<div class="phx-topic abstract-wrapper">The U.K.’s transport sector is on tenterhooks as deeply divided Britons prepare to cast an historic vote Thursday on whether to remain in or leave the European Union.</div>

The U.K.’s transport sector is on tenterhooks as deeply divided Britons prepare to cast an historic vote Thursday on whether to remain in or leave the European Union.

<div>LONDON — The U.K.’s transport sector is on tenterhooks as deeply divided Britons prepare to cast an historic vote Thursday on whether to remain in or leave the European Union after 43 years of membership.The transport industry has been much less vocal than other sectors — from manufacturing to financial services — that have sounded alarm bells about the impact of a leave vote — or Brexit — victory on Friday morning. But transport has more to gain or lose from the result than many businesses as Brexit means the U.K. would have to renegotiate trade deals with the EU...

LONDON — The U.K.’s transport sector is on tenterhooks as deeply divided Britons prepare to cast an historic vote Thursday on whether to remain in or leave the European Union after 43 years of membership. The transport industry has been much less vocal than other sectors — from manufacturing to financial services — that have sounded alarm bells about the impact of a leave vote — or Brexit — victory on Friday morning. But transport has more to gain or lose from the result than many businesses as Brexit means the U.K. would have to renegotiate trade deals with the EU and the rest of the world — a lengthy process that could impact sea, land and air freight flows. Brexit would not lead to immediate changes as the U.K. would have a two-year “grace period” to strike a new relationship with the remaining 27 member nations of the EU. Trucking faces the biggest potential hit if the U.K. leaves the EU, as the industry relies heavily on European migrants who have visa-free access to the country under the 28-nation single market because it can’t recruit sufficient British drivers to keep pace with demand. Of the 290,000 heavy vehicle drivers in the U.K., some 60,000 are from the EU, mainly Poland and other East European countries, according to the Road Haulage Association. And without them, the U.K. economy would grind to a halt within days, according to Jack Semple, policy director at the RHA. “We are facing the worst driver shortage in living memory. If we didn’t have skilled foreign drivers to plug the gap during peak times such as Christmas, we would be facing the very real possibility of logistics businesses grinding to a halt,” he said in a position paper. “Their presence reflects long-term underinvestment in U.K. residents to drive in what is an essential U.K. services industry, which has reduced the size and strength of the HGV (Heavy Goods Vehicle) training sector in the U.K.” The industry’s biggest problems aren’t the result of EU regulations, but British decisions such as high diesel prices and under-investment in roads, according to Semple. But the majority of members of the RHA, which is officially neutral, are in favor of the U.K. leaving the European Union, according to a survey it published last week. Sixty percent of respondents said they want to leave, 30 percent want to remain and 10 percent are undecided. A majority of smaller firms want to quit, reflecting their concerns over excessive red tape and unfair competition from foreign truckers, while most of the larger companies operating more than 65 trucks want to stay in the EU. The immediate impact on the logistics industry of a Brexit would be a widely anticipated slide in the value of sterling against key currencies, including the U.S. dollar. “We are currently in the process of emptying bank accounts of pounds to minimize currency risks,” Jens Bjorn Andersen, chief executive officer of Denmark’s DSV, said last month after reporting the first-quarter results of the world’s fifth-largest freight forwarder . A weaker pound would impact trade and the volume of traffic passing through U.K. ports because imports, which would become more expensive, account for a larger slice of their business than exports. U.K. ports dependent on trade with the EU — which takes around 45 percent of the U.K.’s exports and supplies more than 50 percent of its imports — are also anxious about the longer term impact of Brexit. “Any changes in trading patterns would be especially relevant for U.K. ports, which themselves are responsible for handling around 90 percent of the U.K.’s trade,” according to Oxera Consulting. “Changes to the costs of trade with the EU are likely to affect the volumes and patterns of trade activity at ports, while the need for new customs checks on imports and exports is likely to cause considerable congestion at U.K. and mainland European ports,” the U.K. firm said. Ports like Tilbury near London are most exposed to the threat of customs checks stopping the free flow of cargo through the terminal as some 60 percent of its traffic moves to and from the continent. Currently, around 70 percent of its cargo is unloaded and moved out of the port within four hours. The U.K. Chamber of Shipping’s CEO Guy Platten has expressed fears that lengthy post-Brexit negotiations with the EU could prove “profoundly negative.” A Brexit vote is stirring concern in London’s maritime cluster, which is a global market leader in several sectors, accounting for 35 percent of marine insurance premiums and more than a quarter of ship broking revenues, with a 10,000 strong workforce contributing some 4.4 billion pounds ($6.4 billion) annually to the British economy. The U.K.’s departure from the EU would pose a “grave threat” to the overall London insurance market, according to a joint paper by Lloyd’s of London, the International Underwriting Association and Fidelis insurance. While the U.K. is a major maritime hub and boasts a significant shipping register, it is not home to big name shipping companies. It is largely absent from the container shipping sector compared with Europe, which accounts for four of the world’s top six container lines by capacity — Denmark’s Maersk Line, second-ranked Mediterranean Shipping Co., which is based in non-EU Switzerland, France’s CMA CGM in third place and Germany’s Hapag-Lloyd, which will jump to fifth place if it clinches a planned merger with United Arab Shipping Company. The U.K. waterfront is dominated by outsiders too, with Hong Kong’s Hutchison Port Holdings owning Felixstowe, the country’s top container hub, and Dubai-based DP World controlling Southampton and London Gateway. “If Brexit happens it will be detrimental to the U.K. and it will have a negative impact to the whole of Europe,” Li ka-Shing, chairman of HPH, said on Bloomberg Television. Brexit would also impact airlines as the U.K. is excluded from the EU single aviation market created in the 1990s that allows carriers to launch services across the 28-nation bloc. The U.K. would also have to renegotiate a new agreement with Brussels and the bloc’s open skies accords with other nations. Willie Walsh, CEO of IAG, which includes British Airways, Ireland’s Aer Lingus, and Spanish carriers Iberia and Vueling, has said he does not anticipate any material impact from a Brexit vote. However, London Heathrow airport, Europe’s fourth-largest air freight hub, has strongly backed the Remain campaign. “We are the U.K.’s only hub airport, connecting Britain to over 80 long-haul destinations, and handling over a quarter of U.K. exports — but we recognize that for business to thrive we also need to be part of the single European market,” according to CEO John Holland-Kaye. Contact Bruce Barnard at brucebarnard47@hotmail.com .

