<div class="phx-topic abstract-wrapper">Witnesses told the Kings Cross fire inquiry that they saw a man climb in and out of a trapdoor at th</div>

Witnesses told the Kings Cross fire inquiry that they saw a man climb in and out of a trapdoor at th

<div>Witnesses told the Kings Cross fire inquiry that they saw a man climb in and out of a trapdoor at the foot of a subway escalator minutes before it caught fire, killing 31 people.Dennis Hills, a part-time cleaner at King's Cross subway station, said he saw a man in blue overalls walk off quickly after apparently getting out of a trapdoor leading into the escalator shaft.For some reason, I thought he was up to something, said Mr. Hills, who was walking down an adjoining escalator last Nov. 18.When the man caught sight of him, he moved away very quickly, Mr....

Witnesses told the Kings Cross fire inquiry that they saw a man climb in and out of a trapdoor at the foot of a subway escalator minutes before it caught fire, killing 31 people. Dennis Hills, a part-time cleaner at King's Cross subway station, said he saw a man in blue overalls walk off quickly after apparently getting out of a trapdoor leading into the escalator shaft.For some reason, I thought he was up to something, said Mr. Hills, who was walking down an adjoining escalator last Nov. 18. When the man caught sight of him, he moved away very quickly, Mr. Hills told the inquiry, now in its sixth week. Ilfay Mehmet testified that he saw a man dressed in dark overalls and aged in his 30s entering the trapdoor last Nov. 18. The disturbed look on his face told me that all wasn't as it seemed, Mehmet said. That's how it struck me. Mr. Mehmet said he watched the man for about 20 seconds as he rode up the Piccadilly Line escalator. Bank clerk Paul Lane, said he saw a man appear briefly out of the hatch as he walked past the bottom of the escalator while changing trains at King's Cross station, the busiest on the 254-mile London underground system. He briefly looked around and went back down again, Mr. Lane said. I did not hear him speak. Mr. Lane said he saw the man for only about five seconds, but described him as being in his mid-30s, with combed-back, graying black hair. He did not appear to be wearing a London underground uniform, he said. The witnesses all said they saw the man between 7:20 p.m. and 7:30 p.m. Investigators say they believe the fire started around 7:30 p.m. just below the halfway point on the escalator leading up from the Piccadilly Line, one of five routes at King's Cross. The inquiry's chief lawyer, Roger Henderson, has said a dropped match was the probable cause of the London subway's worst-ever fire. He said a lighted match might have fallen on the escalator and set fire to grease and fluff below and beside the escalator treads. The fire leaped upward, engulfing the ticket hall and sending clouds of dense smoke into platforms and tunnels at King's Cross. Some 80 people were injured. Up to 700 witnesses and technical experts were being called to give evidence to the inquiry.

Rail News

WITNESSES SAW MAN BEFORE SUBWAY FIRE

<div class="phx-topic abstract-wrapper">The Metro Express Terminal at Pier S will serve smaller, independent container lines on the trans-Pacific that carry e-commerce merchandise requiring rapid movement once onshore.</div>

The Metro Express Terminal at Pier S will serve smaller, independent container lines on the trans-Pacific that carry e-commerce merchandise requiring rapid movement once onshore.

