<div class="phx-topic abstract-wrapper">The results, the carrier’s strongest since the second half of 2022, follow those of fellow Taiwan liners Yang Ming Marine Transport and Wan Hai Lines, which reported healthy first-half financials on Monday.</div>

The results, the carrier’s strongest since the second half of 2022, follow those of fellow Taiwan liners Yang Ming Marine Transport and Wan Hai Lines, which reported healthy first-half financials on Monday.

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<div>Strong demand and surging freight rates powered Evergreen Marine, Taiwan’s largest container line, to report a first-half net profit of $1.4 billion Tuesday, up from $318 million in the same period one year ago. Evergreen said operating revenues climbed 43% to $6 billion from $4.2 billion last year. The results, the carrier’s strongest since the second half of 2022, follow those of fellow Taiwan carriers Yang Ming Marine Transport and Wan Hai Lines, <a>which reported big gains in H1 net profits Monday</a>. Evergreen’s figures, reported in a filing to the Taiwan stock exchange, highlight the impact of the fast-rising container...

Strong demand and surging freight rates powered Evergreen Marine, Taiwan’s largest container line, to report a first-half net profit of $1.4 billion Tuesday, up from $318 million in the same period one year ago. Evergreen said operating revenues climbed 43% to $6 billion from $4.2 billion last year. The results, the carrier’s strongest since the second half of 2022, follow those of fellow Taiwan carriers Yang Ming Marine Transport and Wan Hai Lines, which reported big gains in H1 net profits Monday . Evergreen’s figures, reported in a filing to the Taiwan stock exchange, highlight the impact of the fast-rising container freight rates seen earlier this year. For the second quarter alone, the company — the world’s seventh-largest carrier by capacity, according to Alphaliner — posted net profit of $910 million on $3.3 billion in operating revenues. Analysts said Evergreen’s volumes rebounded to 5 million containers in the first half, up from 4 million in the same period last year, based on company data. Evergreen’s directors at a board meeting Tuesday voted to expand the carrier’s container fleet by a further 323,301 container units. Those comprise 223,301 container units leased by Evergreen Marine (Asia) at a total cost of nearly $370 million from Gaining Enterprise, a Panama-based affiliate, and 100,000 TEUs. Evergreen said details of the newbuild manufacturer and total cost would be released later. Contact Keith Wallis at keithwallis@hotmail.com .

Container lines

Container Shipping News

Maritime

Evergreen rides surging freight rates to big jump in H1 profits

<div class="phx-topic abstract-wrapper">The resistance came primarily from Expeditors International, with sources saying the forwarder flagged ongoing uncertainty around the insurance premium implications of a Suez routing. </div>

The resistance came primarily from Expeditors International, with sources saying the forwarder flagged ongoing uncertainty around the insurance premium implications of a Suez routing.

