<div class="phx-topic abstract-wrapper">The faster-than-expected rise in coffee prices since last July's collapse to 14-year lows has led so</div>

The faster-than-expected rise in coffee prices since last July's collapse to 14-year lows has led so

<div>The faster-than-expected rise in coffee prices since last July's collapse to 14-year lows has led some traders to moderate their bearish outlook while others now see prices reaching $2 per pound by September.Prices are just under $1 now, their highest level since an international agreement designed to stabilize prices collapsed last July and landed coffee futures at 71 cents, basis the spot position on the New York arabica market.Traders and producing-country coffee officials said back in July that it would take about two years for the world market to readjust to free trading.But the adjustment has been much quicker and...

The faster-than-expected rise in coffee prices since last July's collapse to 14-year lows has led some traders to moderate their bearish outlook while others now see prices reaching $2 per pound by September. Prices are just under $1 now, their highest level since an international agreement designed to stabilize prices collapsed last July and landed coffee futures at 71 cents, basis the spot position on the New York arabica market.Traders and producing-country coffee officials said back in July that it would take about two years for the world market to readjust to free trading. But the adjustment has been much quicker and prices are now beginning to reflect a change in sentiment, traders said. Evidence of the change in sentiment was seen Monday, as the Colombia National Coffee Federation announced the revocation of subsidy payments to private exporters. The subsidy had been slated to stay in place for 1 1/2 years. ''The main concern remains arabicas. There are weather problems in Mexico and Central America and there is a lower crop anticipated in Colombia and Brazil," said Esther Eskenasy, an analyst with Cargill Investor Services. ''The perception of the market is that we still have a lot of coffee available, but the amount of quality coffee is going to be questionable.' ' Ms. Eskenasy said the market "has potential to test the $1 level," basis the July futures contract, currently trading at 93 cents. According to some traders, French trade house Sucres et Denree is buying large amounts of coffee coming up for delivery on the arabica market, fueling the price rise. ''They came in buying heavy on the May and March (contracts). They're making a majormarket play," said one dealer. "I think they're going to hold it until July because by that point the industry will be in a desperate state." Another trader said roasters had bought a great deal of coffee from the trade in forward positions and the trade have bought coffee from exporters, but it remains to be seen how well those contracts will be filled. ''For example, Guatemala and Costa Rica are about 80 percent sold and 50 percent shipped out. And there is (no more coffee) behind it until next October," he said. The trader said there were increasing problems from producers like Mexico, which reportedly canceled export commitments of some 350,000 to 400,000 60-kilogram bags. ''The 'C' contract coffee is going to be in very short supply. Roasters will move into the lower grades as necessary - they will have to lower the qualities of their blends - and they won't even be able to get those as easily," he said. The trader added that he expects prices rise to $1.10, basis May, in the next month. He said he thought the market would reach $2 sometime this year, probably during the August-September period when availability is tightest. But one coffee broker, who said prices could undergo a near-term setback, said a price explosion was unlikely. ''Over the long term, we're likely to see the market remain firm. I won't call it a bull market because even though there is scarcity of good Colombian and we expect a smaller crop there and in Brazil, there is a lot of coffee in the United States," John Schimelpfenig, vice president of the Maxor Trading Corp., said.

COFFEE OUTLOOK SEEN IMPROVING TEST OF $1 LEVEL CITED AS POSSIBLE

<div class="phx-topic abstract-wrapper">Xeneta’s “Schedule Reliability Scorecard” for 2025 showed Maersk and Hapag-Lloyd are more reliable under Gemini than in standalone services, while other alliances showed uneven performance among partners. </div>

Xeneta’s “Schedule Reliability Scorecard” for 2025 showed Maersk and Hapag-Lloyd are more reliable under Gemini than in standalone services, while other alliances showed uneven performance among partners.