Feature image

<div class="phx-topic">The new zero-emission container terminal planned for Pier S at the Port of Long Beach will be built to attract independent carriers operating express services geared for the trans-Pacific e-commerce market, according to developers of the project. <a href="https://www.joc.com/article/long-beach-considering-development-of-conventional-zero-emissions-terminal-ceo-6153068">The Metro Express Terminal at Pier S</a> is likely to pull in smaller container lines that operate vessels of 9,000-TEU capacity or less making faster turn-times than the mainline trans-Pacific carriers operating vessels of 15,000-TEU-plus capacity, said Peter Stone, senior vice president/strategic projects at Brookfield Properties. Express services carrying e-commerce merchandise require rapid movement of containers through marine terminals once they are discharged from vessels. “The nature of express services is not that the ships go faster. It’s that they get in and out of the terminal faster,” Stone told the Journal of Commerce Monday. The Pier S terminal will be designed for “regular” e-commerce merchandise that is sold online and shipped by retailers. The e-commerce market that will be served by Pier S is shipped in ocean containers under a speed-to-market model. “The carriers and [third-party logistics] companies we talked to are asking for this type of product,” Stone said. “They want a fast transfer from ship to warehouse.” Metro Express will not be adversely affected by the US eliminating the de minimis exemption on low-value and e-commerce imports, Stone said, because the goods that enjoyed the duty-free exemption — those valued at under $800 — were never shipped in ocean containers. All efforts now by the port and its partners in the Pier S project are geared toward finalizing the business deal and getting the necessary environmental approvals, said Noel Hacegaba, CEO of the Port of Long Beach. “Our next steps include finalizing the negotiation of the preferred assignment agreement, along with design, environmental review and outreach to our many stakeholders, including labor, community members and industry partners,” Hacegaba told the Journal of Commerce. <h3>Short timeline anticipated </h3>Stone said he does not have an answer yet as to how long it will take to finalize the business deals and secure the necessary environmental approvals, but he anticipates it will be rather seamless. The partners will build a conventional marine terminal, ship-to-shore cranes will be electric, and cargo-handling equipment will be zero-emission and manually operated by longshoremen. “This terminal is a very straightforward project and ready for construction,” he said. Hacegaba said Pier S is used now by other terminals for container peel-offs and temporary container storage. “No structures will need to be removed prior to construction,” he said. Given those conditions, once construction begins on the Metro Express Terminal, it should only take three to five years to complete, Stone said. Pier S will utilize about 105 acres of the 160-acre site, and the terminal will have an annual capacity of 1.8 million TEUs, he said. The eventual price tag, Stone added, will be known after the business negotiations are completed. There will be no need for on-dock rail on the terminal because containers will be moved by truck to local warehouses or off-dock transload facilities, said Bob Owens, CEO of Nautilus International Holding Corp., which is partnering with Brookfield on the project. Nautilus provides business administration, management, and strategic oversight for marine transportation companies. Plans are to operate Pier S around the clock in order to better utilize the International Longshore and Warehouse Union (ILWU) workforce. That will reduce container dwell times on the terminal, which in turn will enable the workforce to achieve container crane productivity that rivals terminals along the US Southeast coast, Owens said, adding it all fits in with what the e-commerce business model is built on. “The market is already there,” he said. “We’re just looking to serve that market.” Contact Bill Mongelluzzo at <a href="mailto:bill.mongelluzzo@spglobal.com">bill.mongelluzzo@spglobal.com</a>.</div>

The new zero-emission container terminal planned for Pier S at the Port of Long Beach will be built to attract independent carriers operating express services geared for the trans-Pacific e-commerce market, according to developers of the project. The Metro Express Terminal at Pier S is likely to pull in smaller container lines that operate vessels of 9,000-TEU capacity or less making faster turn-times than the mainline trans-Pacific carriers operating vessels of 15,000-TEU-plus capacity, said Peter Stone, senior vice president/strategic projects at Brookfield Properties. Express services carrying e-commerce merchandise require rapid movement of containers through marine terminals once they are discharged from vessels. “The nature of express services is not that the ships go faster. It’s that they get in and out of the terminal faster,” Stone told the Journal of Commerce Monday. The Pier S terminal will be designed for “regular” e-commerce merchandise that is sold online and shipped by retailers. The e-commerce market that will be served by Pier S is shipped in ocean containers under a speed-to-market model. “The carriers and [third-party logistics] companies we talked to are asking for this type of product,” Stone said. “They want a fast transfer from ship to warehouse.” Metro Express will not be adversely affected by the US eliminating the de minimis exemption on low-value and e-commerce imports, Stone said, because the goods that enjoyed the duty-free exemption — those valued at under $800 — were never shipped in ocean containers. All efforts now by the port and its partners in the Pier S project are geared toward finalizing the business deal and getting the necessary environmental approvals, said Noel Hacegaba, CEO of the Port of Long Beach. “Our next steps include finalizing the negotiation of the preferred assignment agreement, along with design, environmental review and outreach to our many stakeholders, including labor, community members and industry partners,” Hacegaba told the Journal of Commerce. Short timeline anticipated Stone said he does not have an answer yet as to how long it will take to finalize the business deals and secure the necessary environmental approvals, but he anticipates it will be rather seamless. The partners will build a conventional marine terminal, ship-to-shore cranes will be electric, and cargo-handling equipment will be zero-emission and manually operated by longshoremen. “This terminal is a very straightforward project and ready for construction,” he said. Hacegaba said Pier S is used now by other terminals for container peel-offs and temporary container storage. “No structures will need to be removed prior to construction,” he said. Given those conditions, once construction begins on the Metro Express Terminal, it should only take three to five years to complete, Stone said. Pier S will utilize about 105 acres of the 160-acre site, and the terminal will have an annual capacity of 1.8 million TEUs, he said. The eventual price tag, Stone added, will be known after the business negotiations are completed. There will be no need for on-dock rail on the terminal because containers will be moved by truck to local warehouses or off-dock transload facilities, said Bob Owens, CEO of Nautilus International Holding Corp., which is partnering with Brookfield on the project. Nautilus provides business administration, management, and strategic oversight for marine transportation companies. Plans are to operate Pier S around the clock in order to better utilize the International Longshore and Warehouse Union (ILWU) workforce. That will reduce container dwell times on the terminal, which in turn will enable the workforce to achieve container crane productivity that rivals terminals along the US Southeast coast, Owens said, adding it all fits in with what the e-commerce business model is built on. “The market is already there,” he said. “We’re just looking to serve that market.” Contact Bill Mongelluzzo at bill.mongelluzzo@spglobal.com .