<div class="phx-topic">Hapag-Lloyd has dropped plans to reinstate a Suez Canal routing for its India–US East Coast “TPI” service after failing to secure sufficient customer backing due to cargo insurance concerns, local industry sources, including within Hapag-Lloyd India, told the Journal of Commerce. The pushback came primarily from Expeditors International, said to be the German carrier’s largest freight forwarder account for India–US volumes. The US-based forwarder is understood to have flagged ongoing uncertainty around the insurance premium implications of a Suez routing in response to Hapag-Lloyd’s outreach for customer feedback. “Expeditors was unable to persuade many of its core shipper clients to sign on to a letter of intent framework that would have required them to absorb terrorism and war-risk liabilities for vessels transiting the Red Sea,” said a Hapag-Lloyd India executive who didn’t want to be identified. “Forwarders without this requirement are more willing to ship as they are able to manage the necessary insurance coverage for Suez transits.” When contacted by the Journal of Commerce for comment, a global spokesperson for Hapag-Lloyd said no timeline has been set for a return to the Suez route. “We continue to monitor developments very closely and maintain a detailed plan for a potential return, but any decision will only be taken when the security situation is sustainably safe,” the spokesperson said. “We need to see constant stability and tangible progress before routing vessels back through the Suez Canal.” Expeditors’ support is critical as it moves approximately 400 TEUs per week on Hapag-Lloyd’s India–US network, mostly on the TPI. The carrier is believed to have received positive signals for a Suez return from other major global forwarders such as DSV, Kuehne + Nagel and C.H. Robinson. Sources across European carriers agree that extra insurance exposure remains a sticking point in customer engagement on Suez resumption efforts. US retailer Costco is said to be among the Indian goods buyers reluctant to commit cargo support for Suez transits. Hapag-Lloyd is a predominant operator on the India–USEC trade. Out of an estimated 1.3 million TEUs shipped from India to the US this year through November, the carrier handled approximately 303,500 TEUs, representing about 23% of the market, according to industry data. <h3>Carriers weigh Red Sea return </h3>Ocean carriers have been weighing a resumption of mainline Red Sea/Suez Canal transits in the aftermath of what has been a shaky ceasefire between Israel and Hamas in Gaza, but most shipping executives say the security situation is still too unsettled, forcing continued diversions around southern Africa. The Premier Alliance <a href="https://www.joc.com/article/premier-alliances-2026-network-to-maintain-red-sea-diversions-6134989">unveiled its updated 2026 network this week</a> with services from Asia to Europe, the Mediterranean and the US East Coast continuing to divert around the Cape of Good Hope to avoid passing through the Red Sea. Still, Ocean Network Express (ONE) <a href="https://www.joc.com/article/one-returns-to-red-sea-under-slot-charter-deal-with-thailands-rcl-partners-6136866">confirmed Wednesday</a> it will make a tentative return to the Red Sea cargo market under a slot charter agreement with three regional carriers. Sunil Vaswani, executive director of the Container Shipping Lines Association (India), said while there have been some eastbound sailing attempts over the Suez, most lines want to “test the Red Sea waters” ahead of implementing drastic network changes, given the persistent geopolitical volatility. Meanwhile, CMA CGM <a href="https://www.joc.com/article/stretched-logistics-capacity-in-europe-threatened-by-red-sea-return-6129492">is set to resume a Suez-based rotation for its India–USEC “Indamex” service</a> from January, with the first westbound sailing under the “normal” itinerary known to be the 6,039-TEU CMA CGM Verdi departing India’s Nhava Sheva Port Jan. 18 and transiting the Suez Canal Feb. 8, available data indicates. The French carrier plans to switch over to a full Suez rotation for the Indamex in the second quarter of 2026 as it continues to realign capacity deployments. Contact Bency Mathew at <a href="mailto:bencyvmathew@gmail.com">bencyvmathew@gmail.com</a>. </div>

Hapag-Lloyd has dropped plans to reinstate a Suez Canal routing for its India–US East Coast “TPI” service after failing to secure sufficient customer backing due to cargo insurance concerns, local industry sources, including within Hapag-Lloyd India, told the Journal of Commerce. The pushback came primarily from Expeditors International, said to be the German carrier’s largest freight forwarder account for India–US volumes. The US-based forwarder is understood to have flagged ongoing uncertainty around the insurance premium implications of a Suez routing in response to Hapag-Lloyd’s outreach for customer feedback. “Expeditors was unable to persuade many of its core shipper clients to sign on to a letter of intent framework that would have required them to absorb terrorism and war-risk liabilities for vessels transiting the Red Sea,” said a Hapag-Lloyd India executive who didn’t want to be identified. “Forwarders without this requirement are more willing to ship as they are able to manage the necessary insurance coverage for Suez transits.” When contacted by the Journal of Commerce for comment, a global spokesperson for Hapag-Lloyd said no timeline has been set for a return to the Suez route. “We continue to monitor developments very closely and maintain a detailed plan for a potential return, but any decision will only be taken when the security situation is sustainably safe,” the spokesperson said. “We need to see constant stability and tangible progress before routing vessels back through the Suez Canal.” Expeditors’ support is critical as it moves approximately 400 TEUs per week on Hapag-Lloyd’s India–US network, mostly on the TPI. The carrier is believed to have received positive signals for a Suez return from other major global forwarders such as DSV, Kuehne + Nagel and C.H. Robinson. Sources across European carriers agree that extra insurance exposure remains a sticking point in customer engagement on Suez resumption efforts. US retailer Costco is said to be among the Indian goods buyers reluctant to commit cargo support for Suez transits. Hapag-Lloyd is a predominant operator on the India–USEC trade. Out of an estimated 1.3 million TEUs shipped from India to the US this year through November, the carrier handled approximately 303,500 TEUs, representing about 23% of the market, according to industry data. Carriers weigh Red Sea return Ocean carriers have been weighing a resumption of mainline Red Sea/Suez Canal transits in the aftermath of what has been a shaky ceasefire between Israel and Hamas in Gaza, but most shipping executives say the security situation is still too unsettled, forcing continued diversions around southern Africa. The Premier Alliance unveiled its updated 2026 network this week with services from Asia to Europe, the Mediterranean and the US East Coast continuing to divert around the Cape of Good Hope to avoid passing through the Red Sea. Still, Ocean Network Express (ONE) confirmed Wednesday it will make a tentative return to the Red Sea cargo market under a slot charter agreement with three regional carriers. Sunil Vaswani, executive director of the Container Shipping Lines Association (India), said while there have been some eastbound sailing attempts over the Suez, most lines want to “test the Red Sea waters” ahead of implementing drastic network changes, given the persistent geopolitical volatility. Meanwhile, CMA CGM is set to resume a Suez-based rotation for its India–USEC “Indamex” service from January, with the first westbound sailing under the “normal” itinerary known to be the 6,039-TEU CMA CGM Verdi departing India’s Nhava Sheva Port Jan. 18 and transiting the Suez Canal Feb. 8, available data indicates. The French carrier plans to switch over to a full Suez rotation for the Indamex in the second quarter of 2026 as it continues to realign capacity deployments. Contact Bency Mathew at bencyvmathew@gmail.com .

