<div class="phx-topic abstract-wrapper">Soaring rate levels swept aside a decline in Maersk’s Q4 volumes and set the carrier on course to report an even more profitable 2021 than expected. </div>

Soaring rate levels swept aside a decline in Maersk’s Q4 volumes and set the carrier on course to report an even more profitable 2021 than expected.

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<div>An incredible 80 percent increase in freight rates through the fourth quarter has prompted Maersk to add at least another $1 billion to its 2021 profit expectations, the fourth upgrade to its annual guidance. The A.P. Moller-Maersk group expects to report full-year earnings before interest, taxes, depreciation and amortization (EBITDA) of $24 billion, <a>up from the previous operating profit guidance</a> of $22 billion to $23 billion announced in September. <div><img><a>Click to enlarge</a></div>“The strong result in the quarter reflects the continuation of the exceptional market situation within ocean caused by the global disruptions to the supply chains, which have led to...

An incredible 80 percent increase in freight rates through the fourth quarter has prompted Maersk to add at least another $1 billion to its 2021 profit expectations, the fourth upgrade to its annual guidance. The A.P. Moller-Maersk group expects to report full-year earnings before interest, taxes, depreciation and amortization (EBITDA) of $24 billion, up from the previous operating profit guidance of $22 billion to $23 billion announced in September. Click to enlarge “The strong result in the quarter reflects the continuation of the exceptional market situation within ocean caused by the global disruptions to the supply chains, which have led to further increase in container freight rates,” Maersk said in a statement Friday. Preliminary fourth-quarter results released with the earnings upgrade shows Maersk’s revenue increased 39 percent year over year to $18.5 billion, while EBITDA was up 66 percent to $8 billion. The carrier’s audited results and annual report will be published on Feb. 9. The 80 percent year-over-year increase in rate levels reported by Maersk for the fourth quarter brushed aside a 4 percent decline in volume during the same period. While Maersk did not provide the actual fourth-quarter volume in its preliminary financials, the carrier transported 3.4 million FEU in the fourth quarter of 2020. Short-term rates of 90 days or less were at $3,319 per TEU on the Asia-North Europe trade on Dec. 31, 2020, but rose steadily throughout 2021 to end the year at $8,285 per TEU, according to rate benchmarking platform Xeneta. On the trans-Pacific, the rate on Dec. 31, 2020 was $3,466 per FEU, but had increased to $8,257 per FEU by the end of 2021. Trans-Atlantic westbound rates were $933 per TEU on Dec. 31, 2020, but had risen to $4,429 per TEU by the end of last year. Robust demand a surprise for carriers The sustained strength of the container shipping market through 2021 clearly took carriers by surprise, with the first profit outlook from Maersk announced early last year set at $8.5 billion to $9.5 billion. Hapag-Lloyd in March predicted its operating profit for 2021 would be between $8.7 billion and $10.6 billion, but in a second revision on Oct. 29 upgraded the guidance to $12 billion to $13 billion. Ocean Network Express has forecast net profit for its 2021-22 financial year ending Mar. 31 will be $11.7 billion, up from $3.4 billion reported for the previous year. Click to enlarge According to maritime analyst Drewry, the container shipping industry is now on course for a combined pretax profit of as much as $300 billion in 2021 and 2022 due to ongoing strong demand and supply chain disruptions that continue to soak up effective vessel capacity. In a global container shipping update this week, the transportation analysis team at bank HSBC said it expects port congestion to continue through the first half of 2022. The analysts said the widespread Omicron variant has added further uncertainty to the lifting of COVID-19-related containment measures at ports. The bank noted that an early import rush ahead of the Chinese Lunar New Year could keep the first quarter “as busy as possible,” while inventories remain well below pre-pandemic levels in the US, supporting import levels even after the Lunar New Year. The analysts also warned that upcoming labor contract negotiations on the US West Coast could bring further disruptions. “As such, we see sustained tightness in the freight market, keeping freight rates elevated for longer,” the report noted, adding that in a market positive for container shipping, carrier earnings estimates will inevitably be revised upward, “reflecting the new reality that supply chain congestion could stay with the sector for longer than expected.” Contact Greg Knowler at greg.knowler@ihsmarkit.com and follow him on Twitter: @greg_knowler .

Maritime

Maersk’s Q4 profit upgrade adds $1 billion to 2021 earnings

<div class="phx-topic abstract-wrapper">Onshore wind and AI energy support offer twin strands of positivity for wind shippers operating in the US despite the Trump administration’s battle against renewable energy. </div>

Onshore wind and AI energy support offer twin strands of positivity for wind shippers operating in the US despite the Trump administration’s battle against renewable energy.