Port News

Container lines

Trans-Pacific

North American ports

Marine terminals

Container Shipping News

Maritime

New terminal planned for Long Beach designed to attract e-commerce business

<div class="phx-topic abstract-wrapper">The port’s CEO said Antwerp experienced about 25 days of industrial action last year that resulted in the loss of 2.4 million metric tons of cargo, equivalent to 1% of its annual throughput.</div>

The port’s CEO said Antwerp experienced about 25 days of industrial action last year that resulted in the loss of 2.4 million metric tons of cargo, equivalent to 1% of its annual throughput.

<div class="phx-topic">Labor woes and congestion in 2025 cost the Port of Antwerp-Bruges both cargo volumes and market share, the head of the Belgian port complex said Tuesday. Port CEO Jacques Vandermeiren said Antwerp experienced about 25 days of industrial action last year that resulted in the loss of 2.4 million metric tons of cargo, equivalent to 1% of its annual throughput, as carriers switched to alternative ports. That left container throughput for the year virtually flat, growing just 0.7% to 13.6 million TEUs. Vandermeiren pointed out that delays on the inland transport network, especially rail, were even longer, without giving a figure. “Carriers prefer to go to other ports instead of waiting,” Vandermeiren said during an online results briefing, adding he was unsure if the loss of services and port calls is permanent or temporary. “Twenty-five days is a lot. In my opinion, [a] once in a lifetime [event]. But not a second time.” <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="737395cc-597a-42a5-b9e6-29ec807687cf"></dynamic-object></div>Container traffic remained the biggest contributor in tonnage terms, accounting for 150 million metric tons of the 267 million metric tons Antwerp-Bruges handled last year. But overall cargo volumes, including dry and liquid cargoes, were down 4% year over year. The switch in services due to labor unrest and congestion led Antwerp-Bruges to lose market share to other north European ports in the Hamburg-Le Havre region, Vandermeiren added. He said the port’s market share slipped 1.2 percentage points to 29.3%. Cargo disruption caused by vessel diversions around southern Africa, unpredictable US tariff policies and shifts in carrier alliance memberships, especially the launch of the Maersk/Hapag-Lloyd Gemini Cooperation, also added extra pressure to the logistics chain. The total number of vessels waiting to berth in Antwerp during the fourth quarter was about 35% higher than the fourth quarter of 2024, according to data from Portcast. <h3>China business picks up amid US tariffs </h3>Vandermeiren pointed out that US tariffs on China caused a 3.8% increase in container imports from China to Antwerp, although containerized exports to China fell 3.3%. He was hopeful though that stability within the alliances, coupled with the more efficient handling of goods in the port, meant congestion would not be an issue this year. Vandermeiren was also optimistic that labor relations would improve, especially among the marine pilots who are discussing a new organization. “The discussions are evolving well in a constructive atmosphere,” he said.” So hopefully we will not have those 25 days [of disruption] again.” Vandermeiren said last year’s congestion problems increased the urgency for $6 billion worth of projects on the board, including Antwerp’s extra container capacity initiative that aims to add an extra 7.1 million TEUs of capacity. This will be achieved through the construction of additional dock space, including the expansion of the North Sea terminal. The regional Flemish government has already approved part of the work. Vandermeiren expects construction will start on all the projects this year and in 2027, with completion by 2032–33. “Without additional capacity, there is a risk that a large part of container traffic will shift to foreign ports,” a port spokesperson said. Contact Keith Wallis at <a href="https://www.joc.com/article/keithwallis@hotmail.com.">keithwallis@hotmail.com</a>.</div>

