<div class="phx-topic abstract-wrapper">Hapag-Lloyd posted a significantly improved operating profit, higher revenue and increased container volumes in the third quarter as the German ocean carrier benefited from its merger with Chile’s CSAV.</div>

Hapag-Lloyd posted a significantly improved operating profit, higher revenue and increased container volumes in the third quarter as the German ocean carrier benefited from its merger with Chile’s CSAV.

<div><a>Hapag-Lloyd</a> posted a significantly improved operating profit, higher revenue and increased container volumes in the third quarter as the German ocean carrier benefited from <a>its merger</a> with Chile’s <a>CSAV</a>.The Hamburg-based carrier, which made its stock market debut <a>last week</a>, also achieved its third consecutive quarterly net profit — of 3.2 million euros ($3.5 million) compared with a 50.7 million euros loss a year earlier.Earnings before interest and tax surged to 80.9 million euros from 23.6 million euros on revenue of 2.1 billion euros against 1.68 billion euros last time.Traffic rose to 1.86 million 20-foot-equivalent units from 1.47 million TEUs, but...

Hapag-Lloyd posted a significantly improved operating profit, higher revenue and increased container volumes in the third quarter as the German ocean carrier benefited from its merger with Chile’s CSAV . The Hamburg-based carrier, which made its stock market debut last week , also achieved its third consecutive quarterly net profit — of 3.2 million euros ($3.5 million) compared with a 50.7 million euros loss a year earlier. Earnings before interest and tax surged to 80.9 million euros from 23.6 million euros on revenue of 2.1 billion euros against 1.68 billion euros last time. Traffic rose to 1.86 million 20-foot-equivalent units from 1.47 million TEUs, but the average freight rate slipped to $1,189 per TEU from $1,448 per TEU. The world’s fifth-largest carrier swung to a nine-month net profit of 160.4 million euros from a 224 million euros loss a year earlier as revenue jumped 1.9 billion euros to 6.8 billion euros, driven by the CSAV merger. Traffic was up 28.3 percent at 5.6 million TEUs. “We are satisfied with our results for the first nine months of 2015, given the very challenging market environment,” said Hapag-Lloyd CEO Rolf Habben Jansen. “The third quarter proved once more that the merger with CSAV was the right step and that our cost reduction measures are making us competitive. With the proceeds from the IPO (initial public offering), we will be able to invest in the future to further improve efficiency and profitability.” Hapag-Lloyd generated around $300 million from its IPO, which it plans to invest in new ships and containers. Contact Bruce Barnard at brucebarnard47@hotmail.com .

Container lines

Hapag-Lloyd earnings, revenue, traffic jump on CSAV merger

<div class="phx-topic abstract-wrapper">The move comes after Spain turned away three US-flagged ships and a Danish multipurpose vessel on the grounds they were carrying military cargo bound for Israel.</div>

The move comes after Spain turned away three US-flagged ships and a Danish multipurpose vessel on the grounds they were carrying military cargo bound for Israel.