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<div class="phx-topic">Surging demand for power to support data centers is generating optimism for original equipment manufacturers (OEMs) of wind turbines, even as permitting bans, project suspensions and import tariffs knock the wind out of US renewable energy markets. Turbines for onshore and offshore wind projects are considered a key source of breakbulk and project cargo. Increasing energy demands could propel turbine manufacturing, while <a href="https://www.joc.com/article/trump-administration-seeks-to-undo-court-rulings-favoring-offshore-wind-projects-6173748">US project interruptions and legal wranglings</a> continue to threaten wind equipment production. Amid the Trump administration’s pushback against wind energy, German onshore turbine maker Nordex SE and Danish turbine maker Vestas remain steadfast on playing the long game on US onshore projects as data center construction rapidly drives up power demands. Nordex, which primarily serves the onshore wind market, is projecting gains this year after global project orders grew 10% to $3.7 billion in the fourth quarter and increased 25% to a record high of $11 billion for all of 2025. During the company’s Feb. 26 earnings call, Nordex CEO Jose Luis Blanco cited “momentum” in the US market as customers continue to invest in wind developments. “Unfortunately, projects are pending permits from the federal government,” he said. “And this is something that honestly nobody has a view of when those permits are going to flow.” Despite those holdups, a “super cycle” of mounting energy needs to support AI infrastructure has reinforced the company’s decision to invest in the US long term, Blanco said. “Yes, maybe most of it is going to be delivered by gas, but wind plays a fantastic role to fit more with the demand profile of data centers, which is what has mainly driven electricity demand increase in the US,” he said. Nordex in December secured contracts from Alliant Energy for up to 190 turbines for wind projects in the US Midwest. Nordex will produce the turbines at its West Branch, Iowa, facility, which reopened in July after being shuttered for 12 years. <h3>Surge in onshore wind activity </h3>Vestas came out as bullish on the power generation buildout, with the company forecasting continued growth in 2026 following a year marked by higher onshore activity that offset lower offshore orders. After growing revenues 9% to $22 billion in 2025, Vestas estimates those numbers will increase to between $24 billion to $26 billion in 2026. In its Feb. 5 year-end earnings report, Vestas described US onshore wind as a market characterized by changes to legislation and tariffs, with developers still awaiting clarity on policy issues. “Nevertheless, there remain strong, fundamental drivers of wind power deployment in the USA, in particular the fast-growing electricity demand linked to the rise of AI and the buildout of data centers,” Vestas said. CEO Henrik Andersen confirmed there are opportunities to upgrade aging onshore turbines in the US, adding that modern components make it possible to replace three turbines with one and still generate more electricity. “It’s ongoing. It’s happening. It’s only now a matter of how quickly can you get the permitting, because the capital is there to get it done,” Andersen said during an earnings call. Orders for the year fell 9% to $20.5 billion, driven by fewer offshore orders in Europe, the Middle East, Africa and the Americas. Still, those orders led to a record-high order backlog for Vestas of $84.8 billion for 2025, up 5% from the previous year. <h3>Siemens wind business narrows losses </h3>Meanwhile, tariffs continue to present uncertainties for Spain’s Siemens Gamesa Renewable Energy and for its German parent company Siemens Energy AG. “In the wind power business...the tariff impact was the most substantial of all of ours,” Siemens Energy CFO Maria Ferraro said during the company’s fiscal first-quarter earnings call earlier this month. “So of course, we're watching that very carefully,” However, the US accounted for the company’s largest growth contributor because of a $470 million onshore repowering order, even as orders for the period fell 34% to $1.8 billion. Following a period of volatility related to defective onshore turbines, Siemens Gamesa is set to break even in 2026 after narrowing its FY first-quarter losses to $261 million from $499 million a year ago. Also in the first quarter, Siemens Gamesa received the first order for its SG 7.0 turbine, the successor to the troubled 5.X platform. Major flaws were discovered in 15% to 30% of the manufacturer’s already installed 4.X and 5.X onshore wind turbines in June 2023. <h3>US offshore delays wear down GE Vernova </h3>GE Vernova expects losses to widen in the first quarter after offshore wind project suspensions in the US made a sizeable dent in quarterly and full-year performance. Wind losses are on track to fall to $300 million to $400 million year over year in the first quarter, primarily from lower onshore wind volume and US import tariffs that have cost the company $70 million since the second quarter of 2025. The company’s wind business posted a $225 million loss in earnings before interest, taxes, depreciation and amortization (EBITDA) for the 2025 fourth quarter compared to a gain of $19 million for the same period in 2024. Losses for the year came in at $600 million, higher than initial projections of $400 million, driven by the US government’s Dec. 22 stop-work order on five offshore wind projects, including the Vineyard Wind project using GE Vernova’s blades. “Until that point, our team was on a path to achieve...expectations as they worked to complete the Vineyard Wind project in early January,” CFO Ken Parks said during a Q4 earnings call. A series of court rulings in January and February have allowed those projects to resume, but the Trump administration has pledged to appeal those decisions. Despite US setbacks, GE Vernova’s fourth-quarter wind orders increased 53% year over year to $3.1 billion, driven by improved onshore wind equipment orders, primarily outside of North America. Contact Autumn Cafiero Giusti at <a href="mailto:autumn@autumngiusti.com">autumn@autumngiusti.com</a>.</div>

