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<div class="phx-topic abstract-wrapper"><p>Global container shipping will never be the same after this year. The industry many of us have spent a career toiling away within, is gone. Or at least aspects of it are — the names, the companies, the cultures, but, of course, not the tonnage.</p></div>

Global container shipping will never be the same after this year. The industry many of us have spent a career toiling away within, is gone. Or at least aspects of it are — the names, the companies, the cultures, but, of course, not the tonnage.

<div><p>Out of the torrid pace of consolidation for which 2016 will long be remembered, a group of fewer, much larger organizations will dominate global container shipping. It’s safe to assume now that the era of the second-tier carrier hanging on in the east-west trades while foraging for scraps of opportunity elsewhere is rapidly fading into history. It’s a new era.</p><p>But what will define it? What ambitions will these new organizations and those of the incumbent mega-carriers whose ranks they are joining have? How will they define themselves and the roles they wish to play? Will they define those roles as...

Out of the torrid pace of consolidation for which 2016 will long be remembered, a group of fewer, much larger organizations will dominate global container shipping. It’s safe to assume now that the era of the second-tier carrier hanging on in the east-west trades while foraging for scraps of opportunity elsewhere is rapidly fading into history. It’s a new era. But what will define it? What ambitions will these new organizations and those of the incumbent mega-carriers whose ranks they are joining have? How will they define themselves and the roles they wish to play? Will they define those roles as creators of value for customers and, by extension, themselves? If so, do they stand any hope of succeeding? Or will a past (and present) of commoditization and volatility define the future? Will these dominant organizations simply be shipping companies as they have always been and as they are now known, or could they emerge as something else? Do they really want to? Here’s another way to look at it: who wants a future that resembles the past? Who wants to lose money in perpetuity? Who wants price to be where the conversation with the customer begins and ends? Who wants to be in a business that works continuously against its customers’ interests? Who wants, partly as a result, to cede business to intermediaries who cut you out of the rewards that come from value creation? Who wants to see the customers as the “frenemy,” whose business you need, but who rewards you with disrespect and disloyalty? If there is ever a time when such questions can be asked, when a new future can be defined, it’s now. Following 2016, the industry will never be the same. The industry many of us have spent a career toiling away within, is gone. Or at least aspects of it are — the names, the companies, the cultures, but, of course, not the tonnage; case in point, Hanjin. For sure, much works against a different future. Perhaps a different future isn’t possible, so why waste time even contemplating the idea? Shipping is shipping, and it’s always been the same. Dry bulk, tankers, multipurpose, containers, trucking, and air cargo all rise and fall on waves of supply and demand. Excess capacity irrespective of mode is like water finding a path downward. It’s gravity, pulling down rates in whatever trade lane it appears, always and forever. The only salvation for these new organizations will be to keep costs in check — easier now with scale — so as to ride out the inevitable storms of overcapacity and their automatic effect on rates. That’s a possible, maybe even likely, future. Elements of it are a certainty. But I don’t believe a single carrier wants to see the past replicated. Not one of the emerging oligarchy —Maersk Line, Mediterranean Shipping Co., CMA CGM, Hapag-Lloyd, Cosco, or the yet-to-be named Japanese line — doesn’t want to create value for its customers. Of course they do, that’s the path to sustainable profits for any business. But to do that, they will have to think differently. That doesn’t mean they should not cut rates to fill ships, because that will never stop. It doesn’t mean being more prudent in ordering ships. When did the pace of ship ordering successfully anticipate demand so as to maintain equilibrium in the market? You could say they could be more tactical or aggressive in voiding sailings, but they’ve done that — voided sailings are now business as usual. But the rates? They continue to fall. No, the world demands new thinking of a different kind. It means crossing a chasm in terms of finding opportunities to create value for customers that in their view would benefit. What if a carrier told customers, whether they be BCOs or forwarders, that if they pay in advance — that is, commit to delivering cargo as per the booking like we all do when booking air travel — they will be guaranteed a spot on the ship. It’s not a forced no-show surcharge, because those have been ineffective, but instead an option: take it or leave it. This would mean carriers re-engineering the loading process to create a true priority system, and, come to think of it, the offloading process as well because this also would be an element of value some shippers, depending on their needs, might buy into. Hapag-Lloyd’s Rolf Habben Jansen mentioned something along these lines at September’s JOC Container Trade Europe Conference in Hamburg. As Wan Min, director and president of China Cosco Shipping Lines, told attendees at the JOC’s TPM Asia Conference in October, “Standing at a crossroad in an era of such transformation, carriers have two roads ahead from which to choose. One is to maintain the current situation and continue to stick to conventional container shipping operation ideas; that is, treating relationships with peers and upstream and downstream partners as a competition or as a game. This is the ‘old road.’ The other is to actively embrace changes and gather the interested parties in the industry chain to co-build a new ecology for a healthy and sustainable shipping industry. This is the ‘new road.’ ” All of this for carriers means thinking less about themselves and their need to slash costs, and more about the customer. That’s a future everyone should buy into. Contact Peter Tirschwell at peter.tirschwell@ihsmarkit.com and follow him on Twitter: @petertirschwell .

Container lines

Setting the stage for a new future in ocean shipping

<div class="phx-topic abstract-wrapper"><p>The deal will create a company with more than $5 billion in revenue across truckload brokerage, managed transportation services, and port-related offerings.</p></div>

The deal will create a company with more than $5 billion in revenue across truckload brokerage, managed transportation services, and port-related offerings.

