<div class="phx-topic abstract-wrapper">With the acquisition of GENCO, everything old is new again for FedEx — or at least resellable.</div>

With the acquisition of GENCO, everything old is new again for FedEx — or at least resellable.

<div>With the acquisition of GENCO, everything old is new again for FedEx — or at least resellable.FedEx is expected to make bigger inroads into retailer supply chains and overseas e-commerce markets through its acquisition of GENCO, a leading reverse logistics specialist. The deal opens a new market for the FedEx, the resale of returned goods.“The real value here for FedEx is returns, not the goods returned to retail stores, but the ones sold through the GENCO Marketplace,” Satish Jindel, president of SJ Consulting Group, said.GENCO Marketplace is a wholesaler of retail returns and surplus inventories. GENCO sells returned and surplus...

With the acquisition of GENCO, everything old is new again for FedEx — or at least resellable. FedEx is expected to make bigger inroads into retailer supply chains and overseas e-commerce markets through its acquisition of GENCO, a leading reverse logistics specialist. The deal opens a new market for the FedEx, the resale of returned goods. “The real value here for FedEx is returns, not the goods returned to retail stores, but the ones sold through the GENCO Marketplace,” Satish Jindel, president of SJ Consulting Group, said. GENCO Marketplace is a wholesaler of retail returns and surplus inventories. GENCO sells returned and surplus goods to discount retailers, who buy liquidated products in bulk for resale. Jindel puts the annual value of goods sold through GENCO Marketplace at $2.5 billion. “GENCO sells the returned goods for the retailer” to the discounter, he said. Many of those goods wind up being shipped overseas to markets from Latin America to China. “What’s made in China or in India isn’t always available for sale there,” Jindel said. “Through GENCO, these goods can be resold there at 80 percent discounts.” And those returned goods need to be picked up, processed and shipped — all tasks that could be handled by FedEx Ground, FedEx SmartPost and FedEx Express. “FedEx can use its leverage with retailer to get first the outbound shipping and then the returns,” Jindel said. The market for that business overseas is immense, he said. In addition, “e-commerce has a much higher rate of return than store purchases, about 18 percent,” Jindel said. GENCO, a $1.6 billion company, was founded in 1898 as H. Shear Trucking Company, and Herb Shear, grandson of founder Hyman Shear, is still executive chairman. “FedEx and GENCO are a great fit,” Shear said. GENCO CEO Todd R. Peters will stay with the company. The original trucking outfit, which switched from horse to truck in 1917, expanded into distribution and warehousing by the 1940s and then third-party logistics by the 1970s, pioneering reverse logistics in the 1980s and taking the GENCO name in 1995. Today, GENCO processes more than 600 million returned items a year from many of the world’s leading brands, according to FedEx. The Pittsburgh-based company has more than 11,000 employees at 130 operations, GENCO and FedEx said Dec. 15. “As e-commerce continues to grow, customers of both companies will reap the benefits from the broadened capabilities and power new services,” FedEx Chairman, CEO and founder Frederick W. Smith said in a statement Dec. 15. FedEx did not release financial terms of the deal, but Jindel estimates the value of the transaction to be about $2 billion. The acquisition, expected to close early next year, is FedEx’s first U.S. buyout since the purchase of Watkins Motor Lines, the less-than-truckload carrier FedEx purchased for $780 million in September 2006. Watkins eventually was absorbed into FedEx Freight. The GENCO acquisition “has the potential of turning out to be as good a deal as RPS,” the company now known as FedEx Ground, Jindel said. “They left FedEx Ground in Pittsburgh, and they need to do the same here. Just allow GENCO to leverage the brand.” GENCO should also be aligned with FedEx Ground, said Jindel, whose business is based in Pittsburgh and is well acquainted with both companies. GENCO is a customer of his ShipMatrix business. “Most of the stuff GENCO moves is not nexte day. FedEx Ground would be a great way to move those shipments.” Contact William B. Cassidy at wcassidy@joc.com and follow him on Twitter: @wbcassidy_joc

Supply chain

With GENCO acquisition, FedEx turns to returns

<div class="phx-topic abstract-wrapper">The negative foreign exchange effects were most noticeable in the forwarder’s US dollar-denominated ocean freight business where earnings fell sharply in the second quarter.</div>

The negative foreign exchange effects were most noticeable in the forwarder’s US dollar-denominated ocean freight business where earnings fell sharply in the second quarter.