Transport, Trade and Regulation News

UK transport sweats over Brexit vote

<div class="phx-topic abstract-wrapper">The Hong Kong-based carrier ended the year with a $1.5 billion net profit, but that was a 41% drop from the robust earnings of the previous year.</div>

The Hong Kong-based carrier ended the year with a $1.5 billion net profit, but that was a 41% drop from the robust earnings of the previous year.

Feature image

<div class="phx-topic">Trade tensions and US tariffs weighed heavily on the 2025 financial results of OOCL, with the ocean carrier reporting Thursday sharp declines across all its earnings metrics for the year. In an uncertain policy environment characterized by extreme market volatility, Hong Kong-headquartered OOCL saw its 2025 revenue fall 9.3% year over year to $9.7 billion. Earnings before interest and taxes (EBIT) fell 42% to $1.5 billion and net profit was down 41%, also to $1.5 billion. The carrier’s volume for the year rose 4% to 7.9 million TEUs. “Tariff measures and trade tensions continued to weigh heavily on the container shipping industry, most notably on the trans‑Pacific trade, driving sharp fluctuations in both cargo volumes and freight rates,” OOCL said in its earnings announcement. “At the same time, policy adjustments and frontloading disrupted the usual post-Lunar New Year seasonal patterns.” One of the carrier’s priorities for 2026 is to accelerate the vertical expansion of its supply chain, building an end-to-end product offering customized solutions such as international order processing, cargo management, warehousing, and distribution services. OOCL took delivery of nine new 16,828-TEU container vessels in 2025, and this year will see the first of a seven-ship order for 24,000-TEU dual-fuel methanol-capable vessels as well as six 13,580-TEU conventional fuel vessels chartered from Seaspan Corporation. The 16,828-TEU fleet has strengthened OOCL’s presence on the trans‑Pacific and indirectly enabled the resumption of the LL3 service on the Asia-Europe trade, which had been suspended due to capacity shortages. <h3>Structural overcapacity adds rate pressure </h3>But even as OOCL significantly adds capacity to its fleet, the Cosco Shipping Holdings subsidiary painted a somber picture in its outlook, warning of structural overcapacity in container shipping that will add downward pressure to rates. It is a valid concern. Just over 1 million TEUs of capacity via ships over 10,000 TEUs is scheduled to be delivered this year. That will be followed by 2.3 million TEUs of capacity due for delivery in 2027 and 3.4 million TEUs in 2028, according to Sea-web, a sister company of the Journal of Commerce within S&amp;P Global. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="994022ec-453b-46eb-b729-fcd589a9082d"></dynamic-object></div>There is <a href="https://www.joc.com/article/yang-ming-wan-hai-boost-combined-order-book-with-12-new-ships-6185215">no sign of carriers pausing ship orders, either</a>. A record 4.8 million TEUs of new ship capacity was ordered in 2025, and that momentum has carried into 2026 with another 290,000 TEUs ordered in January, according to maritime consultancy Drewry. OOCL made no mention of the Middle East war in its earnings statement, but pointed to “ongoing geopolitical tensions” and “fluctuations in economic policies” that will continue to disrupt supply chains and reshape global trade patterns. “While strengthening our east-west service networks, we are also adapting to shifts in global trade patterns, seizing new growth opportunities, accelerating investment in emerging markets and striving to achieve a more balanced global presence to mitigate risks arising from individual regional markets,” OOCL said. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

Trade tensions and US tariffs weighed heavily on the 2025 financial results of OOCL, with the ocean carrier reporting Thursday sharp declines across all its earnings metrics for the year. In an uncertain policy environment characterized by extreme market volatility, Hong Kong-headquartered OOCL saw its 2025 revenue fall 9.3% year over year to $9.7 billion. Earnings before interest and taxes (EBIT) fell 42% to $1.5 billion and net profit was down 41%, also to $1.5 billion. The carrier’s volume for the year rose 4% to 7.9 million TEUs. “Tariff measures and trade tensions continued to weigh heavily on the container shipping industry, most notably on the trans‑Pacific trade, driving sharp fluctuations in both cargo volumes and freight rates,” OOCL said in its earnings announcement. “At the same time, policy adjustments and frontloading disrupted the usual post-Lunar New Year seasonal patterns.” One of the carrier’s priorities for 2026 is to accelerate the vertical expansion of its supply chain, building an end-to-end product offering customized solutions such as international order processing, cargo management, warehousing, and distribution services. OOCL took delivery of nine new 16,828-TEU container vessels in 2025, and this year will see the first of a seven-ship order for 24,000-TEU dual-fuel methanol-capable vessels as well as six 13,580-TEU conventional fuel vessels chartered from Seaspan Corporation. The 16,828-TEU fleet has strengthened OOCL’s presence on the trans‑Pacific and indirectly enabled the resumption of the LL3 service on the Asia-Europe trade, which had been suspended due to capacity shortages. Structural overcapacity adds rate pressure But even as OOCL significantly adds capacity to its fleet, the Cosco Shipping Holdings subsidiary painted a somber picture in its outlook, warning of structural overcapacity in container shipping that will add downward pressure to rates. It is a valid concern. Just over 1 million TEUs of capacity via ships over 10,000 TEUs is scheduled to be delivered this year. That will be followed by 2.3 million TEUs of capacity due for delivery in 2027 and 3.4 million TEUs in 2028, according to Sea-web, a sister company of the Journal of Commerce within S&P Global. There is no sign of carriers pausing ship orders, either . A record 4.8 million TEUs of new ship capacity was ordered in 2025, and that momentum has carried into 2026 with another 290,000 TEUs ordered in January, according to maritime consultancy Drewry. OOCL made no mention of the Middle East war in its earnings statement, but pointed to “ongoing geopolitical tensions” and “fluctuations in economic policies” that will continue to disrupt supply chains and reshape global trade patterns. “While strengthening our east-west service networks, we are also adapting to shifts in global trade patterns, seizing new growth opportunities, accelerating investment in emerging markets and striving to achieve a more balanced global presence to mitigate risks arising from individual regional markets,” OOCL said. Contact Greg Knowler at greg.knowler@spglobal.com .

