<div class="phx-topic abstract-wrapper">By 1992 the United States, Germany and Japan essentially may have resolved their longstanding intern</div>

By 1992 the United States, Germany and Japan essentially may have resolved their longstanding intern

<div>By 1992 the United States, Germany and Japan essentially may have resolved their longstanding international payments problems, according to the Organization for Economic Cooperation and Development.The Paris-based agency, in a report released here Thursday, projects that the U.S. international payments deficit will fall by 1992 to 1 percent of the U.S. gross national product. That deficit peaked at 3.6 percent of GNP in 1987.Similarly, it said, Japanese and German surpluses will decline to 1 percent of each country's GNP. In 1986 each country had a peak surplus of 4.4 percent of GNP in 1986.David Henderson, the OECD's chief economist, said...

By 1992 the United States, Germany and Japan essentially may have resolved their longstanding international payments problems, according to the Organization for Economic Cooperation and Development. The Paris-based agency, in a report released here Thursday, projects that the U.S. international payments deficit will fall by 1992 to 1 percent of the U.S. gross national product. That deficit peaked at 3.6 percent of GNP in 1987.Similarly, it said, Japanese and German surpluses will decline to 1 percent of each country's GNP. In 1986 each country had a peak surplus of 4.4 percent of GNP in 1986. David Henderson, the OECD's chief economist, said in a telephone interview that at those levels, the imbalances should no longer pose a policy concern. William Cline, senior fellow at the Institute for International Economics, a Washington-based research group, tended to agree. The risks posed by the imbalances to the world economy would be "very substantially reduced," he said. Mr. Cline, however, questioned whether the Japanese surplus and the U.S. deficit would decline as much as the OECD projects. The big payment imbalances among the top three world economies, which led to a U.S. deficit that exceeded $160 billion in 1987, have long been viewed by many economists as a manifold threat. They have helped spark protectionism in the United States, contributed to exchange market uncertainties and raised the specter of a future lower U.S. standard of living. The United States, the OECD projected, will pare its payments deficit on current account by 1992 to roughly $60 billion, compared with a $116 billion deficit estimated for this year. A relatively sluggish U.S. economy and a cheap dollar, OECD economists said, will help bring about the reduction. Both a lower U.S. merchandise trade deficit and a bigger services trade surplus are foreseen. Japanese and German economic growth is expected to slow in 1991-92 from current rates but remain markedly higher than U.S. growth. Germany's payments surplus will plunge from an estimated $49 billion this year to $18 billion by 1992, largely because of strong domestic demand, according to the OECD. Japan's payments surplus, which has fallen sharply this year, will continue to range between $36 billion and $38 billion a year in 1991 and 1992, it said. As Japan's GNP increases each year, the surplus in GNP terms will shrink. Japan's export price competitiveness, because of the recently appreciated yen, "is expected to decline significantly in 1991" although there may be a ''modest" gain in 1992, the OECD said. The OECD's projections were based on an assumption that oil prices, adjusted for inflation, will average about $27 a barrel, the estimated price in second- half 1990. If this assumption holds, the group said, the Persian Gulf crisis will be manageable for the world's industrial economies. Economic growth in the industrial nations, it said, could expand by 2 percent next year and by 2.5 percent in 1992, compared with the 2.8 percent growth estimated for 1990. The OECD suggested that Eastern Europe and the newly industrializing countries of the Far East will be hit harder than the industrial nations by high oil prices. Higher oil prices and other factors could cost Eastern Europe, excluding the Soviet Union, $10 billion next year, it estimated. The Soviet Union, whose oil exports are expected to fall sharply in 1991, meanwhile may suffer a 5 percent or greater drop in its GNP, the OECD said.

Maritime

JAPAN, GERMANY, US SEEN RESOLVING PAYMENTS IMBALANCE

<div class="phx-topic abstract-wrapper">Stonepeak will pay $2.4 billion to take a 25% stake in the United Ports JV while the French carrier will hold 75% and maintain operational control of the terminals involved. </div>

Stonepeak will pay $2.4 billion to take a 25% stake in the United Ports JV while the French carrier will hold 75% and maintain operational control of the terminals involved.