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<div class="phx-topic">Kuehne + Nagel Thursday reported above-market share growth in both air and ocean volumes in the first half of the year, although foreign currency headwinds weighed on the forwarder’s financial results. The negative foreign exchange effects were most noticeable in US dollar-denominated ocean freight. Despite a 20% increase in first-half ocean revenue to $5.9 billion and an 11% increase in second-quarter revenue to $2.8 billion, K+N’s earnings before interest and taxes (EBIT) in the ocean segment fell 5% year over year to $462 million in the first half and slid 16% to $98 million in Q2. Markus Blanka-Graff, CFO for Swiss-based Kuehne + Nagel, described the currency headwinds as “one of the most significant developments” this year. “Since ‘Liberation Day’ at the start of Q2, we have seen the devaluation of our key functional currencies, the US dollar and Euro, relative to our reporting currency, the Swiss franc,” Blanka-Graff told analysts on a first-half earnings call, referring to the launch of the Trump administration’s new tariff policy. ”The average exchange rate for these currencies declined by 8% and 4% year over year, respectively,” he added. “This resulted in a 6% EBIT headwind in the second quarter alone, or 3% on a half-year basis.” Total H1 revenue was up 12% at $15.7 billion and EBITDA increased 4% to $1.5 billion, although overall EBIT fell 1% to $937 million and net profit slid 1% to $700 million. While Kuehne + Nagel has maintained its full-year profitability forecast, the currency effect saw the forwarder adjusting its EBIT guidance range from $1.9 billion-$2.2 billion to $1.8 billion-$2 billion. <h3>‘Solid operational performance’ </h3>Although the negative foreign exchange effects undermined its earnings, Kuehne + Nagel CEO Stefan Paul said the forwarder put in a “solid operational performance” in the first half. In the volatile demand and rate environment that followed President Donald Trump’s April 2 “Liberation Day” when tariffs were rolled out on the US’ trading partners, Paul said Kuehne + Nagel was able to offset declining ocean volumes to and from the US with gains in other markets. Overall container volume rose 4% year over year in the first half to 2.1 million TEUs against market growth of 1%, with Kuehne + Nagel also reporting “substantial market share gains” on the trade route from Asia to Europe. “We gained a significant amount of new businesses in the RFQ (request for quotation) season during the first half and we are confident we will see the same pattern in the third and the fourth quarters,” Paul said. <h3>Strong growth in air cargo </h3>K+N’s air cargo division delivered a robust performance. Revenue of $4.6 billion in the first six months was up 11% year over year and EBITA rose 9% to $1 billion. EBIT was up 13% at $289 million while volume increased 7% year over year to 1.1 million tons. The market growth in air cargo in the first half was around 4%, Paul noted. Kuehne + Nagel reported strong growth in volume in most of its air freight verticals, particularly perishables, semiconductors and “hyperscalers” — IT equipment providing the cloud infrastructure that powers modern digital applications and services. Paul said hyperscalers was “a promising field” that Kuehne + Nagel was actively pursuing, with “quite a few” people from the high-tech sector employed by the company in the past few weeks to grow the business. “This vertical...is growing significantly and we expect it will bring high single-digit growth to the air freight business going into the fourth quarter,” he said. Meanwhile, subdued demand in European markets dragged down earnings in K+N’s road logistics business. Revenue was flat year over year at $2.2 billion, but EBIT plunged 26% to $59 million. The acquisition of Spanish groupage logistics provider TDN was completed at the end of the second quarter, enabling Kuehne + Nagel to expand its regional coverage on the Iberian Peninsula. In K+N’s contract logistics division, the second quarter was the strongest in the history of the business unit, with revenue growing 5% year over year to just shy of $3 billion. However, foreign exchange effects saw EBIT falling 2% year over year to $125 million. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

Kuehne + Nagel Thursday reported above-market share growth in both air and ocean volumes in the first half of the year, although foreign currency headwinds weighed on the forwarder’s financial results. The negative foreign exchange effects were most noticeable in US dollar-denominated ocean freight. Despite a 20% increase in first-half ocean revenue to $5.9 billion and an 11% increase in second-quarter revenue to $2.8 billion, K+N’s earnings before interest and taxes (EBIT) in the ocean segment fell 5% year over year to $462 million in the first half and slid 16% to $98 million in Q2. Markus Blanka-Graff, CFO for Swiss-based Kuehne + Nagel, described the currency headwinds as “one of the most significant developments” this year. “Since ‘Liberation Day’ at the start of Q2, we have seen the devaluation of our key functional currencies, the US dollar and Euro, relative to our reporting currency, the Swiss franc,” Blanka-Graff told analysts on a first-half earnings call, referring to the launch of the Trump administration’s new tariff policy. ”The average exchange rate for these currencies declined by 8% and 4% year over year, respectively,” he added. “This resulted in a 6% EBIT headwind in the second quarter alone, or 3% on a half-year basis.” Total H1 revenue was up 12% at $15.7 billion and EBITDA increased 4% to $1.5 billion, although overall EBIT fell 1% to $937 million and net profit slid 1% to $700 million. While Kuehne + Nagel has maintained its full-year profitability forecast, the currency effect saw the forwarder adjusting its EBIT guidance range from $1.9 billion-$2.2 billion to $1.8 billion-$2 billion. ‘Solid operational performance’ Although the negative foreign exchange effects undermined its earnings, Kuehne + Nagel CEO Stefan Paul said the forwarder put in a “solid operational performance” in the first half. In the volatile demand and rate environment that followed President Donald Trump’s April 2 “Liberation Day” when tariffs were rolled out on the US’ trading partners, Paul said Kuehne + Nagel was able to offset declining ocean volumes to and from the US with gains in other markets. Overall container volume rose 4% year over year in the first half to 2.1 million TEUs against market growth of 1%, with Kuehne + Nagel also reporting “substantial market share gains” on the trade route from Asia to Europe. “We gained a significant amount of new businesses in the RFQ (request for quotation) season during the first half and we are confident we will see the same pattern in the third and the fourth quarters,” Paul said. Strong growth in air cargo K+N’s air cargo division delivered a robust performance. Revenue of $4.6 billion in the first six months was up 11% year over year and EBITA rose 9% to $1 billion. EBIT was up 13% at $289 million while volume increased 7% year over year to 1.1 million tons. The market growth in air cargo in the first half was around 4%, Paul noted. Kuehne + Nagel reported strong growth in volume in most of its air freight verticals, particularly perishables, semiconductors and “hyperscalers” — IT equipment providing the cloud infrastructure that powers modern digital applications and services. Paul said hyperscalers was “a promising field” that Kuehne + Nagel was actively pursuing, with “quite a few” people from the high-tech sector employed by the company in the past few weeks to grow the business. “This vertical...is growing significantly and we expect it will bring high single-digit growth to the air freight business going into the fourth quarter,” he said. Meanwhile, subdued demand in European markets dragged down earnings in K+N’s road logistics business. Revenue was flat year over year at $2.2 billion, but EBIT plunged 26% to $59 million. The acquisition of Spanish groupage logistics provider TDN was completed at the end of the second quarter, enabling Kuehne + Nagel to expand its regional coverage on the Iberian Peninsula. In K+N’s contract logistics division, the second quarter was the strongest in the history of the business unit, with revenue growing 5% year over year to just shy of $3 billion. However, foreign exchange effects saw EBIT falling 2% year over year to $125 million. Contact Greg Knowler at greg.knowler@spglobal.com .