Feature image

<div class="phx-topic"><p>Freight broker Echo Global Logistics has acquired third-party logistics provider and drayage specialist ITS Logistics, the companies announced Wednesday.  </p><p>The deal, terms of which were not disclosed, gives privately held Echo, the fifth-largest brokerage in the US, a major network of drayage, intermodal and drop trailer assets. </p><p>The combined entity would create a company with $5.4 billion in revenue, Echo said in a statement. The deal is expected to close in the first half of this year. </p><p>”This acquisition represents a meaningful strategic opportunity for Echo and our customers,” Echo CEO Doug Waggoner said, calling ITS’ products “highly differentiated.” </p><p>”By applying Echo’s proprietary technology, advanced analytics, and growing AI capabilities to the ITS solution set, we will strengthen our value proposition for a broader range of customers,” Waggoner added. </p><p>Founded in 1999, ITS has grown to be a top 10 provider of drayage services. </p><p>"Echo's truckload brokerage scale, managed transportation platform, strong cross-border capabilities, and broad multimodal offering — combined with its technology platform and AI-driven innovation — will enable us to elevate our service offerings and provide enhanced value to our customers,” ITS CEO Scott Pruneau said in the statement. </p><p>Echo, which was taken private in 2021, said ITS will continue operating with its existing leadership team and customer-facing structure, but will hook into Echo’s technology platform, carrier network, and enterprise commercial capabilities. </p><p>ITS also has a robust truckload brokerage and dedicated truckload model that would integrate with Echo’s truckload and intermodal brokerage businesses. </p><p>The acquisition represents Chicago-based Echo’s biggest acquisition since its $420 million purchase of fellow broker Command Transportation in 2015. Its most recent acquisition came in August, when it bought California-based 3PL FreightSaver for an undisclosed amount. </p><p><i>Contact Eric Johnson at </i><a href="mailto:eric.johnson@spglobal.com"><i>eric.johnson@spglobal.com.</i></a></p></div>

Freight broker Echo Global Logistics has acquired third-party logistics provider and drayage specialist ITS Logistics, the companies announced Wednesday. The deal, terms of which were not disclosed, gives privately held Echo, the fifth-largest brokerage in the US, a major network of drayage, intermodal and drop trailer assets. The combined entity would create a company with $5.4 billion in revenue, Echo said in a statement. The deal is expected to close in the first half of this year. ”This acquisition represents a meaningful strategic opportunity for Echo and our customers,” Echo CEO Doug Waggoner said, calling ITS’ products “highly differentiated.” ”By applying Echo’s proprietary technology, advanced analytics, and growing AI capabilities to the ITS solution set, we will strengthen our value proposition for a broader range of customers,” Waggoner added. Founded in 1999, ITS has grown to be a top 10 provider of drayage services. "Echo's truckload brokerage scale, managed transportation platform, strong cross-border capabilities, and broad multimodal offering — combined with its technology platform and AI-driven innovation — will enable us to elevate our service offerings and provide enhanced value to our customers,” ITS CEO Scott Pruneau said in the statement. Echo, which was taken private in 2021, said ITS will continue operating with its existing leadership team and customer-facing structure, but will hook into Echo’s technology platform, carrier network, and enterprise commercial capabilities. ITS also has a robust truckload brokerage and dedicated truckload model that would integrate with Echo’s truckload and intermodal brokerage businesses. The acquisition represents Chicago-based Echo’s biggest acquisition since its $420 million purchase of fellow broker Command Transportation in 2015. Its most recent acquisition came in August, when it bought California-based 3PL FreightSaver for an undisclosed amount. Contact Eric Johnson at eric.johnson@spglobal.com.

Surface

Drayage

Truck brokers

Broker Echo buys ITS Logistics to build drayage, intermodal presence

<div class="phx-topic abstract-wrapper"><p>Shippers should heed signs that ocean carriers have managed to keep the decline in Asia imports from sinking the market, reflecting a modicum of control and price restraint.</p></div>

Shippers should heed signs that ocean carriers have managed to keep the decline in Asia imports from sinking the market, reflecting a modicum of control and price restraint.