Labor woes and congestion in 2025 cost the Port of Antwerp-Bruges both cargo volumes and market share, the head of the Belgian port complex said Tuesday. Port CEO Jacques Vandermeiren said Antwerp experienced about 25 days of industrial action last year that resulted in the loss of 2.4 million metric tons of cargo, equivalent to 1% of its annual throughput, as carriers switched to alternative ports. That left container throughput for the year virtually flat, growing just 0.7% to 13.6 million TEUs. Vandermeiren pointed out that delays on the inland transport network, especially rail, were even longer, without giving a figure. “Carriers prefer to go to other ports instead of waiting,” Vandermeiren said during an online results briefing, adding he was unsure if the loss of services and port calls is permanent or temporary. “Twenty-five days is a lot. In my opinion, [a] once in a lifetime [event]. But not a second time.” Container traffic remained the biggest contributor in tonnage terms, accounting for 150 million metric tons of the 267 million metric tons Antwerp-Bruges handled last year. But overall cargo volumes, including dry and liquid cargoes, were down 4% year over year. The switch in services due to labor unrest and congestion led Antwerp-Bruges to lose market share to other north European ports in the Hamburg-Le Havre region, Vandermeiren added. He said the port’s market share slipped 1.2 percentage points to 29.3%. Cargo disruption caused by vessel diversions around southern Africa, unpredictable US tariff policies and shifts in carrier alliance memberships, especially the launch of the Maersk/Hapag-Lloyd Gemini Cooperation, also added extra pressure to the logistics chain. The total number of vessels waiting to berth in Antwerp during the fourth quarter was about 35% higher than the fourth quarter of 2024, according to data from Portcast. China business picks up amid US tariffs Vandermeiren pointed out that US tariffs on China caused a 3.8% increase in container imports from China to Antwerp, although containerized exports to China fell 3.3%. He was hopeful though that stability within the alliances, coupled with the more efficient handling of goods in the port, meant congestion would not be an issue this year. Vandermeiren was also optimistic that labor relations would improve, especially among the marine pilots who are discussing a new organization. “The discussions are evolving well in a constructive atmosphere,” he said.” So hopefully we will not have those 25 days [of disruption] again.” Vandermeiren said last year’s congestion problems increased the urgency for $6 billion worth of projects on the board, including Antwerp’s extra container capacity initiative that aims to add an extra 7.1 million TEUs of capacity. This will be achieved through the construction of additional dock space, including the expansion of the North Sea terminal. The regional Flemish government has already approved part of the work. Vandermeiren expects construction will start on all the projects this year and in 2027, with completion by 2032–33. “Without additional capacity, there is a risk that a large part of container traffic will shift to foreign ports,” a port spokesperson said. Contact Keith Wallis at keithwallis@hotmail.com .

Asia-Europe

International ports

Labor action, congestion cost Antwerp-Bruges cargo volumes, market share in 2025

<div class="phx-topic abstract-wrapper">Union Pacific Railroad called the decision by federal regulators to rule its filing as “incomplete” a minor setback that won’t significantly change the timeline for its hoped-for acquisition of NS.</div>

Union Pacific Railroad called the decision by federal regulators to rule its filing as “incomplete” a minor setback that won’t significantly change the timeline for its hoped-for acquisition of NS.