Maritime

Air Cargo

Container Shipping News

Air Cargo Forwarder News

Forwarding

Post-tariff foreign currency headwinds hit Kuehne + Nagel’s H1, Q2 profit

<div class="phx-topic abstract-wrapper">Local freight forwarders have reported rate increases in the range of $300 to $500 per FEU month over month and expect further slight gains if the pace of demand remains steady.</div>

Local freight forwarders have reported rate increases in the range of $300 to $500 per FEU month over month and expect further slight gains if the pace of demand remains steady.

<div class="phx-topic">Container lines active on the India-Europe trades have been able to push short-term contract and spot rates noticeably higher in July, thanks to elevated bookings powered by the onset of peak shipping season, albeit milder than the normal pattern. Local freight forwarders have reported rate increases in the range of $300 to $500 per FEU month over month and expect further slight gains if the pace of demand remains steady. Sources who spoke with the Journal of Commerce pegged average booking prices from West India (Nhava Sheva/Mundra) to Felixstowe/London Gateway or Rotterdam at between $1,700 and $1,800 per TEU and $2,000 and $2,100 per FEU. Most premier services have their vessels fully booked to their westbound allocations for the next two weeks at least, according to forwarder sources. Sporadic schedule disruptions have in some part contributed to the space pressure. CMA CGM, which had a void call on its premier “Epic” routing last week, has suspended spot bookings for Indian loads to North Europe until the end of July, sources said. “Spot space on other India-Europe connections, including the Gemini network, is also either tight or sold out on their upcoming sailings as carriers are increasingly prioritizing service contract customers for the peak season,” a sales executive at a Mumbai-based forwarding house who did not want to be identified told the Journal of Commerce. “Vessels for August are also filling fast, so carriers are constantly adjusting spot rates.” Forwarders also believe anticipated overbooked sailings have the potential to cause cargo rollovers through the first half of August. <h3>Hapag-Lloyd plans Aug. 1 rate hike </h3>Meanwhile, Hapag-Lloyd plans to roll a $500-per-container increase into its published tariff rates for India-North Europe/Mediterranean trades beginning Aug 1. Maersk and CMA CGM set new freight-all-kinds (FAK) rates on July 15 with increases of the same level. Sources also said several carriers, particularly Hapag-Lloyd and Maersk, are experiencing tight availability of 20-foot boxes in Nhava Sheva and across certain inland container depots (ICDs) in northern India. August FAK rates published by Hapag-Lloyd for Nhava Sheva-North Europe bookings seem to reflect that scenario — at $2,139 per TEU and $1,778 per FEU. “For now, rates appear to be stable and slightly climbing, but much will depend on carriers’ vessel blanking strategies for August,” a second forwarder said. Contact Bency Mathew at <a href="mailto:bencyvmathew@gmail.com">bencyvmathew@gmail.com</a>. </div>

Container lines active on the India-Europe trades have been able to push short-term contract and spot rates noticeably higher in July, thanks to elevated bookings powered by the onset of peak shipping season, albeit milder than the normal pattern. Local freight forwarders have reported rate increases in the range of $300 to $500 per FEU month over month and expect further slight gains if the pace of demand remains steady. Sources who spoke with the Journal of Commerce pegged average booking prices from West India (Nhava Sheva/Mundra) to Felixstowe/London Gateway or Rotterdam at between $1,700 and $1,800 per TEU and $2,000 and $2,100 per FEU. Most premier services have their vessels fully booked to their westbound allocations for the next two weeks at least, according to forwarder sources. Sporadic schedule disruptions have in some part contributed to the space pressure. CMA CGM, which had a void call on its premier “Epic” routing last week, has suspended spot bookings for Indian loads to North Europe until the end of July, sources said. “Spot space on other India-Europe connections, including the Gemini network, is also either tight or sold out on their upcoming sailings as carriers are increasingly prioritizing service contract customers for the peak season,” a sales executive at a Mumbai-based forwarding house who did not want to be identified told the Journal of Commerce. “Vessels for August are also filling fast, so carriers are constantly adjusting spot rates.” Forwarders also believe anticipated overbooked sailings have the potential to cause cargo rollovers through the first half of August. Hapag-Lloyd plans Aug. 1 rate hike Meanwhile, Hapag-Lloyd plans to roll a $500-per-container increase into its published tariff rates for India-North Europe/Mediterranean trades beginning Aug 1. Maersk and CMA CGM set new freight-all-kinds (FAK) rates on July 15 with increases of the same level. Sources also said several carriers, particularly Hapag-Lloyd and Maersk, are experiencing tight availability of 20-foot boxes in Nhava Sheva and across certain inland container depots (ICDs) in northern India. August FAK rates published by Hapag-Lloyd for Nhava Sheva-North Europe bookings seem to reflect that scenario — at $2,139 per TEU and $1,778 per FEU. “For now, rates appear to be stable and slightly climbing, but much will depend on carriers’ vessel blanking strategies for August,” a second forwarder said. Contact Bency Mathew at bencyvmathew@gmail.com .

Container lines

Asia-Europe

India-Europe rates strengthen on peak season space demand, capacity cuts

<div class="phx-topic abstract-wrapper">The Asian Development Bank also warned in a note Wednesday that escalating tariffs and further trade friction would further dim intra-Asia growth prospects. </div>

The Asian Development Bank also warned in a note Wednesday that escalating tariffs and further trade friction would further dim intra-Asia growth prospects.