Feature image

<div class="phx-topic">Spanish-flagged vessels could be looking at US fees of up to $2.3 million per voyage and bans from US ports as Washington doubles down on a probe prompted by Spain’s refusal of multiple US-flagged ships and a Danish multipurpose vessel (MPV) delivering weapons and military cargo to Israel. The US Federal Maritime Commission (FMC) is considering industry comments through Feb. 20 after issuing a late-December notice requesting new information on whether Spain is creating conditions “unfavorable” to foreign trade. The FMC’s notice indicated that in November 2024, Spain barred three US-flagged vessels that were operating under the US Maritime Administration’s (MARAD) Maritime Security Program, which supports the US Department of Defense during emergencies and wartime. According to the FMC, Spain turned the ships away on grounds they were carrying cargo to Israel. The FMC also cited policy changes the Spanish government adopted last September to limit military cargo shipments to Israel. “Spain’s recent announcement and information from multiple sources indicate that the basic conditions the commission initiated this investigation to address still exist and are likely creating general or special conditions unfavorable to shipping in US foreign commerce,” the FMC stated in the December notice. The three US-flagged ships were container vessels — the Maersk Denver, the Maersk Nysted, and the Maersk Seletar, which were denied access in Spain after departing from New York ports. The FMC’s investigation indicates that Spain also turned away a Danish MPV vessel, the Marianne Danica, in May 2024 on grounds that it was transporting weapons to Israel. Spanish newspaper El País reported that the ship was carrying 27 tons of explosive material from Chennai in India to the port of Haifa in Israel. Both container and multipurpose vessels are used to transport weapons and military cargo. MPVs can carry advanced weaponry as well as roll-on/roll-off military equipment such as tanks and armored vehicles. <h3>Initial probe launched in December 2024 </h3>The FMC launched an initial investigation in December 2024 and received over 8,000 comments, many of which related to respondents’ positions on the Israel-Hamas conflict. The commission requested a second round of public comments after the Spanish government last September announced formal measures to halt the flow of certain cargo bound to or from Israel. The measures include banning ships and aircraft transporting weapons to Israel and barring tankers carrying fuel for the Israeli military from using Spanish ports and airspace. The FMC is collecting public input “on whether Spain is creating general or special conditions unfavorable to shipping in foreign trade,” and if so, what actions the agency should take in response. Among those actions, the FMC said it could impose fees of up to $2.3 million per voyage on Spanish-flagged ships calling US ports, restrict voyages to or from US ports, and limit cargo types and amounts. The commission could also order the Department of Homeland Security to detain, refuse, and fine vessels. The FMC’s inquiry is part of a broader overall effort by the agency to flex its muscle and effect changes that could reshape global maritime policy. In March 2025, the FMC launched an investigation into international maritime chokepoints, which the commission cited as a potential threat to US security. Last May, the FMC initiated an inquiry into whether foreign countries’ flagging practices, including “flags of convenience,” are creating barriers to US trade. The FMC has remained relatively silent on those investigations since then, but both remain active. Contact Autumn Cafiero Giusti at <a href="mailto:autumn@autumngiusti.com">autumn@autumngiusti.com.</a></div>

Spanish-flagged vessels could be looking at US fees of up to $2.3 million per voyage and bans from US ports as Washington doubles down on a probe prompted by Spain’s refusal of multiple US-flagged ships and a Danish multipurpose vessel (MPV) delivering weapons and military cargo to Israel. The US Federal Maritime Commission (FMC) is considering industry comments through Feb. 20 after issuing a late-December notice requesting new information on whether Spain is creating conditions “unfavorable” to foreign trade. The FMC’s notice indicated that in November 2024, Spain barred three US-flagged vessels that were operating under the US Maritime Administration’s (MARAD) Maritime Security Program, which supports the US Department of Defense during emergencies and wartime. According to the FMC, Spain turned the ships away on grounds they were carrying cargo to Israel. The FMC also cited policy changes the Spanish government adopted last September to limit military cargo shipments to Israel. “Spain’s recent announcement and information from multiple sources indicate that the basic conditions the commission initiated this investigation to address still exist and are likely creating general or special conditions unfavorable to shipping in US foreign commerce,” the FMC stated in the December notice. The three US-flagged ships were container vessels — the Maersk Denver, the Maersk Nysted, and the Maersk Seletar, which were denied access in Spain after departing from New York ports. The FMC’s investigation indicates that Spain also turned away a Danish MPV vessel, the Marianne Danica, in May 2024 on grounds that it was transporting weapons to Israel. Spanish newspaper El País reported that the ship was carrying 27 tons of explosive material from Chennai in India to the port of Haifa in Israel. Both container and multipurpose vessels are used to transport weapons and military cargo. MPVs can carry advanced weaponry as well as roll-on/roll-off military equipment such as tanks and armored vehicles. Initial probe launched in December 2024 The FMC launched an initial investigation in December 2024 and received over 8,000 comments, many of which related to respondents’ positions on the Israel-Hamas conflict. The commission requested a second round of public comments after the Spanish government last September announced formal measures to halt the flow of certain cargo bound to or from Israel. The measures include banning ships and aircraft transporting weapons to Israel and barring tankers carrying fuel for the Israeli military from using Spanish ports and airspace. The FMC is collecting public input “on whether Spain is creating general or special conditions unfavorable to shipping in foreign trade,” and if so, what actions the agency should take in response. Among those actions, the FMC said it could impose fees of up to $2.3 million per voyage on Spanish-flagged ships calling US ports, restrict voyages to or from US ports, and limit cargo types and amounts. The commission could also order the Department of Homeland Security to detain, refuse, and fine vessels. The FMC’s inquiry is part of a broader overall effort by the agency to flex its muscle and effect changes that could reshape global maritime policy. In March 2025, the FMC launched an investigation into international maritime chokepoints, which the commission cited as a potential threat to US security. Last May, the FMC initiated an inquiry into whether foreign countries’ flagging practices, including “flags of convenience,” are creating barriers to US trade. The FMC has remained relatively silent on those investigations since then, but both remain active. Contact Autumn Cafiero Giusti at autumn@autumngiusti.com.

