<div class="phx-topic abstract-wrapper">Retail inventories declined during the second quarter and are expected to continue falling into the third quarter.</div>

Retail inventories declined during the second quarter and are expected to continue falling into the third quarter.

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<div>US retailers — burned by stock-outs in the second quarter as the retail inventories-to-sales ratio hit a 2020 low in June — are ramping up imports, sending a vast majority of their cargoes through Southern California to feed waves of e-commerce orders to avoid getting stung again by low inventories. As stores reopened from COVID-19-related shutdowns, retail sales jumped, resulting in retailers’ inventories significantly declining and causing stock-outs in popular categories such as game consoles and exercise equipment.A number of retailers reported lower inventory levels during their latest quarterly earnings. Best Buy, Dick’s Sporting Goods, and Nordstrom, for example, noted...

US retailers — burned by stock-outs in the second quarter as the retail inventories-to-sales ratio hit a 2020 low in June — are ramping up imports, sending a vast majority of their cargoes through Southern California to feed waves of e-commerce orders to avoid getting stung again by low inventories. As stores reopened from COVID-19-related shutdowns, retail sales jumped, resulting in retailers’ inventories significantly declining and causing stock-outs in popular categories such as game consoles and exercise equipment. A number of retailers reported lower inventory levels during their latest quarterly earnings. Best Buy, Dick’s Sporting Goods, and Nordstrom, for example, noted inventory balances were 21 percent, 12 percent, and 25 percent lower, respectively, than the year-ago period. But those inventory declines resulted in stock-outs. According to Best Buy, inventory constraints in a number of categories, including game consoles, slowed its sales growth as it reopened stores, while Dick’s reported inventory constraints in high-demand categories such as exercise equipment. Because Nordstrom was able to successfully reduce inventory during the first quarter, the retailer was able to mark down less end-of-season merchandise and introduce new products during the second quarter. But Nordstrom’s inventories remained constrained and resulted in “some demand unmet,” it said. While Nordstrom plans to keep a tighter control on inventory levels, it began replenishing inventory to its stores in August. The U.S. Census Bureau’s latest monthly retailer inventory-to-sales ratio report for June indicates a significant drop — from 1.35 in May to 1.23 in June, and down 11 percent from June 2019. By category, excluding automobile dealers, the most significant decline was in clothing and accessories stores, which reported a 4.5 percent month-to-month drop in the inventory-to-sales ratio from May to June, and a 7 percent drop from June 2019. Strong sales as stores reopened As stores reopened, June retail sales, seasonally adjusted, were strong, up 5.6 percent from June 2019 and 6.8 percent from May, according to the U.S. Census Bureau’s Monthly Retail Trade report. July was up 5.8 percent from the prior year, but up just 0.8 percent from June. To replenish inventory — and avoid stock-outs during the upcoming holiday season — retailers are importing merchandise with a particular focus on Long Beach and Los Angeles. Imports through the Southern California gateway increased 33.8 percent in July from June, whereas total US imports in July increased only 0.9 percent month over month, according to PIERS, a JOC.com sister company within IHS Markit . According to IHS Markit, the combined inventories of wholesalers and retailers rose 0.5% in July. This followed sharp declines over the prior three months and led IHS Markit to raise its forecast of the change in inventory investment in the third quarter by about $107 billion. As a result, IHS Markit expects inventories to decline in the third quarter by far less than they did over the second quarter, contributing 3.5 percentage points to third-quarter GDP growth. Contact Cathy Morrow Roberson at Cathy.Morrowroberso@ihsmarkit.com and follow her on Twitter: @cmroberson06 .

Supply chain

Sharp draws in US retail inventories caused stock-outs

<div class="phx-topic abstract-wrapper">A record number of wind farm installations in 2025 has set the tone for accelerated year-over-year demand growth for wind components, according to the Global Wind Energy Council. </div>

A record number of wind farm installations in 2025 has set the tone for accelerated year-over-year demand growth for wind components, according to the Global Wind Energy Council.

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<div class="phx-topic">Global wind capacity is forecast to exceed 2 terawatts by 2030, building on a record year for new wind energy installations in 2025, according to the Global Wind Energy Council (GWEC). Wind farm installations provide regular cargo for the breakbulk and project cargo industry. In its latest forecast, GWEC raised its full-year global wind installation forecast for last year by 8.8% to 150 gigawatts. Ben Backwell, GWEC CEO, said in a statement that is up from 94 GW just four years ago, “driven largely by Asia’s fast-growing economies." GWEC is an international trade association for the wind power industry. China was the runaway leader, with total installation thought to exceed 100 GW in 2025. By 2030, Asia-Pacific countries, excluding China, will account for 12% of installations, said GWEC. India set a record of 6.3 GW installed in 2025, while Europe installed 22.5 GW, a year-on-year increase of 5 GW. The US installed more than 7 GW. Wind component shipper and manufacturer Siemens Gamesa said in a year-end report that its installations now totaled 119 GWs onshore consisting of more than 61,000 turbines, and 31 GW offshore consisting of more than 5,100 turbines. A spokesperson for the multipurpose and heavy-lift vessel operator Chipolbrok told the Journal of Commerce the company is seeing increasing demand for shipping of complete wind turbines. However, demand is highly dependent on the routes and destinations that they call. For example, in parts of Europe, there is an investment backlog for renewables projects as economic uncertainty is making investors jittery. “This is currently leading to a decline in demand for offshore installations,” Chipolbrok said. <h3>Europe still a stronghold for wind </h3>Siemens Gamesa aims to install about 500 offshore turbines per year in fiscal 2026 and 2027. Offshore remains a promising market, with the EU and UK as a stronghold for the company with 37 GW already installed and a high commitment to renewables given the EU’s 300-GW target by 2050. Colin Charnock, group CEO of freight forwarder Trans Global Projects (TGP), told the Journal of Commerce TGP is “continuing to strengthen its capability for the power sector.” That includes the opening of TGP Finland by the third quarter of 2026, which will enhance the forwarder’s presence in a region with significant activity in grid expansion, offshore wind and heavy industrial power projects. “This development supports our long‑term plan to be positioned close to strategic corridors where large‑scale energy projects are planned or underway,” Charnock said. Asian markets, especially Taiwan, South Korea and Japan, also bring opportunities, Siemens Gamesa said, with those countries combined having committed to build 100 GW of offshore wind capacity between now and 2040. Onshore, the company noted that excluding China, the global onshore market is expected to grow from about 40 to 45 GW today to 65 GW in 2030. <h3>Turbine orders fell in 2025 </h3>Still, S&amp;P Global Energy’s Wind Turbine Order Tracker published earlier this month reported a contraction in global wind turbine orders last year, driven by a pullback in key markets. Firm global wind turbine orders last year totaled approximately 140 GW, a 20% decline from 2024. Another 60 MW of “non-firm orders” brings the total to 200 GW. Hwei Ling Lee, associate analyst for clean energy technologies and supply chains at S&amp;P Global Energy, explained that S&amp;P Global’s dataset reports volumes of wind turbine orders secured, whereas GWEC reports actual installations of wind capacity. “Since turbines are typically installed 12 to 18 months after an order is placed, orders for wind turbines secured in 2025 will mostly be installed in 2026 and 2027,” Lee said. “This makes the order data a more forward-looking view of market activity.” The drop in orders in 2025 could translate into a slower installation rate in 2026, but “it may not be as pronounced as the decline in orders might suggest,” Lee added. S&amp;P Global is the parent company of the Journal of Commerce. Contact Felicity Landon on felicity@felicitylandon.com. </div>