<div class="phx-topic">Union Pacific Railroad (UP) said Tuesday it is moving quickly to address deficiencies that led federal regulators to deem its application to acquire Norfolk Southern Railway (NS) “incomplete,” and expects to refile an updated application within “weeks.” Once UP resubmits its application, the regulatory process will restart with a fresh 30-day review period during which the US Surface Transportation Board (STB) will determine whether the new filing is complete. Interested parties may file comments during that period, and UP and NS can respond. “We are disappointed that the STB determined we needed to provide more information after providing close to 7,000 pages,” UP CEO Jim Vena said during the railroad’s fourth-quarter earnings call Tuesday. “Our response will take a few weeks to prepare and then we will refile our application as soon as possible.  “We view this as a short-term blip and do not expect a significant change to the timeline as we are still targeting closing in the first half of 2027,” he added. Although UP did not provide a specific refiling date, Vena said the company would announce the timing in a subsequent public statement and that a revised application could be sent to the STB in March. The <a href="https://www.joc.com/article/stb-rejects-up-ns-merger-application-as-incomplete-6154074">STB determined that UP failed to provide</a> sufficient information on future growth, citing inconsistencies in baseline assumptions across different sections of its application. Opponents of the $85 billion deal have also argued that Union Pacific’s projections, including removing 2 million truckloads from highways in large part through 1.17 million truckload-to-intermodal conversions within three years, are overly optimistic. Vena said long-haul intermodal routes exceeding 2,000 miles historically have lower rail market share because shippers are reluctant to accept handoffs between railroads in hubs such as Chicago. Under a combined Union Pacific–Norfolk Southern network, he said, market share would more closely resemble that of 1,000- to 1,500-mile lanes, where rail penetration is higher because a single railroad handles the entire move. Other railroads have argued that handling that volume would require UP to operate as many as 15 additional trains per day, potentially congesting the network. UP said it would not degrade overall service. “This morning, we have over 2,000 movements, foreign railroads, and local trains running on our network,” Vena said on the earnings call. “If we add 10 or 15 more trains a day, it's a pretty small rounding error on the impact for the network.”  UP also addressed the STB’s objection to the railroad’s failure to disclose a document known as Schedule 5.6, which outlines conditions under which the company could walk away from the transaction.  “I don’t like it because I don’t think it adds to the merits, but guess what? I wish Jim Vena had a totalitarian system that I could get every decision that I want, but I don’t even get it at home with my wife and kids, let alone with the regulator,” Vena said. <h3>Not banking on economic turnaround this year </h3>While there were few non-merger-related questions on Tuesday’s call, Union Pacific did offer a cautious economic outlook for 2026, acknowledging that pricing gains across its businesses will be difficult to achieve.  “S&amp;P Global’s 2026 economic estimates in key areas such as industrial production, housing starts and auto sales have deteriorated,” said Jennifer Hanneman, UP’s chief financial officer. “In addition, rail inflation is ticking up again. We expect slightly over 4% inflation in 2026. Our commitment to yielding price dollars that exceed inflation dollars has not changed, but price may not be a driver of our improving margins in 2026.” S&amp;P Global is the parent company of the Journal of Commerce. UP said 2026 is likely to be challenging for international intermodal traffic, with port volumes expected to decline year over year through at least the first half. The railroad said it remains bullish on domestic intermodal, which set volume records in 2025, although it did not provide a specific forecast.  Union Pacific took market share from rival BNSF Railway in California during the second half of last year, according to data visibility platform RailState, while also winning freight from the truckload market. “We’ve had over-the-road wins with Uber Freight, over-the-road wins in Phoenix, wins in Kansas City,” Kenny Rocker, UP’s executive vice president of sales and marketing, said on the call. “So we’re coming from a position of strength and we’re excited about it.” Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>. </div>