<div class="phx-topic"><p>It’s a buyer’s market during this annual trans-Pacific service contract cycle and importers of Asia-sourced goods — particularly smaller shippers — are under some of the strongest C-Suite pressure in years to reduce costs. But shippers should also heed signs that ocean carriers have managed to keep the decline in Asia imports from sinking the market, reflecting a modicum of control and price restraint.  </p><p>A few container line executives privately acknowledge what preliminary contract benchmark readings reflect: The starting point for contract rate levels are lower than during last year’s negotiation cycle. Demand is weaker than a year ago, and capacity is more plentiful as evidenced by the swelling order book.  </p><div class="wrapper-narrow float-right-element"><img src="/images/phoenix/6155716_0.1.jpg"></img></div><p> In the first two rounds of bids in this annual service contract cycle, tendered rates for Asia to the US West Coast were down roughly 25% from levels in January 2025, according to a Xeneta analysis. However, the tendered rates in this cycle have been rising since the beginning of the year, said Emily Stausbøll, senior analyst at Xeneta. </p><p>“We certainly expect that as more US shippers start tendering, they should be saving money compared to last year, but how much depends on shippers’ individual negotiations and whatever happens in the market over the next few months before many of those contracts are finalized,” Stausbøll said.  </p><h3>C-Suite calling  </h3><p>The pressure on logistics managers to cut costs has risen dramatically in less than a year, making it infeasible to simply pass on the additional costs to suppliers and/or suffer weaker margins.  The US tariff rate on imports from China more than doubled to 47.5% between January 2025 and November, according to the latest available analysis from the Peterson Institute for International Economics.  </p><p>No wonder then that a recent Goldman Sachs survey found that between April and August of last year, surveyed businesses passed 37% of higher tariff costs to consumers and 9% onto suppliers. The companies absorbed the remaining 51%, according to the study released in October.  </p><div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="a08410a8-0b00-4c48-9ef6-78b6354f0678"></dynamic-object></div><p>Small and medium-sized importers are ordering only what they know they can sell and taking an even harder look at their own transport costs, said Serkan Kavas, executive vice president for imports at the forwarder MTS Logistics. </p><p>For example, shippers who booked before a general rate increase (GRI) was imposed but didn’t ship until after it was implemented have become more sensitive to the higher transport cost they’ve accrued, and often with one day or less of notice, he said.  A cost difference of $50 per TEU matters more now.  </p><p>“It’s all about cost,” Kavas said. “The service reliability has not been too bad.  There is an abundance of space. On the carrier side, there is not too much difference to the level of service.”   </p><p>In a down market, in which analysts expect US imports to barely register any growth in 2026 compared to 2025, some ocean carriers are targeting smaller shippers that they would have normally left to forwarders. One of Kavas’ customers, he said, was approached by a major carrier for annual volumes of no more than 1,000 TEUs. </p><h3>Holding the line so far  </h3><p>While volumes are plunging, pricing isn’t. US imports from China in December dropped 22.3% year over year while total volumes from Asia fell 6.1% in the same period, according to PIERS, a sister company of the <i>Journal of Commerce</i> within S&amp;P Global. </p><p>Yet container spot rates, as measured by Drewry, Platts and the Shanghai Shipping Exchange, have shown resilience, rising about 40% since early December. Implementing blank sailings and moderately sized GRIs while holding the price line on freight-all-kind rates appears to have worked for carriers. </p><p>“Ocean carriers need another catalyst to keep the rates at certain levels, or they will continue to perform blank sailings which they have mastered,” Kavas said. “They are doing this in a very disciplined manner, and considering the number of carriers in the market at the moment, ocean freight rate fluctuations will continue to be present, but I don’t see rates are diving.” </p><div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="a2606c91-b30c-4219-b617-9491b44b6af1"></dynamic-object></div><p>Ocean carriers are adjusting further to expectations of reduced demand. Carriers will reduce the available capacity from Asia to North America to 2.5 million TEUs in the first quarter from 2.6 million TEUs in the fourth quarter, according to Xeneta forecasts and an analysis of blanked sailings, including those not announced by carries.  </p><p>The semblance of carrier control on the trans-Pacific despite weakening volumes should give importers pause amid negotiations on annual contracts, which generally run from May 1 through April. The market may be down, but capacity discipline so far isn’t, and shippers who push too hard on contract rates or are too exposed to spot rates could end up paying if the market turns.  </p><p><i>Contact Mark Szakonyi at </i><a href="https://www.joc.com/article/mark.szakonyi@spglobal.com"><i>mark.szakonyi@spglobal.com.</i></a></p></div>

It’s a buyer’s market during this annual trans-Pacific service contract cycle and importers of Asia-sourced goods — particularly smaller shippers — are under some of the strongest C-Suite pressure in years to reduce costs. But shippers should also heed signs that ocean carriers have managed to keep the decline in Asia imports from sinking the market, reflecting a modicum of control and price restraint. A few container line executives privately acknowledge what preliminary contract benchmark readings reflect: The starting point for contract rate levels are lower than during last year’s negotiation cycle. Demand is weaker than a year ago, and capacity is more plentiful as evidenced by the swelling order book. In the first two rounds of bids in this annual service contract cycle, tendered rates for Asia to the US West Coast were down roughly 25% from levels in January 2025, according to a Xeneta analysis. However, the tendered rates in this cycle have been rising since the beginning of the year, said Emily Stausbøll, senior analyst at Xeneta. “We certainly expect that as more US shippers start tendering, they should be saving money compared to last year, but how much depends on shippers’ individual negotiations and whatever happens in the market over the next few months before many of those contracts are finalized,” Stausbøll said. C-Suite calling The pressure on logistics managers to cut costs has risen dramatically in less than a year, making it infeasible to simply pass on the additional costs to suppliers and/or suffer weaker margins. The US tariff rate on imports from China more than doubled to 47.5% between January 2025 and November, according to the latest available analysis from the Peterson Institute for International Economics. No wonder then that a recent Goldman Sachs survey found that between April and August of last year, surveyed businesses passed 37% of higher tariff costs to consumers and 9% onto suppliers. The companies absorbed the remaining 51%, according to the study released in October. Small and medium-sized importers are ordering only what they know they can sell and taking an even harder look at their own transport costs, said Serkan Kavas, executive vice president for imports at the forwarder MTS Logistics. For example, shippers who booked before a general rate increase (GRI) was imposed but didn’t ship until after it was implemented have become more sensitive to the higher transport cost they’ve accrued, and often with one day or less of notice, he said. A cost difference of $50 per TEU matters more now. “It’s all about cost,” Kavas said. “The service reliability has not been too bad. There is an abundance of space. On the carrier side, there is not too much difference to the level of service.” In a down market, in which analysts expect US imports to barely register any growth in 2026 compared to 2025, some ocean carriers are targeting smaller shippers that they would have normally left to forwarders. One of Kavas’ customers, he said, was approached by a major carrier for annual volumes of no more than 1,000 TEUs. Holding the line so far While volumes are plunging, pricing isn’t. US imports from China in December dropped 22.3% year over year while total volumes from Asia fell 6.1% in the same period, according to PIERS, a sister company of the Journal of Commerce within S&P Global. Yet container spot rates, as measured by Drewry, Platts and the Shanghai Shipping Exchange, have shown resilience, rising about 40% since early December. Implementing blank sailings and moderately sized GRIs while holding the price line on freight-all-kind rates appears to have worked for carriers. “Ocean carriers need another catalyst to keep the rates at certain levels, or they will continue to perform blank sailings which they have mastered,” Kavas said. “They are doing this in a very disciplined manner, and considering the number of carriers in the market at the moment, ocean freight rate fluctuations will continue to be present, but I don’t see rates are diving.” Ocean carriers are adjusting further to expectations of reduced demand. Carriers will reduce the available capacity from Asia to North America to 2.5 million TEUs in the first quarter from 2.6 million TEUs in the fourth quarter, according to Xeneta forecasts and an analysis of blanked sailings, including those not announced by carries. The semblance of carrier control on the trans-Pacific despite weakening volumes should give importers pause amid negotiations on annual contracts, which generally run from May 1 through April. The market may be down, but capacity discipline so far isn’t, and shippers who push too hard on contract rates or are too exposed to spot rates could end up paying if the market turns. Contact Mark Szakonyi at  mark.szakonyi@spglobal.com.