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<div class="phx-topic">CMA CGM and private equity firm Stonepeak on Wednesday said they’ve formed a global marine terminals joint venture that involves 11 of the carrier’s major port assets in the US, South America, Europe, and Asia. Stonepeak will pay $2.4 billion to take a 25% stake in the JV, known as United Ports LLC. CMA CGM will hold 75% and maintain operational control of the terminals. The sale to Stonepeak puts the value of the terminals venture at $9.6 billion.“By joining forces with a partner with strong infrastructure expertise, we strengthen our ability to invest further in our port terminals, secure access to key gateways and enhance service quality for our customers,” CMA CGM Chief Executive Rodolphe Saadé said in a statement. Under the deal, Stonepeak has the option to contribute $3.6 billion in additional funding for future joint terminal projects, while CMA CGM said it will reinvest the initial $2.4 billion from the minority stake sale into its core business. The United Ports JV comes about 11 months after Saadé visited US President Donald Trump at the White House and <a href="https://www.joc.com/article/cma-cgm-to-invest-20-billion-in-us-shipping-ports-and-logistics-5957748">announced CMA CGM would spend $20 billion</a> over the next four years to significantly bolster its logistics presence in the US, including port assets. <h3>Los Angeles, New York terminals part of JV </h3>In the US, the terminals that will be part of the United Ports joint venture are the Fenix Marine Services (FMS) terminal in Los Angeles, and the Port Liberty Terminals in Bayonne, New Jersey. and Staten Island. United Ports will also include four container terminals in Spain: CSP Valencia, CSP Bilbao, Terminal Maritima de Guadalquivir, and TTI Algeciras. Other terminals in the joint venture include Brazil’s Santos terminal, CMA CGM’s Kaohsiung terminal in Taiwan, Nhava Sheva Freeport in India, and Vietnam’s Gemalink terminal in Cai Mep. Stonepeak is a major investor in container logistics and related infrastructure. It owns chassis provider TRAC Intermodal and has invested in cold-storage operator Lineage, container lessor Textainer and breakbulk terminal operator Logistec. “Container terminals play an essential role in global trade and are among the most difficult to substitute or replicate transportation infrastructure assets,” James Wyper, senior managing director and head of US private equity for Stonepeak, said in the statement. CMA CGM operates 41 terminals globally, according to its website, handling over 17 million TEUs annually. CMA CGM is also the majority owner of Terminal Link, a joint venture with China Merchants Port Holdings, that operates 21 terminals handling 29 million TEUs. Much of the CMA CGM terminals portfolio has been assembled since the pandemic, providing the ocean carrier a homeport in major markets. In 2021, <a href="https://www.joc.com/article/cma-cgm-flexes-financial-might-with-fenix-marine-acquisition-5206339">it purchased the 90% share it did not already own in Fenix Marine</a>, which alone had a $2.3 billion enterprise value, according to CMA CGM. The following year, <a href="https://www.joc.com/article/cma-cgm-adds-terminal-assets-in-new-yorknew-jersey-5217593">it bought out Global Container Terminals’ leases for the Bayonne and Staten Island terminals</a>. CMA CGM terminals also formed a joint venture in 2022 with India’s JM Baxi Group for a 30-year concession on the Nhava Sheva terminal. Last year, CMA CGM began a public tender offer <a href="https://www.joc.com/article/cma-cgm-becomes-majority-shareholder-in-santos-brasil-terminal-operator-5991343">for the remaining stake it did not own in the Santos terminal</a>, a deal worth about $2.3 billion. Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com">michael.angell@spglobal.com</a>.</div>