Global wind capacity is forecast to exceed 2 terawatts by 2030, building on a record year for new wind energy installations in 2025, according to the Global Wind Energy Council (GWEC). Wind farm installations provide regular cargo for the breakbulk and project cargo industry. In its latest forecast, GWEC raised its full-year global wind installation forecast for last year by 8.8% to 150 gigawatts. Ben Backwell, GWEC CEO, said in a statement that is up from 94 GW just four years ago, “driven largely by Asia’s fast-growing economies." GWEC is an international trade association for the wind power industry. China was the runaway leader, with total installation thought to exceed 100 GW in 2025. By 2030, Asia-Pacific countries, excluding China, will account for 12% of installations, said GWEC. India set a record of 6.3 GW installed in 2025, while Europe installed 22.5 GW, a year-on-year increase of 5 GW. The US installed more than 7 GW. Wind component shipper and manufacturer Siemens Gamesa said in a year-end report that its installations now totaled 119 GWs onshore consisting of more than 61,000 turbines, and 31 GW offshore consisting of more than 5,100 turbines. A spokesperson for the multipurpose and heavy-lift vessel operator Chipolbrok told the Journal of Commerce the company is seeing increasing demand for shipping of complete wind turbines. However, demand is highly dependent on the routes and destinations that they call. For example, in parts of Europe, there is an investment backlog for renewables projects as economic uncertainty is making investors jittery. “This is currently leading to a decline in demand for offshore installations,” Chipolbrok said. Europe still a stronghold for wind Siemens Gamesa aims to install about 500 offshore turbines per year in fiscal 2026 and 2027. Offshore remains a promising market, with the EU and UK as a stronghold for the company with 37 GW already installed and a high commitment to renewables given the EU’s 300-GW target by 2050. Colin Charnock, group CEO of freight forwarder Trans Global Projects (TGP), told the Journal of Commerce TGP is “continuing to strengthen its capability for the power sector.” That includes the opening of TGP Finland by the third quarter of 2026, which will enhance the forwarder’s presence in a region with significant activity in grid expansion, offshore wind and heavy industrial power projects. “This development supports our long‑term plan to be positioned close to strategic corridors where large‑scale energy projects are planned or underway,” Charnock said. Asian markets, especially Taiwan, South Korea and Japan, also bring opportunities, Siemens Gamesa said, with those countries combined having committed to build 100 GW of offshore wind capacity between now and 2040. Onshore, the company noted that excluding China, the global onshore market is expected to grow from about 40 to 45 GW today to 65 GW in 2030. Turbine orders fell in 2025 Still, S&P Global Energy’s Wind Turbine Order Tracker published earlier this month reported a contraction in global wind turbine orders last year, driven by a pullback in key markets. Firm global wind turbine orders last year totaled approximately 140 GW, a 20% decline from 2024. Another 60 MW of “non-firm orders” brings the total to 200 GW. Hwei Ling Lee, associate analyst for clean energy technologies and supply chains at S&P Global Energy, explained that S&P Global’s dataset reports volumes of wind turbine orders secured, whereas GWEC reports actual installations of wind capacity. “Since turbines are typically installed 12 to 18 months after an order is placed, orders for wind turbines secured in 2025 will mostly be installed in 2026 and 2027,” Lee said. “This makes the order data a more forward-looking view of market activity.” The drop in orders in 2025 could translate into a slower installation rate in 2026, but “it may not be as pronounced as the decline in orders might suggest,” Lee added. S&P Global is the parent company of the Journal of Commerce. Contact Felicity Landon on felicity@felicitylandon.com.

Energy projects

Project cargo

Breakbulk News

Maritime

Asia to dominate global wind cargo market through end of the decade

<div class="phx-topic abstract-wrapper">In the wake of several successful appeals that crimped Donald Trump’s executive order banning new projects, wind developers are racing against the clock to complete work as quickly as possible.</div>

In the wake of several successful appeals that crimped Donald Trump’s executive order banning new projects, wind developers are racing against the clock to complete work as quickly as possible.