Surging demand for power to support data centers is generating optimism for original equipment manufacturers (OEMs) of wind turbines, even as permitting bans, project suspensions and import tariffs knock the wind out of US renewable energy markets. Turbines for onshore and offshore wind projects are considered a key source of breakbulk and project cargo. Increasing energy demands could propel turbine manufacturing, while US project interruptions and legal wranglings continue to threaten wind equipment production. Amid the Trump administration’s pushback against wind energy, German onshore turbine maker Nordex SE and Danish turbine maker Vestas remain steadfast on playing the long game on US onshore projects as data center construction rapidly drives up power demands. Nordex, which primarily serves the onshore wind market, is projecting gains this year after global project orders grew 10% to $3.7 billion in the fourth quarter and increased 25% to a record high of $11 billion for all of 2025. During the company’s Feb. 26 earnings call, Nordex CEO Jose Luis Blanco cited “momentum” in the US market as customers continue to invest in wind developments. “Unfortunately, projects are pending permits from the federal government,” he said. “And this is something that honestly nobody has a view of when those permits are going to flow.” Despite those holdups, a “super cycle” of mounting energy needs to support AI infrastructure has reinforced the company’s decision to invest in the US long term, Blanco said. “Yes, maybe most of it is going to be delivered by gas, but wind plays a fantastic role to fit more with the demand profile of data centers, which is what has mainly driven electricity demand increase in the US,” he said. Nordex in December secured contracts from Alliant Energy for up to 190 turbines for wind projects in the US Midwest. Nordex will produce the turbines at its West Branch, Iowa, facility, which reopened in July after being shuttered for 12 years. Surge in onshore wind activity Vestas came out as bullish on the power generation buildout, with the company forecasting continued growth in 2026 following a year marked by higher onshore activity that offset lower offshore orders. After growing revenues 9% to $22 billion in 2025, Vestas estimates those numbers will increase to between $24 billion to $26 billion in 2026. In its Feb. 5 year-end earnings report, Vestas described US onshore wind as a market characterized by changes to legislation and tariffs, with developers still awaiting clarity on policy issues. “Nevertheless, there remain strong, fundamental drivers of wind power deployment in the USA, in particular the fast-growing electricity demand linked to the rise of AI and the buildout of data centers,” Vestas said. CEO Henrik Andersen confirmed there are opportunities to upgrade aging onshore turbines in the US, adding that modern components make it possible to replace three turbines with one and still generate more electricity. “It’s ongoing. It’s happening. It’s only now a matter of how quickly can you get the permitting, because the capital is there to get it done,” Andersen said during an earnings call. Orders for the year fell 9% to $20.5 billion, driven by fewer offshore orders in Europe, the Middle East, Africa and the Americas. Still, those orders led to a record-high order backlog for Vestas of $84.8 billion for 2025, up 5% from the previous year. Siemens wind business narrows losses Meanwhile, tariffs continue to present uncertainties for Spain’s Siemens Gamesa Renewable Energy and for its German parent company Siemens Energy AG. “In the wind power business...the tariff impact was the most substantial of all of ours,” Siemens Energy CFO Maria Ferraro said during the company’s fiscal first-quarter earnings call earlier this month. “So of course, we're watching that very carefully,” However, the US accounted for the company’s largest growth contributor because of a $470 million onshore repowering order, even as orders for the period fell 34% to $1.8 billion. Following a period of volatility related to defective onshore turbines, Siemens Gamesa is set to break even in 2026 after narrowing its FY first-quarter losses to $261 million from $499 million a year ago. Also in the first quarter, Siemens Gamesa received the first order for its SG 7.0 turbine, the successor to the troubled 5.X platform. Major flaws were discovered in 15% to 30% of the manufacturer’s already installed 4.X and 5.X onshore wind turbines in June 2023. US offshore delays wear down GE Vernova GE Vernova expects losses to widen in the first quarter after offshore wind project suspensions in the US made a sizeable dent in quarterly and full-year performance. Wind losses are on track to fall to $300 million to $400 million year over year in the first quarter, primarily from lower onshore wind volume and US import tariffs that have cost the company $70 million since the second quarter of 2025. The company’s wind business posted a $225 million loss in earnings before interest, taxes, depreciation and amortization (EBITDA) for the 2025 fourth quarter compared to a gain of $19 million for the same period in 2024. Losses for the year came in at $600 million, higher than initial projections of $400 million, driven by the US government’s Dec. 22 stop-work order on five offshore wind projects, including the Vineyard Wind project using GE Vernova’s blades. “Until that point, our team was on a path to achieve...expectations as they worked to complete the Vineyard Wind project in early January,” CFO Ken Parks said during a Q4 earnings call. A series of court rulings in January and February have allowed those projects to resume, but the Trump administration has pledged to appeal those decisions. Despite US setbacks, GE Vernova’s fourth-quarter wind orders increased 53% year over year to $3.1 billion, driven by improved onshore wind equipment orders, primarily outside of North America. Contact Autumn Cafiero Giusti at autumn@autumngiusti.com .

Energy projects

Project cargo

Breakbulk News

Wind OEMs pin hopes on data center energy demands amid US setbacks

<div class="phx-topic abstract-wrapper">Hapag could leverage Zim-owned Gold Star Line’s ready-made ro/ro fleet to expand its offering in the breakbulk market, but overcapacity provides potential headwinds. </div>

Hapag could leverage Zim-owned Gold Star Line’s ready-made ro/ro fleet to expand its offering in the breakbulk market, but overcapacity provides potential headwinds.

<div class="phx-topic">Hapag-Lloyd’s <a href="https://www.joc.com/article/hapag-lloyd-bolsters-fleet-with-42-billion-deal-to-acquire-zim-6170540">planned $4.2 billion takeover of Zim Integrated Shipping Services</a> offers an opportunity to develop the car carrier business established by Zim’s Hong Kong-headquartered affiliate Gold Star Line (GSL), shipping executives say. GSL currently operates two roll-on/roll-off (ro/ro) services linking Asia and Latin America and Asia with Africa. The Gold Star Pacific Vehicle Carrier (GPL) service includes calls at Shanghai, Masan (South Korea) and Yokohama, linking with Mazatlan and Lazaro Cardenas in Mexico, Buenaventura (Colombia) and San Antonio (Chile). Current vessel schedules show on-demand inducement calls at California’s Port Hueneme and Manta in Ecuador. Similarly, the VEC service includes calls such as Kobe (Japan), Taicang and Shanghai in China, Mombasa (Kenya) and Dar es Salaam (Tanzania). Vessels listed under the same service are also calling at Paranagua and Vitoria in Brazil in the next few weeks. Gold Star’s car carriers also call at Ashdod in Israel. GSL has developed its car carrier operations through specialized business, “targeting niche trades where we can provide a competitive service,” a senior source close to the company told the Journal of Commerce. “As a global operator, we have an ability to pivot quickly and efficiently towards areas to help our customers and their pain points,” the executive added. A third GSL ro/ro service connecting Asia and Europe has been suspended, although it could be reinstated. <h3>Operating a lean fleet </h3>Esgian, an Oslo, Norway-headquartered maritime consultant, said Gold Star Line has trimmed its ro/ro operations in the last few months. “Our data shows GSL currently operates a ro/ro fleet of 13 vessels,” Mijeong Jang Rolfsen, Esgian’s senior market impact analyst/shipping, told the Journal of Commerce. The vessels vary in size between 4,000 and 6,500 car equivalent units (CEUs) and are mostly chartered from other operators including Gram Car Carriers, Zodiac Maritime and Cido Shipping. “In terms of commercial footprint, Gold Star Line recorded 72 port calls in Q4 2025, which is 12% down from the previous quarter [Q3 2025], spanning Asia with services extending to South America and selected ports in Africa,” Rolfsen said. Captain Igal Dafni, who was Gold Star Line’s managing director in the early 2000s, said GSL’s ro/ro services are potentially a new source of business for Hapag-Lloyd. Dafni agreed Hapag-Lloyd could use the moves into the car carrier sector by rival container lines Mediterranean Shipping Co. and CMA CGM as a blueprint for its own expansion into the market, using GSL’s existing network as the foundation. “But I’m not sure what it will do,” he said. MSC entered the vehicle carrier sector in 2024 after acquiring Gram Car Carriers and has a fleet of approximately 20 pure car and truck carriers. CMA CGM operates ro/ro services in the Mediterranean and North Africa. <h3>Flurry of new vessels pressurizing the sector </h3>While GSL is focused on bespoke services that should be more profitable, the wider car carrier sector is facing increasing headwinds, especially potential overcapacity that could hit freight rates. “There is a huge backlog of new vessels to be delivered between 2026 [and] 2030 which will create significant pressure for tonnage providers and operators,” a senior executive at a European freight forwarder specializing in the vehicle carrier sector told the Journal of Commerce. British shipbroker Clarksons said there are 140 car carriers on order, equivalent to 16% of the existing fleet of 899 ships, although 27% of the fleet is over 20 years old and is a likely candidate for scrapping. “So, I am not so sure the sector will continue to boom and [be] ... a great market to enter, especially if you are not well established,” the forwarding executive said. “It could be Hapag-Lloyd will keep GSL’s existing car carrier services until they feel comfortable and see how things turn out.” Hapag-Lloyd and Gold Star Line executives told the Journal of Commerce it was too early to comment on how the Hamburg-based carrier would develop GSL’s business. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