CMA CGM and private equity firm Stonepeak on Wednesday said they’ve formed a global marine terminals joint venture that involves 11 of the carrier’s major port assets in the US, South America, Europe, and Asia. Stonepeak will pay $2.4 billion to take a 25% stake in the JV, known as United Ports LLC. CMA CGM will hold 75% and maintain operational control of the terminals. The sale to Stonepeak puts the value of the terminals venture at $9.6 billion. “By joining forces with a partner with strong infrastructure expertise, we strengthen our ability to invest further in our port terminals, secure access to key gateways and enhance service quality for our customers,” CMA CGM Chief Executive Rodolphe Saadé said in a statement. Under the deal, Stonepeak has the option to contribute $3.6 billion in additional funding for future joint terminal projects, while CMA CGM said it will reinvest the initial $2.4 billion from the minority stake sale into its core business. The United Ports JV comes about 11 months after Saadé visited US President Donald Trump at the White House and announced CMA CGM would spend $20 billion over the next four years to significantly bolster its logistics presence in the US, including port assets. Los Angeles, New York terminals part of JV In the US, the terminals that will be part of the United Ports joint venture are the Fenix Marine Services (FMS) terminal in Los Angeles, and the Port Liberty Terminals in Bayonne, New Jersey. and Staten Island. United Ports will also include four container terminals in Spain: CSP Valencia, CSP Bilbao, Terminal Maritima de Guadalquivir, and TTI Algeciras. Other terminals in the joint venture include Brazil’s Santos terminal, CMA CGM’s Kaohsiung terminal in Taiwan, Nhava Sheva Freeport in India, and Vietnam’s Gemalink terminal in Cai Mep. Stonepeak is a major investor in container logistics and related infrastructure. It owns chassis provider TRAC Intermodal and has invested in cold-storage operator Lineage, container lessor Textainer and breakbulk terminal operator Logistec. “Container terminals play an essential role in global trade and are among the most difficult to substitute or replicate transportation infrastructure assets,” James Wyper, senior managing director and head of US private equity for Stonepeak, said in the statement. CMA CGM operates 41 terminals globally, according to its website, handling over 17 million TEUs annually. CMA CGM is also the majority owner of Terminal Link, a joint venture with China Merchants Port Holdings, that operates 21 terminals handling 29 million TEUs. Much of the CMA CGM terminals portfolio has been assembled since the pandemic, providing the ocean carrier a homeport in major markets. In 2021, it purchased the 90% share it did not already own in Fenix Marine , which alone had a $2.3 billion enterprise value, according to CMA CGM. The following year, it bought out Global Container Terminals’ leases for the Bayonne and Staten Island terminals . CMA CGM terminals also formed a joint venture in 2022 with India’s JM Baxi Group for a 30-year concession on the Nhava Sheva terminal. Last year, CMA CGM began a public tender offer for the remaining stake it did not own in the Santos terminal , a deal worth about $2.3 billion. Contact Michael Angell at michael.angell@spglobal.com .

Port News

Container lines

North American ports

Marine terminals

International ports

Container Shipping News

CMA CGM forms global terminals venture with private equity firm

<div class="phx-topic abstract-wrapper">The parcel giant saw its forwarding and third-party logistics business drop in the fourth quarter due to higher tariffs, and says the weakness will carry over into the first quarter of 2026. </div>

The parcel giant saw its forwarding and third-party logistics business drop in the fourth quarter due to higher tariffs, and says the weakness will carry over into the first quarter of 2026.