Container lines

Container Shipping News

Maritime

Volatile shipping market drags down OOCL’s 2025 financial results

<div class="phx-topic abstract-wrapper">Cosco did not give a reason for the move, but it comes just two weeks after the Panamanian government wrested control of Balboa and Cristobal ports from Hutchison-owned operator Panama Ports Company.</div>

Cosco did not give a reason for the move, but it comes just two weeks after the Panamanian government wrested control of Balboa and Cristobal ports from Hutchison-owned operator Panama Ports Company.

<div class="phx-topic">Cosco Shipping Lines and its Hong Kong-headquartered affiliate OOCL have halted calls at Balboa port on Panama’s Pacific Coast and are instead redirecting services to Manzanillo on the Atlantic side of the Panama Canal. Cosco did not give a reason for the move, but it comes just two weeks after the Panamanian government wrested control of Balboa and Cristobal ports from operator Panama Ports Company (PPC) after PPC had its 28-year concession <a href="https://www.joc.com/article/panama-court-voids-ck-hutchison-canal-terminal-leases-6161145">nullified by Panama’s Supreme Court</a>. PPC is 90% owned by Hong Kong-conglomerate CK Hutchison Holdings. Cosco announced the service change in an advisory to local customers; updated vessel schedules Thursday show Cosco and OOCL ships calling at Manzanillo instead of Balboa. Cosco’s notice said existing confirmed bookings for Balboa will be canceled. Import cargo already held at Balboa will be released normally, although empty boxes must be returned to Manzanillo International Terminal (MIT) or Colon Container Terminal (CCT), both on the Atlantic coast, the advisory said. Taiwan’s Evergreen Marine, Cosco Shipping’s partner in the Ocean Alliance along with OOCL and CMA CGM, operates CCT, while SSA Marine operates MIT. Some transshipment cargo normally handled by Balboa on Cosco’s West Coast South America and regional Caribbean services has been shifted to Buenaventura in Colombia and Lazaro Cardenas on the West Coast of Mexico. <h3>Move comes after Maersk, MSC met with Chinese officials </h3>Cosco’s shift away from Balboa came a day after executives from Maersk and Mediterranean Shipping Co. <a href="https://www.joc.com/article/china-india-warn-carriers-on-higher-pricing-tied-to-middle-east-conflict-6183986">were called to a meeting with officials from China’s Ministry of Transport</a> to discuss “international shipping operations.” No details of what was discussed at the meeting have been released by the ministry or carriers. But it comes after Maersk’s APM Terminals (APMT) <a href="https://www.joc.com/article/maersk-msc-units-begin-interim-management-of-panama-canal-terminals-6175167">was given a transitory concession contract</a> for the Balboa terminal by the Panama Maritime Authority (PMA), while MSC’s Terminal Investment Limited (TiL) was given the same for Cristobal on the Atlantic coast. Both contracts are for 18 months, as APMT and TiL were appointed by the Panama government to operate the ports until new long-term management concessions can be agreed. China’s Hong Kong and Macao Affairs Office has warned that Panama would “pay a heavy price, both politically and economically” for the court decision, calling the ruling “absurd ... shameful and pathetic.” Cosco’s move away from Balboa coincided with comments by President Donald Trump last weekend that the US would “not allow hostile foreign influence to establish itself in this hemisphere, and that includes the Panama Canal.” The Trump administration had been in an increasingly aggressive spat with China over what it saw as China’s malign influence on canal and local port operations. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

Cosco Shipping Lines and its Hong Kong-headquartered affiliate OOCL have halted calls at Balboa port on Panama’s Pacific Coast and are instead redirecting services to Manzanillo on the Atlantic side of the Panama Canal. Cosco did not give a reason for the move, but it comes just two weeks after the Panamanian government wrested control of Balboa and Cristobal ports from operator Panama Ports Company (PPC) after PPC had its 28-year concession nullified by Panama’s Supreme Court . PPC is 90% owned by Hong Kong-conglomerate CK Hutchison Holdings. Cosco announced the service change in an advisory to local customers; updated vessel schedules Thursday show Cosco and OOCL ships calling at Manzanillo instead of Balboa. Cosco’s notice said existing confirmed bookings for Balboa will be canceled. Import cargo already held at Balboa will be released normally, although empty boxes must be returned to Manzanillo International Terminal (MIT) or Colon Container Terminal (CCT), both on the Atlantic coast, the advisory said. Taiwan’s Evergreen Marine, Cosco Shipping’s partner in the Ocean Alliance along with OOCL and CMA CGM, operates CCT, while SSA Marine operates MIT. Some transshipment cargo normally handled by Balboa on Cosco’s West Coast South America and regional Caribbean services has been shifted to Buenaventura in Colombia and Lazaro Cardenas on the West Coast of Mexico. Move comes after Maersk, MSC met with Chinese officials Cosco’s shift away from Balboa came a day after executives from Maersk and Mediterranean Shipping Co. were called to a meeting with officials from China’s Ministry of Transport to discuss “international shipping operations.” No details of what was discussed at the meeting have been released by the ministry or carriers. But it comes after Maersk’s APM Terminals (APMT) was given a transitory concession contract for the Balboa terminal by the Panama Maritime Authority (PMA), while MSC’s Terminal Investment Limited (TiL) was given the same for Cristobal on the Atlantic coast. Both contracts are for 18 months, as APMT and TiL were appointed by the Panama government to operate the ports until new long-term management concessions can be agreed. China’s Hong Kong and Macao Affairs Office has warned that Panama would “pay a heavy price, both politically and economically” for the court decision, calling the ruling “absurd ... shameful and pathetic.” Cosco’s move away from Balboa coincided with comments by President Donald Trump last weekend that the US would “not allow hostile foreign influence to establish itself in this hemisphere, and that includes the Panama Canal.” The Trump administration had been in an increasingly aggressive spat with China over what it saw as China’s malign influence on canal and local port operations. Contact Keith Wallis at keithwallis@hotmail.com .