Hapag-Lloyd’s planned $4.2 billion takeover of Zim Integrated Shipping Services offers an opportunity to develop the car carrier business established by Zim’s Hong Kong-headquartered affiliate Gold Star Line (GSL), shipping executives say. GSL currently operates two roll-on/roll-off (ro/ro) services linking Asia and Latin America and Asia with Africa. The Gold Star Pacific Vehicle Carrier (GPL) service includes calls at Shanghai, Masan (South Korea) and Yokohama, linking with Mazatlan and Lazaro Cardenas in Mexico, Buenaventura (Colombia) and San Antonio (Chile). Current vessel schedules show on-demand inducement calls at California’s Port Hueneme and Manta in Ecuador. Similarly, the VEC service includes calls such as Kobe (Japan), Taicang and Shanghai in China, Mombasa (Kenya) and Dar es Salaam (Tanzania). Vessels listed under the same service are also calling at Paranagua and Vitoria in Brazil in the next few weeks. Gold Star’s car carriers also call at Ashdod in Israel. GSL has developed its car carrier operations through specialized business, “targeting niche trades where we can provide a competitive service,” a senior source close to the company told the Journal of Commerce. “As a global operator, we have an ability to pivot quickly and efficiently towards areas to help our customers and their pain points,” the executive added. A third GSL ro/ro service connecting Asia and Europe has been suspended, although it could be reinstated. Operating a lean fleet Esgian, an Oslo, Norway-headquartered maritime consultant, said Gold Star Line has trimmed its ro/ro operations in the last few months. “Our data shows GSL currently operates a ro/ro fleet of 13 vessels,” Mijeong Jang Rolfsen, Esgian’s senior market impact analyst/shipping, told the Journal of Commerce. The vessels vary in size between 4,000 and 6,500 car equivalent units (CEUs) and are mostly chartered from other operators including Gram Car Carriers, Zodiac Maritime and Cido Shipping. “In terms of commercial footprint, Gold Star Line recorded 72 port calls in Q4 2025, which is 12% down from the previous quarter [Q3 2025], spanning Asia with services extending to South America and selected ports in Africa,” Rolfsen said. Captain Igal Dafni, who was Gold Star Line’s managing director in the early 2000s, said GSL’s ro/ro services are potentially a new source of business for Hapag-Lloyd. Dafni agreed Hapag-Lloyd could use the moves into the car carrier sector by rival container lines Mediterranean Shipping Co. and CMA CGM as a blueprint for its own expansion into the market, using GSL’s existing network as the foundation. “But I’m not sure what it will do,” he said. MSC entered the vehicle carrier sector in 2024 after acquiring Gram Car Carriers and has a fleet of approximately 20 pure car and truck carriers. CMA CGM operates ro/ro services in the Mediterranean and North Africa. Flurry of new vessels pressurizing the sector While GSL is focused on bespoke services that should be more profitable, the wider car carrier sector is facing increasing headwinds, especially potential overcapacity that could hit freight rates. “There is a huge backlog of new vessels to be delivered between 2026 [and] 2030 which will create significant pressure for tonnage providers and operators,” a senior executive at a European freight forwarder specializing in the vehicle carrier sector told the Journal of Commerce. British shipbroker Clarksons said there are 140 car carriers on order, equivalent to 16% of the existing fleet of 899 ships, although 27% of the fleet is over 20 years old and is a likely candidate for scrapping. “So, I am not so sure the sector will continue to boom and [be] ... a great market to enter, especially if you are not well established,” the forwarding executive said. “It could be Hapag-Lloyd will keep GSL’s existing car carrier services until they feel comfortable and see how things turn out.” Hapag-Lloyd and Gold Star Line executives told the Journal of Commerce it was too early to comment on how the Hamburg-based carrier would develop GSL’s business. Contact Keith Wallis at keithwallis@hotmail.com .

Ro/ro cargo

Zim deal offers Hapag-Lloyd entry into niche car carrier market  

<div class="phx-topic abstract-wrapper">Europe’s largest port handled 14.2 million TEUs during what was described by its CEO as “a challenging year” set against a backdrop of escalating geopolitical tensions. </div>

Europe’s largest port handled 14.2 million TEUs during what was described by its CEO as “a challenging year” set against a backdrop of escalating geopolitical tensions.