<div class="phx-topic">Intra-Asia trade risks being thrown into chaos if the US imposes hefty tariffs on goods from the region should current trade talks break down, Hutchison Port Holdings Trust (HPH Trust) warned Wednesday. While the Singapore-listed port operator, a subsidiary of Hong Kong conglomerate CK Hutchison, was commenting before the Trump administration announced trade deals with three Asian countries — Japan, Indonesia and the Philippines — late Tuesday in the US, those countries still face significant levies on exports to the US. The Asian Development Bank also warned in a note Wednesday that escalating tariffs and further trade friction would further dim intra-Asia growth prospects. HPH Trust, which controls Hutchison’s Hong Kong and mainland China port interests, said the US government sent letters to several counties in Asia to increase pressure on them to conclude trade negotiations by an Aug. 1 deadline. “If these trade deals fail to materialize, the sudden reinstatement of higher tariffs and possible sectoral tariffs by the US could trigger fresh turmoil in global trade, particularly for intra-Asia trade,” HPH Trust said. The warning was included as part of the company’s first-half results announcement. In the agreements confirmed Wednesday, Japanese exports to the US will be charged a 15% tariff, down from a proposed 25% levy, while a 19% tariff will be added to imports from the Philippines. Indonesia will also have a 19% tariff added to its exports to the US, although that is down from the 32% the US said it would apply without a deal. But other major Asian exporters to the US, including South Korea and Thailand, have yet to agree to trade deals. South Korea and Malaysia both face a 25% tariff, with Thailand and Cambodia each looking at a 36% levy. Myanmar and Laos would have exports to the US taxed at 40%. Officials from the US and China, meanwhile, are due to meet next week in Stockholm to continue talks on a trade deal, <a href="https://www.reuters.com/world/china/us-china-discuss-tariff-deadline-extension-trump-reaches-philippines-deal-2025-07-22/">Reuters reported</a>. The US has imposed an Aug. 14 deadline for reaching a deal, without which Chinese goods could face a 145% US tariff. “Uneven progress in tariff negotiations and the potential expansion of tariffs to additional products could further disrupt trade activities and weigh on growth for the region,” said Dong He, chief economist at the regional government-backed ASEAN+3 Macroeconomic Research Office (AMRO). AMRO is forecasting economic growth in the intra-Asia region to be 3.8% this year, slipping to 3.6% in 2026. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>.</div>

Intra-Asia trade risks being thrown into chaos if the US imposes hefty tariffs on goods from the region should current trade talks break down, Hutchison Port Holdings Trust (HPH Trust) warned Wednesday. While the Singapore-listed port operator, a subsidiary of Hong Kong conglomerate CK Hutchison, was commenting before the Trump administration announced trade deals with three Asian countries — Japan, Indonesia and the Philippines — late Tuesday in the US, those countries still face significant levies on exports to the US. The Asian Development Bank also warned in a note Wednesday that escalating tariffs and further trade friction would further dim intra-Asia growth prospects. HPH Trust, which controls Hutchison’s Hong Kong and mainland China port interests, said the US government sent letters to several counties in Asia to increase pressure on them to conclude trade negotiations by an Aug. 1 deadline. “If these trade deals fail to materialize, the sudden reinstatement of higher tariffs and possible sectoral tariffs by the US could trigger fresh turmoil in global trade, particularly for intra-Asia trade,” HPH Trust said. The warning was included as part of the company’s first-half results announcement. In the agreements confirmed Wednesday, Japanese exports to the US will be charged a 15% tariff, down from a proposed 25% levy, while a 19% tariff will be added to imports from the Philippines. Indonesia will also have a 19% tariff added to its exports to the US, although that is down from the 32% the US said it would apply without a deal. But other major Asian exporters to the US, including South Korea and Thailand, have yet to agree to trade deals. South Korea and Malaysia both face a 25% tariff, with Thailand and Cambodia each looking at a 36% levy. Myanmar and Laos would have exports to the US taxed at 40%. Officials from the US and China, meanwhile, are due to meet next week in Stockholm to continue talks on a trade deal, Reuters reported . The US has imposed an Aug. 14 deadline for reaching a deal, without which Chinese goods could face a 145% US tariff. “Uneven progress in tariff negotiations and the potential expansion of tariffs to additional products could further disrupt trade activities and weigh on growth for the region,” said Dong He, chief economist at the regional government-backed ASEAN+3 Macroeconomic Research Office (AMRO). AMRO is forecasting economic growth in the intra-Asia region to be 3.8% this year, slipping to 3.6% in 2026. Contact Keith Wallis at keithwallis@hotmail.com .

Transport, Trade and Regulation News

Intra-Asia trade faces fresh turmoil from potential hefty US tariffs: HPH Trust

<div class="phx-topic abstract-wrapper">In the wake of several paper mill closures globally so far this year, US pulp importers will be dealt another blow on Aug. 1 when a proposed 50% tariff on cargo from Brazil will go into effect. </div>

In the wake of several paper mill closures globally so far this year, US pulp importers will be dealt another blow on Aug. 1 when a proposed 50% tariff on cargo from Brazil will go into effect.