Port News

Marine terminals

International ports

Cosco, OOCL halt Balboa calls in latest twist over Panama port row

<div class="phx-topic abstract-wrapper">All major long-haul liners are seeking temporary supply chain asylum at Indian docks to offload boxes that departed China and Southeast Asia in recent days, according to market sources in India.</div>

All major long-haul liners are seeking temporary supply chain asylum at Indian docks to offload boxes that departed China and Southeast Asia in recent days, according to market sources in India.

<div class="phx-topic">An estimated 100,000 TEUs of Far East-originated cargo that has become stranded en route to the Middle East is set to land across Indian ports as ocean carriers divert from the war zone, market sources in India say. All major long-haul liners are seeking temporary supply chain asylum at Indian docks to offload containers that departed ports in China and Southeast Asia in recent days, according to local industry sources who spoke with the Journal of Commerce. Representatives from Maersk, CMA CGM, Hapag-Lloyd, Ocean Network Express, and Cosco Shipping are already in discussions with authorities at the Indian West Coast ports of Nhava Sheva, Mundra, Pipavav and Kandla to strike yard space deals for the storage of diverted loads, the sources said. With a planned rerouting count of approximately 40,000 TEUs, Maersk is also considering Gangavaram Port on India’s southern East Coast as an additional discharge point, the sources added. Maersk could not be reached for comment. Carriers at Nhava Sheva are primarily engaging with PSA International’s flagship Bharat Mumbai Container Terminals (BMCT), which now has measurable spare cargo-handling space following the 2025 terminal expansions that doubled annual throughput capacity to 4.8 million TEUs. BMCT has already handled a few ships diverted to Nhava Sheva to drop boxes, including Hapag-Lloyd’s 24,000-TEU Damietta Express, while terminal berthing data updated Thursday points to a lineup of nine ad-hoc calls through March 19. The terminal can stack up to 25,000 TEUs on dock, with capacity for 3,000 reefer plug-ins for refrigerated cargo, without causing major operational pressure on the quayside, sources noted. Port and customs authorities in Nhava Sheva are collaborating to identify and allocate dedicated extra yard space off the dock in line with recent government directives to ease Middle East supply chain pain points. Mediterranean Shipping Co. is already a significant regional transshipment player at Mundra and Vizhinjam in the south, riding on its strategic partnerships with Adani Ports, and there are no indications the carrier will stop using those ports to handle stranded cargo. <h3>India-Middle East rates jump </h3>Evacuating diverted containers is complicated in the current scenario, carrier sources agree, but they are betting on alternative shuttle connections to Sohar in Oman and Khor Fakkan and Fujairah in the United Arab Emirates to keep clearing boxes out in parallel, with final transit legs <a href="https://www.joc.com/article/as-war-rages-multimodal-demand-surges-on-asia-europe-landbridge-6185162">handled by road wherever feasible</a>. While space is not guaranteed, forwarder sources have reported wild swings in spot pricing for Nhava Sheva-Middle East bookings: up to $2,500 per TEU and $3,500 per FEU for Sohar and $2,000 per TEU and $3,000 per FEU for Khor Fakkan. That’s from as low as $50 to $75 per FEU for bookings to Jebel Ali last month. “Our strategy is to prioritize refrigerated containers for onward connectivity,” a Nhava Sheva-based operations executive at a European carrier said. “We are working on a combination of regional options to handle affected cargo,” an executive with an Asia-based carrier said. However, no one is certain how efficiently those plans will play out in such a fluid environment. Terminals across major Indian ports are operating at normal speed at the moment, except for slightly longer waiting times reported at Nhava Sheva due to bunching of vessels. But trade experts warn of port congestion risks if a large influx of diverted containers arrives within a few days as they believe there will be a scramble at yards/terminal gates to connect or reconnect boxes on to ships when normal ocean service patterns return. Another regional factor pushing carriers onto the Indian coast is the space crunch at Sri Lanka’s Colombo Port to hold ad-hoc volumes. Local sources speaking with the Journal of Commerce have reported high yard occupancy levels across Colombo terminals due to a steady surge in traditional transshipment volumes. Colombo handled 604,173 TEUs of transshipments in January, up from 589,134 TEUs in December, industry data shows. “With ongoing schedule disruptions, there has been a bump in container dwells,” said a Colombo terminal executive who didn’t want to be identified. “So, we are turning away Middle East cargo callers at the moment.” Contact Bency Mathew at <a href="mailto:bencyvmathew@gmail.com">bencyvmathew@gmail.com</a>. </div>