<div class="phx-topic">Container volume at the Port of Rotterdam grew 3.1% in 2025, driven by a second-half surge in imports from Asia and rising trade with North America that boosted annual throughput. But the volume growth at Europe’s largest port was held back by ongoing congestion last year as carrier alliance restructuring saw “a significant amount of throughput volume” being diverted to other ports, Rotterdam said in a statement Thursday. A total of 14.2 million TEUs crossed Rotterdam’s busy wharves in 2025, which was “a challenging year” that came against “a backdrop of further escalating geopolitical tensions,” according to Boudewijn Siemons, CEO of the Port of Rotterdam Authority. “Chemical and logistics companies in our port were under considerable pressure and European industry was affected by increasing global competition,” Siemons said. “A continued focus on resilience, agility and intensive cooperation at the national and European level is crucial in this regard — both for the supply chain and for industry,” he added. Rotterdam’s imports of 6.8 million TEUs for the full year were down 5.7% year over year, but within those numbers was a 9.3% increase in imports from Asia and a 13.6% increase in two-way trade with North America. Total exports were up 12.7% at 7.4 million TEUs. <h3>Europe’s competitive position eroding </h3>The port said Europe’s deteriorating competitive position across several industries placed downward pressure on container volume and transshipment, leading to greater throughput of empty containers. The eroding competitive position of European industry also weighed heavily on Rotterdam’s steel, coal and raw materials bulk shipments, with concerns raised by the port over lagging investment in industry by the business community. Over the past 12 months, several chemical companies have announced plans to close their factories in Rotterdam, and investments in new and ongoing projects have been halted, primarily in renewable fuels, the port statement noted. “The measures taken by the government in 2025 are positive, but insufficient to level the playing field in the Netherlands with that in Europe,” the port said. “Additionally, competition from countries such as China remains evident.” The government measures focused on providing more predictable tax policies for industry, enhancing innovation in key technological sectors and reducing the regulatory burden. From a eurozone perspective, there was positive news in the latest Purchasing Managers’ Index (PMI) compiled by Hamburg Commercial Bank and Journal of Commerce parent S&amp;P Global. Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, said Europe’s manufacturing sector could be at a turning point, with the headline PMI in February showing business activity rising at its fastest pace in three months. “Overall, it seems that the manufacturing sector is on a more stable footing and could contribute to overall growth this year instead of being a drag for the economy,” de la Rubia wrote in his analysis of the PMI results. Contact Greg Knowler at <a href="">greg.knowler@spglobal.com</a>. </div>

Container volume at the Port of Rotterdam grew 3.1% in 2025, driven by a second-half surge in imports from Asia and rising trade with North America that boosted annual throughput. But the volume growth at Europe’s largest port was held back by ongoing congestion last year as carrier alliance restructuring saw “a significant amount of throughput volume” being diverted to other ports, Rotterdam said in a statement Thursday. A total of 14.2 million TEUs crossed Rotterdam’s busy wharves in 2025, which was “a challenging year” that came against “a backdrop of further escalating geopolitical tensions,” according to Boudewijn Siemons, CEO of the Port of Rotterdam Authority. “Chemical and logistics companies in our port were under considerable pressure and European industry was affected by increasing global competition,” Siemons said. “A continued focus on resilience, agility and intensive cooperation at the national and European level is crucial in this regard — both for the supply chain and for industry,” he added. Rotterdam’s imports of 6.8 million TEUs for the full year were down 5.7% year over year, but within those numbers was a 9.3% increase in imports from Asia and a 13.6% increase in two-way trade with North America. Total exports were up 12.7% at 7.4 million TEUs. Europe’s competitive position eroding The port said Europe’s deteriorating competitive position across several industries placed downward pressure on container volume and transshipment, leading to greater throughput of empty containers. The eroding competitive position of European industry also weighed heavily on Rotterdam’s steel, coal and raw materials bulk shipments, with concerns raised by the port over lagging investment in industry by the business community. Over the past 12 months, several chemical companies have announced plans to close their factories in Rotterdam, and investments in new and ongoing projects have been halted, primarily in renewable fuels, the port statement noted. “The measures taken by the government in 2025 are positive, but insufficient to level the playing field in the Netherlands with that in Europe,” the port said. “Additionally, competition from countries such as China remains evident.” The government measures focused on providing more predictable tax policies for industry, enhancing innovation in key technological sectors and reducing the regulatory burden. From a eurozone perspective, there was positive news in the latest Purchasing Managers’ Index (PMI) compiled by Hamburg Commercial Bank and Journal of Commerce parent S&P Global. Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, said Europe’s manufacturing sector could be at a turning point, with the headline PMI in February showing business activity rising at its fastest pace in three months. “Overall, it seems that the manufacturing sector is on a more stable footing and could contribute to overall growth this year instead of being a drag for the economy,” de la Rubia wrote in his analysis of the PMI results. Contact Greg Knowler at  greg.knowler@spglobal.com . 

Trans-Atlantic

Asia-Europe

International ports

Rotterdam congestion limits benefit of second-half surge in imports

<div class="phx-topic abstract-wrapper">Premier Alliance carriers may not have the most chips in the game, but in a world where all the alliances are competing to provide the best product, they can inject some very useful capacity to enhance particular trade lanes, writes Jeremy Masters.</div>

Premier Alliance carriers may not have the most chips in the game, but in a world where all the alliances are competing to provide the best product, they can inject some very useful capacity to enhance particular trade lanes, writes Jeremy Masters.

