<div class="phx-topic abstract-wrapper">One of Japan's leading paper companies said it is considering taking over a Canadian pulp maker and </div>

One of Japan's leading paper companies said it is considering taking over a Canadian pulp maker and

<div>One of Japan's leading paper companies said it is considering taking over a Canadian pulp maker and a U.S. corrugated cardboard firm.Officials of the Daishowa Paper Manufacturing Co. suggested the takeovers might occur as ear ly as March. It would be the first purchases of foreign firms by any Japanese paper and pulp company.Although the Daishowa executives wouldn't disclose the amount of money likely to be involved in the takeovers, industry sources suggested the figure could approach $100 million.However, the company's executives said one of the targeted firms is the Louisiana Pacific Corp. located in Portland, Ore. The firm's corrugated...

One of Japan's leading paper companies said it is considering taking over a Canadian pulp maker and a U.S. corrugated cardboard firm. Officials of the Daishowa Paper Manufacturing Co. suggested the takeovers might occur as ear ly as March. It would be the first purchases of foreign firms by any Japanese paper and pulp company.Although the Daishowa executives wouldn't disclose the amount of money likely to be involved in the takeovers, industry sources suggested the figure could approach $100 million. However, the company's executives said one of the targeted firms is the Louisiana Pacific Corp. located in Portland, Ore. The firm's corrugated factory there has a daily output capacity of 800 tons. The Canadian target, they said, is the St. Anne Nackwic Pulp and Paper Co. of New Brunswick.

JAPANESE EYE CANADA PULP FIRM

<div class="phx-topic abstract-wrapper">The US-based ocean carrier and logistics company paid about $2 million for the two transload specialists following the July shutdown of GSC.</div>

The US-based ocean carrier and logistics company paid about $2 million for the two transload specialists following the July shutdown of GSC.

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<div class="phx-topic">The parent of US-based ocean carrier Pasha has acquired two Pacific Northwest transloading businesses of newly shuttered California trucking company GSC Logistics, which bought the businesses two years ago but whose assets are now under court receivership following a loan default. Pasha Group said in a statement Wednesday its logistics arm acquired MacMillan-Piper and Tacoma Transload in agreement with <a href="https://www.joc.com/article/drayage-stakeholders-say-industry-under-threat-from-falling-rates-increased-costs-6045985">the court-appointed receiver of GSC’s assets</a>. The two businesses have five leased warehouses totaling 370,000 square feet that service trucks as well as BNSF Railway and Union Pacific railcars. Pasha said the businesses have “specialized expertise in handling commodities including agriculture, paper, lumber, steel, and dry bulk.” Pasha Chief Executive George Pasha IV said in the statement the acquisition is a “strategic leap forward” for the company, which is mostly known for Jones Act container and automotive shipping services to Hawaii. Pasha also handles breakbulk and military cargoes. “This move expands our capacity and flexibility across the Pacific Northwest,” Pasha said. Pasha did not disclose the purchase price. But an asset purchase agreement filed with a court order authorizing the sale shows Pasha will pay up to $1.9 million for the warehouse space and equipment and up to $600,000 for the account receivables. <a href="https://www.joc.com/article/retail-3pl-gsc-expands-service-scope-with-macmillan-piper-acquisition-5223496">GSC bought MacMillan and Tacoma Transload in July 2023</a> in a bid to diversify from its main business serving the Port of Oakland and northern California. According to court documents filed by its lender, GSC had $4.6 million in promissory notes as of last year related to the purchases. An Illinois district court placed GSC under receivership in July following its default on a $2 million loan made by asset-based lender SG Stonegate in December 2024. Among other obligations, the loan required GSC to have operating earnings of at least $904,000 during the fourth quarter of last year; the company’s operating earnings fell to about $105,000. GSC entered a forbearance agreement in February 2025 that required it to stanch its losses and seek out a buyer by the end of April. However, GSC had negative cash flow of $755,000 between February and May and had not found a buyer, according to a court document filed by SG Stonegate. Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com">michael.angell@spglobal.com</a>. </div>