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<div class="phx-topic">Maersk and Hapag-Lloyd broke further away from other ocean carriers in on-time performance in 2025, although vessels under their new Gemini Cooperation alliance showed better reliability than their standalone services, data from Xeneta shows. Most other carriers saw performance remaining flat last year, with reliability varying among other alliances. Xeneta’s “Schedule Reliability Scorecard” for 2025 showed that Maersk saw 56% of all its ships arrive on time last year, with an average delay of two days. That is up from the 37% on-time performance and average two-and-half day delay reported at the end of 2024 by eeSea, which Xeneta acquired last August. Meanwhile, second-place Hapag-Lloyd also saw improvement in its 2025 overall reliability, Xeneta data showed, with 52% of all vessels arriving on time and an average delay of three days. At the end of 2024, Hapag-Lloyd saw only about a fifth of its ships arriving on time with an average delay of close to five days. The gain for each carrier stems from the jointly-operated services under the Gemini partnership, with vessels in the alliance hitting 81% schedule reliability. But Xeneta said the performance data shows “the reliability of their non-alliance partnerships generally falls short of Gemini’s optimized structure.”The average delay days for Maersk and Hapag-Lloyd are the lowest among the 12 global ocean carriers in Xeneta’s benchmark. Among that group, delays averaged about four-and-half days. Cosco Shipping and Wan Hai Lines saw average delays of just under three-and-half days, while HMM saw an average eight-and-half-day delay, the highest among the dozen carriers on Xeneta’s list. <h3>Alliance partners show mixed results</h3>Container alliances other than Gemini saw their overall performance in 2025 remain largely flat, Xeneta’s data showed. Individual ocean carrier performance within those alliances varied, which Xeneta said highlighted the need for shippers to know who is operating a particular service. Xeneta said Ocean Alliance had an overall on-time performance of 26% in 2025, which is a step up from the 20% reported for the alliance in 2024. The gain stems largely from improvements at CMA CGM, which saw on-time performance reach 33% in 2025 versus 27% in 2024, and Cosco Shipping, which reached 35% in 2025 compared with a 24% rate the year prior. Those gains appeared to offset performance from Ocean Alliance partner Evergreen Marine, which lagged with a 25% on-time performance last year. “This is valuable evidence for shippers to consider selecting CMA CGM or COSCO on their non-alliance offerings, or to potentially lean into Ocean Alliance services where they function as the primary vessel providers instead of [Evergreen],” Xeneta said.A similar dynamic played out with the Premier Alliance, which had an overall on-time performance of 26% last year. Partners Ocean Network Express and Yang Ming both saw individual on-time performance hit close to that mark, but HMM was only at a 15% on-time rate, according to Xeneta.Mediterranean Shipping Co. saw its on-time performance hit 25% last year with a nearly five-day average delay, “just a pace above the bottom of our rankings” Xeneta said. Zim Integrated Shipping Services, which has container space-sharing agreements with MSC on several lanes, saw last year’s on-time performance improve to 36%, up from 27% in 2024 and placing it in the top three for 2025. Contact Michael Angell at <a href="mailto: michael.angell@spglobal.com">michael.angell@spglobal.com</a>.</div>

Maersk and Hapag-Lloyd broke further away from other ocean carriers in on-time performance in 2025, although vessels under their new Gemini Cooperation alliance showed better reliability than their standalone services, data from Xeneta shows. Most other carriers saw performance remaining flat last year, with reliability varying among other alliances. Xeneta’s “Schedule Reliability Scorecard” for 2025 showed that Maersk saw 56% of all its ships arrive on time last year, with an average delay of two days. That is up from the 37% on-time performance and average two-and-half day delay reported at the end of 2024 by eeSea, which Xeneta acquired last August. Meanwhile, second-place Hapag-Lloyd also saw improvement in its 2025 overall reliability, Xeneta data showed, with 52% of all vessels arriving on time and an average delay of three days. At the end of 2024, Hapag-Lloyd saw only about a fifth of its ships arriving on time with an average delay of close to five days. The gain for each carrier stems from the jointly-operated services under the Gemini partnership, with vessels in the alliance hitting 81% schedule reliability. But Xeneta said the performance data shows “the reliability of their non-alliance partnerships generally falls short of Gemini’s optimized structure.” The average delay days for Maersk and Hapag-Lloyd are the lowest among the 12 global ocean carriers in Xeneta’s benchmark. Among that group, delays averaged about four-and-half days. Cosco Shipping and Wan Hai Lines saw average delays of just under three-and-half days, while HMM saw an average eight-and-half-day delay, the highest among the dozen carriers on Xeneta’s list. Alliance partners show mixed results Container alliances other than Gemini saw their overall performance in 2025 remain largely flat, Xeneta’s data showed. Individual ocean carrier performance within those alliances varied, which Xeneta said highlighted the need for shippers to know who is operating a particular service. Xeneta said Ocean Alliance had an overall on-time performance of 26% in 2025, which is a step up from the 20% reported for the alliance in 2024. The gain stems largely from improvements at CMA CGM, which saw on-time performance reach 33% in 2025 versus 27% in 2024, and Cosco Shipping, which reached 35% in 2025 compared with a 24% rate the year prior. Those gains appeared to offset performance from Ocean Alliance partner Evergreen Marine, which lagged with a 25% on-time performance last year. “This is valuable evidence for shippers to consider selecting CMA CGM or COSCO on their non-alliance offerings, or to potentially lean into Ocean Alliance services where they function as the primary vessel providers instead of [Evergreen],” Xeneta said. A similar dynamic played out with the Premier Alliance, which had an overall on-time performance of 26% last year. Partners Ocean Network Express and Yang Ming both saw individual on-time performance hit close to that mark, but HMM was only at a 15% on-time rate, according to Xeneta. Mediterranean Shipping Co. saw its on-time performance hit 25% last year with a nearly five-day average delay, “just a pace above the bottom of our rankings” Xeneta said. Zim Integrated Shipping Services, which has container space-sharing agreements with MSC on several lanes, saw last year’s on-time performance improve to 36%, up from 27% in 2024 and placing it in the top three for 2025. Contact Michael Angell at michael.angell@spglobal.com .