<div class="phx-topic">Recent articles on <a href="https://www.joc.com/article/hapag-lloyd-bolsters-fleet-with-42-billion-deal-to-acquire-zim-6170540">Hapag Lloyd’s acquisition of Zim Integrated Shipping Services</a> have naturally focused on the additional critical mass it brings the fifth-largest carrier. It also has some signals for others. If we look at the top 10 carriers, we see the following existing TEU fleet size and capacity on order as of December 2025, (courtesy of Alphaliner): <div class="wrapper-full"><table><colgroup><col width="25%"></col><col width="25%"></col><col width="25%"></col><col width="25%"></col></colgroup><thead><tr><th>Company</th><th class="align-right">Existing Capacity</th><th class="align-right">On Order</th><th class="align-right">Total</th></tr></thead><tbody><tr><td>MSC                </td><td class="align-right">7,080,958</td><td class="align-right">2,102,992</td><td class="align-right">9,183,950</td></tr><tr><td>Maersk            </td><td class="align-right">4,602,633</td><td class="align-right">834,770</td><td class="align-right">5,437,403</td></tr><tr><td>CMA CGM </td><td class="align-right">4,081,155</td><td class="align-right"> 1,909,846</td><td class="align-right"> 5,991,001</td></tr><tr><td>Cosco </td><td class="align-right"> 3,553,514</td><td class="align-right">1,168,612</td><td class="align-right">4,722,126</td></tr><tr><td>Hapag-Lloyd</td><td class="align-right">2,412,728</td><td class="align-right">415,220</td><td class="align-right">2,827,948 </td></tr><tr><td>ONE </td><td class="align-right">2,050,500</td><td class="align-right">611,304</td><td class="align-right"> 2,661,804</td></tr><tr><td>Evergreen       </td><td class="align-right">1,938,786</td><td class="align-right">853,113</td><td class="align-right">2,791,899</td></tr><tr><td>HMM               </td><td class="align-right">1,016,180</td><td class="align-right">190,192</td><td class="align-right">1,206,372</td></tr><tr><td>Yang Ming</td><td class="align-right">717,715</td><td class="align-right">236,660</td><td class="align-right">954,375</td></tr><tr><td>Zim</td><td class="align-right">703,598</td><td class="align-right">163,128</td><td class="align-right">866,726</td></tr></tbody><tfoot><tr><td colspan="4">Source: Alphaliner</td></tr></tfoot></table></div>Switching to consortium carriers, combined existing capacity plus that on order (counting Mediterranean Shipping Co. as a consortium) leaves us with total TEU fleet sizes as follows: <div class="wrapper-full"><table><colgroup><col width="50%"></col><col width="50%"></col></colgroup><thead><tr><th>Company</th><th class="align-right">Fleet Size</th></tr></thead><tbody><tr><td>MSC </td><td class="align-right">9,183,950</td></tr><tr><td>Maersk and HL (including Zim)</td><td class="align-right">9,132,077</td></tr><tr><td>CMA CGM, Cosco and Evergreen</td><td class="align-right">13,505,026</td></tr><tr><td>ONE, HMM and Yang Ming</td><td class="align-right">4,822,551</td></tr></tbody><tfoot><tr><td colspan="2">Alphaliner</td></tr></tfoot></table></div>Of course, relative total fleet capacities do not correlate with relative capacities deployed in the consortium trades, but the above gives a clear guide to overall future strength as it stands. <h3>Significant variation in firepower </h3>MSC continues to surge ahead on both new buildings and second-hand acquisitions, and it would not be a surprise if their ultimate objective is a 30% share of total capacity (they currently sit at 21.5%). The Ocean Alliance of CMA CGM, Cosco (and OOCL), and Evergreen stands out as the biggest consortium by some margin, and the order book reinforces that. The agreement has been extended until 2032, all of the partners are strong, and unless politics gets in the way, this cooperation looks very solid. <div class="wrapper-narrow float-right-element"><img src="/images/phoenix/6176395_0.1.jpg"></img></div>Whether or not the Zim transaction is completed and however that capacity is operated, Gemini Cooperation has critical mass and, of course, has differentiated itself by its drive for schedule reliability. The current joint vision is clear. The future one may be less so until Maersk’s integrated logistics adventure fully unfolds. Of course, the number that sticks out the most is the capacity of the Premier Alliance carriers of Ocean Network Express, HMM and Yang Ming. After newbuildings, it is 36% of the Ocean Alliance carriers and 53% of MSC and the Gemini carriers, including Zim. Previous articles have visited why capacity is not everything in a consortium and why THE Alliance (now Premier) carriers left behind by Hapag-Lloyd had more options than was originally perceived. Premier moved forward with great dexterity, and multi-trade viability was clutched from the jaws of impending marginalization. Slot exchanges with MSC on the Asia-to-Europe trade, slot purchases from Ocean Alliance to the North American West Coast, and joint services/slotting with Ocean Alliance on the trans-Atlantic were a critical part of that solution. <h3>Options for Premier </h3>Premier may not have the most chips in the game, but in a world where all the alliances are competing to provide the best product, they can inject some very useful capacity to enhance particular trade lanes. They also have enough capacity that any streamlined services they operate have the ability to be market disruptive, so there is an element of “keeping your enemy close,” or to be more exact, under control. On the flip side, we are about to enter a sustained period of structural overcapacity that could have negative effects on Premier as follows: other consortiums taking capacity out and streamlining services, which may reduce their need/desire for using capacity from outside their alliance members; and financial results coming under pressure, with those carriers with less economies of scale feeling the pinch first. Still, we are nowhere near a crisis point in the industry, and the carriers still have some potential to stabilize things. Given Premier’s strategic position, however, they may need to revisit their options calmly before any storm hits. Some potential areas: 1) ONE buying HMM or Yang Ming to consolidate their strength and reduce the vulnerability of Premier. 2) ONE, HMM or Yang Ming ramping up capacity by buying one or more carriers outside the top 10, or otherwise acquiring additional capacity (although in the current situation, any net addition of capacity would further exacerbate overcapacity). 3) Inviting one of the bigger carriers outside the top 10 such as Wan Hai or PIL to join Premier. 4) Recalibrating consortium trade focus. There is no rule that says the main consortiums need to be focused exclusively on east-west trades. If problems do hit, Premier also has the option to rationalize its east-west network and pick its spots where it can build competitive products. In that situation, it will certainly want to positively differentiate its physical or customer service product as Gemini has done with schedule reliability. The Premier Alliance carriers have proven they can be agile and inventive, and they will need to be again. Jeremy Masters is managing director of Shipping Masters. Contact him at <a href="mailto:jeremy@shippingmastershk.com">jeremy@shippingmastershk.com</a>. </div>