Transport, Trade and Regulation News

Supply chain

Breakbulk News

Container Shipping News

Maritime

FMC weighs hefty fees, port bans for Spanish vessels

<div class="phx-topic abstract-wrapper">CEO Mark Rourke said a spot rate surge in December was the first sign of truckload capacity exits having a material impact on prices that will eventually lead to the carrier being able to charge shippers higher rates.</div>

CEO Mark Rourke said a spot rate surge in December was the first sign of truckload capacity exits having a material impact on prices that will eventually lead to the carrier being able to charge shippers higher rates.

<div class="phx-topic">Schneider National was disappointed with freight demand in the fourth quarter but remains hopeful that regulatory crackdowns in the trucking industry will pull out enough supply in 2026 to end the freight recession. Schneider CEO Mark Rourke said during the company’s Q4 earnings call Thursday the intermodal provider was “not satisfied” with its results, which included a more than 30% drop in net income. But he said a spot rate surge in December was the first sign of truckload capacity exits having a material impact on prices that will eventually lead to the carrier being able to charge shippers higher rates. The US Department of Transportation has been pressuring states to cancel non-domiciled commercial driver’s licenses for immigrants with expired or invalid work authorizations and those seeking asylum. It has also taken drivers out of service who cannot demonstrate the ability to read and understand English and shut down driving schools that do not rigorously train students before qualifying them to operate a rig. “The industry is already feeling the impact of supply rationalization related to regulatory actions in areas such as non-domiciled CDLs, English language proficiency, and driver school certifications,” Rourke said. “We expect capacity attrition to continue to ramp up, and we continue to believe the impact is likely to be greater than what we saw from the electronic logging mandate in 2017.” Rourke, however, said the USDOT crackdowns will tighten available truck capacity over quarters, not months. He also said economic drivers of freight demand must recover in 2026 to truly flip the market toward carriers. “The trajectory of consumer spending, the impacts from the (Republican-led appropriations bill), and interest rate policy all have the potential to significantly influence the timing and magnitude of improvement in market conditions,” he said. Schneider grew revenue 4.5% year over year to $1.4 billion during the fourth quarter. But net income of $22.1 million was down 32% from the year-ago quarter. Schneider reported Q4 truckload revenues of $610 million, up nearly $50 million compared with the prior year, driven by a 21% increase in dedicated volume. Logistics revenues were $329.3 million, up 2% compared to the same quarter in 2024. <h3>Intermodal volume gains </h3>Results in the trucking and logistics divisions were propped by the integration of the Cowan Systems business. Schneider bought the Baltimore-based trucking company for $390 million, with the deal closing at the end of 2024. Cowan’s business lines included one-way truckload, dedicated truckload, and logistics brokerage. Schneider’s intermodal revenues in the fourth quarter were $268.2 million, down 3% from the year-ago period and driven by a 5% decrease in revenue per order. Intermodal volume increased 3%, suggesting Schneider was able to take market share from competitor J.B. Hunt Transport Services, which dropped 2% year over year in the fourth quarter. Schneider, meanwhile, also announced Rourke would transition to the role of executive chairman effective July 1, 2026, and that longtime company executive Jim Filter will become the new CEO. Filter will become only the fifth CEO in the history of the company, which has been around since 1935. Filter is currently the executive vice president and group president of transportation logistics, a position he has held since 2022. He ran Schneider’s intermodal division prior to that. “Despite a challenging market in 2025, our actions throughout the year have strengthened our foundation and positioned us to benefit as conditions continue to improve,” Filter said on Thursday’s call. Contact Dan Ronan at <a href="mailto:contactdanronan@gmail.com">contactdanronan@gmail.com.</a></div>