Asia-Europe

Trans-Pacific

Container lines

Gemini schedule reliability shows sum greater than its parts: Xeneta  

<div class="phx-topic abstract-wrapper">Overall, more than 90% of respondents participating in the latest Journal of Commerce Intermodal Service Scorecard were satisfied with domestic intermodal service between July 1 and Dec. 31, 2025. </div>

Overall, more than 90% of respondents participating in the latest Journal of Commerce Intermodal Service Scorecard were satisfied with domestic intermodal service between July 1 and Dec. 31, 2025.

<div class="phx-topic">Union Pacific Railroad (UP) and J.B. Hunt Transport Services were voted the top railroad and domestic intermodal provider, respectively, for the second half of 2025, according to the latest Journal of Commerce <a href="https://www.joc.com/resources/special-reports/domestic-intermodal-service-scorecard">Intermodal Service Scorecard</a> released Tuesday. Overall, more than 90% of respondents were satisfied with domestic intermodal service between July 1 and Dec. 31, 2025, according to the survey of more than 145 shippers and asset-based and non-asset-based intermodal marketing companies (IMCs). The ISS is published twice a year. Railroads saw the biggest improvement, with 91.3% of respondents satisfied with performance during last year’s peak season, up from 77.5% during the same period of 2024. Intermodal providers overall, whether asset- or non-asset-based, also received higher scores. Just under 94% of shippers were satisfied with IMC performance, up from 90.9% during the peak season of 2024. The survey included 100 respondents who were shippers. “In the last six months our volume has been slipping, but Hunt has always provided sufficient equipment,” one shipper wrote in the survey. “They have gone so far as offering to reduce accessorial charges when we run into problems receiving loads at destination, which is a sign that they value our business.” <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="3f877148-7417-4744-b3a5-e66d957f4430"></dynamic-object></div>J.B. Hunt received 55.9% when shippers were asked to name the best IMC in the second half of 2025. Asset-light and non-asset IMCs came in second with 29% of the vote. That category encompasses asset-light providers such as Alliance Shippers and C.H. Robinson Worldwide, who own some containers, and pure non-asset IMCs such as Mode Transportation and Uber Freight, among many others. Shippers were asked to grade their IMC partners on a five-point scale, with five being the highest. J.B. Hunt received at least 4 out of 5 points in all categories except for pricing, while the asset-light and non-asset IMCs received at least 4 out of 5 in all categories except technology. J.B. Hunt received an overall grade of 4.6 out of 5, while the asset-light and non-asset IMCs received a score of 4.5. “It’s pretty rare when you can pick up the phone and be able to speak with the president of any company, but this is commonplace with InTek Freight and Logistics,” another shipper wrote. “We value long-term relationships with our vendors, and with InTek, it goes beyond a partnership; we feel like they are an extension of our transportation department.” Schneider received the second-best overall score among large asset-owning intermodal providers at 3.7 out of 5; the category consists of providers with more than 10,000 privately-owned containers. <h3>UP wins again for best railroad </h3>Union Pacific edged out rival BNSF Railway for the top railroad for the second consecutive survey, although the two railroads traded first and second place in all the key performance indicators (KPIs). When choosing among all the Class I railroads, 36.3% of IMCs rated UP as the best railroad, while BNSF received 20.5% of the vote. However, when the KPIs are included, the results show that the two railroads are virtually tied with one another atop the list of all railroads, outperforming the two eastern US railroads and two Canadian railroads. It’s the second consecutive survey where UP has outpaced most of its competitors, a stark change from only three years ago under former CEO Lance Fritz, who handed the reins over to current CEO Jim Vena in August 2023. In the last pre-Vena survey, only 17.1% of IMCs were satisfied with UP’s performance. In the latest survey, 80% were satisfied, up from 53.7% during the same period of 2024. UP received an overall score of 4 out of 5 points in the latest survey. BNSF received a 4.1 out of 5, although the difference was less than a tenth of a point. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="6d0852c5-f4fb-408d-8368-5b064b1cbb8b"></dynamic-object></div>Canadian Pacific Kansas City (CPKC) struggled for the second consecutive survey, receiving an overall score of 2.7 out of 5 points, while 58.9% of respondents voted it the lowest-performing railroad. While IMCs generally praised CPKC on the high quality of its Mexico Midwest Express service between Mexico and Chicago, most respondents said the railroad struggled on other routes. Common complaints included the railroad providing good customer service for top partners such as Schneider in the US and Consolidated Fastfrate in Canada, but not paying enough attention to other IMCs. “CPKC is not customer-focused. Our marketing contact cannot help us with service issues,” one IMC wrote in the survey. “Working with the CPKC is very frustrating trying to get things done.” Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>. </div>