<div class="phx-topic">United Parcel Service saw financial results in its supply chain division fall during the fourth quarter of 2025 amid the pullback in international freight. Although it expects results to improve through the year, UPS said the first quarter of 2026 is still being buffeted by last year’s big changes to US trade policy. UPS reported Monday that its supply chain business saw fourth-quarter revenue decline 12.7% to $2.7 billion, largely due to the impact of lower rates in its air and ocean forwarding business. The segment was also hit with lower volumes for delivering parcel shipments to the US Postal Service. Operating income for the segment rose 16% thanks to last year’s acquisition of healthcare logistics provider Andlauer, and strong growth in reverse supply chain solutions and in its same-day delivery app usage. The company’s parcel business saw a slight decline in the fourth quarter as higher revenue in its international business rose but could not offset the volume and revenue declines in its US parcel business. <h3>Expects ‘extreme weakness’ in international business </h3>During an earnings call Monday, UPS CFO Brian Dykes said the company’s results are still being impacted by higher US tariffs, the Trump administration’s threats to existing trade agreements with Canada and Mexico, and the end of tariff-free shipments on low-value, international goods that came into the US under the de minimis exemption. Dykes said the company is expecting “extreme weakness” in its international business during the first quarter due to changing North American trade flows and the higher tariffs the US put on Chinese goods. While UPS is pivoting to handle shipments from other Asian countries to the US, the margins on that business are not as high as its China-to-US business. “There was a lot of pressure both from Canada and Mexico, as well as continued decline in our China-to-US lanes, and really all of our US inbound lanes,” Dykes said. “That’s going to roll over into the first quarter as well.” “We are going to see extreme weakness in the first quarter that kind of gradually recovers,” he added. “We will lap the tariff impact in May and start to see positive growth from that. And then we’ll lap the de minimis impact in September.” Dykes said the UPS supply chain business should grow by high single-digits in 2026, thanks in part to the Andlauer acquisition. “[But] looking at the first quarter, we expect revenue to be approximately flat with a year-over-year decline in operating profit due to changes in trade lanes and tough comps from the front-running of tariffs and de minimis changes in 2025,” he said. UPS said it’s responding to the changing trade environment by investing outside of US trade lanes. UPS Vice President Kathleen Gutmann said on the call the company has a new air hub in Vietnam that’s operating at 80% capacity. She said the company is still seeing double-digit growth for shipments out of Asia, but “they’re going to Europe and India.” Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com">michael.angell@spglobal.com</a>.</div>

United Parcel Service saw financial results in its supply chain division fall during the fourth quarter of 2025 amid the pullback in international freight. Although it expects results to improve through the year, UPS said the first quarter of 2026 is still being buffeted by last year’s big changes to US trade policy. UPS reported Monday that its supply chain business saw fourth-quarter revenue decline 12.7% to $2.7 billion, largely due to the impact of lower rates in its air and ocean forwarding business. The segment was also hit with lower volumes for delivering parcel shipments to the US Postal Service. Operating income for the segment rose 16% thanks to last year’s acquisition of healthcare logistics provider Andlauer, and strong growth in reverse supply chain solutions and in its same-day delivery app usage. The company’s parcel business saw a slight decline in the fourth quarter as higher revenue in its international business rose but could not offset the volume and revenue declines in its US parcel business. Expects ‘extreme weakness’ in international business During an earnings call Monday, UPS CFO Brian Dykes said the company’s results are still being impacted by higher US tariffs, the Trump administration’s threats to existing trade agreements with Canada and Mexico, and the end of tariff-free shipments on low-value, international goods that came into the US under the de minimis exemption. Dykes said the company is expecting “extreme weakness” in its international business during the first quarter due to changing North American trade flows and the higher tariffs the US put on Chinese goods. While UPS is pivoting to handle shipments from other Asian countries to the US, the margins on that business are not as high as its China-to-US business. “There was a lot of pressure both from Canada and Mexico, as well as continued decline in our China-to-US lanes, and really all of our US inbound lanes,” Dykes said. “That’s going to roll over into the first quarter as well.” “We are going to see extreme weakness in the first quarter that kind of gradually recovers,” he added. “We will lap the tariff impact in May and start to see positive growth from that. And then we’ll lap the de minimis impact in September.” Dykes said the UPS supply chain business should grow by high single-digits in 2026, thanks in part to the Andlauer acquisition. “[But] looking at the first quarter, we expect revenue to be approximately flat with a year-over-year decline in operating profit due to changes in trade lanes and tough comps from the front-running of tariffs and de minimis changes in 2025,” he said. UPS said it’s responding to the changing trade environment by investing outside of US trade lanes. UPS Vice President Kathleen Gutmann said on the call the company has a new air hub in Vietnam that’s operating at 80% capacity. She said the company is still seeing double-digit growth for shipments out of Asia, but “they’re going to Europe and India.” Contact Michael Angell at michael.angell@spglobal.com .