Schneider National was disappointed with freight demand in the fourth quarter but remains hopeful that regulatory crackdowns in the trucking industry will pull out enough supply in 2026 to end the freight recession. Schneider CEO Mark Rourke said during the company’s Q4 earnings call Thursday the intermodal provider was “not satisfied” with its results, which included a more than 30% drop in net income. But he said a spot rate surge in December was the first sign of truckload capacity exits having a material impact on prices that will eventually lead to the carrier being able to charge shippers higher rates. The US Department of Transportation has been pressuring states to cancel non-domiciled commercial driver’s licenses for immigrants with expired or invalid work authorizations and those seeking asylum. It has also taken drivers out of service who cannot demonstrate the ability to read and understand English and shut down driving schools that do not rigorously train students before qualifying them to operate a rig. “The industry is already feeling the impact of supply rationalization related to regulatory actions in areas such as non-domiciled CDLs, English language proficiency, and driver school certifications,” Rourke said. “We expect capacity attrition to continue to ramp up, and we continue to believe the impact is likely to be greater than what we saw from the electronic logging mandate in 2017.” Rourke, however, said the USDOT crackdowns will tighten available truck capacity over quarters, not months. He also said economic drivers of freight demand must recover in 2026 to truly flip the market toward carriers. “The trajectory of consumer spending, the impacts from the (Republican-led appropriations bill), and interest rate policy all have the potential to significantly influence the timing and magnitude of improvement in market conditions,” he said. Schneider grew revenue 4.5% year over year to $1.4 billion during the fourth quarter. But net income of $22.1 million was down 32% from the year-ago quarter. Schneider reported Q4 truckload revenues of $610 million, up nearly $50 million compared with the prior year, driven by a 21% increase in dedicated volume. Logistics revenues were $329.3 million, up 2% compared to the same quarter in 2024. Intermodal volume gains Results in the trucking and logistics divisions were propped by the integration of the Cowan Systems business. Schneider bought the Baltimore-based trucking company for $390 million, with the deal closing at the end of 2024. Cowan’s business lines included one-way truckload, dedicated truckload, and logistics brokerage. Schneider’s intermodal revenues in the fourth quarter were $268.2 million, down 3% from the year-ago period and driven by a 5% decrease in revenue per order. Intermodal volume increased 3%, suggesting Schneider was able to take market share from competitor J.B. Hunt Transport Services, which dropped 2% year over year in the fourth quarter. Schneider, meanwhile, also announced Rourke would transition to the role of executive chairman effective July 1, 2026, and that longtime company executive Jim Filter will become the new CEO. Filter will become only the fifth CEO in the history of the company, which has been around since 1935. Filter is currently the executive vice president and group president of transportation logistics, a position he has held since 2022. He ran Schneider’s intermodal division prior to that. “Despite a challenging market in 2025, our actions throughout the year have strengthened our foundation and positioned us to benefit as conditions continue to improve,” Filter said on Thursday’s call. Contact Dan Ronan at contactdanronan@gmail.com.