<div class="phx-topic">After the closure — and announcements of future closures — of more than half a dozen paper mills around the globe this year, the pulp industry will see higher costs and tightened supply when a 50% US tariff on Brazil goes into effect Aug. 1, stakeholders say. As the tariffs are implemented, the US paper pulp market is especially exposed, experts say. According to Chris Rogers, head of supply chain research at S&amp;P Global Market Intelligence, the Trump administration’s plan to apply elevated duties under the International Emergency Economic Powers Act (IEEPA) would increase import tariffs on Brazil to 50%, on Canada to 35% and to the European Union to 30%. According to S&amp;P Global Market Intelligence data, those sources together accounted for 93% of US imports of wood pulp between March and May of 2025. S&amp;P Global is the parent company of the Journal of Commerce. “[The plan] carries significant risks for the US paper manufacturing sector,” Rogers wrote in a July 16 analysis. In 2023, North America was only responsible for 10% of global wood pulp demand, according to Fastmarkets’ World Pulp &amp; Recovered Paper forecast. Meanwhile, China had 43%, Europe 24%, 13% went to the rest of Asia, Latin America had 6%, and less than 2% was bound for the rest of the world. <h3>Mill closures </h3>The global pulp industry was already facing challenges before the US tariffs were announced. Falling demand for paper products, increased consolidation across sectors and reduced margins have long impacted the industry, experts say. According to data analytics company ResourceWise, at least nine mills around the world have moved forward with closures since the beginning of 2025, including several in the US. International Paper shut down its Louisiana containerboard mill in April, while Georgia-Pacific announced it would close its Georgia containerboard mill in August. Similarly, Smurfit WestRock this year closed its Minnesota coated recycle board mill and ceased production at its Texas-based containerboard mill, while Greif permanently closed two recycled paperboard mills in California and Massachusetts, ResourceWise shows. “Many chemical pulp mills in USA and Canada [have] shut down due to high cost and low margins,” said a paper pulp logistics market source. “Future capacity growth will come from Brazil, Indonesia, and Chile due to the low cost of wood and production.” A Tako board mill in Finland owned by Metsa Board and a UPM Communication Papers paper mill in Germany also closed this year. Several of the closure announcements, both in North America and internationally, cited weak demand and high operating costs as contributing factors, according to ResourceWise. <h3>Volatility instead of stabilization </h3>According to paper industry consultant EMGE’s Paper and Pulp Industry Outlook 2025, there were expectations for the paper and board sector to stabilize “somewhat” this year, but tariff announcements have only increased volatility. US imports of wood pulp fell 4.7% year over year in May, according to Rogers’ analysis. That figure includes a 19.9% slide in imports from Canada and a 6.3% drop from the EU, reflecting the different tariff rates applied under the IEEPA (deficit) and IEEPA (fentanyl) programs, including the delayed implementation of higher duties until Aug. 1, he wrote. “The US is a key destination for Brazilian pulp, and any shift in trade policy could influence global supply chains,” Fastmarkets pulp analyst Mateus Saraiva said in a July 14 Fastmarkets article. “Other exporters with lower tariff exposure may gain competitive advantage, while downstream industries such as tissue and packaging could face cost pressures. Currency movements and freight rates may further shape the net impact on landed costs.” According to Parsan Chand Mahaveer, a logistics specialist in the paper pulp industry, some shippers frontloaded their cargo to beat the approaching Aug. 1 deadline, although moving cargo earlier than usual bears its own costs. “Frontloading in volumes to the US incurs extra holding costs ranging from $30 to $50 per ton,” Mahaveer told the Journal of Commerce. “Some shippers are also circumventing tariffs by diversifying end markets and changing their supply sources, [if possible.]” Importers who do get hit with the tariff will likely be forced to shoulder the additional costs directly, ultimately positioning importers to pass on price increases to the consumer. “Most of the pulp on long term commercial agreement is being sold on [a cost, insurance, and freight] basis in the US and any impact is being absorbed by importers in the US,” Mahaveer said. “Pulp producers who import their own pulp into [the US] and distribute by themselves, they absorb the tariff impact.” Still, some sectors of the pulp industry are more exposed than others. According to Fastmarkets, more than 82% of bleached eucalyptus kraft pulp (BEKP) imported into the US comes from Brazil. BEKP, largely favored for its short life span and high quality for kraft pulping, is a type of bleached hardwood kraft (BHK) pulp, which accounted for 55% of global pulp demand in 2023, according to Fastmarkets. Meanwhile, bleached softwood kraft (BSK) — which is more commonly available in North America than BHK — accounted for 26% of global pulp demand in 2023. Contact Laura Robb at <a href="mailto:laura.robb@spglobal.com.">laura.robb@spglobal.com</a>.  </div>