Trans-Atlantic

Asia-Europe

Hapag-Lloyd nixes Suez return for India–USEC loop amid customer pushback

<div class="phx-topic abstract-wrapper">While the alliance will strengthen its presence in Southeast Asia, the refined network to be rolled out in April has removed several direct calls in other parts of Asia. </div>

While the alliance will strengthen its presence in Southeast Asia, the refined network to be rolled out in April has removed several direct calls in other parts of Asia.

<div class="phx-topic">The Asia–Europe trade lane of the Premier Alliance’s revised 2026 network is edging closer to a hub-and-spoke model with some loops having just five ports in their rotation. While the alliance of HMM, Ocean Network Express (ONE) and Yang Ming will strengthen its presence in Southeast Asia, the refined network that was unveiled earlier this week and will be put into play in April has removed several direct calls in other parts of Asia, according to Alphaliner. “This will be compensated for by more feeder services calling at Busan for transshipment to and from Kaohsiung, Xiamen and the Japanese ports of Tokyo, Kobe and Nagoya,” the analyst wrote in its latest newsletter. The Gemini Cooperation alliance of Maersk and Hapag-Lloyd uses a hub-and-spoke approach, with its east-west network consisting of 29 main line services and 28 intra-regional shuttle services. The carriers wholly or partly control the hub terminals where Gemini ships call, with Maersk controlling most of the shuttles that make up the spokes. “While not adopting the hub-and-spoke principle applied by the Gemini Cooperation, some (Premier Alliance) Asia–North Europe loops will only have five ports in their rotation,” Alphaliner noted, adding that the Asia–Europe trade was most affected by the network revision. For example, the Asia–North Europe leg will be maintained as a dedicated Southeast Asia-North Europe FE1 loop calling at five ports — Laem Chabang (Thailand), Cai Mep (Vietnam), Singapore, Rotterdam and Hamburg before returning to Singapore and Laem Chabang. The FE4 loop from April will also have a limited rotation, with calls at Shanghai and Busan on the Asian side and at Rotterdam, Hamburg and Le Havre in Europe. On the FE3 loop, Busan, Shanghai and Xiamen will be removed, with the Asian rotation including stops at Qingdao, Ningbo, Yantian and Singapore. The European rotation will become Algeciras (Spain), Felixstowe (replacing Southampton), Hamburg and Antwerp (replacing Rotterdam). Another change is that the vessels will return directly from Antwerp to Qingdao, skipping current eastbound calls at Singapore and Yantian. In the North Europe–Asia–North America West Coast FP2 pendulum service, the European rotation will only include Southampton, Rotterdam and a new second eastbound call at Southampton. <h3>Schedule reliability needs improvement </h3>The shortening of some rotations is aimed at enhancing the Premier Alliance’s schedule reliability, an area that requires substantial improvement. On-time performance data from eeSea by Xeneta shows the alliance carriers’ global reliability was at 36% in the first quarter, but slid to 22% by Q3 before edging up to 23% thus far in the fourth quarter. Average ship delays began the year at 2.7 days in the first quarter, but that has almost doubled to 5.2 days in Q4. Peter Sand, chief analyst at Xeneta, said there was certainly room for improvement in Premier’s on-time performance. “Shippers will hold Premier Alliance responsible in 2026 for their claim that enhanced service reliability will be delivered through an optimized global network,” Sand told the Journal of Commerce. In <a href="https://www.joc.com/article/premier-alliances-2026-network-to-maintain-red-sea-diversions-6134989">a joint statement earlier this week</a>, Premier Alliance members said the updated network aimed to “deliver improved service reliability by means of an optimized global structure.” “With the Premier Alliance calling fewer ports on individual services, that could prove to be one pathway to better on-time performance,” Sand noted. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="327db686-17bc-4c86-bc4e-86d341c2425a"></dynamic-object></div>Gemini Cooperation continues to lead global schedule reliability scores, recording 88.6% on-time performance across September and October, according to data from Sea-Intelligence Maritime Analysis. The standalone Mediterranean Shipping Co. (MSC) was at 77.5%, Ocean Alliance scored 65% and Premier Alliance recorded 64.6% over the two months. Data from eeSea shows overall industry schedule reliability on the Asia–North Europe trade lane in November was 32%, up from a 2025 low of just 18% in August. Asia–Mediterranean on-time performance of 30% in November, while still at a low level, was also a substantial improvement on the 15% recorded in August. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