An estimated 100,000 TEUs of Far East-originated cargo that has become stranded en route to the Middle East is set to land across Indian ports as ocean carriers divert from the war zone, market sources in India say. All major long-haul liners are seeking temporary supply chain asylum at Indian docks to offload containers that departed ports in China and Southeast Asia in recent days, according to local industry sources who spoke with the Journal of Commerce. Representatives from Maersk, CMA CGM, Hapag-Lloyd, Ocean Network Express, and Cosco Shipping are already in discussions with authorities at the Indian West Coast ports of Nhava Sheva, Mundra, Pipavav and Kandla to strike yard space deals for the storage of diverted loads, the sources said. With a planned rerouting count of approximately 40,000 TEUs, Maersk is also considering Gangavaram Port on India’s southern East Coast as an additional discharge point, the sources added. Maersk could not be reached for comment. Carriers at Nhava Sheva are primarily engaging with PSA International’s flagship Bharat Mumbai Container Terminals (BMCT), which now has measurable spare cargo-handling space following the 2025 terminal expansions that doubled annual throughput capacity to 4.8 million TEUs. BMCT has already handled a few ships diverted to Nhava Sheva to drop boxes, including Hapag-Lloyd’s 24,000-TEU Damietta Express, while terminal berthing data updated Thursday points to a lineup of nine ad-hoc calls through March 19. The terminal can stack up to 25,000 TEUs on dock, with capacity for 3,000 reefer plug-ins for refrigerated cargo, without causing major operational pressure on the quayside, sources noted. Port and customs authorities in Nhava Sheva are collaborating to identify and allocate dedicated extra yard space off the dock in line with recent government directives to ease Middle East supply chain pain points. Mediterranean Shipping Co. is already a significant regional transshipment player at Mundra and Vizhinjam in the south, riding on its strategic partnerships with Adani Ports, and there are no indications the carrier will stop using those ports to handle stranded cargo. India-Middle East rates jump Evacuating diverted containers is complicated in the current scenario, carrier sources agree, but they are betting on alternative shuttle connections to Sohar in Oman and Khor Fakkan and Fujairah in the United Arab Emirates to keep clearing boxes out in parallel, with final transit legs handled by road wherever feasible . While space is not guaranteed, forwarder sources have reported wild swings in spot pricing for Nhava Sheva-Middle East bookings: up to $2,500 per TEU and $3,500 per FEU for Sohar and $2,000 per TEU and $3,000 per FEU for Khor Fakkan. That’s from as low as $50 to $75 per FEU for bookings to Jebel Ali last month. “Our strategy is to prioritize refrigerated containers for onward connectivity,” a Nhava Sheva-based operations executive at a European carrier said. “We are working on a combination of regional options to handle affected cargo,” an executive with an Asia-based carrier said. However, no one is certain how efficiently those plans will play out in such a fluid environment. Terminals across major Indian ports are operating at normal speed at the moment, except for slightly longer waiting times reported at Nhava Sheva due to bunching of vessels. But trade experts warn of port congestion risks if a large influx of diverted containers arrives within a few days as they believe there will be a scramble at yards/terminal gates to connect or reconnect boxes on to ships when normal ocean service patterns return. Another regional factor pushing carriers onto the Indian coast is the space crunch at Sri Lanka’s Colombo Port to hold ad-hoc volumes. Local sources speaking with the Journal of Commerce have reported high yard occupancy levels across Colombo terminals due to a steady surge in traditional transshipment volumes. Colombo handled 604,173 TEUs of transshipments in January, up from 589,134 TEUs in December, industry data shows. “With ongoing schedule disruptions, there has been a bump in container dwells,” said a Colombo terminal executive who didn’t want to be identified. “So, we are turning away Middle East cargo callers at the moment.” Contact Bency Mathew at bencyvmathew@gmail.com .

Carriers seek to offload stranded Asia-Middle East containers at Indian ports

<div class="phx-topic abstract-wrapper">The new orders from the Taiwan-based carriers came as both reported lower net profit and revenues for 2025 due to softer freight rates. </div>

The new orders from the Taiwan-based carriers came as both reported lower net profit and revenues for 2025 due to softer freight rates.

<div class="phx-topic">Two of Taiwan’s largest container lines, Yang Ming and Wan Hai, are enhancing their fleets after each opted to order six dual-fuel container ships despite both reporting lower net profit and revenues for 2025. Yang Ming, the larger of the two carriers, said Thursday it would order six 13,000-TEU LNG-fueled container ships as part of a wider strategy to replace older ships and vessels coming to the end of existing charters. The carrier said it has a “mid- to long-term goal of a 124-vessel fleet, 1.25 million TEUs in operating capacity, and a 3% to 3.5% share of the global container market by 2032.” Yang Ming said while its directors agreed to the purchase in principle, they will decide details of the order, including the shipyard and delivery schedule, “in accordance with the company’s internal regulations.” “The new generation 13,000-TEU class is highly compatible with the existing 10,000-TEU fleet and is expected to serve as the backbone of Yang Ming’s east-west services,” the carrier said in a statement. “These vessels offer optimal economies of scale and deployment flexibility across key trade lanes, including Asia to/from North America [both East and West coasts], South America, and the Mediterranean.” Separately, intra-Asia-focused Wan Hai said it has ordered six dual-fuel container ships from shipyards in China. Four 6,000-TEU LNG-powered vessels have been ordered from CSSC Huangpu Wenchong Shipbuilding in a deal worth up to $328 million, the carrier said in a Taiwan stock exchange filing this week. Wan Hai said each vessel will cost between $75.2 million and $82 million. A second order covering two 9,200-TEU methanol-powered container ships has been awarded to Shanghai Waigaoqiao Shipbuilding. Each ship will cost between $102 million and $112 million, giving a potential order value of up to $224 million, Wan Hai said in separate stock exchange filing. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="ef78ab1f-3609-44d0-a713-fb260bc40609"></dynamic-object></div>Wan Hai has an order backlog of 28 ships totaling 345,200 TEUs in capacity, comprising 16 8,700-TEU and 12 10,000-TEU vessels, for delivery between this year and 2030, the carrier said The new orders from Yang Ming and Wan Hai add to an already expanding backlog of container ships that totals more than 1,350 ships with a combined capacity of 11.8 million TEUs, Niels Rasmussen, chief shipping analyst at maritime industry lobby group BIMCO, said in a commentary. According to Sea-web, a sister product of the Journal of Commerce within S&amp;P Global, dual-fuel LNG ships represent just over 6.4 million TEUs of the order book, with methanol-powered vessels comprising almost 1.7 million TEUs. <h3>Lower rates hit 2025 earnings </h3>The new orders from the Taiwanese carriers came as they announced weaker financials for last year. Yang Ming said its 2025 net profit plummeted 73% to $538 million on lower freight rates, while operating revenues fell 26% to $5.2 billion. The carrier said its trans-Pacific services were affected by tariff-related factors that dampened shipment momentum, although European and intra-Asia markets remained relatively stable. “Looking ahead, trade protectionism and geopolitical crises remain persistent,” Yang Ming said. “Escalating conflicts in the Middle East and the Red Sea have had an impact on ... the stability of the maritime supply chain. Complex transshipment arrangements have also increased operational challenges, placing additional pressure on port operations and increasing the risk of terminal congestion while pushing up insurance premiums and bunker costs.” Wan Hai, meanwhile, saw net profit drop 28% to $1 billion last year, while operating revenues fell 8% to $4.5 billion. The carrier is expected to provide further details when it officially releases its annual results next month. Evergreen Marine, Taiwan’s biggest container line, will announce profit and revenue figures in a Taiwan stock exchange filing on Friday. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