Buyer’s market for US importers belies risks in contract talks

<div class="phx-topic abstract-wrapper"><p>As shippers realize that threats to service are not periodic but systemic, their focus on reliability will only intensify this year, writes Peter Tirschwell.</p></div>

As shippers realize that threats to service are not periodic but systemic, their focus on reliability will only intensify this year, writes Peter Tirschwell.

<div class="phx-topic"><p>This year will not be marked by freight rates collapsing due to overcapacity and shippers weary from tariff costs reaping a windfall in ocean freight discounts. Despite the largest order book in history and volumes expected to slow globally, that is not the scenario coming into focus for the year ahead, even if widespread Red Sea transits resume. </p><p>Rather, according to several sources in recent weeks, a different picture is emerging: Rates will likely moderate, perhaps by a few hundred dollars per container, and as shippers realize that threats to service are not periodic but systemic, their focus on reliability will only intensify this year.     </p><div class="wrapper-narrow float-right-element"><img src="/images/phoenix/6155383_0.1.jpg"></img></div><p>The year ahead, in other words, reflects long-term macro trends under way in containers: capacity tightening despite cyclicality due to infrastructure limitations and carrier actions to manage capacity, and shippers in response turning their focus away from rates and toward service to mitigate risk. </p><p>“For 2026 as we move into this bid season, it won’t be all about the ocean rates,” Chantal McRoberts of Drewry Supply Chain Advisers told a recent <i>Journal of Commerce</i> webinar focused on Asia port congestion.  </p><p>“We know that we’re in a more subdued demand environment. We know that the order book is large. We know that carriers are looking to secure volume, but the key to that is, what service are you providing? Shippers are definitely starting to factor that into their bid strategies,” she said. “The number one question that comes up from BCOs [beneficial cargo owners] is, putting the rates aside, I need a reliable provider or partner to work with. I still have to answer to the CFO. I still have to justify the cost, but I now also have to ensure that I'm procuring my ocean freight to deliver my product.” </p><p>According to eeSea, ocean reliability from Asia to the US West Coast has ranged between 42% and 48% since September. </p><h3>China ‘lacking port capacity’ </h3><p>Port congestion in China is a case in point about shippers’ growing concerns about the integrity of supply chains.  </p><p>Still the source of 36% of US imports in TEUs in 2025, (down from 40% in 2024), according to S&amp;P Global Market Intelligence, the country is encountering chronic congestion at Shanghai and Ningbo, its two largest ports, where ships typically are waiting two to three days outside the port. </p><p>The fundamental reason, according to Asia sources over the past two years, was that while China ambitiously built port capacity ahead of demand in the years after entering the World Trade Organization in 2001, expansion has slowed at a time when its exports are experiencing a growth spurt.  </p><p>“I know it’s a shocker, and it feels unnatural to hear it, but China is lacking port capacity. It’s as simple as that,” Nils Roche, founder of Solvens Advisory and recently deputy head of operations at Singapore-based carrier PIL, said on the <i>Journal of Commerce</i> webinar. </p><div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="615c1430-acb8-4c73-9884-61992f08d1d3"></dynamic-object></div><p>Limited port capacity in China is being called upon to handle surging volumes growing out of a macro-China economic strategy to diversify away from the US and overcome weakness in other sectors such as real estate.  </p><p>China in November surpassed the $1 trillion trade surplus barrier for the first time. Its share of global exports grew from 33% to 37% between 2023 and 2025, Maersk told investors in November. Influenced by export growth, S&amp;P Global Market Intelligence in November raised Mainland China’s GDP growth forecast for 2025–27 by a quarter point, to 5.0%, 4.6% and 4.5%, respectively. “The upward adjustments primarily reflect a more positive assessment of export prospects,” S&amp;P Global said. </p><p>The intractable nature of port capacity limitations is further reflected in growing ship sizes and more containers needed to be moved per port call at ports that have not kept pace. </p><p>“The ships that you have today, they are not the ships that we had 10 years ago. If you think about it, I used to operate Panamaxes, and they were the rock stars,” Roche said, noting his skepticism that technology-driven productivity improvements can meaningfully expand capacity. “Now you have 18,000, 24,000-TEU ships coming into the ports. A Panamax calling a port is a port call, a 24,000-TEU ship calling a port, it's a major event.”   </p><p>The difficulty ports have in handling the volumes and ship sizes being thrown at them is confirmed by port performance data. The S&amp;P Global Port Performance data is based on vessel turnaround time and normalized by workload, with underlying data provided by carriers — in other words, how many hours a ship is spending in port to achieve a certain move count. The data shows ports on a global basis are operating well below pre-pandemic levels of performance. </p><p>Due to port capacity limitations, Roche says the industry should temper its expectations for the impact of a return to the Red Sea, if that occurs this year (although there is no guarantee it will).  </p><p>He said that if the Red Sea opens up, “we should not expect a massive influx of capacity, simply because the lack of capacity, or the bottleneck if you prefer, will be transferred from the ocean to the land.” </p><p>“I disagree with the narrative carried by analysts that shipping obeys 100% of the laws of supply and demand, and that more ships mean more supply ... it’s being half-blind to an entire ecosystem,” Roche said. </p><p>S&amp;P Global is the parent company of the <i>Journal of Commerce.</i></p><p><i>Contact Peter Tirschwell at </i><a href="mailto:peter.tirschwell@spglobal.com"><i>peter.tirschwell@spglobal.com</i></a>.</p></div>