The parent of US-based ocean carrier Pasha has acquired two Pacific Northwest transloading businesses of newly shuttered California trucking company GSC Logistics, which bought the businesses two years ago but whose assets are now under court receivership following a loan default. Pasha Group said in a statement Wednesday its logistics arm acquired MacMillan-Piper and Tacoma Transload in agreement with the court-appointed receiver of GSC’s assets . The two businesses have five leased warehouses totaling 370,000 square feet that service trucks as well as BNSF Railway and Union Pacific railcars. Pasha said the businesses have “specialized expertise in handling commodities including agriculture, paper, lumber, steel, and dry bulk.” Pasha Chief Executive George Pasha IV said in the statement the acquisition is a “strategic leap forward” for the company, which is mostly known for Jones Act container and automotive shipping services to Hawaii. Pasha also handles breakbulk and military cargoes. “This move expands our capacity and flexibility across the Pacific Northwest,” Pasha said. Pasha did not disclose the purchase price. But an asset purchase agreement filed with a court order authorizing the sale shows Pasha will pay up to $1.9 million for the warehouse space and equipment and up to $600,000 for the account receivables. GSC bought MacMillan and Tacoma Transload in July 2023 in a bid to diversify from its main business serving the Port of Oakland and northern California. According to court documents filed by its lender, GSC had $4.6 million in promissory notes as of last year related to the purchases. An Illinois district court placed GSC under receivership in July following its default on a $2 million loan made by asset-based lender SG Stonegate in December 2024. Among other obligations, the loan required GSC to have operating earnings of at least $904,000 during the fourth quarter of last year; the company’s operating earnings fell to about $105,000. GSC entered a forbearance agreement in February 2025 that required it to stanch its losses and seek out a buyer by the end of April. However, GSC had negative cash flow of $755,000 between February and May and had not found a buyer, according to a court document filed by SG Stonegate. Contact Michael Angell at michael.angell@spglobal.com .

Surface

Port News

Drayage

Pasha picks up GSC’s Pacific Northwest transload businesses in court sale

<div class="phx-topic abstract-wrapper">The Hong Kong-based JV will provide coordination, performance management and strategic oversight of all origin locations across Asia for members of the BCO group.</div>

The Hong Kong-based JV will provide coordination, performance management and strategic oversight of all origin locations across Asia for members of the BCO group.

<div class="phx-topic">The ShiftX coalition of cargo owners has formed a joint venture with Chinese logistics giant Unitrans, establishing a new business unit in Hong Kong called OriginX and expanding the shipper network’s global reach. Scheduled to start operations on Oct. 1, OriginX will provide coordination, performance management and strategic oversight of all origin locations across Asia for members of the beneficial cargo owner (BCO) group. “Through this partnership, we strengthen our network in the Asian region, establish shared best practices while preserving local expertise, and initiate the technological transformation toward a more data-driven organization,” Stephan Schiller, managing partner of ShiftX, said in a statement Thursday. ShiftX leverages a collaborative network model where BCOs pool their shipping volumes to negotiate better rates and secure reliable capacity with service providers. The portfolio comprises over 50 network service providers in Europe and Asia and has offices in Düsseldorf and Hamburg in Germany, Katowice in Poland, and now Hong Kong. “OriginX will become the unified platform for future growth — not only for our organization but also for each individual member of our alliance,” Schiller said. Earlier this summer, ShiftX formed a partnership with British supply chain consultancy Evolution Supply Chain to form ShiftX BCO Network, headquartered in Manchester and led by Keith Gaskin. The UK unit has already begun operations. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

The ShiftX coalition of cargo owners has formed a joint venture with Chinese logistics giant Unitrans, establishing a new business unit in Hong Kong called OriginX and expanding the shipper network’s global reach. Scheduled to start operations on Oct. 1, OriginX will provide coordination, performance management and strategic oversight of all origin locations across Asia for members of the beneficial cargo owner (BCO) group. “Through this partnership, we strengthen our network in the Asian region, establish shared best practices while preserving local expertise, and initiate the technological transformation toward a more data-driven organization,” Stephan Schiller, managing partner of ShiftX, said in a statement Thursday. ShiftX leverages a collaborative network model where BCOs pool their shipping volumes to negotiate better rates and secure reliable capacity with service providers. The portfolio comprises over 50 network service providers in Europe and Asia and has offices in Düsseldorf and Hamburg in Germany, Katowice in Poland, and now Hong Kong. “OriginX will become the unified platform for future growth — not only for our organization but also for each individual member of our alliance,” Schiller said. Earlier this summer, ShiftX formed a partnership with British supply chain consultancy Evolution Supply Chain to form ShiftX BCO Network, headquartered in Manchester and led by Keith Gaskin. The UK unit has already begun operations. Contact Greg Knowler at greg.knowler@spglobal.com .