The Asia–Europe trade lane of the Premier Alliance’s revised 2026 network is edging closer to a hub-and-spoke model with some loops having just five ports in their rotation. While the alliance of HMM, Ocean Network Express (ONE) and Yang Ming will strengthen its presence in Southeast Asia, the refined network that was unveiled earlier this week and will be put into play in April has removed several direct calls in other parts of Asia, according to Alphaliner. “This will be compensated for by more feeder services calling at Busan for transshipment to and from Kaohsiung, Xiamen and the Japanese ports of Tokyo, Kobe and Nagoya,” the analyst wrote in its latest newsletter. The Gemini Cooperation alliance of Maersk and Hapag-Lloyd uses a hub-and-spoke approach, with its east-west network consisting of 29 main line services and 28 intra-regional shuttle services. The carriers wholly or partly control the hub terminals where Gemini ships call, with Maersk controlling most of the shuttles that make up the spokes. “While not adopting the hub-and-spoke principle applied by the Gemini Cooperation, some (Premier Alliance) Asia–North Europe loops will only have five ports in their rotation,” Alphaliner noted, adding that the Asia–Europe trade was most affected by the network revision. For example, the Asia–North Europe leg will be maintained as a dedicated Southeast Asia-North Europe FE1 loop calling at five ports — Laem Chabang (Thailand), Cai Mep (Vietnam), Singapore, Rotterdam and Hamburg before returning to Singapore and Laem Chabang. The FE4 loop from April will also have a limited rotation, with calls at Shanghai and Busan on the Asian side and at Rotterdam, Hamburg and Le Havre in Europe. On the FE3 loop, Busan, Shanghai and Xiamen will be removed, with the Asian rotation including stops at Qingdao, Ningbo, Yantian and Singapore. The European rotation will become Algeciras (Spain), Felixstowe (replacing Southampton), Hamburg and Antwerp (replacing Rotterdam). Another change is that the vessels will return directly from Antwerp to Qingdao, skipping current eastbound calls at Singapore and Yantian. In the North Europe–Asia–North America West Coast FP2 pendulum service, the European rotation will only include Southampton, Rotterdam and a new second eastbound call at Southampton. Schedule reliability needs improvement The shortening of some rotations is aimed at enhancing the Premier Alliance’s schedule reliability, an area that requires substantial improvement. On-time performance data from eeSea by Xeneta shows the alliance carriers’ global reliability was at 36% in the first quarter, but slid to 22% by Q3 before edging up to 23% thus far in the fourth quarter. Average ship delays began the year at 2.7 days in the first quarter, but that has almost doubled to 5.2 days in Q4. Peter Sand, chief analyst at Xeneta, said there was certainly room for improvement in Premier’s on-time performance. “Shippers will hold Premier Alliance responsible in 2026 for their claim that enhanced service reliability will be delivered through an optimized global network,” Sand told the Journal of Commerce. In a joint statement earlier this week , Premier Alliance members said the updated network aimed to “deliver improved service reliability by means of an optimized global structure.” “With the Premier Alliance calling fewer ports on individual services, that could prove to be one pathway to better on-time performance,” Sand noted. Gemini Cooperation continues to lead global schedule reliability scores, recording 88.6% on-time performance across September and October, according to data from Sea-Intelligence Maritime Analysis. The standalone Mediterranean Shipping Co. (MSC) was at 77.5%, Ocean Alliance scored 65% and Premier Alliance recorded 64.6% over the two months. Data from eeSea shows overall industry schedule reliability on the Asia–North Europe trade lane in November was 32%, up from a 2025 low of just 18% in August. Asia–Mediterranean on-time performance of 30% in November, while still at a low level, was also a substantial improvement on the 15% recorded in August. Contact Greg Knowler at greg.knowler@spglobal.com .