This year will not be marked by freight rates collapsing due to overcapacity and shippers weary from tariff costs reaping a windfall in ocean freight discounts. Despite the largest order book in history and volumes expected to slow globally, that is not the scenario coming into focus for the year ahead, even if widespread Red Sea transits resume.  Rather, according to several sources in recent weeks, a different picture is emerging: Rates will likely moderate, perhaps by a few hundred dollars per container, and as shippers realize that threats to service are not periodic but systemic, their focus on reliability will only intensify this year. The year ahead, in other words, reflects long-term macro trends under way in containers: capacity tightening despite cyclicality due to infrastructure limitations and carrier actions to manage capacity, and shippers in response turning their focus away from rates and toward service to mitigate risk.  “For 2026 as we move into this bid season, it won’t be all about the ocean rates,” Chantal McRoberts of Drewry Supply Chain Advisers told a recent Journal of Commerce webinar focused on Asia port congestion.   “We know that we’re in a more subdued demand environment. We know that the order book is large. We know that carriers are looking to secure volume, but the key to that is, what service are you providing? Shippers are definitely starting to factor that into their bid strategies,” she said. “The number one question that comes up from BCOs [beneficial cargo owners] is, putting the rates aside, I need a reliable provider or partner to work with. I still have to answer to the CFO. I still have to justify the cost, but I now also have to ensure that I'm procuring my ocean freight to deliver my product.”  According to eeSea, ocean reliability from Asia to the US West Coast has ranged between 42% and 48% since September.  China ‘lacking port capacity’  Port congestion in China is a case in point about shippers’ growing concerns about the integrity of supply chains.   Still the source of 36% of US imports in TEUs in 2025, (down from 40% in 2024), according to S&P Global Market Intelligence, the country is encountering chronic congestion at Shanghai and Ningbo, its two largest ports, where ships typically are waiting two to three days outside the port.  The fundamental reason, according to Asia sources over the past two years, was that while China ambitiously built port capacity ahead of demand in the years after entering the World Trade Organization in 2001, expansion has slowed at a time when its exports are experiencing a growth spurt.   “I know it’s a shocker, and it feels unnatural to hear it, but China is lacking port capacity. It’s as simple as that,” Nils Roche, founder of Solvens Advisory and recently deputy head of operations at Singapore-based carrier PIL, said on the Journal of Commerce webinar. Limited port capacity in China is being called upon to handle surging volumes growing out of a macro-China economic strategy to diversify away from the US and overcome weakness in other sectors such as real estate.   China in November surpassed the $1 trillion trade surplus barrier for the first time. Its share of global exports grew from 33% to 37% between 2023 and 2025, Maersk told investors in November. Influenced by export growth, S&P Global Market Intelligence in November raised Mainland China’s GDP growth forecast for 2025–27 by a quarter point, to 5.0%, 4.6% and 4.5%, respectively. “The upward adjustments primarily reflect a more positive assessment of export prospects,” S&P Global said.  The intractable nature of port capacity limitations is further reflected in growing ship sizes and more containers needed to be moved per port call at ports that have not kept pace.  “The ships that you have today, they are not the ships that we had 10 years ago. If you think about it, I used to operate Panamaxes, and they were the rock stars,” Roche said, noting his skepticism that technology-driven productivity improvements can meaningfully expand capacity. “Now you have 18,000, 24,000-TEU ships coming into the ports. A Panamax calling a port is a port call, a 24,000-TEU ship calling a port, it's a major event.” The difficulty ports have in handling the volumes and ship sizes being thrown at them is confirmed by port performance data. The S&P Global Port Performance data is based on vessel turnaround time and normalized by workload, with underlying data provided by carriers — in other words, how many hours a ship is spending in port to achieve a certain move count. The data shows ports on a global basis are operating well below pre-pandemic levels of performance. Due to port capacity limitations, Roche says the industry should temper its expectations for the impact of a return to the Red Sea, if that occurs this year (although there is no guarantee it will).   He said that if the Red Sea opens up, “we should not expect a massive influx of capacity, simply because the lack of capacity, or the bottleneck if you prefer, will be transferred from the ocean to the land.”  “I disagree with the narrative carried by analysts that shipping obeys 100% of the laws of supply and demand, and that more ships mean more supply ... it’s being half-blind to an entire ecosystem,” Roche said.  S&P Global is the parent company of the Journal of Commerce.Contact Peter Tirschwell at peter.tirschwell@spglobal.com .

Supply chain certainty, rather than price, will shape shipping in 2026

<div class="phx-topic abstract-wrapper"><p>The carrier has inked a slot charter agreement on a service that is operated by Taiwanese rivals Yang Ming and Wan Hai, as well as Singapore’s PIL.</p></div>

The carrier has inked a slot charter agreement on a service that is operated by Taiwanese rivals Yang Ming and Wan Hai, as well as Singapore’s PIL.