Two of Taiwan’s largest container lines, Yang Ming and Wan Hai, are enhancing their fleets after each opted to order six dual-fuel container ships despite both reporting lower net profit and revenues for 2025. Yang Ming, the larger of the two carriers, said Thursday it would order six 13,000-TEU LNG-fueled container ships as part of a wider strategy to replace older ships and vessels coming to the end of existing charters. The carrier said it has a “mid- to long-term goal of a 124-vessel fleet, 1.25 million TEUs in operating capacity, and a 3% to 3.5% share of the global container market by 2032.” Yang Ming said while its directors agreed to the purchase in principle, they will decide details of the order, including the shipyard and delivery schedule, “in accordance with the company’s internal regulations.” “The new generation 13,000-TEU class is highly compatible with the existing 10,000-TEU fleet and is expected to serve as the backbone of Yang Ming’s east-west services,” the carrier said in a statement. “These vessels offer optimal economies of scale and deployment flexibility across key trade lanes, including Asia to/from North America [both East and West coasts], South America, and the Mediterranean.” Separately, intra-Asia-focused Wan Hai said it has ordered six dual-fuel container ships from shipyards in China. Four 6,000-TEU LNG-powered vessels have been ordered from CSSC Huangpu Wenchong Shipbuilding in a deal worth up to $328 million, the carrier said in a Taiwan stock exchange filing this week. Wan Hai said each vessel will cost between $75.2 million and $82 million. A second order covering two 9,200-TEU methanol-powered container ships has been awarded to Shanghai Waigaoqiao Shipbuilding. Each ship will cost between $102 million and $112 million, giving a potential order value of up to $224 million, Wan Hai said in separate stock exchange filing. Wan Hai has an order backlog of 28 ships totaling 345,200 TEUs in capacity, comprising 16 8,700-TEU and 12 10,000-TEU vessels, for delivery between this year and 2030, the carrier said The new orders from Yang Ming and Wan Hai add to an already expanding backlog of container ships that totals more than 1,350 ships with a combined capacity of 11.8 million TEUs, Niels Rasmussen, chief shipping analyst at maritime industry lobby group BIMCO, said in a commentary. According to Sea-web, a sister product of the Journal of Commerce within S&P Global, dual-fuel LNG ships represent just over 6.4 million TEUs of the order book, with methanol-powered vessels comprising almost 1.7 million TEUs. Lower rates hit 2025 earnings The new orders from the Taiwanese carriers came as they announced weaker financials for last year. Yang Ming said its 2025 net profit plummeted 73% to $538 million on lower freight rates, while operating revenues fell 26% to $5.2 billion. The carrier said its trans-Pacific services were affected by tariff-related factors that dampened shipment momentum, although European and intra-Asia markets remained relatively stable. “Looking ahead, trade protectionism and geopolitical crises remain persistent,” Yang Ming said. “Escalating conflicts in the Middle East and the Red Sea have had an impact on ... the stability of the maritime supply chain. Complex transshipment arrangements have also increased operational challenges, placing additional pressure on port operations and increasing the risk of terminal congestion while pushing up insurance premiums and bunker costs.” Wan Hai, meanwhile, saw net profit drop 28% to $1 billion last year, while operating revenues fell 8% to $4.5 billion. The carrier is expected to provide further details when it officially releases its annual results next month. Evergreen Marine, Taiwan’s biggest container line, will announce profit and revenue figures in a Taiwan stock exchange filing on Friday. Contact Keith Wallis at keithwallis@hotmail.com .

Yang Ming, Wan Hai boost combined order book with 12 new ships

<div class="phx-topic abstract-wrapper">Truck-air solutions are also taking off with rising interest from shippers as the Middle East war removes the popular sea-air services via Jebel Ali in the UAE as a viable option. </div>

Truck-air solutions are also taking off with rising interest from shippers as the Middle East war removes the popular sea-air services via Jebel Ali in the UAE as a viable option.