Premier Alliance trims Asia–Europe port calls in new 2026 network

<div class="phx-topic abstract-wrapper">Port officials say the next Army Corps spending bill needs to make sure that dredging funds set aside under a 2020 law actually get distributed. </div>

Port officials say the next Army Corps spending bill needs to make sure that dredging funds set aside under a 2020 law actually get distributed.

<div class="phx-topic">Large US ports face the prospect of less federal support for dredging and maintenance projects next year if Congress doesn’t ensure fairer distribution of monies from a government-run maintenance fund, lawmakers were told Wednesday. Port of Long Beach Chief Operating Officer Noel Hacegaba told the House Transportation and Infrastructure Committee that Congress needs to require the US Army Corps of Engineers’ (USACE’s) next spending authorization to comply with a law passed during its 2020 authorization that aimed at more even distribution of dredging funds. That law, known as Section 102, aimed to distribute at least 12% of the federal Harbor Maintenance Trust Fund back to so-called “donor and energy ports,” which contribute about half of the funds. Hacegaba’s testimony comes as Congress looks to draft a biennial spending authorization for the USACE. The Harbor Maintenance Trust Fund is expected to reach $7.8 billion next year. Sen. John Kennedy (R-Louisiana) introduced a spending bill earlier this month that would require the USACE to use $417 million from the trust toward Section 102 funding in 2026. The House version of the next USACE, however, does not have that provision. Hacegaba said the 2025 US Army Corps of Engineers (USACE) budget failed to include some $380 million that should be available under Section 102. Without that, Hacegaba said there was a $43 million shortfall in federal funds available this year to Long Beach for dredging and other maintenance. “You’re talking about nearly a 90% drop in funding that is critical for this project,” Hacegaba said. “[Long Beach] respectfully requests your continued support to ensure that annual distribution of these funds is not viewed as optional,” he added. “We are asking for equitable funding for donor and energy ports.” The American Association of Port Authorities (AAPA), which has estimated that <a href="https://www.joc.com/article/big-us-ports-ask-congress-to-follow-law-for-equal-funding-of-dredging-work-6055791">lax enforcement of Section 102 could mean a $1 billion loss in dredging funds</a>, said in a letter to Congress the law itself needs to be redrafted due to having too many qualifiers that “have led to inconsistent implementation.” Changing the law “would provide stability and ensure that these critical hubs receive the support needed to maintain safe and efficient operations,” AAPA said. Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com ">michael.angell@spglobal.com</a>. </div>