<div class="phx-topic"><p>Evergreen Marine is strengthening its Asia-Latin America links with a slot charter agreement on the Asia-West Coast South America 6 service (WSA6) in a move that comes amid a surge of capacity on the Asia-Latin America trade. </p><p>Antonella Teodoro, senior consultant for MDS Transmodal, said capacity direct services have increased almost 50% over the past year. </p><p>“Having been relatively stable the past three years, scheduled deployed TEU capacity on the direct Far East-Latin America trade lane increased by some 46% between January 2025 and 2026,” Teodoro told the <i>Journal of Commerce.</i> </p><p>Total capacity over the past 12 months soared to 4,112,888 TEUs compared with 2,812,495 TEUs in the prior period, according to MDS Transmodal data. </p><p>“This increase is mainly due to the three new services that started in 2025, namely MSC’s Alpaca service, CMA CGM with Maersk on the SAES3/ASAS2, and HMM and ONE jointly initiating their FL2/SX2 service,” Teodoro said. </p><p>Mediterranean Shipping Co.’s Asia to West Coast South America Alpaca service is the most recent of the three, having been inaugurated last September by the 4,600-TEU <i>MSC Lome V</i>, one of eight ships deployed on the route. </p><p>Teodoro said the MDS data did not include services with intermediate calls in other markets including the US, Middle East and Indian sub-continent. </p><p>By comparison, data from eeSea carried on the <i>Journal of Commerce</i>’s Gateway platform also shows a significant capacity increase on the Asia-Latin America trade. Actual deployed capacity rose 21% to 6.5 million TEUs last year from 5.4 million TEUs in 2024 based upon monthly capacity figures. </p><div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="0a4c1e7e-2956-4186-b6de-e38dce7f57e0"></dynamic-object></div><p>Evergreen’s inclusion on the WSA6 service coincides with a continued fall in freight rates on both the Asia-South America West Coast and East Coast services. </p><p>Data from the Shanghai Shipping Exchange carried on the Gateway platform shows spot rates from Shanghai to Santos were down to $1,195 per TEUs on Jan. 16, the lowest since January 2023, while spot rates from Shanghai to Manzanillo were down to $1,001/TEU, the lowest for at least two years. </p><h3>Operated by Taiwanese rivals </h3><p>Evergreen confirmed its involvement in the WSA6 service in updated service schedules published over the weekend. </p><p>Taiwan’s top container line will take space on the service that is operated by rivals Yang Ming Marine Transport, Wan Hai Lines, and Singapore’s Pacific International Lines. </p><p>Evergreen said the slot charter will begin with the 8,533-TEU <i>Kota Manzanillo</i> that is due to depart Ensenada on Feb. 21 with a scheduled 56-day transit to Shanghai. Other ships deployed on the route, including<i>YM Fountain</i> and<i>YM Success</i>, have a nominal capacity of 5,560 TEUs. </p><div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="1ac6ad07-0f60-4109-bf91-3409ff42996a"></dynamic-object></div><p>The full rotation is Ningbo, Shanghai, and Qingdao in China; Pusan (South Korea), Ensenada, Manzanillo, and Lazaro Cardenas in Mexico; Puerto Quetzal (Guatemala), Buenaventura (Colombia), Callao (Peru), San Antonio (Chile), and Ningbo. </p><p>The WSA6 service is Evergreen’s sixth linking the Asia and South American markets and the third connecting the West Coast of South America. </p><p><i>Contact Keith Wallis at </i><a href="https://www.joc.com/article/keithwallis@hotmail.com."><i>keithwallis@hotmail.com</i></a>.</p></div>

Evergreen Marine is strengthening its Asia-Latin America links with a slot charter agreement on the Asia-West Coast South America 6 service (WSA6) in a move that comes amid a surge of capacity on the Asia-Latin America trade.  Antonella Teodoro, senior consultant for MDS Transmodal, said capacity direct services have increased almost 50% over the past year. “Having been relatively stable the past three years, scheduled deployed TEU capacity on the direct Far East-Latin America trade lane increased by some 46% between January 2025 and 2026,” Teodoro told the Journal of Commerce.  Total capacity over the past 12 months soared to 4,112,888 TEUs compared with 2,812,495 TEUs in the prior period, according to MDS Transmodal data.  “This increase is mainly due to the three new services that started in 2025, namely MSC’s Alpaca service, CMA CGM with Maersk on the SAES3/ASAS2, and HMM and ONE jointly initiating their FL2/SX2 service,” Teodoro said.  Mediterranean Shipping Co.’s Asia to West Coast South America Alpaca service is the most recent of the three, having been inaugurated last September by the 4,600-TEU MSC Lome V, one of eight ships deployed on the route.  Teodoro said the MDS data did not include services with intermediate calls in other markets including the US, Middle East and Indian sub-continent.  By comparison, data from eeSea carried on the Journal of Commerce’s Gateway platform also shows a significant capacity increase on the Asia-Latin America trade. Actual deployed capacity rose 21% to 6.5 million TEUs last year from 5.4 million TEUs in 2024 based upon monthly capacity figures.  Evergreen’s inclusion on the WSA6 service coincides with a continued fall in freight rates on both the Asia-South America West Coast and East Coast services.  Data from the Shanghai Shipping Exchange carried on the Gateway platform shows spot rates from Shanghai to Santos were down to $1,195 per TEUs on Jan. 16, the lowest since January 2023, while spot rates from Shanghai to Manzanillo were down to $1,001/TEU, the lowest for at least two years.  Operated by Taiwanese rivals  Evergreen confirmed its involvement in the WSA6 service in updated service schedules published over the weekend.  Taiwan’s top container line will take space on the service that is operated by rivals Yang Ming Marine Transport, Wan Hai Lines, and Singapore’s Pacific International Lines.  Evergreen said the slot charter will begin with the 8,533-TEU Kota Manzanillo that is due to depart Ensenada on Feb. 21 with a scheduled 56-day transit to Shanghai. Other ships deployed on the route, includingYM Fountain andYM Success, have a nominal capacity of 5,560 TEUs.  The full rotation is Ningbo, Shanghai, and Qingdao in China; Pusan (South Korea), Ensenada, Manzanillo, and Lazaro Cardenas in Mexico; Puerto Quetzal (Guatemala), Buenaventura (Colombia), Callao (Peru), San Antonio (Chile), and Ningbo. The WSA6 service is Evergreen’s sixth linking the Asia and South American markets and the third connecting the West Coast of South America.  Contact Keith Wallis at keithwallis@hotmail.com .