<div class="phx-topic">The Trump administration has begun taking steps to reverse a sweep of recent court victories for US offshore wind projects as developers rush to complete work on the five projects the courts have allowed to resume. The offshore wind industry is a key driver of project cargo such as turbine blades and other oversize components with complex transport requirements. These projects also call for significant amounts of port space and specialized heavy-lift vessels for installation. But US offshore wind projects have come under attack by President Donald Trump, who issued an executive order banning new wind power projects upon taking office in January 2025. Then, on Dec. 22, the administration’s Bureau of Ocean Energy Management (BOEM) issued stop-work orders on five East Coast offshore wind projects that are fully permitted and over halfway complete. Those are Coastal Virginia Offshore Wind (CVOW) by Dominion Energy, Empire Wind 1 by Equinor, Revolution Wind by Ørsted and Global Infrastructure Partners’ Skyborn Renewables, Sunrise Wind by Ørsted, and Vineyard Wind 1 by Iberdrola subsidiary Avangrid Inc. and Copenhagen Infrastructure Partners. In a series of rulings issued in January and early February, federal district courts granted preliminary injunctions allowing all five projects to restart construction. However, on Feb. 11, US Interior Secretary Doug Burgum told Bloomberg Television the federal government would “absolutely” appeal the courts’ decisions allowing construction to resume on the five existing projects, adding, “There will be further discussion on this.” The administration contends offshore wind turbines pose a national security risk because of radar interference. In a separate move on Feb. 17, Deputy Assistant Attorney General Adam Gustafson filed a notice to appeal a Dec. 8 ruling by a Massachusetts federal district court striking down the administration’s federal permitting ban on new wind energy projects. Projects are racing against the clock to complete work as quickly as possible before any future court rulings come down against them. “This constant political jockeying undoubtedly injects new levels of uncertainty into the industry as a whole and the industries that support it,” Abby Watson, president of Groundwire Group, a US consulting firm, told the Journal of Commerce. <h3>No ‘wiggle room’ for project schedules </h3>Absent any federal pushback, US offshore wind projects still face significant challenges stemming from the scarcity of resources needed for project construction. Watson cited the limited number of highly specialized installation vessels available for building these projects globally. “Fierce competition has these vessels booked up years in advance, and with utilization rates this high, projects can’t afford to build a lot of wiggle room into their schedules,” she said. Transporting and storing massive offshore wind components presents additional concerns, as space at East Coast ports comes at a premium, Watson said. “Unexpected delays in clearing out huge storage and laydown areas are bound to cause a major headache for logistics managers and port operators,” she said. In a statement to the Journal of Commerce, the Oceantic Network, a nonprofit trade group, called for bipartisan permitting reform, saying it was crucial to offshore wind project development. “It can unlock billions of dollars of investment and port/vessel activity to advance shared national priorities like shipyard revitalization, steel and port investments, and domestic energy dominance,” the group said. US offshore wind projects have resulted in $5 billion in port redevelopment and $2 billion in vessel builds and retrofits, according to the Oceantic Network. “There are hundreds of vessels operating on each of the five projects under construction today, and billions of dollars of equipment and components that can resume transit either from the factory to a staging port, or from port to construction site,” it said. Multiple offshore wind project cargo shippers declined requests from the Journal of Commerce to comment for this story, citing the ongoing litigation. <h3>Delays, tariffs pile on costs </h3>US offshore wind projects are grappling with mounting costs from the double whammy of federal stop-work orders and import tariffs imposed by the Trump administration. According to court filings, individual project costs from work shutdowns range from $1 million to $5 million per day. According to Dominion Energy’s latest Coastal Virginia Offshore Wind update, the project’s budget has risen to $11.5 billion because of an additional $365 million in costs related to tariffs and the federal government’s order to halt work. In recent remarks on the 810-megawatt Empire Wind project off the coast of Long Island, New York, developer Equinor also cited the one-two punch of tariffs and work shutdowns in driving up the project’s cost by $500 million to $7.5 billion. Equinor CEO Anders Opedal called the federal stop-work orders “unlawful” during the company’s Feb. 4 fourth-quarter earnings call. “We are moving forward with a strong belief that we will have a good case in the court,” Opedal said. With work stoppages lifted, project developers are reporting various stages of progress. Dominion spokesperson Jeremy Slayton told the Journal of Commerce that the 2.6-gigawatt project is over 70% complete and should begin generating power by the end of March. The project is set for completion by February 2027. In Ørsted’s Feb. 6 earnings call, company executives said the 704-MW Revolution Wind project off the coast of Rhode Island and Connecticut is set to begin producing power “within weeks” and should be fully operational in the second half of 2026. Ørsted’s other project, the 924-MW Sunrise Wind farm, is on track to begin generating power by October, executives said. On the 806-MW Vineyard Wind 1 farm, court filings show the $4.5 billion project is 95% complete and has been generating power for over a year. Empire Wind is over 60% complete, but future work stoppages could put the wind farm in jeopardy. According to a Jan. 6 court filing by Empire Wind, “if allowed to stand, the suspension order substantially threatens cancellation of a project that is fully and duly permitted under the law and has been in active construction for over a year and a half at a cost of billions of dollars.” Contact Autumn Cafiero Giusti at <a href="mailto:autumn@autumngiusti.com">autumn@autumngiusti.com</a>.</div>