Air Cargo Carriers News

Air Cargo

Supply chain

Changes in US trade policy hitting UPS’ supply chain business

<div class="phx-topic abstract-wrapper">Railroads are restricting train speeds and building shorter trains to reduce the potential for breakdowns and derailments in the bitter cold. </div>

Railroads are restricting train speeds and building shorter trains to reduce the potential for breakdowns and derailments in the bitter cold.

<div class="phx-topic">US Class I railroads on Wednesday remained in recovery mode after severe winter weather impacted a large swath of the country over the weekend, with shippers seeing delays as trains operate at slower speeds as a safety precaution. Railroads have also shortened the average train length to prevent equipment breakdowns in frigid temperatures. Frontline workers must inspect tracks, which contract in the extreme cold and could result in a derailment if not caught in time. Terminals must also slow operations because overhead cranes, lift machines, and hostlers that move containers within the facilities are susceptible to malfunctioning in the cold. Union Pacific Railroad (UP) said the biggest disruptions are happening in Arkansas, Louisiana and Texas, impacting trains to Dallas-Ft. Worth, New Orleans, and Shreveport. There have also been disruptions in Little Rock, Arkansas, where UP handles non-intermodal manifest trains. UP said the West Coast was not impacted, while the northern part of its network recovered quickly. “In that central-east and southern part, they’ve done a spectacular job of recovering,” UP CEO Jim Vena said Tuesday during the company’s fourth-quarter earnings call. “Where it would have taken us weeks to get back [to normal], we should see that ... after a few days.” The railroad said it was 70% recovered as of Tuesday and should be back to normal in terms of infrastructure on Thursday or Friday. BNSF Railway saw the biggest impact on terminals in Haslet, outside of Dallas-Ft. Worth, and Memphis. COFC Logistics, a partner of BNSF for domestic intermodal, warned customers to expect delays getting domestic boxes through those two terminals in the short term. “The overall network is expected to stabilize by the end of the week, with full recovery anticipated early next week,” COFC wrote in an advisory to customers Tuesday afternoon. “Crews continue working through lingering ice in Tulsa, Memphis, and North Fort Worth. Another surge of arctic air is expected Friday into Saturday, and BNSF is positioning additional locomotives where train‑length restrictions will be required.” Norfolk Southern Railway suspended the lifting of international containers on and off trucks in Atlanta on Sunday and Monday, extending free time for any impacted cargo owners. It has since returned to normal operations. <h3>Cutting train lengths </h3>Aside from slowing trains for safety, railroads are running shorter trains because various components such as air and brake systems, bearings, wheels, and locomotives can freeze, crack, or lose power in extreme cold. The longer the train, the greater the risk. Data from rail visibility platform RailState shows the median intermodal train length fell more than 20% in Ohio, 10% in Pennsylvania and 1.4% in Indiana on Sunday and Monday compared with before the storm. In the case of Ohio, the median train length is 1,479 feet shorter post-storm versus pre-storm, which equates to approximately 25 fewer containers on a single-stack train, or 50 boxes if containers are piled two high. The result is that more boxes will be left behind at origin, which means slower trains and longer dwells will create more delays for intermodal shippers in the impacted regions. <h3>Storm impact on truck market </h3>Meanwhile, it is likely the truckload spot market will see an upward pop in rates due to the snowstorm, much like after a hurricane or tornado. Data from providers such as DAT Freight and Analytics is calculated on a rolling three-day and seven-day average, so more information should be available in the coming days. Ken Adamo, DAT’s chief of analytics, does not believe the impact will be as severe as February 2021 when snow, ice, frigid temperatures, and a prolonged blackout in Texas gridlocked truck and rail freight for weeks. “Beyond the precipitation and blowing snow, the deep arctic chill that has settled into a large portion of the country has spiked demand for protect-from-freeze loads and slowed storm cleanup,” Adamo wrote on LinkedIn Wednesday morning. “As a result, the seasonal freefall of rates has abated and shot back up.” Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>.</div>

