, a sister company of the Journal of Commerce within S&P Global. Just over 1 million TEUs of capacity via ships above 10,000 TEUs is scheduled to be delivered this year. But 2.3 million TEUs of capacity is due for delivery in 2027, with 3.4 million TEUs due to come online in 2028, equal to all the tonnage received in 2022 and 2023. While new ships steadily sail into service, the number of cellular container vessels scrapped in 2025 was the lowest in 20 years, according to Alphaliner, with only 12 ships recycled with a total capacity of just 8,172 TEUs. Maersk believes its capacity is at an optimal level to serve both its standalone services and Gemini’s needs, but the carrier’s CFO Patrick Jany remains concerned over the excess tonnage in container shipping and believes scrapping levels simply must increase. “We have all the tools across the industry to get this back in whack,” Jany said on last week’s earnings call, noting that for the past six years carriers have been in an abnormal supply-and-demand cycle. “The question is how long for the industry to get back to what was normal,” he added. “If it takes long for the discipline to come, then you will see rates at a difficult level for a while. If there is good discipline and people do what needs to be done, then this could resorlve itself quite fast.” Contact Greg Knowler at greg.knowler@spglobal.com .

Asia-Europe

Maersk widens deployment options with order for ‘flexible’ new ships

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