The Trump administration has begun taking steps to reverse a sweep of recent court victories for US offshore wind projects as developers rush to complete work on the five projects the courts have allowed to resume. The offshore wind industry is a key driver of project cargo such as turbine blades and other oversize components with complex transport requirements. These projects also call for significant amounts of port space and specialized heavy-lift vessels for installation. But US offshore wind projects have come under attack by President Donald Trump, who issued an executive order banning new wind power projects upon taking office in January 2025. Then, on Dec. 22, the administration’s Bureau of Ocean Energy Management (BOEM) issued stop-work orders on five East Coast offshore wind projects that are fully permitted and over halfway complete. Those are Coastal Virginia Offshore Wind (CVOW) by Dominion Energy, Empire Wind 1 by Equinor, Revolution Wind by Ørsted and Global Infrastructure Partners’ Skyborn Renewables, Sunrise Wind by Ørsted, and Vineyard Wind 1 by Iberdrola subsidiary Avangrid Inc. and Copenhagen Infrastructure Partners. In a series of rulings issued in January and early February, federal district courts granted preliminary injunctions allowing all five projects to restart construction. However, on Feb. 11, US Interior Secretary Doug Burgum told Bloomberg Television the federal government would “absolutely” appeal the courts’ decisions allowing construction to resume on the five existing projects, adding, “There will be further discussion on this.” The administration contends offshore wind turbines pose a national security risk because of radar interference. In a separate move on Feb. 17, Deputy Assistant Attorney General Adam Gustafson filed a notice to appeal a Dec. 8 ruling by a Massachusetts federal district court striking down the administration’s federal permitting ban on new wind energy projects. Projects are racing against the clock to complete work as quickly as possible before any future court rulings come down against them. “This constant political jockeying undoubtedly injects new levels of uncertainty into the industry as a whole and the industries that support it,” Abby Watson, president of Groundwire Group, a US consulting firm, told the Journal of Commerce. No ‘wiggle room’ for project schedules Absent any federal pushback, US offshore wind projects still face significant challenges stemming from the scarcity of resources needed for project construction. Watson cited the limited number of highly specialized installation vessels available for building these projects globally. “Fierce competition has these vessels booked up years in advance, and with utilization rates this high, projects can’t afford to build a lot of wiggle room into their schedules,” she said. Transporting and storing massive offshore wind components presents additional concerns, as space at East Coast ports comes at a premium, Watson said. “Unexpected delays in clearing out huge storage and laydown areas are bound to cause a major headache for logistics managers and port operators,” she said. In a statement to the Journal of Commerce, the Oceantic Network, a nonprofit trade group, called for bipartisan permitting reform, saying it was crucial to offshore wind project development. “It can unlock billions of dollars of investment and port/vessel activity to advance shared national priorities like shipyard revitalization, steel and port investments, and domestic energy dominance,” the group said. US offshore wind projects have resulted in $5 billion in port redevelopment and $2 billion in vessel builds and retrofits, according to the Oceantic Network. “There are hundreds of vessels operating on each of the five projects under construction today, and billions of dollars of equipment and components that can resume transit either from the factory to a staging port, or from port to construction site,” it said. Multiple offshore wind project cargo shippers declined requests from the Journal of Commerce to comment for this story, citing the ongoing litigation. Delays, tariffs pile on costs US offshore wind projects are grappling with mounting costs from the double whammy of federal stop-work orders and import tariffs imposed by the Trump administration. According to court filings, individual project costs from work shutdowns range from $1 million to $5 million per day. According to Dominion Energy’s latest Coastal Virginia Offshore Wind update, the project’s budget has risen to $11.5 billion because of an additional $365 million in costs related to tariffs and the federal government’s order to halt work. In recent remarks on the 810-megawatt Empire Wind project off the coast of Long Island, New York, developer Equinor also cited the one-two punch of tariffs and work shutdowns in driving up the project’s cost by $500 million to $7.5 billion. Equinor CEO Anders Opedal called the federal stop-work orders “unlawful” during the company’s Feb. 4 fourth-quarter earnings call. “We are moving forward with a strong belief that we will have a good case in the court,” Opedal said. With work stoppages lifted, project developers are reporting various stages of progress. Dominion spokesperson Jeremy Slayton told the Journal of Commerce that the 2.6-gigawatt project is over 70% complete and should begin generating power by the end of March. The project is set for completion by February 2027. In Ørsted’s Feb. 6 earnings call, company executives said the 704-MW Revolution Wind project off the coast of Rhode Island and Connecticut is set to begin producing power “within weeks” and should be fully operational in the second half of 2026. Ørsted’s other project, the 924-MW Sunrise Wind farm, is on track to begin generating power by October, executives said. On the 806-MW Vineyard Wind 1 farm, court filings show the $4.5 billion project is 95% complete and has been generating power for over a year. Empire Wind is over 60% complete, but future work stoppages could put the wind farm in jeopardy. According to a Jan. 6 court filing by Empire Wind, “if allowed to stand, the suspension order substantially threatens cancellation of a project that is fully and duly permitted under the law and has been in active construction for over a year and a half at a cost of billions of dollars.” Contact Autumn Cafiero Giusti at autumn@autumngiusti.com .

Heavy-haul transport

Trump administration seeks to undo court rulings favoring offshore wind projects

<div class="phx-topic abstract-wrapper">Gold Star has a network of 20 China-centric liner services operated by 40 owned and chartered ships totaling 100,000 TEUs serving Asia, India and South Africa.</div>

Gold Star has a network of 20 China-centric liner services operated by 40 owned and chartered ships totaling 100,000 TEUs serving Asia, India and South Africa.

<div class="phx-topic">Hapag-Lloyd will likely use its <a href="https://www.joc.com/article/zim-deal-to-strengthen-hapag-lloyds-market-share-across-key-trade-lanes-6171044">$4.2 billion takeover of Zim Integrated Shipping Services</a> as the springboard for a significant expansion of its intra-Asia business through Zim’s Hong Kong-headquartered affiliate Gold Star Line. Hapag’s existing intra-Asia coverage is limited to a series of slot charters with other shipping lines. It also utilizes intra-Asia services established by its Gemini Cooperation partner Maersk, which had several regional carriers including MCC and Sealand Asia before being consolidated within Maersk. By comparison, Gold Star has a network of 20 liner services operated by 40 owned and chartered ships totaling 100,000 TEUs serving Asia, India and South Africa. But they are also China-centric, linking ports such as Shanghai and Ningbo to specific Southeast Asia countries including Indonesia, Vietnam and Thailand while also connecting China with India, Africa and the Middle East. There is no or very little coverage to markets such as Japan, Taiwan or within the Southeast Asia region. “I definitely see huge advantages for Hapag-Lloyd from Gold Star Line,” Capt. Igal Dafni told the Journal of Commerce. Dafni was managing director of Gold Star Line in the early 2000s before joining CNC Line and helping to drive CMA CGM’s purchase of the Taiwan-based intra-Asia carrier in 2007. Dafni is now president and CEO of IRIS Shipping Line, a domestic carrier in the Philippines. The gaps in Gold Star’s extended Asia and regional coverage give Hapag-Lloyd tremendous scope to expand its Asia network to those countries either through new services or adding ports on existing Gold Star services, Dafni said Friday. He said Gold Star’s network growth was restricted partly due to parent company Zim’s trade priorities and Israeli ownership. “There is very little activity in Japan or South Korea, for example, because those countries have never been a big market for Zim,” Dafni said. “There are also countries Gold Star definitely can’t call at such as Saudi Arabia, Pakistan and Bangladesh.” Those restrictions will end under Hapag-Lloyd’s ownership. Alphaliner, in its newsletter this week, said Hapag-Lloyd’s takeover of Gold Star Line will help the German carrier to “enlarge its Asian footprint.” <h3>Improved connectivity, faster transits expected </h3>Aside from new services, Dafni said growth would probably also come from significant cost savings through the elimination of costly feeders and slot charters. Drawing a comparison with CMA CGM’s takeover of CNC Line, he pointed out that the French carrier’s intra-Asia network was similarly as insubstantial as Hapag-Lloyd’s is now. CNC’s total liftings were 400,000 TEUs a year at the time of the CMA CGM takeover, but that doubled to at least 1 million TEUs within a few years after CMA CGM expanded coverage and services. Dafni expected a similar level of growth for Hapag’s intra-Asia and wider regional volumes once Gold Star Line was under the carrier’s control. Gold Star’s extensive intra-Asia services will feed cargo into Hapag’s mainline hub-and-spoke Gemini Cooperation network with Maersk, offering Southeast Asia and regional exporters improved connectivity with more destinations and faster transit times. Similarly, import volumes via the Gemini network will increase volumes from the main Asia hubs to neighboring countries. “Feedering will shift from being a cost for Hapag-Lloyd to becoming a profit and revenue generator as third-party cargo shifts to its Asia services,” Dafni said. Hapag-Lloyd and Gold Star Line said it was premature to comment on what would happen to Gold Star under new ownership. The Zim deal “includes Gold Star Line, but no decision has yet been made about what will happen to the brand. It is simply too early to talk about it,” a Hapag-Lloyd spokesperson told the Journal of Commerce. A senior source close to Gold Star Line said it was “too early to evaluate the impact.” “We are still learning about the deal and waiting for the relevant approvals,” the source said. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>.</div>