After the closure — and announcements of future closures — of more than half a dozen paper mills around the globe this year, the pulp industry will see higher costs and tightened supply when a 50% US tariff on Brazil goes into effect Aug. 1, stakeholders say. As the tariffs are implemented, the US paper pulp market is especially exposed, experts say. According to Chris Rogers, head of supply chain research at S&P Global Market Intelligence, the Trump administration’s plan to apply elevated duties under the International Emergency Economic Powers Act (IEEPA) would increase import tariffs on Brazil to 50%, on Canada to 35% and to the European Union to 30%. According to S&P Global Market Intelligence data, those sources together accounted for 93% of US imports of wood pulp between March and May of 2025. S&P Global is the parent company of the Journal of Commerce. “[The plan] carries significant risks for the US paper manufacturing sector,” Rogers wrote in a July 16 analysis. In 2023, North America was only responsible for 10% of global wood pulp demand, according to Fastmarkets’ World Pulp & Recovered Paper forecast. Meanwhile, China had 43%, Europe 24%, 13% went to the rest of Asia, Latin America had 6%, and less than 2% was bound for the rest of the world. Mill closures The global pulp industry was already facing challenges before the US tariffs were announced. Falling demand for paper products, increased consolidation across sectors and reduced margins have long impacted the industry, experts say. According to data analytics company ResourceWise, at least nine mills around the world have moved forward with closures since the beginning of 2025, including several in the US. International Paper shut down its Louisiana containerboard mill in April, while Georgia-Pacific announced it would close its Georgia containerboard mill in August. Similarly, Smurfit WestRock this year closed its Minnesota coated recycle board mill and ceased production at its Texas-based containerboard mill, while Greif permanently closed two recycled paperboard mills in California and Massachusetts, ResourceWise shows. “Many chemical pulp mills in USA and Canada [have] shut down due to high cost and low margins,” said a paper pulp logistics market source. “Future capacity growth will come from Brazil, Indonesia, and Chile due to the low cost of wood and production.” A Tako board mill in Finland owned by Metsa Board and a UPM Communication Papers paper mill in Germany also closed this year. Several of the closure announcements, both in North America and internationally, cited weak demand and high operating costs as contributing factors, according to ResourceWise. Volatility instead of stabilization According to paper industry consultant EMGE’s Paper and Pulp Industry Outlook 2025, there were expectations for the paper and board sector to stabilize “somewhat” this year, but tariff announcements have only increased volatility. US imports of wood pulp fell 4.7% year over year in May, according to Rogers’ analysis. That figure includes a 19.9% slide in imports from Canada and a 6.3% drop from the EU, reflecting the different tariff rates applied under the IEEPA (deficit) and IEEPA (fentanyl) programs, including the delayed implementation of higher duties until Aug. 1, he wrote. “The US is a key destination for Brazilian pulp, and any shift in trade policy could influence global supply chains,” Fastmarkets pulp analyst Mateus Saraiva said in a July 14 Fastmarkets article. “Other exporters with lower tariff exposure may gain competitive advantage, while downstream industries such as tissue and packaging could face cost pressures. Currency movements and freight rates may further shape the net impact on landed costs.” According to Parsan Chand Mahaveer, a logistics specialist in the paper pulp industry, some shippers frontloaded their cargo to beat the approaching Aug. 1 deadline, although moving cargo earlier than usual bears its own costs. “Frontloading in volumes to the US incurs extra holding costs ranging from $30 to $50 per ton,” Mahaveer told the Journal of Commerce. “Some shippers are also circumventing tariffs by diversifying end markets and changing their supply sources, [if possible.]” Importers who do get hit with the tariff will likely be forced to shoulder the additional costs directly, ultimately positioning importers to pass on price increases to the consumer. “Most of the pulp on long term commercial agreement is being sold on [a cost, insurance, and freight] basis in the US and any impact is being absorbed by importers in the US,” Mahaveer said. “Pulp producers who import their own pulp into [the US] and distribute by themselves, they absorb the tariff impact.” Still, some sectors of the pulp industry are more exposed than others. According to Fastmarkets, more than 82% of bleached eucalyptus kraft pulp (BEKP) imported into the US comes from Brazil. BEKP, largely favored for its short life span and high quality for kraft pulping, is a type of bleached hardwood kraft (BHK) pulp, which accounted for 55% of global pulp demand in 2023, according to Fastmarkets. Meanwhile, bleached softwood kraft (BSK) — which is more commonly available in North America than BHK — accounted for 26% of global pulp demand in 2023. Contact Laura Robb at laura.robb@spglobal.com . 

Impending Brazil tariffs increase pressure on US pulp industry

<div class="phx-topic abstract-wrapper">The head of the Transportation Intermediaries Association says that calls for more access to what shippers pay brokers under the guise of protecting truckers from fraud is a ploy to view what should be confidential business information. </div>

The head of the Transportation Intermediaries Association says that calls for more access to what shippers pay brokers under the guise of protecting truckers from fraud is a ploy to view what should be confidential business information.

<div class="phx-topic">The Transportation Intermediaries Association (TIA) is warning truck safety regulators in the US that proposed rules to allow trucking companies to review the rates shippers pay their brokers would harm small brokers and eventually lead to higher shipper and consumer prices. The issue of increased broker transparency with truckload carriers emerged last November when the Biden administration published a notice of proposed rulemaking to strengthen regulations around what information a broker must make available to carriers. In February, the Federal Motor Carrier Safety Administration (FMCSA) <a href="https://www.joc.com/article/us-regulator-reopens-truck-broker-transparency-proposal-for-new-comments-5946406">extended the comment period</a> on the rulemaking, a move requested by the Small Business in Transportation Coalition (SBTC), one of the groups that petitioned the FMCSA for a rulemaking on broker transparency in 2020. That reopened an old wound in the truckload industry, with brokers arguing that allowing carriers to see the rates paid by shippers to intermediaries would <a href="https://www.joc.com/article/fmcsas-overreach-threatens-small-business-free-enterprise-in-freight-5946820">undermine their ability to operate</a>.TIA’s warning this week was prompted by testimony given to the US Senate Surface Transportation Subcommittee by Lewie Pugh, executive vice president of the Owner-Operator Independent Drivers Association (OOIDA). Pugh’s testimony this week centered around the idea that increasing rate transparency would help fight the increasing occurrences of freight theft and fraud in the truckload market. “As motor carriers are increasingly victimized by freight fraud, unpaid claims, dubious charges, unpaid loads, double brokered loads, and load-phishing schemes, the current lack of transparency has left them little to no means to defend themselves from fraud,” Pugh told the subcommittee. But TIA CEO Chris Burroughs said in a statement Tuesday that OOIDA’s call for rate disclosure from brokers isn’t “about protecting truckers — it’s about handing private business information to competitors under the guise of transparency.” “If enacted, the rule or statutory provision would set a dangerous precedent not just for the logistics industry, but for all sectors of the American economy,” Burroughs said. “Will General Motors be forced to disclose what it pays for steel? Will Walmart have to publish its vendor contracts? The competitive market depends on private negotiations. This proposal dismantles that.” TIA represents third-party logistics providers, about three-quarters of which make less than $15 million in annual revenue, Burroughs said. “Requiring these firms to disclose negotiated pricing would increase administrative burdens, narrow margins, and risk forcing many to close,” he said. “The effects won’t stop with brokers.” <h3>‘Government interference’ </h3>Existing FMCSA regulations require brokers to keep records of transactions with motor carriers, and each party to a brokered transaction has the right to review the record of the transaction. But small carrier advocates have argued those regulations don’t work in practice, as there are no time limits or digital requirements on those transaction records. They also argue brokers can apply for waivers that constrain the ability of carriers to query transaction information. Among the mandates on the table in the proposed rulemaking, brokers would be required to keep transaction records in an electronic format, provide a detailed breakdown of charges and payments for each shipment, and respond to carrier information requests within 48 hours. OOIDA, which represents approximately 150,000 small business trucking companies, argued in a January comment supporting the new rulemaking that a lack of transparency “leads to a host of issues such as unfair charges, delayed payments, and fraudulent practices ... our members are asking for fairness in the marketplace.” Burroughs, meanwhile, argued that carriers have access to a range of tools that can give clarity on rate levels. “There are load boards, rate benchmarking tools, and widespread technology platforms that already support a real-time, competitive freight marketplace,” he said. “Forcing rate disclosure adds government interference where none is needed.” Contact Eric Johnson at <a href="mailto:eric.johnson@spglobal.com">eric.johnson@spglobal.com</a>.</div>