Maritime

Container Shipping News

Asia-Europe

Container lines

Shipper network ShiftX inks Asia joint venture with Unitrans

<div class="phx-topic abstract-wrapper">But the growing synergy and efficiencies of its Gemini network with Maersk are expected to generate significant savings over the next few quarters, CEO Rolf Habben Jansen says.</div>

But the growing synergy and efficiencies of its Gemini network with Maersk are expected to generate significant savings over the next few quarters, CEO Rolf Habben Jansen says.

<div class="phx-topic">Hapag-Lloyd’s transition to its new Gemini Cooperation network cost the Hamburg-based carrier a “three-digit million-dollar figure,” offsetting robust growth in its first-half revenue and volume, CEO Rolf Habben Jansen said Thursday. But the carrier has implemented an aggressive cost-savings program that, by the end of 2026, will have reduced costs across the Hapag-Lloyd network by $1 billion, upward of 40% of which is expected to be derived from growing synergy and efficiencies of its Gemini partnership with Maersk. “When you look at the savings we anticipated with Gemini, and which we still think we are going to deliver out of Gemini alone, it is going to be $350 million to $400 million,” Habben Jansen told reporters during Hapag-Lloyd’s second-quarter earnings call. “With the new network, we have had some challenges on utilization that are getting less and less, and those benefits of the new network we will start seeing in Q3, Q4 and also into 2026,” he added. Other factors adding to Hapag-Lloyd’s expenses in the first half were higher storage costs for containers as a result of port congestion, particularly on European trades, and increased hinterland transportation costs due to the carrier capturing a rising share of door-to-door business. While Gemini does not increase the size of the fleet deployed by Hapag-Lloyd, it increases the amount of capacity the carrier can offer every week, an effect that was clearly reflected in the revenue and volume numbers. Revenue in the first half rose 11% year over year to $10.6 billion on the back of an 11% increase in volume to 6.7 million TEUs. But the cost-heavy second quarter created a significant drag on first-half earnings. While average spot rates of $1,400 per TEU were flat compared with the first six months of 2024, rates fell 11% sequentially from the first quarter to the second quarter. It was a similar picture in earnings before interest, taxes, depreciation and amortization (EBITDA) that in the second quarter fell 20% year over year, bringing the first-half numbers down 2% to $1.9 billion. Earnings before interest and taxes (EBIT) of $677 million in the first half were down 23%, while net profit slid 2% to $775 million. <h3>Delivering on reliability promise </h3>Habben Jansen said phasing in the Gemini network concluded in June and the process was able to deliver the promised 90% schedule reliability. “A lot of people were skeptical about that at the beginning of the year, but we have been delivering 90% reliability every month since the start, and I think that’s something to be really proud of,” he told reporters. “Now it’s about fine-tuning that network,” the CEO added. “Despite a lot of planning, reality is always a little bit different, but we are optimistic we will see further improvements.” Data from eeSea shows that the Gemini Cooperation topped reliability among the carrier alliances up to July, <a href="https://www.joc.com/article/high-gemini-reliability-lays-groundwork-for-premium-rate-discussions-maersk-ceo-6059343">but its overall on-time performance recorded by the ocean visibility provider was 84%</a>. Gemini’s best performance was on the Europe-North America trade, where it maintained above 90% reliability throughout June and July. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="7041fe54-edf1-4d59-9d82-94781e7a7eb1"></dynamic-object></div>With the first half now over, Hapag-Lloyd has narrowed its full-year outlook and expects EBITDA to come in between $2.8 billion and $3.8 billion (previously $2.5 billion to $4 billion) and EBIT to land at $250 million to $1.25 billion (previously zero to $1.5 billion). The carrier expects frontloading and higher permanent tariffs to slow down demand in the second half of the year. Hapag-Lloyd forecasts that global container market volume will grow about 3% to 4% in the second half and that its own volume will be above the market average. “If you look at the beginning of the year, most people would have predicted flat growth or maybe negative in 2025, but for the first six months we saw [overall market] growth of 4.5%,” Habben Jansen said. “Even if the second half is a little bit weaker, we’re going to end the year definitely with a plus.” Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