Recent articles on Hapag Lloyd’s acquisition of Zim Integrated Shipping Services have naturally focused on the additional critical mass it brings the fifth-largest carrier. It also has some signals for others. If we look at the top 10 carriers, we see the following existing TEU fleet size and capacity on order as of December 2025, (courtesy of Alphaliner): Company Existing Capacity On Order Total MSC                 7,080,958 2,102,992 9,183,950 Maersk            4,602,633 834,770 5,437,403 CMA CGM 4,081,155 1,909,846 5,991,001 Cosco 3,553,514 1,168,612 4,722,126 Hapag-Lloyd 2,412,728 415,220 2,827,948 ONE 2,050,500 611,304 2,661,804 Evergreen       1,938,786 853,113 2,791,899 HMM               1,016,180 190,192 1,206,372 Yang Ming 717,715 236,660 954,375 Zim 703,598 163,128 866,726 Source: Alphaliner Switching to consortium carriers, combined existing capacity plus that on order (counting Mediterranean Shipping Co. as a consortium) leaves us with total TEU fleet sizes as follows: Company Fleet Size MSC 9,183,950 Maersk and HL (including Zim) 9,132,077 CMA CGM, Cosco and Evergreen 13,505,026 ONE, HMM and Yang Ming 4,822,551 Alphaliner Of course, relative total fleet capacities do not correlate with relative capacities deployed in the consortium trades, but the above gives a clear guide to overall future strength as it stands. Significant variation in firepower MSC continues to surge ahead on both new buildings and second-hand acquisitions, and it would not be a surprise if their ultimate objective is a 30% share of total capacity (they currently sit at 21.5%). The Ocean Alliance of CMA CGM, Cosco (and OOCL), and Evergreen stands out as the biggest consortium by some margin, and the order book reinforces that. The agreement has been extended until 2032, all of the partners are strong, and unless politics gets in the way, this cooperation looks very solid. Whether or not the Zim transaction is completed and however that capacity is operated, Gemini Cooperation has critical mass and, of course, has differentiated itself by its drive for schedule reliability. The current joint vision is clear. The future one may be less so until Maersk’s integrated logistics adventure fully unfolds. Of course, the number that sticks out the most is the capacity of the Premier Alliance carriers of Ocean Network Express, HMM and Yang Ming. After newbuildings, it is 36% of the Ocean Alliance carriers and 53% of MSC and the Gemini carriers, including Zim. Previous articles have visited why capacity is not everything in a consortium and why THE Alliance (now Premier) carriers left behind by Hapag-Lloyd had more options than was originally perceived. Premier moved forward with great dexterity, and multi-trade viability was clutched from the jaws of impending marginalization. Slot exchanges with MSC on the Asia-to-Europe trade, slot purchases from Ocean Alliance to the North American West Coast, and joint services/slotting with Ocean Alliance on the trans-Atlantic were a critical part of that solution. Options for Premier Premier may not have the most chips in the game, but in a world where all the alliances are competing to provide the best product, they can inject some very useful capacity to enhance particular trade lanes. They also have enough capacity that any streamlined services they operate have the ability to be market disruptive, so there is an element of “keeping your enemy close,” or to be more exact, under control. On the flip side, we are about to enter a sustained period of structural overcapacity that could have negative effects on Premier as follows: other consortiums taking capacity out and streamlining services, which may reduce their need/desire for using capacity from outside their alliance members; and financial results coming under pressure, with those carriers with less economies of scale feeling the pinch first. Still, we are nowhere near a crisis point in the industry, and the carriers still have some potential to stabilize things. Given Premier’s strategic position, however, they may need to revisit their options calmly before any storm hits. Some potential areas: 1) ONE buying HMM or Yang Ming to consolidate their strength and reduce the vulnerability of Premier. 2) ONE, HMM or Yang Ming ramping up capacity by buying one or more carriers outside the top 10, or otherwise acquiring additional capacity (although in the current situation, any net addition of capacity would further exacerbate overcapacity). 3) Inviting one of the bigger carriers outside the top 10 such as Wan Hai or PIL to join Premier. 4) Recalibrating consortium trade focus. There is no rule that says the main consortiums need to be focused exclusively on east-west trades. If problems do hit, Premier also has the option to rationalize its east-west network and pick its spots where it can build competitive products. In that situation, it will certainly want to positively differentiate its physical or customer service product as Gemini has done with schedule reliability. The Premier Alliance carriers have proven they can be agile and inventive, and they will need to be again. Jeremy Masters is managing director of Shipping Masters. Contact him at jeremy@shippingmastershk.com .

Container lines

After Hapag-Zim deal, Premier Alliance may be next in the spotlight

<div class="phx-topic abstract-wrapper">The widely used freight forwarding software vendor said artificial intelligence is enabling it to reduce staff in roles that include programming, product development and customer service.</div>

The widely used freight forwarding software vendor said artificial intelligence is enabling it to reduce staff in roles that include programming, product development and customer service.