The Transportation Intermediaries Association (TIA) is warning truck safety regulators in the US that proposed rules to allow trucking companies to review the rates shippers pay their brokers would harm small brokers and eventually lead to higher shipper and consumer prices. The issue of increased broker transparency with truckload carriers emerged last November when the Biden administration published a notice of proposed rulemaking to strengthen regulations around what information a broker must make available to carriers. In February, the Federal Motor Carrier Safety Administration (FMCSA) extended the comment period on the rulemaking, a move requested by the Small Business in Transportation Coalition (SBTC), one of the groups that petitioned the FMCSA for a rulemaking on broker transparency in 2020. That reopened an old wound in the truckload industry, with brokers arguing that allowing carriers to see the rates paid by shippers to intermediaries would undermine their ability to operate . TIA’s warning this week was prompted by testimony given to the US Senate Surface Transportation Subcommittee by Lewie Pugh, executive vice president of the Owner-Operator Independent Drivers Association (OOIDA). Pugh’s testimony this week centered around the idea that increasing rate transparency would help fight the increasing occurrences of freight theft and fraud in the truckload market. “As motor carriers are increasingly victimized by freight fraud, unpaid claims, dubious charges, unpaid loads, double brokered loads, and load-phishing schemes, the current lack of transparency has left them little to no means to defend themselves from fraud,” Pugh told the subcommittee. But TIA CEO Chris Burroughs said in a statement Tuesday that OOIDA’s call for rate disclosure from brokers isn’t “about protecting truckers — it’s about handing private business information to competitors under the guise of transparency.” “If enacted, the rule or statutory provision would set a dangerous precedent not just for the logistics industry, but for all sectors of the American economy,” Burroughs said. “Will General Motors be forced to disclose what it pays for steel? Will Walmart have to publish its vendor contracts? The competitive market depends on private negotiations. This proposal dismantles that.” TIA represents third-party logistics providers, about three-quarters of which make less than $15 million in annual revenue, Burroughs said. “Requiring these firms to disclose negotiated pricing would increase administrative burdens, narrow margins, and risk forcing many to close,” he said. “The effects won’t stop with brokers.” ‘Government interference’ Existing FMCSA regulations require brokers to keep records of transactions with motor carriers, and each party to a brokered transaction has the right to review the record of the transaction. But small carrier advocates have argued those regulations don’t work in practice, as there are no time limits or digital requirements on those transaction records. They also argue brokers can apply for waivers that constrain the ability of carriers to query transaction information. Among the mandates on the table in the proposed rulemaking, brokers would be required to keep transaction records in an electronic format, provide a detailed breakdown of charges and payments for each shipment, and respond to carrier information requests within 48 hours. OOIDA, which represents approximately 150,000 small business trucking companies, argued in a January comment supporting the new rulemaking that a lack of transparency “leads to a host of issues such as unfair charges, delayed payments, and fraudulent practices ... our members are asking for fairness in the marketplace.” Burroughs, meanwhile, argued that carriers have access to a range of tools that can give clarity on rate levels. “There are load boards, rate benchmarking tools, and widespread technology platforms that already support a real-time, competitive freight marketplace,” he said. “Forcing rate disclosure adds government interference where none is needed.” Contact Eric Johnson at eric.johnson@spglobal.com .

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Broker group warns against increased shipper-3PL rate transparency