Trucking News

Truckload

Intermodal providers

Surface

Schneider Q4 profit weakens, but company pins hopes on capacity exits

<div class="phx-topic abstract-wrapper">A surge in tariff-driven frontloading from Asia to North America earlier in the year led to a wait-and-see approach from US importers, resulting in weaker demand.</div>

A surge in tariff-driven frontloading from Asia to North America earlier in the year led to a wait-and-see approach from US importers, resulting in weaker demand.

<div class="phx-topic">Weak demand on the trans-Pacific and an oversupply of shipping capacity pulled down rate levels and dragged Ocean Network Express (ONE) to an $88 million loss in its fiscal third quarter that ended Dec. 31, the carrier said Friday. It was the Singapore-based liner’s first quarterly loss of its current financial year as a surge in US tariff-driven frontloading from Asia to North America earlier in the year led to a wait-and-see approach from US importers, resulting in weaker demand. ONE’s financial year runs from April to March. ”Our Q3 FY2025 results reflect a challenging operating environment as we continue to navigate the complexities of the current global landscape,” ONE CEO Jeremy Nixon said in a statement. “Although market dynamics have impacted our performance during the quarter, we remain focused on disciplined capacity management, cost control and ongoing network optimization to enhance operational resilience,” Nixon added. A persistent increase in container ship supply and slowing demand eroded freight rates on both the trans-Pacific and Asia-Europe trades. Data from PIERS, a sister company of the Journal of Commerce within S&amp;P Global, shows US containerized imports from China in October declined 16% year over year, November imports fell18.2% and December was down 22.3%. This led to sharp year-over-year declines across ONE’s four main earnings metrics in its fiscal third quarter. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="3fc7098b-efc8-4b40-945d-b76f29f9698c"></dynamic-object></div>Revenue from the period fell 16% to just over $4 billion, earnings before interest, taxes, depreciation and amortization (EBITDA) was down 66% at $536 million; and an EBIT loss of $84 million was recorded, along with the $88 million net loss. <h3>Utilization falls on excess supply </h3>The oversupply of capacity could be seen in a drop in ONE’s volume and ship utilization during the fiscal quarter. Trans-Pacific volume of 678,000 TEUs was down 5% both year over year and compared to its second fiscal quarter. Utilization of 90% continued a steady decline over the last financial year when ships were 100% utilized. On Asia-Europe, demand dropped off after Golden Week at the beginning of October, though volume of 444,000 TEUs, while down 11% compared to fiscal Q2, was up 6% year over year. Still, an excess in market supply saw ship utilization falling sharply to 81%, down from 91% in the first half. For the first nine months of its financial year, ONE revenue of $12.5 billion was down 18% year over year, while EBITDA of $2 billion was down from $5.2 billion in the previous fiscal nine months. EBIT of $236 million was down from $3.6 billion and the carrier recorded a $283 million net profit in the most recent nine months compared to the $3.9 billion in the previous year. ONE expects demand and rates to improve “modestly” through its fourth quarter from January through March and has made a slight upwards adjustment to its full-year 2025/26 forecast. The carrier is now expecting full-year revenue of $16.6 billion (previously $16.5 billion), EBITDA of $2.7 billion ($2.6 billion) and EBIT of $300 million ($250 million), with net profit remaining at $310 million. The forecasted earnings reflect the enormous correction facing ocean carriers compared to last year. In its 2024/25 financial year, ONE posted revenue of $19.2 billion, EBITDA of $5.9 billion, EBIT of $3.8 billion and a net profit of $4.2 billion. Still, maritime consultant Drewry has upgraded its financial year 2025 profit forecast from $20 billion to $32 billion following “better than expected” third-quarter results from the carriers and has raised the outlook for 2026 from a $10 billion loss to a $1 billion profit. Contact Greg Knowler at <a href="">greg.knowler@spglobal.com</a>. </div>