Large US ports face the prospect of less federal support for dredging and maintenance projects next year if Congress doesn’t ensure fairer distribution of monies from a government-run maintenance fund, lawmakers were told Wednesday. Port of Long Beach Chief Operating Officer Noel Hacegaba told the House Transportation and Infrastructure Committee that Congress needs to require the US Army Corps of Engineers’ (USACE’s) next spending authorization to comply with a law passed during its 2020 authorization that aimed at more even distribution of dredging funds. That law, known as Section 102, aimed to distribute at least 12% of the federal Harbor Maintenance Trust Fund back to so-called “donor and energy ports,” which contribute about half of the funds. Hacegaba’s testimony comes as Congress looks to draft a biennial spending authorization for the USACE. The Harbor Maintenance Trust Fund is expected to reach $7.8 billion next year. Sen. John Kennedy (R-Louisiana) introduced a spending bill earlier this month that would require the USACE to use $417 million from the trust toward Section 102 funding in 2026. The House version of the next USACE, however, does not have that provision. Hacegaba said the 2025 US Army Corps of Engineers (USACE) budget failed to include some $380 million that should be available under Section 102. Without that, Hacegaba said there was a $43 million shortfall in federal funds available this year to Long Beach for dredging and other maintenance. “You’re talking about nearly a 90% drop in funding that is critical for this project,” Hacegaba said. “[Long Beach] respectfully requests your continued support to ensure that annual distribution of these funds is not viewed as optional,” he added. “We are asking for equitable funding for donor and energy ports.” The American Association of Port Authorities (AAPA), which has estimated that lax enforcement of Section 102 could mean a $1 billion loss in dredging funds , said in a letter to Congress the law itself needs to be redrafted due to having too many qualifiers that “have led to inconsistent implementation.” Changing the law “would provide stability and ensure that these critical hubs receive the support needed to maintain safe and efficient operations,” AAPA said. Contact Michael Angell at michael.angell@spglobal.com .

Transport, Trade and Regulation News

Port infrastructure

North American ports

Big US ports ask Congress to ensure fair funding for dredging

<div class="phx-topic abstract-wrapper">Zvi Schreiber oversaw key milestones such as Freightos’ public listing and a transformative acquisition of air freight booking platform WebCargo, but the company has yet to turn a profit. </div>

Zvi Schreiber oversaw key milestones such as Freightos’ public listing and a transformative acquisition of air freight booking platform WebCargo, but the company has yet to turn a profit.

<div class="phx-topic">Freightos founder and CEO Zvi Schreiber will step down on Jan. 31, the company announced Wednesday, as the freight technology and marketplace provider looks for new leadership to guide it into its “next phase.” CFO Pablo Pinillos will become interim CEO from Feb. 1, Freightos said in a statement, adding that Schreiber will remain as a non-executive board member with the company after his departure as CEO. “The time is right for Freightos to have a CEO laser-focused on our next stage of scale-up, while I turn my attention to new adventures,” Schreiber said in the statement. Founded by Schreiber in 2012, Freightos provides a range of procurement, booking, rate management and rate data services. Among the notable milestones in Schreiber’s tenure as CEO was the launch of the now-widely used FBX spot rate index, the move to take Freightos public in 2023 on the NASDAQ exchange, and the transformative acquisition of air freight booking platform WebCargo. Along with launching a freight rate marketplace used primarily by forwarders and smaller importers and exporters, Freightos provides tools for cargo airlines and a digital customs brokerage service. Despite sizable growth in two key metrics it tracks — the number of bookings and gross booking value passing through its marketplace — Freightos has yet to turn a profit. The company’s third-quarter financials showed losses before interest, taxes, depreciation and amortization of $2.6 million on revenue of $7.7 million. For context, those losses are the lowest since the company went public two years ago and its revenue is 25% higher over the last year. “Zvi poured himself into this company,” Udo Lange, non-executive chairman of Freightos, said in the statement. “His vision and his belief in a connected, digital freight ecosystem have shaped Freightos at every step. We’re now moving into Freightos’ next phase ... as we scale, implementing ongoing improvements for operational discipline, and delivering the full potential of the platform that Zvi envisioned.” Contact Eric Johnson at <a href="mailto:eric.johnson@spglobal.com">eric.johnson@spglobal.com</a>.</div>