Hapag-Lloyd will likely use its $4.2 billion takeover of Zim Integrated Shipping Services as the springboard for a significant expansion of its intra-Asia business through Zim’s Hong Kong-headquartered affiliate Gold Star Line. Hapag’s existing intra-Asia coverage is limited to a series of slot charters with other shipping lines. It also utilizes intra-Asia services established by its Gemini Cooperation partner Maersk, which had several regional carriers including MCC and Sealand Asia before being consolidated within Maersk. By comparison, Gold Star has a network of 20 liner services operated by 40 owned and chartered ships totaling 100,000 TEUs serving Asia, India and South Africa. But they are also China-centric, linking ports such as Shanghai and Ningbo to specific Southeast Asia countries including Indonesia, Vietnam and Thailand while also connecting China with India, Africa and the Middle East. There is no or very little coverage to markets such as Japan, Taiwan or within the Southeast Asia region. “I definitely see huge advantages for Hapag-Lloyd from Gold Star Line,” Capt. Igal Dafni told the Journal of Commerce. Dafni was managing director of Gold Star Line in the early 2000s before joining CNC Line and helping to drive CMA CGM’s purchase of the Taiwan-based intra-Asia carrier in 2007. Dafni is now president and CEO of IRIS Shipping Line, a domestic carrier in the Philippines. The gaps in Gold Star’s extended Asia and regional coverage give Hapag-Lloyd tremendous scope to expand its Asia network to those countries either through new services or adding ports on existing Gold Star services, Dafni said Friday. He said Gold Star’s network growth was restricted partly due to parent company Zim’s trade priorities and Israeli ownership. “There is very little activity in Japan or South Korea, for example, because those countries have never been a big market for Zim,” Dafni said. “There are also countries Gold Star definitely can’t call at such as Saudi Arabia, Pakistan and Bangladesh.” Those restrictions will end under Hapag-Lloyd’s ownership. Alphaliner, in its newsletter this week, said Hapag-Lloyd’s takeover of Gold Star Line will help the German carrier to “enlarge its Asian footprint.” Improved connectivity, faster transits expected Aside from new services, Dafni said growth would probably also come from significant cost savings through the elimination of costly feeders and slot charters. Drawing a comparison with CMA CGM’s takeover of CNC Line, he pointed out that the French carrier’s intra-Asia network was similarly as insubstantial as Hapag-Lloyd’s is now. CNC’s total liftings were 400,000 TEUs a year at the time of the CMA CGM takeover, but that doubled to at least 1 million TEUs within a few years after CMA CGM expanded coverage and services. Dafni expected a similar level of growth for Hapag’s intra-Asia and wider regional volumes once Gold Star Line was under the carrier’s control. Gold Star’s extensive intra-Asia services will feed cargo into Hapag’s mainline hub-and-spoke Gemini Cooperation network with Maersk, offering Southeast Asia and regional exporters improved connectivity with more destinations and faster transit times. Similarly, import volumes via the Gemini network will increase volumes from the main Asia hubs to neighboring countries. “Feedering will shift from being a cost for Hapag-Lloyd to becoming a profit and revenue generator as third-party cargo shifts to its Asia services,” Dafni said. Hapag-Lloyd and Gold Star Line said it was premature to comment on what would happen to Gold Star under new ownership. The Zim deal “includes Gold Star Line, but no decision has yet been made about what will happen to the brand. It is simply too early to talk about it,” a Hapag-Lloyd spokesperson told the Journal of Commerce. A senior source close to Gold Star Line said it was “too early to evaluate the impact.” “We are still learning about the deal and waiting for the relevant approvals,” the source said. Contact Keith Wallis at keithwallis@hotmail.com .

Port News

Container lines

International ports

Container Shipping News

Hapag-Lloyd set to grow its intra-Asia network through Zim’s Gold Star Line

<div class="phx-topic abstract-wrapper">Retailers are holding back on signing their 2026–27 service contracts because they anticipate spot rates may sink further in the next few weeks, while carriers hold out hope market fundamentals will emerge to reverse the softening trend. </div>

Retailers are holding back on signing their 2026–27 service contracts because they anticipate spot rates may sink further in the next few weeks, while carriers hold out hope market fundamentals will emerge to reverse the softening trend.