Weak demand on the trans-Pacific and an oversupply of shipping capacity pulled down rate levels and dragged Ocean Network Express (ONE) to an $88 million loss in its fiscal third quarter that ended Dec. 31, the carrier said Friday. It was the Singapore-based liner’s first quarterly loss of its current financial year as a surge in US tariff-driven frontloading from Asia to North America earlier in the year led to a wait-and-see approach from US importers, resulting in weaker demand. ONE’s financial year runs from April to March. ”Our Q3 FY2025 results reflect a challenging operating environment as we continue to navigate the complexities of the current global landscape,” ONE CEO Jeremy Nixon said in a statement. “Although market dynamics have impacted our performance during the quarter, we remain focused on disciplined capacity management, cost control and ongoing network optimization to enhance operational resilience,” Nixon added. A persistent increase in container ship supply and slowing demand eroded freight rates on both the trans-Pacific and Asia-Europe trades. Data from PIERS, a sister company of the Journal of Commerce within S&P Global, shows US containerized imports from China in October declined 16% year over year, November imports fell18.2% and December was down 22.3%. This led to sharp year-over-year declines across ONE’s four main earnings metrics in its fiscal third quarter. Revenue from the period fell 16% to just over $4 billion, earnings before interest, taxes, depreciation and amortization (EBITDA) was down 66% at $536 million; and an EBIT loss of $84 million was recorded, along with the $88 million net loss. Utilization falls on excess supply The oversupply of capacity could be seen in a drop in ONE’s volume and ship utilization during the fiscal quarter. Trans-Pacific volume of 678,000 TEUs was down 5% both year over year and compared to its second fiscal quarter. Utilization of 90% continued a steady decline over the last financial year when ships were 100% utilized. On Asia-Europe, demand dropped off after Golden Week at the beginning of October, though volume of 444,000 TEUs, while down 11% compared to fiscal Q2, was up 6% year over year. Still, an excess in market supply saw ship utilization falling sharply to 81%, down from 91% in the first half. For the first nine months of its financial year, ONE revenue of $12.5 billion was down 18% year over year, while EBITDA of $2 billion was down from $5.2 billion in the previous fiscal nine months. EBIT of $236 million was down from $3.6 billion and the carrier recorded a $283 million net profit in the most recent nine months compared to the $3.9 billion in the previous year. ONE expects demand and rates to improve “modestly” through its fourth quarter from January through March and has made a slight upwards adjustment to its full-year 2025/26 forecast. The carrier is now expecting full-year revenue of $16.6 billion (previously $16.5 billion), EBITDA of $2.7 billion ($2.6 billion) and EBIT of $300 million ($250 million), with net profit remaining at $310 million. The forecasted earnings reflect the enormous correction facing ocean carriers compared to last year. In its 2024/25 financial year, ONE posted revenue of $19.2 billion, EBITDA of $5.9 billion, EBIT of $3.8 billion and a net profit of $4.2 billion. Still, maritime consultant Drewry has upgraded its financial year 2025 profit forecast from $20 billion to $32 billion following “better than expected” third-quarter results from the carriers and has raised the outlook for 2026 from a $10 billion loss to a $1 billion profit. Contact Greg Knowler at  greg.knowler@spglobal.com . 

Asia-Europe

Trans-Pacific

Frontloading drags ONE to a loss in its fiscal third quarter

<div class="phx-topic abstract-wrapper">The decision nullifies Hong Kong-based Hutchison’s ability to operate the Balboa and Christobal ports that bookend the Panama Canal and clouds its attempt to sell its global terminals portfolio.</div>

The decision nullifies Hong Kong-based Hutchison’s ability to operate the Balboa and Christobal ports that bookend the Panama Canal and clouds its attempt to sell its global terminals portfolio.