Hapag-Lloyd’s transition to its new Gemini Cooperation network cost the Hamburg-based carrier a “three-digit million-dollar figure,” offsetting robust growth in its first-half revenue and volume, CEO Rolf Habben Jansen said Thursday. But the carrier has implemented an aggressive cost-savings program that, by the end of 2026, will have reduced costs across the Hapag-Lloyd network by $1 billion, upward of 40% of which is expected to be derived from growing synergy and efficiencies of its Gemini partnership with Maersk. “When you look at the savings we anticipated with Gemini, and which we still think we are going to deliver out of Gemini alone, it is going to be $350 million to $400 million,” Habben Jansen told reporters during Hapag-Lloyd’s second-quarter earnings call. “With the new network, we have had some challenges on utilization that are getting less and less, and those benefits of the new network we will start seeing in Q3, Q4 and also into 2026,” he added. Other factors adding to Hapag-Lloyd’s expenses in the first half were higher storage costs for containers as a result of port congestion, particularly on European trades, and increased hinterland transportation costs due to the carrier capturing a rising share of door-to-door business. While Gemini does not increase the size of the fleet deployed by Hapag-Lloyd, it increases the amount of capacity the carrier can offer every week, an effect that was clearly reflected in the revenue and volume numbers. Revenue in the first half rose 11% year over year to $10.6 billion on the back of an 11% increase in volume to 6.7 million TEUs. But the cost-heavy second quarter created a significant drag on first-half earnings. While average spot rates of $1,400 per TEU were flat compared with the first six months of 2024, rates fell 11% sequentially from the first quarter to the second quarter. It was a similar picture in earnings before interest, taxes, depreciation and amortization (EBITDA) that in the second quarter fell 20% year over year, bringing the first-half numbers down 2% to $1.9 billion. Earnings before interest and taxes (EBIT) of $677 million in the first half were down 23%, while net profit slid 2% to $775 million. Delivering on reliability promise Habben Jansen said phasing in the Gemini network concluded in June and the process was able to deliver the promised 90% schedule reliability. “A lot of people were skeptical about that at the beginning of the year, but we have been delivering 90% reliability every month since the start, and I think that’s something to be really proud of,” he told reporters. “Now it’s about fine-tuning that network,” the CEO added. “Despite a lot of planning, reality is always a little bit different, but we are optimistic we will see further improvements.” Data from eeSea shows that the Gemini Cooperation topped reliability among the carrier alliances up to July, but its overall on-time performance recorded by the ocean visibility provider was 84% . Gemini’s best performance was on the Europe-North America trade, where it maintained above 90% reliability throughout June and July. With the first half now over, Hapag-Lloyd has narrowed its full-year outlook and expects EBITDA to come in between $2.8 billion and $3.8 billion (previously $2.5 billion to $4 billion) and EBIT to land at $250 million to $1.25 billion (previously zero to $1.5 billion). The carrier expects frontloading and higher permanent tariffs to slow down demand in the second half of the year. Hapag-Lloyd forecasts that global container market volume will grow about 3% to 4% in the second half and that its own volume will be above the market average. “If you look at the beginning of the year, most people would have predicted flat growth or maybe negative in 2025, but for the first six months we saw [overall market] growth of 4.5%,” Habben Jansen said. “Even if the second half is a little bit weaker, we’re going to end the year definitely with a plus.” Contact Greg Knowler at greg.knowler@spglobal.com .

High cost of Gemini transition drags on Hapag-Lloyd’s H1 result

<div class="phx-topic abstract-wrapper">Traditional retailers in the US are scaling back their space requirements, according to an annual report, as the volatility over tariffs trickles down to the industrial real estate market.</div>

Traditional retailers in the US are scaling back their space requirements, according to an annual report, as the volatility over tariffs trickles down to the industrial real estate market.