<div class="phx-topic">Neither ocean carriers nor US importers are in a rush to sign contracts for the 2026–27 service year in a trans-Pacific market where spot rates to the West Coast have fallen more than 20% since early January and, many believe, have room to slide further. Multiple sources who spoke to the Journal of Commerce this week said carriers are in no hurry to ink deals with their customers, holding out hope market fundamentals will emerge to reverse the softening trend on the trans-Pacific. And shippers are biding their time, happy to watch rates continue to fall before they’ll put pen to paper on service contracts, most of which begin May 1. The levels and direction of spot rates impact service contracting, as it’s a barometer of the degree to which carriers can effectively match supply to demand. Long-term contract rates generally allow shippers to lock in lower prices than they could find in the spot market, leading shippers to watch the latter closely ahead of and during service contract negotiations. The Journal of Commerce spoke with three ocean carriers, three retailers, three forwarders, two consultants, and an industry analyst for this story. “No one will sign now,” one carrier executive said. “Most shippers will wait until [TPM26] to see if rates have dropped further.” In past years leading up to the Journal of Commerce’s Trans-Pacific Maritime Conference in Long Beach in the first week of March, at least one or two of the half-dozen largest retailers had already signed their service contracts. Those initial contracts then set the floor for contract rates, with the remaining large, midsize and smaller importers signing for somewhat higher rates in March and through April. TPM26 will be held March 1–4. “No major big-box retailers have signed as of yet,” a source with a top 20 US retailer said. “We’re running two to three weeks late.” A second carrier executive said while a couple of carriers could be “close” to signing a big-box account, most customers are holding out to see how much further the market falls. <h3>Shippers’ market </h3>The signals, at least now, favor the importers. In addition to <a href="https://www.joc.com/article/soft-demand-in-eastbound-trans-pacific-overwhelms-carriers-gri-attempt-6109240">softer demand</a> and <a href="https://www.joc.com/article/pre-lunar-new-year-demand-to-give-trans-pac-market-first-test-of-2026-6149869">falling spot rates</a>, no significant surge in imports is projected in March, when the factories in Asia that closed for the Lunar New Year holiday that began Feb. 17 return to full production. Indeed, retailers and direct importers are holding back on signing their 2026–27 service contracts because they anticipate spot rates may sink further in the next few weeks, forcing carriers to reduce their contract tenders, said Bob Fredman, principal at the consulting firm SF Global Logistics who formerly negotiated service contracts for big-box retailers. “That’s what smart shippers should do,” Fredman said. “It doesn’t make much sense to get too far in front of the [big retailers].” <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="56cdc0fc-22a5-4ef9-9e3e-11f96f369c70"></dynamic-object></div>A national furniture importer said he circulated his “boilerplate” tender to his core carrier partners but is not pressuring them to finalize a contract because he anticipates rates will move lower in March. “As a mid-size importer, why not wait? I want to get more clarity as to where the market is,” the source said. As of Feb. 19, the market from Asia to the West Coast was at $1,600 per FEU, down 23% since early January and 42% lower year over year, according to Platts, a sister company of the Journal of Commerce within S&amp;P Global. The East Coast spot rate of $2,400 was down 21% so far this year and 39% lower year over year. According to online rate benchmarking platform Xeneta, Asia-West Coast rates were at $1.356 per FEU as of Feb. 19, down from $2,289 per FEU on Jan. 4 and almost 60% lower year over year. A second top 20 retailer said carriers and their customers are holding back from signing service contracts to see what the negotiating environment looks like after TPM26 in terms of spot rates and forecasts for demand in the second quarter. “We are pretty much completed with our tenders. I suspect we will be completed within the next couple of weeks,” the source said. “Demand right now leading up to Q2 is soft. Carriers are holding back to see if demand picks up after Chinese New Year.” <h3>Carriers ‘failed’ to balance supply and demand </h3>But the slower-than-usual finalizing of contracts by the largest big-box retailers does not mean that medium to smaller retailers will sign later than usual, said Jason Cook, CEO of forwarder Ardent Global Logistics. “After TPM there will be a rapid succession of completions for the big-box retailers,” Cook said. “Then the midsize and smaller importers will get serious in round two...” Unlike in past years when importers were anxious to lock in volume allotments, known as minimum quantity commitments (MQCs), because vessel space was tight, capacity is readily available this year, and it is the carriers who are edgy. The second top 20 retailer source said her preliminary discussions with carriers have been “colorful.” <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="e5c8a2a0-9aa5-4787-bbed-bf4b7a9f9677"></dynamic-object></div>A major reason why there was no capacity shortage in the trans-Pacific leading into the Lunar New Year was that carriers did not respond quickly enough to the market conditions by managing vessel space, said Destine Ozuygur, senior analyst for liner network performance at Xeneta. According to data from Xeneta’s eeSea, carriers had 1.19 million TEUs of actual capacity on the Asia-West Coast trade lane in January, with that expected to rise to 1.26 million TEUs in February and 1.4 million TEUs in March. “Given the current slump in rates on the trans-Pacific and the absence of a strong Lunar New Year surge, it appears the carriers failed to balance supply against demand,” Ozuygur said. Contact Bill Mongelluzzo at <a href="mailto:bill.mongelluzzo@spglobal.com">bill.mongelluzzo@spglobal.com</a>. </div>