<div class="phx-topic">The Panama Supreme Court late Thursday ruled that the longstanding leases allowing CK Hutchison to operate two marine terminals that bookend the Panama Canal are unconstitutional, further clouding an attempt to sell its global terminals portfolio. The decision nullifies Hong Kong-based Hutchison’s ability to operate the Balboa and Christobal ports and represents a victory for US President Donald Trump, who has pressured Panama to end the leases over what he claims is China’s outsized influence on the canal’s operations via the terminals. The Trump administration has called the concession bidding process unfair.Hutchison had already agreed to sell the two terminals to a consortium of BlackRock’s Global Infrastructure Partners and Mediterranean Shipping Co. (MSC) subsidiary Terminal Investments Limited (TiL) as part of a $22.8 billion sale of its 43 terminal operations worldwide. But the deal has run into opposition from Beijing over ties between Trump and BlackRock leadership. As a way around that opposition, Hutchison last summer confirmed it was in talks with a “major strategic investor from China.” China’s involvement as part of the buying consortium would likely draw Trump’s attention again. Hutchison said in a statement the court’s decision was “inconsistent with the relevant legal framework and the law that approved the contract” enabling its operation of the terminals. The company said the bidding process that secured its concessions for the facilities was transparent. CK Hutchison can try to delay the Panama court decision by seeking a clarification on the ruling. But ultimately, the Panamanian government will seek an interim operator for the two terminals and then decide whether to put their operating the lease out for tender. Hutchison’s concession for the Panama ports began in 1997 and was renewed for another 25-year lease in 2021. <h2>Potential Maersk involement </h2>Panama President José Raúl Mulino said in a statement that APMT Terminals, part of Maersk, has “shown a willingness” to operate the two terminals in the interim until a long-term lease is tendered. APMT said in a separate statement Friday that it would only take over operations if all legal requirements involving the Hutchison case were completed, and emphasized it isn’t involved in the Supreme Court ruling nor in future planning for the Balboa and Christobal terminals. Maersk in October <a href="https://www.joc.com/article/maersk-considering-investment-in-panamas-new-terminals-6100150">signaled its intent</a> to invest in two terminals the Panama Canal Authority (ACP) <a href="https://www.joc.com/article/panama-canal-mulls-developing-corozal-to-allay-neutrality-fears-over-hutchison-deal-6023330">hopes to build</a> in Corozal, on the Pacific side of the canal, and near Colon on the Atlantic side. In April, Maersk <a href="https://www.joc.com/article/panama-canal-mulls-developing-corozal-to-allay-neutrality-fears-over-hutchison-deal-6023330">bought the Panama Canal Railway</a>, the short-line railroad that links the ports of Balboa and Colon. Maersk, which is the railway’s largest customer, also operates a logistics park in the country. Louis Sola, then chairman of the Federal Maritime Commission, told US senators during a January 2025 hearing that  US terminal operators did not get a fair shake in Panama due to corruption in the government. US-based SSA Marine, Singapore-based PSA and Taiwan-based Evergreen Terminal also have terminals in Panama. Contact Mark Szakonyi at <a href="mark.szakonyi@spglobal.com">mark.szakonyi@spglobal.com</a>. </div>

The Panama Supreme Court late Thursday ruled that the longstanding leases allowing CK Hutchison to operate two marine terminals that bookend the Panama Canal are unconstitutional, further clouding an attempt to sell its global terminals portfolio. The decision nullifies Hong Kong-based Hutchison’s ability to operate the Balboa and Christobal ports and represents a victory for US President Donald Trump, who has pressured Panama to end the leases over what he claims is China’s outsized influence on the canal’s operations via the terminals. The Trump administration has called the concession bidding process unfair. Hutchison had already agreed to sell the two terminals to a consortium of BlackRock’s Global Infrastructure Partners and Mediterranean Shipping Co. (MSC) subsidiary Terminal Investments Limited (TiL) as part of a $22.8 billion sale of its 43 terminal operations worldwide. But the deal has run into opposition from Beijing over ties between Trump and BlackRock leadership. As a way around that opposition, Hutchison last summer confirmed it was in talks with a “major strategic investor from China.” China’s involvement as part of the buying consortium would likely draw Trump’s attention again. Hutchison said in a statement the court’s decision was “inconsistent with the relevant legal framework and the law that approved the contract” enabling its operation of the terminals. The company said the bidding process that secured its concessions for the facilities was transparent. CK Hutchison can try to delay the Panama court decision by seeking a clarification on the ruling. But ultimately, the Panamanian government will seek an interim operator for the two terminals and then decide whether to put their operating the lease out for tender. Hutchison’s concession for the Panama ports began in 1997 and was renewed for another 25-year lease in 2021. Potential Maersk involement Panama President José Raúl Mulino said in a statement that APMT Terminals, part of Maersk, has “shown a willingness” to operate the two terminals in the interim until a long-term lease is tendered. APMT said in a separate statement Friday that it would only take over operations if all legal requirements involving the Hutchison case were completed, and emphasized it isn’t involved in the Supreme Court ruling nor in future planning for the Balboa and Christobal terminals. Maersk in October signaled its intent to invest in two terminals the Panama Canal Authority (ACP) hopes to build in Corozal, on the Pacific side of the canal, and near Colon on the Atlantic side. In April, Maersk bought the Panama Canal Railway , the short-line railroad that links the ports of Balboa and Colon. Maersk, which is the railway’s largest customer, also operates a logistics park in the country. Louis Sola, then chairman of the Federal Maritime Commission, told US senators during a January 2025 hearing that  US terminal operators did not get a fair shake in Panama due to corruption in the government. US-based SSA Marine, Singapore-based PSA and Taiwan-based Evergreen Terminal also have terminals in Panama. Contact Mark Szakonyi at  mark.szakonyi@spglobal.com .