Freightos founder and CEO Zvi Schreiber will step down on Jan. 31, the company announced Wednesday, as the freight technology and marketplace provider looks for new leadership to guide it into its “next phase.” CFO Pablo Pinillos will become interim CEO from Feb. 1, Freightos said in a statement, adding that Schreiber will remain as a non-executive board member with the company after his departure as CEO. “The time is right for Freightos to have a CEO laser-focused on our next stage of scale-up, while I turn my attention to new adventures,” Schreiber said in the statement. Founded by Schreiber in 2012, Freightos provides a range of procurement, booking, rate management and rate data services. Among the notable milestones in Schreiber’s tenure as CEO was the launch of the now-widely used FBX spot rate index, the move to take Freightos public in 2023 on the NASDAQ exchange, and the transformative acquisition of air freight booking platform WebCargo. Along with launching a freight rate marketplace used primarily by forwarders and smaller importers and exporters, Freightos provides tools for cargo airlines and a digital customs brokerage service. Despite sizable growth in two key metrics it tracks — the number of bookings and gross booking value passing through its marketplace — Freightos has yet to turn a profit. The company’s third-quarter financials showed losses before interest, taxes, depreciation and amortization of $2.6 million on revenue of $7.7 million. For context, those losses are the lowest since the company went public two years ago and its revenue is 25% higher over the last year. “Zvi poured himself into this company,” Udo Lange, non-executive chairman of Freightos, said in the statement. “His vision and his belief in a connected, digital freight ecosystem have shaped Freightos at every step. We’re now moving into Freightos’ next phase ... as we scale, implementing ongoing improvements for operational discipline, and delivering the full potential of the platform that Zvi envisioned.” Contact Eric Johnson at eric.johnson@spglobal.com .

Logistics Technology News

Freightos founder to step down as CEO as company moves into ‘next phase’

<div class="phx-topic abstract-wrapper">The head of one opposition union says the job protection deals agreed to by other unions in exchange for their support of the merger have “loopholes big enough to traverse freight trains through.”</div>

The head of one opposition union says the job protection deals agreed to by other unions in exchange for their support of the merger have “loopholes big enough to traverse freight trains through.”

<div class="phx-topic">The second- and third-largest railroad worker unions in the US on Wednesday came out in opposition to Union Pacific’s (UP’s) proposed $85 billion acquisition of Norfolk Southern (NS). The move by the Brotherhood of Locomotive Engineers and Trainmen (BLET) and Brotherhood of Maintenance of Way Employees (BMWED), both part of the Teamsters Union, comes just days before UP is expected to file its formal application seeking approval for the deal from the US Surface Transportation Board (STB). BLET National President Mark Wallace said the decision to oppose the merger came after five months of review, as well as meetings across the US with rank-and-file workers and direct negotiations with UP CEO Jim Vena over post-merger job protections. “We believe this transcontinental railroad will make shipping by rail less attractive as the merged carrier passes off rail lines that service small towns, factories, and farms to short-line railroads,” Wallace said in a statement. “For rail customers, it will be a choice between Hell or the highway.” BLET also cited safety concerns, referring to the high-profile NS derailment in East Palestine, Ohio, in 2023, and UP’s propensity to run “extremely long trains, some three miles in length” as key factors behind its opposition to the merger. The unions also rejected Vena’s promise to protect the jobs of workers, which convinced other unions to back the deal. “We don’t believe anything Vena says about how workers would be treated in the supersized Union Pacific,” Tony Cardwell, BMWED’s president, said in the statement. “The agreements reached with some other unions related to job protections post-merger have loopholes big enough to traverse freight trains through. We refuse to accept the same terms in return for unions’ support for the merger.” <h3>UP reiterates job protections </h3>Union Pacific responded in a statement Wednesday, saying the growth opportunities in the merger are “unprecedented in railroad history.” UP also reiterated its job protection stance and emphasized that five unions have come out in support of the deal. UP flagged what it said was its commitment to unions, notably an average annual compensation and benefits package worth $160,000 that it said is approximately 40% above the national industrial average and retirement income that is nearly twice the average Social Security recipient. BLET and BMWED become the first major rail unions to oppose the proposed merger. Five have come out in favor, driven mainly by the job protections UP has offered to all union workers. The railroad has vowed that anyone who has a job after the deal is approved is protected against losing their job for any reason linked to the merger. The Sheet Metal, Air, Rail, and Transportation Workers-Transportation Division (SMART-TD) — the largest US rail union — <a href="https://www.joc.com/article/major-rail-union-backs-up-ns-merger-after-job-protection-deal-6084510">endorsed the deal in September</a>, while the International Brotherhood of Railway Boilermakers <a href="https://www.joc.com/article/up-reaches-agreement-with-ibb-union-to-support-ns-merger-6122657">pledged support</a> last month. Three other smaller unions — the Brotherhood of Railway Carmen, the National Conference of Firemen and Oilers, and the United Supervisors Council of America — have also come out in favor of the merger. “We’ve formalized this ‘jobs-for-life’ agreement with five unions ... and we look forward to filing our application with the STB this week,” UP said. There is also a split among other interested parties. Nine Republican Attorneys General wrote a letter opposing the deal on Nov. 14, but the Attorneys General from three other US states, also all Republicans, wrote their own letter nearly two weeks later supporting the deal. The STB is not expected to rule on the UP-NS application until 2027. Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>.</div>