Union Pacific Railroad (UP) said Tuesday it is moving quickly to address deficiencies that led federal regulators to deem its application to acquire Norfolk Southern Railway (NS) “incomplete,” and expects to refile an updated application within “weeks.”  Once UP resubmits its application, the regulatory process will restart with a fresh 30-day review period during which the US Surface Transportation Board (STB) will determine whether the new filing is complete. Interested parties may file comments during that period, and UP and NS can respond. “We are disappointed that the STB determined we needed to provide more information after providing close to 7,000 pages,” UP CEO Jim Vena said during the railroad’s fourth-quarter earnings call Tuesday. “Our response will take a few weeks to prepare and then we will refile our application as soon as possible.   “We view this as a short-term blip and do not expect a significant change to the timeline as we are still targeting closing in the first half of 2027,” he added.  Although UP did not provide a specific refiling date, Vena said the company would announce the timing in a subsequent public statement and that a revised application could be sent to the STB in March.  The  STB determined that UP failed to provide  sufficient information on future growth, citing inconsistencies in baseline assumptions across different sections of its application. Opponents of the $85 billion deal have also argued that Union Pacific’s projections, including removing 2 million truckloads from highways in large part through 1.17 million truckload-to-intermodal conversions within three years, are overly optimistic.  Vena said long-haul intermodal routes exceeding 2,000 miles historically have lower rail market share because shippers are reluctant to accept handoffs between railroads in hubs such as Chicago. Under a combined Union Pacific–Norfolk Southern network, he said, market share would more closely resemble that of 1,000- to 1,500-mile lanes, where rail penetration is higher because a single railroad handles the entire move.  Other railroads have argued that handling that volume would require UP to operate as many as 15 additional trains per day, potentially congesting the network. UP said it would not degrade overall service.  “This morning, we have over 2,000 movements, foreign railroads, and local trains running on our network,” Vena said on the earnings call. “If we add 10 or 15 more trains a day, it's a pretty small rounding error on the impact for the network.”   UP also addressed the STB’s objection to the railroad’s failure to disclose a document known as Schedule 5.6, which outlines conditions under which the company could walk away from the transaction.   “I don’t like it because I don’t think it adds to the merits, but guess what? I wish Jim Vena had a totalitarian system that I could get every decision that I want, but I don’t even get it at home with my wife and kids, let alone with the regulator,” Vena said.  Not banking on economic turnaround this year  While there were few non-merger-related questions on Tuesday’s call, Union Pacific did offer a cautious economic outlook for 2026, acknowledging that pricing gains across its businesses will be difficult to achieve.   “S&P Global’s 2026 economic estimates in key areas such as industrial production, housing starts and auto sales have deteriorated,” said Jennifer Hanneman, UP’s chief financial officer. “In addition, rail inflation is ticking up again. We expect slightly over 4% inflation in 2026. Our commitment to yielding price dollars that exceed inflation dollars has not changed, but price may not be a driver of our improving margins in 2026.”  S&P Global is the parent company of the Journal of Commerce.  UP said 2026 is likely to be challenging for international intermodal traffic, with port volumes expected to decline year over year through at least the first half. The railroad said it remains bullish on domestic intermodal, which set volume records in 2025, although it did not provide a specific forecast.   Union Pacific took market share from rival BNSF Railway in California during the second half of last year, according to data visibility platform RailState, while also winning freight from the truckload market. “We’ve had over-the-road wins with Uber Freight, over-the-road wins in Phoenix, wins in Kansas City,” Kenny Rocker, UP’s executive vice president of sales and marketing, said on the call. “So we’re coming from a position of strength and we’re excited about it.”  Contact Ari Ashe at  ari.ashe@spglobal.com . 

North-American rail

Revised Norfolk Southern merger application will be refiled in ‘weeks’: UP

<div class="phx-topic abstract-wrapper">“Lumpy” project cargo demand is expected to lead to overutilization of the global multipurpose vessel fleet, participants in a Journal of Commerce webinar were told.</div>

“Lumpy” project cargo demand is expected to lead to overutilization of the global multipurpose vessel fleet, participants in a Journal of Commerce webinar were told.