US Class I railroads on Wednesday remained in recovery mode after severe winter weather impacted a large swath of the country over the weekend, with shippers seeing delays as trains operate at slower speeds as a safety precaution. Railroads have also shortened the average train length to prevent equipment breakdowns in frigid temperatures. Frontline workers must inspect tracks, which contract in the extreme cold and could result in a derailment if not caught in time. Terminals must also slow operations because overhead cranes, lift machines, and hostlers that move containers within the facilities are susceptible to malfunctioning in the cold. Union Pacific Railroad (UP) said the biggest disruptions are happening in Arkansas, Louisiana and Texas, impacting trains to Dallas-Ft. Worth, New Orleans, and Shreveport. There have also been disruptions in Little Rock, Arkansas, where UP handles non-intermodal manifest trains. UP said the West Coast was not impacted, while the northern part of its network recovered quickly. “In that central-east and southern part, they’ve done a spectacular job of recovering,” UP CEO Jim Vena said Tuesday during the company’s fourth-quarter earnings call. “Where it would have taken us weeks to get back [to normal], we should see that ... after a few days.” The railroad said it was 70% recovered as of Tuesday and should be back to normal in terms of infrastructure on Thursday or Friday. BNSF Railway saw the biggest impact on terminals in Haslet, outside of Dallas-Ft. Worth, and Memphis. COFC Logistics, a partner of BNSF for domestic intermodal, warned customers to expect delays getting domestic boxes through those two terminals in the short term. “The overall network is expected to stabilize by the end of the week, with full recovery anticipated early next week,” COFC wrote in an advisory to customers Tuesday afternoon. “Crews continue working through lingering ice in Tulsa, Memphis, and North Fort Worth. Another surge of arctic air is expected Friday into Saturday, and BNSF is positioning additional locomotives where train‑length restrictions will be required.” Norfolk Southern Railway suspended the lifting of international containers on and off trucks in Atlanta on Sunday and Monday, extending free time for any impacted cargo owners. It has since returned to normal operations. Cutting train lengths Aside from slowing trains for safety, railroads are running shorter trains because various components such as air and brake systems, bearings, wheels, and locomotives can freeze, crack, or lose power in extreme cold. The longer the train, the greater the risk. Data from rail visibility platform RailState shows the median intermodal train length fell more than 20% in Ohio, 10% in Pennsylvania and 1.4% in Indiana on Sunday and Monday compared with before the storm. In the case of Ohio, the median train length is 1,479 feet shorter post-storm versus pre-storm, which equates to approximately 25 fewer containers on a single-stack train, or 50 boxes if containers are piled two high. The result is that more boxes will be left behind at origin, which means slower trains and longer dwells will create more delays for intermodal shippers in the impacted regions. Storm impact on truck market Meanwhile, it is likely the truckload spot market will see an upward pop in rates due to the snowstorm, much like after a hurricane or tornado. Data from providers such as DAT Freight and Analytics is calculated on a rolling three-day and seven-day average, so more information should be available in the coming days. Ken Adamo, DAT’s chief of analytics, does not believe the impact will be as severe as February 2021 when snow, ice, frigid temperatures, and a prolonged blackout in Texas gridlocked truck and rail freight for weeks. “Beyond the precipitation and blowing snow, the deep arctic chill that has settled into a large portion of the country has spiked demand for protect-from-freeze loads and slowed storm cleanup,” Adamo wrote on LinkedIn Wednesday morning. “As a result, the seasonal freefall of rates has abated and shot back up.” Contact Ari Ashe at ari.ashe@spglobal.com .

Rail News

Surface

US rail networks recovering after weekend snowstorm, but delays persist

<div class="phx-topic abstract-wrapper">The latest in a series of extreme winter storms is blowing through the region, this one in southwestern Europe that is suspending terminal operations and halting ferry traffic. </div>

The latest in a series of extreme winter storms is blowing through the region, this one in southwestern Europe that is suspending terminal operations and halting ferry traffic.