<div class="phx-topic">Major ocean carriers are offering land-based solutions for cargo going to and from the war-hit Persian Gulf, with the only ocean entry point via the Strait of Hormuz effectively closed to shipping. Maersk is delivering Gulf-bound cargo to ports in the region for onward transport by another mode. “We are using Salalah [Oman] and Khor Fakkan [UAE] for cargo that comes from the east and are securing trucking capacity to take it into the Gulf,” said Maersk CCO Karsten Kildahl. “For cargo that comes from Europe, we focus mainly on Jeddah [on the Red Sea] and are deploying trucks to take the cargo 1,500 km across the Arabian Peninsula through the desert.” Mediterranean Shipping Co. is using its Asia-Mediterranean Dragon and Jade services to move cargo inland to the Persian Gulf via King Abdullah and Jeddah ports in Saudi Arabia. Key inland destinations in the Gulf include Damman, Riyadh, Jubail, Bahrain, Kuwait, Hamad, Jebel Ali and Abu Dhabi. CMA CGM has reopened its export bookings with immediate effect from Iraq, Kuwait, Qatar, Bahrain, Saudi Arabia and the UAE, and is deploying multimodal solutions around feeder ships and trucking. Options include carrier haulage from Iraq, Kuwait, Qatar and Bahrain via bonded landbridge to Sohar in Oman. From the UAE, solutions are CMA CGM land bridge to Sohar and trucks from Iraq, Kuwait, Qatar, Bahrain and Dammam via bonded landbridge across Saudia Arabia to Jeddah. DHL Global Forwarding launched DHL Truckair in January, which involves trucking from Asia to Uzbekistan and an onward flight to Turkey from where the goods are shipped, trucked or flown to Europe. “This isn’t a direct response to recent developments [in the Middle East], but it is an example of Asia-Europe services that utilize road freight,” the DHL spokesperson said. He noted that road freight was being used to move cargo between transport hubs in the Middle East as an alternative to air on some intra-regional routes with the Persian Gulf still largely out of bounds. In general for Asia-Europe needs, DHL Global Forwarding said customer enquiries for both road and rail solutions “have risen notably” as reliability improves and shippers look for alternatives to higher cost air freight. “To address these needs, DHL Global Forwarding is working continuously on more alternative and multimodal transport concepts that further strengthen connectivity between Asia and Europe,” a DHL spokesperson said, declining to provide volume figures. <h3>Rising demand for Asia-Europe land transport </h3>Forwarders are reporting rising demand for road and rail transport from Asia to Europe as transit times and reliability improve and cross-border procedures become more predictable. CEVA Logistics is also seeing truck-air solutions taking off with accelerating interest from shippers, particularly with the Middle East war making popular sea-air services via Jebel Ali in the United Arab Emirates unviable. “We are seeing clear and sustained growth in demand for road and multimodal freight services between Asia and Europe, driven by improving infrastructure, more predictable border procedures and shippers’ need for faster, flexible alternatives to traditional routings,” said Kelvin Tang, vice president of ground and rail for Asia-Pacific at CEVA Logistics. “In the Asia-Europe market overall, combined rail and cross‑border trucking volumes are up around 15% year on year, reflecting this shift in shipper behavior,” Tang told the Journal of Commerce. CEVA did not provide specific volume figures. Transit times for road from China to Europe are between 12 and 19 days, while rail freight transits are 10 to 25 days. Rates from Chinese terminals to European terminals are volatile and vary from week to week, influenced by demand, bottlenecks on the Poland-Belarus border, and disruption in ocean shipping. An automotive shipper based in Europe said trucking solutions out of Asia had matured and currently offered better pricing than in the past. “The main advantage is that 66 pallets can be loaded into a truck, but rail containers can hold a maximum of 44 pallets,” the source told the Journal of Commerce. “The last time I benchmarked pricing in January, the price per pallet by truck to southeast Europe was lower than by train via Russia. For central Europe the cost per pallet would probably be very similar.” Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

Major ocean carriers are offering land-based solutions for cargo going to and from the war-hit Persian Gulf, with the only ocean entry point via the Strait of Hormuz effectively closed to shipping. Maersk is delivering Gulf-bound cargo to ports in the region for onward transport by another mode. “We are using Salalah [Oman] and Khor Fakkan [UAE] for cargo that comes from the east and are securing trucking capacity to take it into the Gulf,” said Maersk CCO Karsten Kildahl. “For cargo that comes from Europe, we focus mainly on Jeddah [on the Red Sea] and are deploying trucks to take the cargo 1,500 km across the Arabian Peninsula through the desert.” Mediterranean Shipping Co. is using its Asia-Mediterranean Dragon and Jade services to move cargo inland to the Persian Gulf via King Abdullah and Jeddah ports in Saudi Arabia. Key inland destinations in the Gulf include Damman, Riyadh, Jubail, Bahrain, Kuwait, Hamad, Jebel Ali and Abu Dhabi. CMA CGM has reopened its export bookings with immediate effect from Iraq, Kuwait, Qatar, Bahrain, Saudi Arabia and the UAE, and is deploying multimodal solutions around feeder ships and trucking. Options include carrier haulage from Iraq, Kuwait, Qatar and Bahrain via bonded landbridge to Sohar in Oman. From the UAE, solutions are CMA CGM land bridge to Sohar and trucks from Iraq, Kuwait, Qatar, Bahrain and Dammam via bonded landbridge across Saudia Arabia to Jeddah. DHL Global Forwarding launched DHL Truckair in January, which involves trucking from Asia to Uzbekistan and an onward flight to Turkey from where the goods are shipped, trucked or flown to Europe. “This isn’t a direct response to recent developments [in the Middle East], but it is an example of Asia-Europe services that utilize road freight,” the DHL spokesperson said. He noted that road freight was being used to move cargo between transport hubs in the Middle East as an alternative to air on some intra-regional routes with the Persian Gulf still largely out of bounds. In general for Asia-Europe needs, DHL Global Forwarding said customer enquiries for both road and rail solutions “have risen notably” as reliability improves and shippers look for alternatives to higher cost air freight. “To address these needs, DHL Global Forwarding is working continuously on more alternative and multimodal transport concepts that further strengthen connectivity between Asia and Europe,” a DHL spokesperson said, declining to provide volume figures. Rising demand for Asia-Europe land transport Forwarders are reporting rising demand for road and rail transport from Asia to Europe as transit times and reliability improve and cross-border procedures become more predictable. CEVA Logistics is also seeing truck-air solutions taking off with accelerating interest from shippers, particularly with the Middle East war making popular sea-air services via Jebel Ali in the United Arab Emirates unviable. “We are seeing clear and sustained growth in demand for road and multimodal freight services between Asia and Europe, driven by improving infrastructure, more predictable border procedures and shippers’ need for faster, flexible alternatives to traditional routings,” said Kelvin Tang, vice president of ground and rail for Asia-Pacific at CEVA Logistics. “In the Asia-Europe market overall, combined rail and cross‑border trucking volumes are up around 15% year on year, reflecting this shift in shipper behavior,” Tang told the Journal of Commerce. CEVA did not provide specific volume figures. Transit times for road from China to Europe are between 12 and 19 days, while rail freight transits are 10 to 25 days. Rates from Chinese terminals to European terminals are volatile and vary from week to week, influenced by demand, bottlenecks on the Poland-Belarus border, and disruption in ocean shipping. An automotive shipper based in Europe said trucking solutions out of Asia had matured and currently offered better pricing than in the past. “The main advantage is that 66 pallets can be loaded into a truck, but rail containers can hold a maximum of 44 pallets,” the source told the Journal of Commerce. “The last time I benchmarked pricing in January, the price per pallet by truck to southeast Europe was lower than by train via Russia. For central Europe the cost per pallet would probably be very similar.” Contact Greg Knowler at greg.knowler@spglobal.com .