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The world of LTL is slow to embrace change. Business anachronisms permeate current supply chain processes. These vestiges of the way things used to work define the LTL freight transportation procurement process of many modern shippers.David Knuth, logistics specialist at IEWC, a global supplier of cable and wire based in Wisconsin, is happy to have modernized the RFP process, automating the entire LTL bidding procedure with Bid$ense, SMC³’s automated truckload and LTL freight transportation sourcing solution. But when prompted, he can still recall what once was.In his previous job, a large part of his duties were consumed by creating an intermodal bid package for carriers. In a spreadsheet, Knuth detailed the company’s volumes lane by lane, taking care to delete any errant keystrokes or misleading data. He would then email out the information to each carrier, taking time to respond to detailed technical questions about the spreadsheet data. Finally, he had to compile all the results, create an algorithm that would compare the carriers on each lane, and award the business.“It was a huge undertaking. It took about four months to do,” Knuth said of the old process. “It was almost a full-time job for that part of the year, every year.”In his new job at IEWC, he sat down with Bid$ense on day one and was amazed at the capabilities. Knuth had never before used a bid tool. SMC³’s latest versions of Bid$ense automate the process even further, taking truckload and LTL RFPs entirely online. The tool draws on RFP best-practices protocols to streamline the bidding communication process, enabling bidding carriers to respond accurately and promptly to shipper requests. The solution also does all the distribution work automatically, electronically submitting shipper bid data to carriers based on their actual service capabilities and performance records. Carriers are alerted with timely prompts for RFP deliverables, so shippers aren’t waiting by the phone for responses.Another benefit of automating the process is the data-cleansing assistance. When Knuth sent spreadsheets to carriers, data errors might cloud the bidding process; he might have to resend data or simply accept a price that did not truly reflect the costs of doing business. Data cleansing is incredibly beneficial, he said.The spreadsheet technique also made bidding analysis an onerous task. Since Bid$ense automates and streamlines the entire RFP process, intensive examination is now simple. SMC³ knows that each bid has more than one best outcome. With uniform responses from each carrier, shippers can quickly rank results and create an unlimited quantity of what-if scenarios to make the optimal procurement decision.Jesse Burnett of Central Garden &amp; Pet experiences many of the same benefits. Founded in 1980, Central Garden &amp; Pet has spent the last three decades growing from a small garden supply company to a provider of a range of products from dog chews and bird seed to soil supplements and natural insecticides. For much of its life, the company shipped these disparate goods via LTL and truckload carriers to retailers throughout the country, relying on each business unit to negotiate directly with their freight transportation providers. This arrangement worked fairly well for a small company, but as Central Garden &amp; Pet expanded, leadership decided to consolidate decision making.Burnett helped centralize the transportation decision making in 2015 with SMC³’s Bid$ense. Before Bid$ense, every business unit operated independently as far as negotiating with carriers.“There were a lot of different things just floating around,” he said. “We didn’t have master agreements in place; no national pricing at all. The pricing from carriers was just all over the place, depending on where you were.”The transformations he saw with Bid$ense were immediate. Burnett has been using the tool about every other year since its implementation at the company. Central Garden and Pet’s $19.6 million 2019 LTL bid saved the company just more than 9 percent when compared to its historical average. For Burnett, though, bid automation extends far beyond savings.“We knew that we weren’t getting the best pricing offer from our carriers just because nothing was centralized,” he continued. “We knew that if we combined everything from all these business units and paired it with one corporate offering, then it would drive some cost benefit with it.”When the company initially decided to centralize bid procurement, executives researched a number of different methodologies and technologies. In the end, though, Burnett found that Bid$ense was both widespread and well known, and that his carrier partners already knew how to use the application. Burnett also highlighted the data-cleansing process as a major benefit, saying the rigorous process ensures that carriers always return the best price.“It definitely has helped drive savings,” he said. “Any time you go out there and you drive that competitiveness with the carriers and they know they’re in a bid environment, it seems to sharpen their pencils.”Transportation procurement is an integral part of the modern supply chain. With Bid$ense, shippers can develop a strategic implementation plan that saves them time and money, but also helps them create strong relationships with their carrier partners. These carriers appreciate the solution’s data-cleansing process; when carriers receive a complete shipment history and future volume forecast, they don’t have to guess on pricing. Carriers that receive more data from shippers get a complete picture of that shipper’s freight, allowing them to accurately plan instead of simply preparing for the worst-case scenario. Clean data presented through an automated system can lead to both bigger shipment savings and a lasting partnership between carrier and customer.Whether customers are looking to streamline over-the-road transportation bidding by automating the RFP process or create an entirely new, centralized sourcing process, Bid$ense has the analytical horsepower to get the job done.SMC³ 2020 Customer Case Study

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Shippers save money, time with automated transportation bidding tools

If there’s one immutable truth in the world of logistics, it’s this: LTL is an inherently complex form of transportation. Tariffs, rates, DIM weights, transit times — it’s enough to confuse even seasoned logistics professionals. The solution to this knowledge gap has historically been on-the-job training or university supply chain education, but for a variety of reasons there is now a pressing need for third-party, remote LTL training that prepares logistics workers for transportation success. Global Scope Can Overlook Local Intricacies In the past, professionals looking to move into a supply chain career learned about the basics of supply chain from universities. However, many of these college supply chain programs are now global in scope, focusing on worldwide supply chain management instead of the intricacies of specialized domestic transportation. And even these programs, which used to be widespread, are becoming less common. LTL is not an industry of broad-brush strokes; supply chain professionals really need a pointillistic understanding of the logistics of LTL in order to excel in the industry. Accelerating Need for Dedicated LTL Education This lack of specified training put the onus on employers to prepare new hires with the LTL knowledge needed to do their jobs. Dedicated LTL study is a necessity, not a luxury. At the same time, changes in LTL and the broader supply chain world are accelerating. The reliance on e-commerce has ballooned since the start of the pandemic, and last-mile LTL shipments and related e-commerce strains on the supply chain won’t diminish once social distancing abates. That genie isn’t going back into the bottle. So supply chain employers need logistics workers that are fully versed in all aspects of the industry, ready to solve unique shipping and delivery problems based on their extensive supply chain knowledge But why care about LTL? It’s been reported that some shippers in today’s world are no longer concerned with what mode is used to ship their goods. A Multimodal Approach Ensures On-Time Delivery This mode agnosticism means supply chain stakeholders have to be well versed in all modes of transportation. As unforeseen weather events and other disruptions, such as protests, become more common, savvy logistics employees will need to be armed with familiarity of all modes, not just the most popular, to ensure that freight is delivered on time, without damage, and in the most financially expedient way possible. Offerings like SMC³’s LTL online education courses cover a wide range of topics from LTL basics and operations to more advanced concepts like pricing analytics and transportation law. The company also has plans to continually refresh content, adding new expert presenters and taking the feedback of students to make the courses even better as time goes on. Learn more about&nbsp;<a href="https://logisticstrainingcenter.com/smc3-courses/" rel="noreferrer" class="joc_admin__link">SMC³’s LTL Online Education program</a>&nbsp;and view the 2021 hybrid schedule, featuring live industry experts,&nbsp;<a href="https://www.smc3.com/onlinelearning2021/" rel="noreferrer" class="joc_admin__link">here.</a>

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