<div class="phx-topic">Strong and sustained volumes in the power business through 2027 and a promising outlook for mining will keep project cargo volumes buoyant, but only if shippers can maintain flexibility and secure tightening slots on multipurpose vessels, speakers participating in a Journal of Commerce webinar said. Brian Odell, lead ocean/barge/port mode specialist for power generation technology manufacturer GE Power, said he had not seen a “hint of slowdown” coming into 2026. And Jonathan Cournoyer, global discipline director for logistics at management, engineering and development consultancy HATCH, added that the push for security of supply of critical and rare minerals has prompted many countries to develop their own mines, further supporting project cargo demand this year. “We’re lucky enough to have a lot of work in the pipeline,” Cournoyer said. “But we’re still a little bit worried about what could happen.” Pain points for the pair, both speakers on a Journal of Commerce breakbulk and project cargo 2026 outlook webcast on Jan. 22, include geopolitics, tariffs and near-static multipurpose and heavy-lift fleet supply. Recognizing that tariffs are “here to stay,” Cournoyer said HATCH accounts for tariffs in its evaluation of project costs. “For our US projects, this is very critical because a lot of the vendors located in the US that fabricate in the US actually become a lot more competitive than they would have if the tariffs were not there,” he said. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="fb97885d-0b88-4d65-99f6-10558c9e7c79"></dynamic-object></div>Odell also spoke about the practical issue of cargo readiness and making sure GE Power “can keep up with the vessels that we are putting on charter or have contracts with.” He said he manages the “ocean uncertainty” of tariffs by being flexible with vessels and route solutions and working closely with carriers. “It’s just making sure I have the best information at the time to help plan, but keeping that flexibility in there,” Odell said. Odell said he leans on contracts of affreightments to secure shipping slots and rates at least a year out, building them around GE Power’s highest-volume areas or highest-volume flows. “That way, when it comes time for the projects to start rolling, they know who the contacts are, they can build that relationship with the carrier and the provider, and they can work with them directly and get exactly what they need,” he said. <h3>‘Lumpy’ cargo demand muddies outlook </h3>Also on the webcast, Susan Oatway, senior research analyst for breakbulk and project cargo at S&amp;P Global Market Intelligence, said that the cargo demand picture was “lumpy.” With crude oil prices down to nearly $60 per barrel, she described that cargo-supplying sector as “decidedly patchy.” S&amp;P Global is the parent company of the Journal of Commerce.On the fleet outlook, Oatway said the focus is on heavy-lift capability because the growth in demand is “almost certainly going to be there.” She forecasts heavy-lift fleet growth of 4.1% per year for the next four years, with newbuilding orders “trickling in.” Taken together, MPV/heavy-lift fleet growth is expected to average just under 2% through 2029, according to a Journal of Commerce/S&amp;P Global forecast. “My worry is that there are too many factors that can destabilize that market,” she said. “Excess container capacity, reopening of the Red Sea, increased port congestion — all of those will have a destabilizing effect in a way that is quite difficult to predict. “And that’s even before we mention geopolitics and tariffs,” she added. Odell added that he has concerns that freight rates are going to increase due to overutilization because of what he called “a gold rush for power generation” in the US. “It’s always trying to keep ahead of that,” he said, referring to those with cargo from other sectors having to book early to secure the capacity they need. Contact Carly Fields at <a href="mailto:carly.fields@spglobal.com">carly.fields@spglobal.com</a>.</div>

Strong and sustained volumes in the power business through 2027 and a promising outlook for mining will keep project cargo volumes buoyant, but only if shippers can maintain flexibility and secure tightening slots on multipurpose vessels, speakers participating in a Journal of Commerce webinar said. Brian Odell, lead ocean/barge/port mode specialist for power generation technology manufacturer GE Power, said he had not seen a “hint of slowdown” coming into 2026. And Jonathan Cournoyer, global discipline director for logistics at management, engineering and development consultancy HATCH, added that the push for security of supply of critical and rare minerals has prompted many countries to develop their own mines, further supporting project cargo demand this year. “We’re lucky enough to have a lot of work in the pipeline,” Cournoyer said. “But we’re still a little bit worried about what could happen.” Pain points for the pair, both speakers on a Journal of Commerce breakbulk and project cargo 2026 outlook webcast on Jan. 22, include geopolitics, tariffs and near-static multipurpose and heavy-lift fleet supply. Recognizing that tariffs are “here to stay,” Cournoyer said HATCH accounts for tariffs in its evaluation of project costs. “For our US projects, this is very critical because a lot of the vendors located in the US that fabricate in the US actually become a lot more competitive than they would have if the tariffs were not there,” he said. Odell also spoke about the practical issue of cargo readiness and making sure GE Power “can keep up with the vessels that we are putting on charter or have contracts with.” He said he manages the “ocean uncertainty” of tariffs by being flexible with vessels and route solutions and working closely with carriers. “It’s just making sure I have the best information at the time to help plan, but keeping that flexibility in there,” Odell said. Odell said he leans on contracts of affreightments to secure shipping slots and rates at least a year out, building them around GE Power’s highest-volume areas or highest-volume flows. “That way, when it comes time for the projects to start rolling, they know who the contacts are, they can build that relationship with the carrier and the provider, and they can work with them directly and get exactly what they need,” he said. ‘Lumpy’ cargo demand muddies outlook Also on the webcast, Susan Oatway, senior research analyst for breakbulk and project cargo at S&P Global Market Intelligence, said that the cargo demand picture was “lumpy.” With crude oil prices down to nearly $60 per barrel, she described that cargo-supplying sector as “decidedly patchy.” S&P Global is the parent company of the Journal of Commerce. On the fleet outlook, Oatway said the focus is on heavy-lift capability because the growth in demand is “almost certainly going to be there.” She forecasts heavy-lift fleet growth of 4.1% per year for the next four years, with newbuilding orders “trickling in.” Taken together, MPV/heavy-lift fleet growth is expected to average just under 2% through 2029, according to a Journal of Commerce/S&P Global forecast. “My worry is that there are too many factors that can destabilize that market,” she said. “Excess container capacity, reopening of the Red Sea, increased port congestion — all of those will have a destabilizing effect in a way that is quite difficult to predict. “And that’s even before we mention geopolitics and tariffs,” she added. Odell added that he has concerns that freight rates are going to increase due to overutilization because of what he called “a gold rush for power generation” in the US. “It’s always trying to keep ahead of that,” he said, referring to those with cargo from other sectors having to book early to secure the capacity they need. Contact Carly Fields at carly.fields@spglobal.com .