<div class="phx-topic">US tariff uncertainty is holding back retailers from taking a larger warehousing footprint, fueling demand for domestic manufacturing facilities and giving third-party logistics companies (3PLs) a larger share of the available pipeline of industrial space, according to JLL’s annual Industrial Tenant Demand Study. Traditional retailers in the US have scaled back their industrial space requirements by 16.7% year over year, according to data collected by JLL during the first half of 2025. In contrast, 3PLs expanded their footprint by 12.8% in the same period. Still, overall demand is down almost 11%, marking the third year in a row with demand reductions. “[3PLs are] looking for incremental space,” Daniel Stephen Letter, president and director of Prologis, the largest US industrial real estate firm as measured by square footage, said during a July 16 earnings call. “We’re seeing this mostly from the larger 3PLs, many of them are unphased by all the noise in the macro picture.” Additionally, the average warehouse vacancy rate in the US rose to 7.1% in the second quarter — the highest level in over a decade and up one percentage point from the second quarter of 2024, commercial real estate services firm Cushman &amp; Wakefield said in its second-quarter industrial real estate report. Meanwhile, JLL said first-half demand for warehousing and distribution was down 14.6% compared with a year ago. JLL said the juxtaposition of the two trends signals retailers are becoming more cautious as logistics providers prepare for potential supply chain disruptions. Prologis said 3PLs accounted for about one-third of the company’s leasing in the second quarter. <h3>Significant 3PL growth </h3>In a sign of their growth, the number of 3PLs occupying the top 100 largest US industrial real estate leases rose in the first quarter of 2025, with 38 3PLs managing 28.9 million square feet — a 35% increase in square footage from the first quarter of 2024, when 28 3PLS controlled 20.6 million square feet. <a href="https://www.joc.com/article/multiplying-supply-chain-risks-drive-growth-for-global-us-based-logistics-firms-6026573">Amazon tops the annual revenue rankings</a> of both domestic and global 3PLs by logistics research firm Armstrong &amp; Associates, with $156.2 billion in 3PL-related revenue. Meanwhile, DHL Supply Chain &amp; Global Forwarding came in second in the global 3PL rankings, followed by Kuehne + Nagel. The Armstrong report said risk created by trade uncertainty and other geopolitical conflicts <a href="https://www.joc.com/article/multiplying-supply-chain-risks-drive-growth-for-global-us-based-logistics-firms-6026573">will help push global gross 3PL revenue up</a> another 2.7% in 2025 to $1.25 trillion. That revenue should grow again by 4.9% in 2026 to $1.3 trillion, it said. Amid the growth, 3PLs accounted for 13% of build-to-suit projects in 2025 in data JLL collected during the first half of 2025 — the largest share of any industry, JLL said. According to Prologis CFO Timothy D. Arndt, build-to-suit starts for the first half of 2025 totaled $1.1 billion — the largest start to a year that the company has ever had. “In terms of capital deployment, we started over $900 million in new development starts — nearly 65% of which was build-to-suit activity across seven additional projects in both U.S. and Europe,” Arndt said on Prologis’ earnings call. “Beyond this activity, we have signed for an additional three build-to-suits post quarter end.” <h3>Hesitant to commit </h3>Overall, importers are seeking more agile leasing options. Lessees are shifting toward short-term renewals and away from long-term commitments “as they evaluate how evolving global supply chain strategies might impact their space requirements,” JLL wrote in its report. Meanwhile, industrial lessees are slower to move lately, said JLL, with potential lessees staying on the market for an average of 11 months — up almost 70% compared with 6.5 months observed in the fourth quarter of last year. By 2026, JLL projects that figure to reach 14 months. “At the fundamental level, immediate tariff effects have resulted in a pause of deals and decision deferment among occupiers,” said JLL. As tariffs dampen leasing decisions, manufacturing is still showing signs of momentum, with leasing demand up 9% year over year in data collected by JLL during the first half of 2025. The firm noted the shift to manufacturing continues to be a long-term pattern, with those investments taking as long as five years to come to fruition in some cases, said JLL. Contact Laura Robb at <a href="mailto:Laura.Robb@spglobal.com">laura.robb@spglobal.com</a>.  </div>