Panama court voids CK Hutchison canal terminal leases

<div class="phx-topic abstract-wrapper">DiBella, nominated to be a commissioner last September, said her focus for the agency will be to support Trump’s push to restore the American maritime industry. </div>

DiBella, nominated to be a commissioner last September, said her focus for the agency will be to support Trump’s push to restore the American maritime industry.

<div class="phx-topic">Laura DiBella has been tapped by President Donald Trump as the new chairman of the Federal Maritime Commission (FMC), the agency said Thursday. DiBella said her focus for the FMC will be to support Trump’s push to restore the American maritime industry. <a href="https://www.joc.com/article/trump-taps-two-floridians-to-serve-on-the-fmc-6075573">DiBella was nominated to be a member of the FMC in September</a> to fill the remaining term of previous chairman Louis Sola, <a href="https://www.joc.com/article/fmcs-sola-to-leave-agency-months-after-being-elevated-to-chairmans-slot-6031245">a two-term commissioner who left the agency in June</a>. DiBella was confirmed by the Senate in December and only sworn in three weeks ago to a term that expires in June 2028. DiBella’s experience includes serving as government affairs advisor for a Florida law firm and overseeing business development for Florida’s Department of Commerce. She was also the executive director for the Florida Harbor Pilots Association and the director of the Port of Fernandina. DiBella, in a statement from the FMC, said being tapped as the agency’s next chairman “is nothing short of a privilege” and that she intends to focus the commission on how it can implement Trump’s maritime agenda for the US. The five-member FMC still has one vacant seat, which is expected to be filled by Trump nominee Robert Harvey pending Senate confirmation. Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com">michael.angell@spglobal.com</a>. </div>

Laura DiBella has been tapped by President Donald Trump as the new chairman of the Federal Maritime Commission (FMC), the agency said Thursday. DiBella said her focus for the FMC will be to support Trump’s push to restore the American maritime industry. DiBella was nominated to be a member of the FMC in September to fill the remaining term of previous chairman Louis Sola, a two-term commissioner who left the agency in June . DiBella was confirmed by the Senate in December and only sworn in three weeks ago to a term that expires in June 2028. DiBella’s experience includes serving as government affairs advisor for a Florida law firm and overseeing business development for Florida’s Department of Commerce. She was also the executive director for the Florida Harbor Pilots Association and the director of the Port of Fernandina. DiBella, in a statement from the FMC, said being tapped as the agency’s next chairman “is nothing short of a privilege” and that she intends to focus the commission on how it can implement Trump’s maritime agenda for the US. The five-member FMC still has one vacant seat, which is expected to be filled by Trump nominee Robert Harvey pending Senate confirmation. Contact Michael Angell at michael.angell@spglobal.com .

Trump elevates Laura DiBella to be FMC chairman

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