<div class="phx-topic">Gale force winds and heavy seas across southwestern Europe have forced container terminals in the West Mediterranean hubs of Tanger-Med and Algeciras to suspend operations. A severe Atlantic storm hit the region earlier this week and is expected to intensify in the coming days and move northward, with gale warnings issued in the Bay of Biscay and the UK. “Terminals in the West Mediterranean have stopped operations with no clear indication of when operations can start again,” Maersk told customers in an advisory Wednesday, warning that weather conditions are expected to worsen. “This situation is affecting the entire industry, and due to the severity and uncertainty of the conditions, we expect delays and closures to continue to impact vessels and terminals across the board,” the carrier added. Waves of up to seven meters on the Atlantic coast and in the Strait of Gibraltar have also halted all ferry traffic between Tangier and southern Spain, with logistics providers reporting a significant buildup of cargo trucks at the Spanish hub of Algeciras. <h3>Weather disruptions in Northern Europe </h3>Europe has been battered by a series of severe winter storms in January, with extreme weather conditions also <a href="https://www.joc.com/article/severe-winter-storm-disrupts-north-europe-port-inland-operations-6148334">disrupting terminal operations at Hamburg, Rotterdam and Antwerp</a>. Kuehne + Nagel’s visibility platform SeaExplorer is reporting “heavily disrupted operations” at Hamburg, with trucks backed up at the CTA and CTB terminals. SeaExplorer said low temperatures are forecast for the rest of this week, and current transport conditions are expected to remain. Freezing temperatures, snow and ice are also impacting terminal and landside operations at Maersk’s Polish hub of Gdansk. “Frozen equipment, together with snow and ice on the roads and railways, are restricting the delivery and collection of cargo,” Maersk said in a separate customer advisory Wednesday. “Truck slots are fully booked, and trains are being delayed or canceled,” the carrier said. “Waterside cargo operations are limited, with reduced container moves per hour due to heavy snowfall and frozen equipment.” Contact Greg Knowler at <a href="">greg.knowler@spglobal.com</a>. </div>

Gale force winds and heavy seas across southwestern Europe have forced container terminals in the West Mediterranean hubs of Tanger-Med and Algeciras to suspend operations. A severe Atlantic storm hit the region earlier this week and is expected to intensify in the coming days and move northward, with gale warnings issued in the Bay of Biscay and the UK. “Terminals in the West Mediterranean have stopped operations with no clear indication of when operations can start again,” Maersk told customers in an advisory Wednesday, warning that weather conditions are expected to worsen. “This situation is affecting the entire industry, and due to the severity and uncertainty of the conditions, we expect delays and closures to continue to impact vessels and terminals across the board,” the carrier added. Waves of up to seven meters on the Atlantic coast and in the Strait of Gibraltar have also halted all ferry traffic between Tangier and southern Spain, with logistics providers reporting a significant buildup of cargo trucks at the Spanish hub of Algeciras. Weather disruptions in Northern Europe Europe has been battered by a series of severe winter storms in January, with extreme weather conditions also disrupting terminal operations at Hamburg, Rotterdam and Antwerp . Kuehne + Nagel’s visibility platform SeaExplorer is reporting “heavily disrupted operations” at Hamburg, with trucks backed up at the CTA and CTB terminals. SeaExplorer said low temperatures are forecast for the rest of this week, and current transport conditions are expected to remain. Freezing temperatures, snow and ice are also impacting terminal and landside operations at Maersk’s Polish hub of Gdansk. “Frozen equipment, together with snow and ice on the roads and railways, are restricting the delivery and collection of cargo,” Maersk said in a separate customer advisory Wednesday. “Truck slots are fully booked, and trains are being delayed or canceled,” the carrier said. “Waterside cargo operations are limited, with reduced container moves per hour due to heavy snowfall and frozen equipment.” Contact Greg Knowler at  greg.knowler@spglobal.com . 

Asia-Europe

New Atlantic storm shuts West Mediterranean container hubs

<div class="phx-topic abstract-wrapper">The latest orders increase Evergreen’s capacity backlog to 926,000 TEUs, boosting the carrier’s total capacity on the water and on order to almost 2.85 million TEUs and making it the world’s fifth-largest container line.</div>

The latest orders increase Evergreen’s capacity backlog to 926,000 TEUs, boosting the carrier’s total capacity on the water and on order to almost 2.85 million TEUs and making it the world’s fifth-largest container line.