<div class="phx-topic">WiseTech Global will lay off approximately 2,000 of its employees — nearly 30% of its current workforce — over the next two years because of the efficiencies artificial intelligence will bring to its ability to develop products and interact with customers, the forwarding software vendor said Wednesday. The announcement overshadowed WiseTech’s earnings release for the first half of its fiscal year and sparked a double-digit spike in the company’s share price. WiseTech CEO Zubin Appoo explained in a pre-recorded video message that the workforce reduction was due to the progression of AI tools, those developed internally and by the largest AI model developers such as Anthropic, OpenAI and Google. Cuts will come from roles that include programming, product development, and customer service. “This decision was not taken lightly, but it was necessary to ensure we stay disciplined, nimble, competitive, and future-ready,” Appoo said in the video. “A transformation of this scale will fundamentally reshape our cost base while allowing for an uplift in productivity.” The move comes months after Australia-based WiseTech shook the market <a href="https://www.joc.com/article/cargowises-pricing-model-change-could-mark-final-milestone-in-market-ascent-6133279">with a pricing model change</a> that affected virtually all of its forwarder, customs brokers and third-party logistics provider customers. It also comes as WiseTech integrates its <a href="https://www.joc.com/article/wisetech-makes-2-billion-gamble-on-overturning-complicated-software-history-6013221">largest-ever acquisition</a>, a $2.1 billion purchase of E2open last May, one that expanded the company’s customer reach from 3PLs to shippers. Taken together, those moves could be seen as WiseTech prepping itself for a future where AI transforms how software is built, sold and used, rather than waiting for those changes to undermine its business. WiseTech’s planned layoffs and its emphasis on AI can also be seen as a warning shot to software providers that either act as agentic layers on top of CargoWise — WiseTech’s flagship product — or focus on automating processes inside of CargoWise. Either way, the news will surely reverberate around the market, with software companies that have a fraction of WiseTech’s revenue and a lower operating margin asking themselves if their headcount is optimal given the impact AI is having. The move to cut a significant portion of its workforce should also be viewed through the lens that WiseTech must juggle public market scrutiny in a way that privately-held logistics technology providers do not. The narrative around AI potentially eroding the value of publicly-traded software vendors and data providers has surely spooked companies into showing that they are indeed ready for what AI will do to their products, customers, market share and profit margin. <h3>Revenue growth </h3>The announcement of layoffs comes as WiseTech reported solid financials for the first half of its fiscal year. The company posted operating profits of $252.1 million for the period between July 1 and Dec. 31 on revenue of $672 million, an operating margin of 38%. Total revenue in the first half increased 76% year over year, but much of that growth was attributable to the addition of E2open revenue. Organic revenue growth in the period was 12% Additionally, the company said it has lessened its reliance on its biggest customers over the past year, with 23% of its revenue coming from its top 20 customers in the first half of its current fiscal year, down from 33% in the same period in 2025. Another development worth noting from WiseTech’s fiscal year first-half earnings is its continued focus around building a one-stop shop for logistics software, one that encompasses international and domestic freight procurement, execution, payment and analytics, alongside trade compliance and accounting. The company is not there yet, as most of its customer base is still tied to international forwarding or customs compliance, but the intent is to move in that direction. WiseTech’s share price rose 11% Wednesday on the Australian stock exchange after the planned layoffs were announced. Contact Eric Johnson at <a href="mailto:eric.johnson@spglobal.com">eric.johnson@spglobal.com</a>. </div>

WiseTech Global will lay off approximately 2,000 of its employees — nearly 30% of its current workforce — over the next two years because of the efficiencies artificial intelligence will bring to its ability to develop products and interact with customers, the forwarding software vendor said Wednesday. The announcement overshadowed WiseTech’s earnings release for the first half of its fiscal year and sparked a double-digit spike in the company’s share price. WiseTech CEO Zubin Appoo explained in a pre-recorded video message that the workforce reduction was due to the progression of AI tools, those developed internally and by the largest AI model developers such as Anthropic, OpenAI and Google. Cuts will come from roles that include programming, product development, and customer service. “This decision was not taken lightly, but it was necessary to ensure we stay disciplined, nimble, competitive, and future-ready,” Appoo said in the video. “A transformation of this scale will fundamentally reshape our cost base while allowing for an uplift in productivity.” The move comes months after Australia-based WiseTech shook the market with a pricing model change that affected virtually all of its forwarder, customs brokers and third-party logistics provider customers. It also comes as WiseTech integrates its largest-ever acquisition , a $2.1 billion purchase of E2open last May, one that expanded the company’s customer reach from 3PLs to shippers. Taken together, those moves could be seen as WiseTech prepping itself for a future where AI transforms how software is built, sold and used, rather than waiting for those changes to undermine its business. WiseTech’s planned layoffs and its emphasis on AI can also be seen as a warning shot to software providers that either act as agentic layers on top of CargoWise — WiseTech’s flagship product — or focus on automating processes inside of CargoWise. Either way, the news will surely reverberate around the market, with software companies that have a fraction of WiseTech’s revenue and a lower operating margin asking themselves if their headcount is optimal given the impact AI is having. The move to cut a significant portion of its workforce should also be viewed through the lens that WiseTech must juggle public market scrutiny in a way that privately-held logistics technology providers do not. The narrative around AI potentially eroding the value of publicly-traded software vendors and data providers has surely spooked companies into showing that they are indeed ready for what AI will do to their products, customers, market share and profit margin. Revenue growth The announcement of layoffs comes as WiseTech reported solid financials for the first half of its fiscal year. The company posted operating profits of $252.1 million for the period between July 1 and Dec. 31 on revenue of $672 million, an operating margin of 38%. Total revenue in the first half increased 76% year over year, but much of that growth was attributable to the addition of E2open revenue. Organic revenue growth in the period was 12% Additionally, the company said it has lessened its reliance on its biggest customers over the past year, with 23% of its revenue coming from its top 20 customers in the first half of its current fiscal year, down from 33% in the same period in 2025. Another development worth noting from WiseTech’s fiscal year first-half earnings is its continued focus around building a one-stop shop for logistics software, one that encompasses international and domestic freight procurement, execution, payment and analytics, alongside trade compliance and accounting. The company is not there yet, as most of its customer base is still tied to international forwarding or customs compliance, but the intent is to move in that direction. WiseTech’s share price rose 11% Wednesday on the Australian stock exchange after the planned layoffs were announced. Contact Eric Johnson at eric.johnson@spglobal.com .

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WiseTech says to cut nearly 30% of workforce as it preps for AI era

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