Surface

Air Cargo

Asia-Europe

Truckload

International rail

As war rages, multimodal demand surges on Asia-Europe landbridge

Use code GTT26W at checkout and save $900 on first year of an annual Gold subscription!

Upgrade Subscription - Gold Trials

Become a Gold Subscriber and Save!

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

Group Subscriptions - Wide Box

Get into a group subscription today

Use code FTW25 at checkout to save 25% on a Silver or Silver Plus annual subscription! 

Subscribe Now - FT to S/SP - Wide Box

SUBSCRIBE AND SAVE 25%

Use code GW595 and upgrade to Gold for just $595! Valid for first year of subscription.

Upgrade Subscription - S/SP to Gold - Wide Box

SAVE $900 ON A GOLD SUBSCRIPTION

Choose a subscription plan that works best for you!

Subscribe Now - Anonymous to S/SP - Wide Box

SUBSCRIBE TODAY

Access Journal of Commerce content for 30 days

Free Trial - Wide Box

START A FREE TRIAL TODAY

Use code GW995 at checkout to save $500 on first year of a Gold subscription!

Subscribe Now - FT to Gold - Wide Box

SAVE $500 ON A GOLD SUBSCRIPTION

Subscribe Now - Anonymous to Gold - Wide Box

START A FREE TRIAL: Access Journal of Commerce content for 30 days

Free Trial - Offer Box

Free Trial

SUBSCRIBE AND SAVE 25%: Use code FTW25 to save 25% on first year of a Silver or Silver Plus annual subscription!


Subscribe Now - FT to S/SP - Offer Box

Subscribe and Save

GET INTO A GROUP SUBSCRIPTION: Arm your team with unlimited Journal of Commerce content

Group Subscriptions - Offer Box

Group Subscriptions

SUBSCRIBE TODAY: Choose a subscription plan that works best for you!

Subscribe Now - Anonymous to S/SP - Offer Box

UPGRADE TO GOLD AND SAVE: Use code GTT26W at checkout and save $900 on first year of a Gold subscription!

Upgrade Subscription

Subscribe Now - Anonymous to Gold - Offer Box

SAVE $900 ON A GOLD SUBSCRIPTION: Use code GW595 and upgrade to Gold for just $595! Valid on first year of subscription.

Upgrade Subscription - S/SP to Gold - Offer Box

SAVE $500 ON A GOLD SUBSCRIPTION: Use code GW995 and save $500 on the first year of a Gold subscription!

Subscribe Now - FT to Gold - Offer Box

SUBSCRIBE AND SAVE

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

Journal of Commerce Magazine - Rectangle Box

Journal of Commerce Magazine

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

ISI Report - Rectangle Box

Intermodal Savings Index

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

Breakbulk Report - Rectangle Box

Breakbulk Quarterly

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

Gateway - Rectangle Box

Gateway

Customers scoring their intermodal partners to identify the best service providers

Intermodal Service Scorecard - Rectangle Box

Intermodal Service Scorecard

A premium access outlook critical to shippers and transportation providers

QI Report - Rectangle Box

Quarterly Intelligence

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

Breakbulk Conference - Rectangle Box

Attend Breakbulk26

Discover the news and analysis of supply chain strategies, sourcing and trends covered by the Journal of Commerce. Comprehensive coverage includes customs, trade news, transport news and the latest information about trade regulations.

Stay informed with the latest regulation news and trade updates. Explore comprehensive transportation news and trade regulations today.

Transport, Trade and Regulation News | Journal of Commerce

The Journal of Commerce’s supply chain news and analysis impacting the management of end-to-end supply chains reports on supply chain strategies, cargo visibility, inventory trends, sourcing, customs certification and contract logistics. Supply chain news coverage also delves into refrigerated shipping advancements and management of inventory status, regulatory updates and government funding projects.

Our logistics technology news include logistics technology startups, solutions, and the impact of technology on logistics and supply chain management.

Logistics Technology News | Journal of Commerce

Logistics Technology News

A thorough cool cargoes news by Journal of Commerce. Learn about the latest trends in refrigerated cargo transportation, weight capacity, technology, and more.

Cool Cargo News | Journal of Commerce

Cool Cargo News

Journal of Commerce keeps you informed on the latest last mile news with comprehensive coverage of carriers, logistics, and last mile transportation solutions.

Last Mile News | Journal of Commerce

Last Mile News

Discover the latest industrial real estate news and trends. Covering projects, real estate supply chain, logistics, pricing, cross dock facilities, and more.

Industrial Real Estate News | Journal of Commerce

Industrial Real Estate News

Stay updated on supply chain strategies, cargo visibility, inventory trends and more with our comprehensive supply chain news and analysis.

Latest News

More News & Analysis

Volatile shipping market drags down OOCL’s 2025 financial results

Cosco, OOCL halt Balboa calls in latest twist over Panama port row

Carriers seek to offload stranded Asia-Middle East containers at Indian ports