<div class="phx-topic">Taiwan's Evergreen Marine is continuing to lock in new tonnage after approving a pair of shipbuilding orders with two Chinese shipyards worth up to almost $1.5 billion for 23 vessels. Both contracts were approved by Evergreen directors at a meeting Tuesday. The larger of the two deals was placed with CSSC Huangpu Wenchong Shipbuilding for 16 3,100-TEU container ships. Evergreen said the order is worth between $736 million and $896 million. The second contract, valued at between $469 million and $574 million, is for seven 5,900-TEU ships that will be constructed by Jiangsu New Yangzi Shipbuilding. Evergreen did not specify the fuel type the ships would use, when they would be delivered or where they would be deployed. Shipbrokers, though, said the ships are likely to join the Evergreen fleet in 2028 and 2029. The carrier <a href="https://www.joc.com/article/evergreen-to-expand-latin-america-middle-east-services-6087379">said in September</a> that it would deploy 3,000-TEU capacity ships on Caribbean services by 2030. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="b329b55b-f24b-4c28-90ae-63ad99a09181"></dynamic-object></div>The new deals approved Tuesday follow contracts <a href="https://www.joc.com/article/evergreen-says-will-spend-almost-3-billion-on-14-new-lng-fueled-ships-6114739">Evergreen inked in November</a> worth almost $3 billion for 14 14,000-TEU LNG-powered container ships. The latest orders increase Evergreen’s capacity backlog to 926,000 TEUs, boosting the carrier’s total capacity on the water and on order to almost 2.85 million TEUs and making it the world’s fifth-largest container line, according to data from Sea-web, a sister company of the Journal of Commerce within S&amp;P Global. Evergreen is still some way behind fourth-placed Cosco Shipping Holdings, which has a total capacity comprising ships in service and on order by Cosco Shipping and its Hong Kong affiliate OOCL of 4.2 million TEUs. The latest Evergreen orders also boost the total container ship order book to 1,275 ships totaling 11.5 million TEUs, equivalent to more than 34% of the existing fleet, to be delivered between 2026 and 2030, according to the latest data from British shipbroker Clarksons. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>.</div>

Taiwan's Evergreen Marine is continuing to lock in new tonnage after approving a pair of shipbuilding orders with two Chinese shipyards worth up to almost $1.5 billion for 23 vessels. Both contracts were approved by Evergreen directors at a meeting Tuesday. The larger of the two deals was placed with CSSC Huangpu Wenchong Shipbuilding for 16 3,100-TEU container ships. Evergreen said the order is worth between $736 million and $896 million. The second contract, valued at between $469 million and $574 million, is for seven 5,900-TEU ships that will be constructed by Jiangsu New Yangzi Shipbuilding. Evergreen did not specify the fuel type the ships would use, when they would be delivered or where they would be deployed. Shipbrokers, though, said the ships are likely to join the Evergreen fleet in 2028 and 2029. The carrier said in September that it would deploy 3,000-TEU capacity ships on Caribbean services by 2030. The new deals approved Tuesday follow contracts Evergreen inked in November worth almost $3 billion for 14 14,000-TEU LNG-powered container ships. The latest orders increase Evergreen’s capacity backlog to 926,000 TEUs, boosting the carrier’s total capacity on the water and on order to almost 2.85 million TEUs and making it the world’s fifth-largest container line, according to data from Sea-web, a sister company of the Journal of Commerce within S&P Global. Evergreen is still some way behind fourth-placed Cosco Shipping Holdings, which has a total capacity comprising ships in service and on order by Cosco Shipping and its Hong Kong affiliate OOCL of 4.2 million TEUs. The latest Evergreen orders also boost the total container ship order book to 1,275 ships totaling 11.5 million TEUs, equivalent to more than 34% of the existing fleet, to be delivered between 2026 and 2030, according to the latest data from British shipbroker Clarksons. Contact Keith Wallis at keithwallis@hotmail.com .

Evergreen adds to order backlog with deals for 23 ships worth up to almost $1.5 billion

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