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Power, mining bullishness offset by tightening MPV ship supply

<div class="phx-topic abstract-wrapper">Taiwan’s third-largest carrier has said it would expand its network of terminals and storage facilities to obtain competitive tariffs at key ports in Asia. </div>

Taiwan’s third-largest carrier has said it would expand its network of terminals and storage facilities to obtain competitive tariffs at key ports in Asia.

<div class="phx-topic">Taiwan’s Wan Hai Lines is adding to its Asia terminal network with an $89 million deal to lease terminal C-9 at Osaka’s Hanshin container port complex in Japan as part of its strategy to reduce costs and improve efficiencies by having its own dedicated berths. The move also strengthens Wan Hai’s presence in Japan following the launch of separate intra-Asia services linking Japan with Vietnam and Thailand in the last two years. Currently, Wan Hai operates six regional services with calls at Osaka. The carrier previously acquired Pier 5 at Tokyo’s Ohi terminal complex in 2003. Wan Hai said it would lease Osaka’s C-9 terminal in partnership with Mitsui Warehouse Terminal Service from Kobe-Osaka International Port Corporation. The carrier did not specify the length of the lease. Wan Hai acquired its stake from Mitsui’s former partner in the terminal, Mitsubishi Logistics Corporation. The lease agreement was approved internally by the carrier’s directors last week. Wan Hai, Taiwan’s third-largest carrier, said last year it would expand its network of terminals and storage facilities to obtain competitive tariffs at key ports in Asia. C-9 is Wan Hai's first terminal deal since it opened Haiphong International Container Terminal in northern Vietnam in 2018. The carrier’s other terminal investments in Asia include berths in Taichung and Taipei in Taiwan, Cai Mep and Da Nang in Vietnam and Qingdao, China. Contact Keith Wallis at <a href="keithwallis@hotmail.com.">keithwallis@hotmail.com</a>.</div>

Taiwan’s Wan Hai Lines is adding to its Asia terminal network with an $89 million deal to lease terminal C-9 at Osaka’s Hanshin container port complex in Japan as part of its strategy to reduce costs and improve efficiencies by having its own dedicated berths. The move also strengthens Wan Hai’s presence in Japan following the launch of separate intra-Asia services linking Japan with Vietnam and Thailand in the last two years. Currently, Wan Hai operates six regional services with calls at Osaka. The carrier previously acquired Pier 5 at Tokyo’s Ohi terminal complex in 2003. Wan Hai said it would lease Osaka’s C-9 terminal in partnership with Mitsui Warehouse Terminal Service from Kobe-Osaka International Port Corporation. The carrier did not specify the length of the lease. Wan Hai acquired its stake from Mitsui’s former partner in the terminal, Mitsubishi Logistics Corporation. The lease agreement was approved internally by the carrier’s directors last week. Wan Hai, Taiwan’s third-largest carrier, said last year it would expand its network of terminals and storage facilities to obtain competitive tariffs at key ports in Asia. C-9 is Wan Hai's first terminal deal since it opened Haiphong International Container Terminal in northern Vietnam in 2018. The carrier’s other terminal investments in Asia include berths in Taichung and Taipei in Taiwan, Cai Mep and Da Nang in Vietnam and Qingdao, China. Contact Keith Wallis at keithwallis@hotmail.com .

Wan Hai expands Asia terminal network with $89 million Osaka port lease

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