Union Pacific Railroad (UP) and J.B. Hunt Transport Services were voted the top railroad and domestic intermodal provider, respectively, for the second half of 2025, according to the latest Journal of Commerce Intermodal Service Scorecard released Tuesday. Overall, more than 90% of respondents were satisfied with domestic intermodal service between July 1 and Dec. 31, 2025, according to the survey of more than 145 shippers and asset-based and non-asset-based intermodal marketing companies (IMCs). The ISS is published twice a year. Railroads saw the biggest improvement, with 91.3% of respondents satisfied with performance during last year’s peak season, up from 77.5% during the same period of 2024. Intermodal providers overall, whether asset- or non-asset-based, also received higher scores. Just under 94% of shippers were satisfied with IMC performance, up from 90.9% during the peak season of 2024. The survey included 100 respondents who were shippers. “In the last six months our volume has been slipping, but Hunt has always provided sufficient equipment,” one shipper wrote in the survey. “They have gone so far as offering to reduce accessorial charges when we run into problems receiving loads at destination, which is a sign that they value our business.” J.B. Hunt received 55.9% when shippers were asked to name the best IMC in the second half of 2025. Asset-light and non-asset IMCs came in second with 29% of the vote. That category encompasses asset-light providers such as Alliance Shippers and C.H. Robinson Worldwide, who own some containers, and pure non-asset IMCs such as Mode Transportation and Uber Freight, among many others. Shippers were asked to grade their IMC partners on a five-point scale, with five being the highest. J.B. Hunt received at least 4 out of 5 points in all categories except for pricing, while the asset-light and non-asset IMCs received at least 4 out of 5 in all categories except technology. J.B. Hunt received an overall grade of 4.6 out of 5, while the asset-light and non-asset IMCs received a score of 4.5. “It’s pretty rare when you can pick up the phone and be able to speak with the president of any company, but this is commonplace with InTek Freight and Logistics,” another shipper wrote. “We value long-term relationships with our vendors, and with InTek, it goes beyond a partnership; we feel like they are an extension of our transportation department.” Schneider received the second-best overall score among large asset-owning intermodal providers at 3.7 out of 5; the category consists of providers with more than 10,000 privately-owned containers. UP wins again for best railroad Union Pacific edged out rival BNSF Railway for the top railroad for the second consecutive survey, although the two railroads traded first and second place in all the key performance indicators (KPIs). When choosing among all the Class I railroads, 36.3% of IMCs rated UP as the best railroad, while BNSF received 20.5% of the vote. However, when the KPIs are included, the results show that the two railroads are virtually tied with one another atop the list of all railroads, outperforming the two eastern US railroads and two Canadian railroads. It’s the second consecutive survey where UP has outpaced most of its competitors, a stark change from only three years ago under former CEO Lance Fritz, who handed the reins over to current CEO Jim Vena in August 2023. In the last pre-Vena survey, only 17.1% of IMCs were satisfied with UP’s performance. In the latest survey, 80% were satisfied, up from 53.7% during the same period of 2024. UP received an overall score of 4 out of 5 points in the latest survey. BNSF received a 4.1 out of 5, although the difference was less than a tenth of a point. Canadian Pacific Kansas City (CPKC) struggled for the second consecutive survey, receiving an overall score of 2.7 out of 5 points, while 58.9% of respondents voted it the lowest-performing railroad. While IMCs generally praised CPKC on the high quality of its Mexico Midwest Express service between Mexico and Chicago, most respondents said the railroad struggled on other routes. Common complaints included the railroad providing good customer service for top partners such as Schneider in the US and Consolidated Fastfrate in Canada, but not paying enough attention to other IMCs. “CPKC is not customer-focused. Our marketing contact cannot help us with service issues,” one IMC wrote in the survey. “Working with the CPKC is very frustrating trying to get things done.” Contact Ari Ashe at ari.ashe@spglobal.com .

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North-American rail

Intermodal providers

Surface

UP, J.B. Hunt voted best intermodal providers in H2 ’25: JOC survey

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

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

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

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

Port News

Drayage

North American ports

Marine terminals

Maritime

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

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

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

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

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

Container Shipping News

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

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

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

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

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

International ports

Longshore labor

Bangladesh boxes begin to move as Chittagong port workers suspend strike

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