Neither ocean carriers nor US importers are in a rush to sign contracts for the 2026–27 service year in a trans-Pacific market where spot rates to the West Coast have fallen more than 20% since early January and, many believe, have room to slide further. Multiple sources who spoke to the Journal of Commerce this week said carriers are in no hurry to ink deals with their customers, holding out hope market fundamentals will emerge to reverse the softening trend on the trans-Pacific. And shippers are biding their time, happy to watch rates continue to fall before they’ll put pen to paper on service contracts, most of which begin May 1. The levels and direction of spot rates impact service contracting, as it’s a barometer of the degree to which carriers can effectively match supply to demand. Long-term contract rates generally allow shippers to lock in lower prices than they could find in the spot market, leading shippers to watch the latter closely ahead of and during service contract negotiations. The Journal of Commerce spoke with three ocean carriers, three retailers, three forwarders, two consultants, and an industry analyst for this story. “No one will sign now,” one carrier executive said. “Most shippers will wait until [TPM26] to see if rates have dropped further.” In past years leading up to the Journal of Commerce’s Trans-Pacific Maritime Conference in Long Beach in the first week of March, at least one or two of the half-dozen largest retailers had already signed their service contracts. Those initial contracts then set the floor for contract rates, with the remaining large, midsize and smaller importers signing for somewhat higher rates in March and through April. TPM26 will be held March 1–4. “No major big-box retailers have signed as of yet,” a source with a top 20 US retailer said. “We’re running two to three weeks late.” A second carrier executive said while a couple of carriers could be “close” to signing a big-box account, most customers are holding out to see how much further the market falls. Shippers’ market The signals, at least now, favor the importers. In addition to softer demand and falling spot rates , no significant surge in imports is projected in March, when the factories in Asia that closed for the Lunar New Year holiday that began Feb. 17 return to full production. Indeed, retailers and direct importers are holding back on signing their 2026–27 service contracts because they anticipate spot rates may sink further in the next few weeks, forcing carriers to reduce their contract tenders, said Bob Fredman, principal at the consulting firm SF Global Logistics who formerly negotiated service contracts for big-box retailers. “That’s what smart shippers should do,” Fredman said. “It doesn’t make much sense to get too far in front of the [big retailers].” A national furniture importer said he circulated his “boilerplate” tender to his core carrier partners but is not pressuring them to finalize a contract because he anticipates rates will move lower in March. “As a mid-size importer, why not wait? I want to get more clarity as to where the market is,” the source said. As of Feb. 19, the market from Asia to the West Coast was at $1,600 per FEU, down 23% since early January and 42% lower year over year, according to Platts, a sister company of the Journal of Commerce within S&P Global. The East Coast spot rate of $2,400 was down 21% so far this year and 39% lower year over year. According to online rate benchmarking platform Xeneta, Asia-West Coast rates were at $1.356 per FEU as of Feb. 19, down from $2,289 per FEU on Jan. 4 and almost 60% lower year over year. A second top 20 retailer said carriers and their customers are holding back from signing service contracts to see what the negotiating environment looks like after TPM26 in terms of spot rates and forecasts for demand in the second quarter. “We are pretty much completed with our tenders. I suspect we will be completed within the next couple of weeks,” the source said. “Demand right now leading up to Q2 is soft. Carriers are holding back to see if demand picks up after Chinese New Year.” Carriers ‘failed’ to balance supply and demand But the slower-than-usual finalizing of contracts by the largest big-box retailers does not mean that medium to smaller retailers will sign later than usual, said Jason Cook, CEO of forwarder Ardent Global Logistics. “After TPM there will be a rapid succession of completions for the big-box retailers,” Cook said. “Then the midsize and smaller importers will get serious in round two...” Unlike in past years when importers were anxious to lock in volume allotments, known as minimum quantity commitments (MQCs), because vessel space was tight, capacity is readily available this year, and it is the carriers who are edgy. The second top 20 retailer source said her preliminary discussions with carriers have been “colorful.” A major reason why there was no capacity shortage in the trans-Pacific leading into the Lunar New Year was that carriers did not respond quickly enough to the market conditions by managing vessel space, said Destine Ozuygur, senior analyst for liner network performance at Xeneta. According to data from Xeneta’s eeSea, carriers had 1.19 million TEUs of actual capacity on the Asia-West Coast trade lane in January, with that expected to rise to 1.26 million TEUs in February and 1.4 million TEUs in March. “Given the current slump in rates on the trans-Pacific and the absence of a strong Lunar New Year surge, it appears the carriers failed to balance supply against demand,” Ozuygur said. Contact Bill Mongelluzzo at bill.mongelluzzo@spglobal.com .

Trans-Pacific

Trans-Pacific carriers, importers slow-walking service contract negotiations

<div class="phx-topic abstract-wrapper">While Gemini Cooperation continues to top the industry’s schedule reliability, even its resilient network was not immune to deteriorating operational factors last month, notably severe weather in the North Atlantic.</div>

While Gemini Cooperation continues to top the industry’s schedule reliability, even its resilient network was not immune to deteriorating operational factors last month, notably severe weather in the North Atlantic.