The second- and third-largest railroad worker unions in the US on Wednesday came out in opposition to Union Pacific’s (UP’s) proposed $85 billion acquisition of Norfolk Southern (NS). The move by the Brotherhood of Locomotive Engineers and Trainmen (BLET) and Brotherhood of Maintenance of Way Employees (BMWED), both part of the Teamsters Union, comes just days before UP is expected to file its formal application seeking approval for the deal from the US Surface Transportation Board (STB). BLET National President Mark Wallace said the decision to oppose the merger came after five months of review, as well as meetings across the US with rank-and-file workers and direct negotiations with UP CEO Jim Vena over post-merger job protections. “We believe this transcontinental railroad will make shipping by rail less attractive as the merged carrier passes off rail lines that service small towns, factories, and farms to short-line railroads,” Wallace said in a statement. “For rail customers, it will be a choice between Hell or the highway.” BLET also cited safety concerns, referring to the high-profile NS derailment in East Palestine, Ohio, in 2023, and UP’s propensity to run “extremely long trains, some three miles in length” as key factors behind its opposition to the merger. The unions also rejected Vena’s promise to protect the jobs of workers, which convinced other unions to back the deal. “We don’t believe anything Vena says about how workers would be treated in the supersized Union Pacific,” Tony Cardwell, BMWED’s president, said in the statement. “The agreements reached with some other unions related to job protections post-merger have loopholes big enough to traverse freight trains through. We refuse to accept the same terms in return for unions’ support for the merger.” UP reiterates job protections Union Pacific responded in a statement Wednesday, saying the growth opportunities in the merger are “unprecedented in railroad history.” UP also reiterated its job protection stance and emphasized that five unions have come out in support of the deal. UP flagged what it said was its commitment to unions, notably an average annual compensation and benefits package worth $160,000 that it said is approximately 40% above the national industrial average and retirement income that is nearly twice the average Social Security recipient. BLET and BMWED become the first major rail unions to oppose the proposed merger. Five have come out in favor, driven mainly by the job protections UP has offered to all union workers. The railroad has vowed that anyone who has a job after the deal is approved is protected against losing their job for any reason linked to the merger. The Sheet Metal, Air, Rail, and Transportation Workers-Transportation Division (SMART-TD) — the largest US rail union — endorsed the deal in September , while the International Brotherhood of Railway Boilermakers pledged support last month. Three other smaller unions — the Brotherhood of Railway Carmen, the National Conference of Firemen and Oilers, and the United Supervisors Council of America — have also come out in favor of the merger. “We’ve formalized this ‘jobs-for-life’ agreement with five unions ... and we look forward to filing our application with the STB this week,” UP said. There is also a split among other interested parties. Nine Republican Attorneys General wrote a letter opposing the deal on Nov. 14, but the Attorneys General from three other US states, also all Republicans, wrote their own letter nearly two weeks later supporting the deal. The STB is not expected to rule on the UP-NS application until 2027. Contact Ari Ashe at ari.ashe@spglobal.com .

Rail News

North-American rail

Two large rail unions say they oppose planned UP-NS merger

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