Container Shipping News

Evergreen bolsters Asia-West Coast South America links amid capacity surge

<div class="phx-topic abstract-wrapper"><p>New Delhi has invested heavily into freight infrastructure modernization through public-private participation and pushed digital logistics solutions along with sweeping policy reforms to ease trade processes in recent years.  </p></div>

New Delhi has invested heavily into freight infrastructure modernization through public-private participation and pushed digital logistics solutions along with sweeping policy reforms to ease trade processes in recent years.  

<div class="phx-topic"><p>India’s maritime-focused economic development agenda is rapidly redefining the unnerving port flow experience that ocean carriers and shippers had to deal with out of the emerging market until a decade ago, industry stakeholders across the spectrum agree. </p><p>New Delhi has invested heavily into freight infrastructure modernization through public-private participation and pushed digital logistics solutions along with sweeping policy reforms to ease trade processes in recent years.   </p><p>Last year marked the influx of sizeable fresh terminal capacity into Indian trade, thanks to the launch of Phase 2 operations by PSA International in Nhava Sheva Port (JNPA) and the official opening of Adani Ports’ terminal in southern India, a transshipment hub designed to rival Sri Lanka’s Colombo Port, in addition to limited scaleups at relatively smaller ports. </p><p>As a result, there is sufficient box capacity across major ports — pegged at approximately 35 million TEUs annually — to handle near-term shipping demand. Looking ahead, new terminal projects in various stages of development, including at Vadhavan — about 100 miles north of Mumbai — on a landlord model led by the JNPA authority; Tuna — off Kandla Port in Gujarat State — under a concession contract awarded to DP World; and Adani Ports’ ongoing expansions at Mundra Port, could push Indian capacity to over 50 million TEUs over the next five years, industry estimates show. </p><p>Carrier and terminal executives who spoke with the <i>Journal of Commerce</i> have struck an upbeat tone on India’s port strides. </p><p>“Capacity expansion, particularly in western and southern India, combined with modernization initiatives across major ports, has delivered tangible productivity gains, positioning us well to support the country’s ambitious growth trajectory,” said Bhavik Mota, Maersk’s director of regional ocean management for India, Middle East and Africa. “We are seeing faster turnaround times, enhanced operational efficiency, and infrastructure that can genuinely compete globally.”</p><div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="b5c7e656-d66d-4f23-8a9e-01c230d7d132"></dynamic-object></div><p>JNPA Chairperson Gaurav Dayal said extensive digitization and proactive gate practices have dramatically reshaped terminal operations in Nhava Sheva, India’s largest container dock by capacity. </p><p>“Over the last decade, JNPA has evolved from a conventional port into an integrated trade facilitation hub,” Dayal noted. “There have been measurable reductions in vessel turnaround and container dwell times.” </p><p>Improving rail fluidity has also achieved heightened prominence among national policymakers and port leaders as it draws more loads away from the predominant trucking mode in order to ease pressure inland, with a freight-only rail corridor project connecting the northern interior to West Coast ports at the heart of that modal shift effort involving an infrastructure outlay of over $11 billion. </p><p>The 1,500-km double-line track able to offer double-stack container services at train speeds up to 100 km/h is set to operationalize the Nhava Sheva stretch next month, having already connected Mundra in stages. That access should help JNPA expand the share of volumes departing or arriving by rail from the current 15% to 25% in line with government target goals. </p><p>Various agencies, including the World Bank, have acknowledged the wave of recent port flow improvements at Indian ports, broadly estimating average container dwell times at three days and vessel turn times at no more than a day. </p><h3>Need to strengthen multimodal connectivity </h3><p>While the performance within the four walls of port gates has markedly scaled up, stakeholders generally believe that moving cargo between the water and the land more efficiently remains an unfulfilled aspect of the supply chain in the context of growing vessel call sizes that typically involve high container exchanges per port visit. </p><p>“The next frontier is strengthening multimodal connectivity beyond the port gates to fully unlock India’s cost competitiveness in global trade,” Mota said. </p><p>That was echoed by Girish Aggarwal, managing director of APM Terminals’ Gujarat Pipavav Port. </p><p>“As cargo profiles become more complex and supply chains more time-sensitive, the next phase of growth will require deeper integration across the logistics ecosystem, faster decision-making, and sustained investments in multimodal connectivity,” Aggarwal said. “The challenge is not just creating capacity, but ensuring predictability, reliability, and ease of doing business for our stakeholders.” </p><p>Suni Vaswani, executive director at the Container Shipping Lines’ Association (India), said despite the significant capacity strides, the Indian port sector grapples with a string of long-standing barriers — ranging from high vessel tariffs and container scanner shortages to rail delays resulting from mixed train/common marshalling yard operations — to keep moving up the ladder of global competency. </p><p>“Indian ports could do better with some improvements ... container lines have already diverted a significant portion of their transshipment volumes from neighboring foreign hubs to Nhava Sheva and Mundra,” Vaswani said. </p><p>Approximately 60% of Indian containerized freight is shipped in and out of Mundra and Nhava Sheva, with the duo handling 16 million TEUs in 2025 out of the countrywide 26 million TEUs for the year, up from 15 million TEUs and 24 million TEUs, respectively, in 2024, data obtained by the <i>Journal of Commerce</i> shows. </p><p>Additionally, with evolving “green shoots” in local manufacturing, container carrier heavyweights are increasingly diversifying investment interests in India beyond port-to-port shipping and inland verticals to vessel flagging and shipbuilding as government policies become more industry-friendly. Maersk, CMA CGM and Mediterranean Shipping Co. have already signaled that diversified push. </p><p> <i>Contact Bency Mathew at </i><a href="mailto:bencyvmathew@gmail.com"><i>bencyvmathew@gmail.com</i></a>.</p><p> </p></div>