<div class="phx-topic">Schedule reliability among ocean carriers fell sharply in the first month of the year as long wait times and congestion at Asian hubs combined with widespread weather disruptions in the North Atlantic to place intense strain on liner networks. The latest schedule reliability data from rate benchmarking platform Xeneta shows the Gemini Cooperation alliance of Maersk and Hapag-Lloyd continues to lead the industry’s on-time performance, and by some measure, but even its resilient network was not immune to deteriorating operational factors. “All networks with the exception of non-alliance services declined at the outset of 2026, highlighting the operational headwinds we can expect to face in Q1 and Q2,” Destine Ozuygur, senior market analyst at Xeneta, wrote in an update accompanying the data. “Ocean Alliance, Mediterranean Shipping Co. and even Gemini all took considerable hits to their performance this past month, from five to seven percentage points of decline,” she added. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="34e4b5a5-cecc-482c-a37d-4885fe5a1a41"></dynamic-object></div>Gemini reported a 68% on-time performance in January, down from 75% in December. Ocean Alliance fell from 28% in December to 23% in January, MSC’s reliability dropped from 26% to 18%, and Premier Alliance only managed a 13% on-time performance, the same as in December. Non-alliance carriers at 28% in January also maintained the same schedule reliability as December. Ozuygur said while volatile reliability patterns were “fairly expected” for MSC, seeing Gemini lose some foothold lent a different weight to the severity of the localized issues. “The dual pressure of prolonged wait times and congestion at Asian hubs throughout January, as well as widespread weather disruptions in the North Atlantic Ocean, created operational strain for the most resilient network,” she wrote. Ozuygur said while <a href="https://www.joc.com/article/lofty-reliability-goals-for-gemini-alliance-hang-on-key-service-assumptions-5214653">Gemini’s promise of a 90% on-time arrival rate</a> across all corridors “has proven idealistic in this environment,” the hub-and-spoke strategy employed by partners Maersk and Hapag-Lloyd has been resilient. She pointed to Gemini’s blanking of an absolute minimum of sailings. Just 18 blank sailings were announced by Maersk and Hapag-Lloyd in 2025, including only two on Asia-North America and nine on Asia-Europe that were exclusive to Chinese Golden Week. For comparison, Premier Alliance announced 84 blanks on Asia-North America and 181 globally. Xeneta’s global schedule reliability data showed a continuing decline through January, with only 29% of arrivals ticking the on-time box, down from 32% in December and a departure from the 34% to 37% monthly on-time arrivals seen in the second and third quarters of 2025. Compounding the decline in arrivals was the magnitude of delays at berth, which rose from 3.7 days in December to 4.2 days in January. <h3>Winter storms, congestion hammer schedules </h3>On a trade level, the trans-Atlantic westbound corridor from Europe to North America showed on-time arrivals down 10 percentage points in January at 32%, with Asia-North America down eight percentage points to 29%. Many of the latest troubles on the trans-Atlantic can be attributed to severe weather. A series of extreme winter storms have hammered Europe this year, bringing huge swells and gale force winds to the Western Mediterranean and <a href="https://www.joc.com/article/severe-winter-storm-disrupts-north-europe-port-inland-operations-6148334">freezing temperatures that hampered terminal and yard operations</a> in North Europe ports. The disruption to services as ships were forced to wait out the storms created week-long delays on multiple vessels across 16 services calling at ports along the East Coast of North America. The trans-Pacific trade is currently seeing its worst reliability since January last year, equaling the 29% on-time performance reported a year ago. Ozuygur said although the drivers this year were less dependent on dramatic network overhauls, they were comparable in operational impact. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="c0cf790c-877b-46ec-8a01-15b3418a614a"></dynamic-object></div>“Paired with the seasonal spike in cancellation rates in February and March totaling 687,000 TEUs and 93 cancelled sailings, these delays indicate a rough start to 2026 for US shippers,” she said, adding that it was something shippers would be watching carefully over the next month. “With tender season practically upon us, this is a crucial window for shippers and forwarders to reexamine performance at a carrier level,” Ozuygur said. “Careful consideration of carrier-level performance balanced across transit times, on-time arrivals and cancellation rates should be incorporated before firming contracts.” Contact Greg Knowler at <a href="https://www.joc.com/article/cma-cgm-inks-order-for-six-dual-fuel-lng-ships-with-india-yard-6172333">greg.knowler@spglobal.com</a>. </div>

Schedule reliability among ocean carriers fell sharply in the first month of the year as long wait times and congestion at Asian hubs combined with widespread weather disruptions in the North Atlantic to place intense strain on liner networks. The latest schedule reliability data from rate benchmarking platform Xeneta shows the Gemini Cooperation alliance of Maersk and Hapag-Lloyd continues to lead the industry’s on-time performance, and by some measure, but even its resilient network was not immune to deteriorating operational factors. “All networks with the exception of non-alliance services declined at the outset of 2026, highlighting the operational headwinds we can expect to face in Q1 and Q2,” Destine Ozuygur, senior market analyst at Xeneta, wrote in an update accompanying the data. “Ocean Alliance, Mediterranean Shipping Co. and even Gemini all took considerable hits to their performance this past month, from five to seven percentage points of decline,” she added. Gemini reported a 68% on-time performance in January, down from 75% in December. Ocean Alliance fell from 28% in December to 23% in January, MSC’s reliability dropped from 26% to 18%, and Premier Alliance only managed a 13% on-time performance, the same as in December. Non-alliance carriers at 28% in January also maintained the same schedule reliability as December. Ozuygur said while volatile reliability patterns were “fairly expected” for MSC, seeing Gemini lose some foothold lent a different weight to the severity of the localized issues. “The dual pressure of prolonged wait times and congestion at Asian hubs throughout January, as well as widespread weather disruptions in the North Atlantic Ocean, created operational strain for the most resilient network,” she wrote. Ozuygur said while Gemini’s promise of a 90% on-time arrival rate across all corridors “has proven idealistic in this environment,” the hub-and-spoke strategy employed by partners Maersk and Hapag-Lloyd has been resilient. She pointed to Gemini’s blanking of an absolute minimum of sailings. Just 18 blank sailings were announced by Maersk and Hapag-Lloyd in 2025, including only two on Asia-North America and nine on Asia-Europe that were exclusive to Chinese Golden Week. For comparison, Premier Alliance announced 84 blanks on Asia-North America and 181 globally. Xeneta’s global schedule reliability data showed a continuing decline through January, with only 29% of arrivals ticking the on-time box, down from 32% in December and a departure from the 34% to 37% monthly on-time arrivals seen in the second and third quarters of 2025. Compounding the decline in arrivals was the magnitude of delays at berth, which rose from 3.7 days in December to 4.2 days in January. Winter storms, congestion hammer schedules On a trade level, the trans-Atlantic westbound corridor from Europe to North America showed on-time arrivals down 10 percentage points in January at 32%, with Asia-North America down eight percentage points to 29%. Many of the latest troubles on the trans-Atlantic can be attributed to severe weather. A series of extreme winter storms have hammered Europe this year, bringing huge swells and gale force winds to the Western Mediterranean and freezing temperatures that hampered terminal and yard operations in North Europe ports. The disruption to services as ships were forced to wait out the storms created week-long delays on multiple vessels across 16 services calling at ports along the East Coast of North America. The trans-Pacific trade is currently seeing its worst reliability since January last year, equaling the 29% on-time performance reported a year ago. Ozuygur said although the drivers this year were less dependent on dramatic network overhauls, they were comparable in operational impact. “Paired with the seasonal spike in cancellation rates in February and March totaling 687,000 TEUs and 93 cancelled sailings, these delays indicate a rough start to 2026 for US shippers,” she said, adding that it was something shippers would be watching carefully over the next month. “With tender season practically upon us, this is a crucial window for shippers and forwarders to reexamine performance at a carrier level,” Ozuygur said. “Careful consideration of carrier-level performance balanced across transit times, on-time arrivals and cancellation rates should be incorporated before firming contracts.” Contact Greg Knowler at greg.knowler@spglobal.com .

Trans-Atlantic

Ocean carrier on-time arrivals tumbled in January: Xeneta

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