India’s maritime-focused economic development agenda is rapidly redefining the unnerving port flow experience that ocean carriers and shippers had to deal with out of the emerging market until a decade ago, industry stakeholders across the spectrum agree.  New Delhi has invested heavily into freight infrastructure modernization through public-private participation and pushed digital logistics solutions along with sweeping policy reforms to ease trade processes in recent years.    Last year marked the influx of sizeable fresh terminal capacity into Indian trade, thanks to the launch of Phase 2 operations by PSA International in Nhava Sheva Port (JNPA) and the official opening of Adani Ports’ terminal in southern India, a transshipment hub designed to rival Sri Lanka’s Colombo Port, in addition to limited scaleups at relatively smaller ports.  As a result, there is sufficient box capacity across major ports — pegged at approximately 35 million TEUs annually — to handle near-term shipping demand. Looking ahead, new terminal projects in various stages of development, including at Vadhavan — about 100 miles north of Mumbai — on a landlord model led by the JNPA authority; Tuna — off Kandla Port in Gujarat State — under a concession contract awarded to DP World; and Adani Ports’ ongoing expansions at Mundra Port, could push Indian capacity to over 50 million TEUs over the next five years, industry estimates show.  Carrier and terminal executives who spoke with the Journal of Commerce have struck an upbeat tone on India’s port strides.  “Capacity expansion, particularly in western and southern India, combined with modernization initiatives across major ports, has delivered tangible productivity gains, positioning us well to support the country’s ambitious growth trajectory,” said Bhavik Mota, Maersk’s director of regional ocean management for India, Middle East and Africa. “We are seeing faster turnaround times, enhanced operational efficiency, and infrastructure that can genuinely compete globally.” JNPA Chairperson Gaurav Dayal said extensive digitization and proactive gate practices have dramatically reshaped terminal operations in Nhava Sheva, India’s largest container dock by capacity.  “Over the last decade, JNPA has evolved from a conventional port into an integrated trade facilitation hub,” Dayal noted. “There have been measurable reductions in vessel turnaround and container dwell times.”  Improving rail fluidity has also achieved heightened prominence among national policymakers and port leaders as it draws more loads away from the predominant trucking mode in order to ease pressure inland, with a freight-only rail corridor project connecting the northern interior to West Coast ports at the heart of that modal shift effort involving an infrastructure outlay of over $11 billion.  The 1,500-km double-line track able to offer double-stack container services at train speeds up to 100 km/h is set to operationalize the Nhava Sheva stretch next month, having already connected Mundra in stages. That access should help JNPA expand the share of volumes departing or arriving by rail from the current 15% to 25% in line with government target goals.  Various agencies, including the World Bank, have acknowledged the wave of recent port flow improvements at Indian ports, broadly estimating average container dwell times at three days and vessel turn times at no more than a day.  Need to strengthen multimodal connectivity  While the performance within the four walls of port gates has markedly scaled up, stakeholders generally believe that moving cargo between the water and the land more efficiently remains an unfulfilled aspect of the supply chain in the context of growing vessel call sizes that typically involve high container exchanges per port visit.  “The next frontier is strengthening multimodal connectivity beyond the port gates to fully unlock India’s cost competitiveness in global trade,” Mota said.  That was echoed by Girish Aggarwal, managing director of APM Terminals’ Gujarat Pipavav Port.  “As cargo profiles become more complex and supply chains more time-sensitive, the next phase of growth will require deeper integration across the logistics ecosystem, faster decision-making, and sustained investments in multimodal connectivity,” Aggarwal said. “The challenge is not just creating capacity, but ensuring predictability, reliability, and ease of doing business for our stakeholders.”  Suni Vaswani, executive director at the Container Shipping Lines’ Association (India), said despite the significant capacity strides, the Indian port sector grapples with a string of long-standing barriers — ranging from high vessel tariffs and container scanner shortages to rail delays resulting from mixed train/common marshalling yard operations — to keep moving up the ladder of global competency.  “Indian ports could do better with some improvements ... container lines have already diverted a significant portion of their transshipment volumes from neighboring foreign hubs to Nhava Sheva and Mundra,” Vaswani said.  Approximately 60% of Indian containerized freight is shipped in and out of Mundra and Nhava Sheva, with the duo handling 16 million TEUs in 2025 out of the countrywide 26 million TEUs for the year, up from 15 million TEUs and 24 million TEUs, respectively, in 2024, data obtained by the Journal of Commerce shows.  Additionally, with evolving “green shoots” in local manufacturing, container carrier heavyweights are increasingly diversifying investment interests in India beyond port-to-port shipping and inland verticals to vessel flagging and shipbuilding as government policies become more industry-friendly. Maersk, CMA CGM and Mediterranean Shipping Co. have already signaled that diversified push.   Contact Bency Mathew at  bencyvmathew@gmail.com .  

Indian port flow boosted by infrastructure, technology investment efforts

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