US tariff uncertainty is holding back retailers from taking a larger warehousing footprint, fueling demand for domestic manufacturing facilities and giving third-party logistics companies (3PLs) a larger share of the available pipeline of industrial space, according to JLL’s annual Industrial Tenant Demand Study. Traditional retailers in the US have scaled back their industrial space requirements by 16.7% year over year, according to data collected by JLL during the first half of 2025. In contrast, 3PLs expanded their footprint by 12.8% in the same period. Still, overall demand is down almost 11%, marking the third year in a row with demand reductions. “[3PLs are] looking for incremental space,” Daniel Stephen Letter, president and director of Prologis, the largest US industrial real estate firm as measured by square footage, said during a July 16 earnings call. “We’re seeing this mostly from the larger 3PLs, many of them are unphased by all the noise in the macro picture.” Additionally, the average warehouse vacancy rate in the US rose to 7.1% in the second quarter — the highest level in over a decade and up one percentage point from the second quarter of 2024, commercial real estate services firm Cushman & Wakefield said in its second-quarter industrial real estate report. Meanwhile, JLL said first-half demand for warehousing and distribution was down 14.6% compared with a year ago. JLL said the juxtaposition of the two trends signals retailers are becoming more cautious as logistics providers prepare for potential supply chain disruptions. Prologis said 3PLs accounted for about one-third of the company’s leasing in the second quarter. Significant 3PL growth In a sign of their growth, the number of 3PLs occupying the top 100 largest US industrial real estate leases rose in the first quarter of 2025, with 38 3PLs managing 28.9 million square feet — a 35% increase in square footage from the first quarter of 2024, when 28 3PLS controlled 20.6 million square feet. Amazon tops the annual revenue rankings of both domestic and global 3PLs by logistics research firm Armstrong & Associates, with $156.2 billion in 3PL-related revenue. Meanwhile, DHL Supply Chain & Global Forwarding came in second in the global 3PL rankings, followed by Kuehne + Nagel. The Armstrong report said risk created by trade uncertainty and other geopolitical conflicts will help push global gross 3PL revenue up another 2.7% in 2025 to $1.25 trillion. That revenue should grow again by 4.9% in 2026 to $1.3 trillion, it said. Amid the growth, 3PLs accounted for 13% of build-to-suit projects in 2025 in data JLL collected during the first half of 2025 — the largest share of any industry, JLL said. According to Prologis CFO Timothy D. Arndt, build-to-suit starts for the first half of 2025 totaled $1.1 billion — the largest start to a year that the company has ever had. “In terms of capital deployment, we started over $900 million in new development starts — nearly 65% of which was build-to-suit activity across seven additional projects in both U.S. and Europe,” Arndt said on Prologis’ earnings call. “Beyond this activity, we have signed for an additional three build-to-suits post quarter end.” Hesitant to commit Overall, importers are seeking more agile leasing options. Lessees are shifting toward short-term renewals and away from long-term commitments “as they evaluate how evolving global supply chain strategies might impact their space requirements,” JLL wrote in its report. Meanwhile, industrial lessees are slower to move lately, said JLL, with potential lessees staying on the market for an average of 11 months — up almost 70% compared with 6.5 months observed in the fourth quarter of last year. By 2026, JLL projects that figure to reach 14 months. “At the fundamental level, immediate tariff effects have resulted in a pause of deals and decision deferment among occupiers,” said JLL. As tariffs dampen leasing decisions, manufacturing is still showing signs of momentum, with leasing demand up 9% year over year in data collected by JLL during the first half of 2025. The firm noted the shift to manufacturing continues to be a long-term pattern, with those investments taking as long as five years to come to fruition in some cases, said JLL. Contact Laura Robb at laura.robb@spglobal.com . 

Industrial Real Estate News

Supply chain

Retailers cut back on warehouse space as supply chain hurdles fuel 3PL growth

<div class="phx-topic abstract-wrapper">The latest Intermodal Service Scorecard from the Journal of Commerce marks a major boost in confidence that railroads can deliver reliable intermodal service only a few years after historic disruption gridlocked rail networks across North America amid pandemic-linked chaos.</div>

The latest Intermodal Service Scorecard from the Journal of Commerce marks a major boost in confidence that railroads can deliver reliable intermodal service only a few years after historic disruption gridlocked rail networks across North America amid pandemic-linked chaos.

<div class="phx-topic">Less than five years after one of the worst congestion crises ever in the US supply chain, domestic intermodal shippers are reporting record satisfaction with rail service. In the first half of 2025, 93.9% of shippers were “satisfied” with rail service, the highest mark in the history of the Journal of Commerce <a href="https://www.joc.com/resources/special-reports/domestic-intermodal-service-scorecard">Intermodal Service Scorecard</a> (ISS). Some 87.1% of asset-based and non-asset-based intermodal marketing companies (IMCs) were also satisfied with rail performance during the period, according to the ISS, a Journal of Commerce survey of more than 300 shippers and IMCs conducted between May 1 and June 30. The survey is conducted twice each year. The results mark a major boost in confidence that railroads can deliver reliable intermodal service only a few years after historic disruption gridlocked rail networks across North America amid pandemic-linked disruptions. Union Pacific Railroad received the most votes for best domestic intermodal railroad among the six North American Class I railroads and Mexico’s Ferromex, with 38.2% in the latest ISS. In the inaugural survey conducted in early 2023 during the tenure of former CEO Lance Fritz, 52.9% of respondents voted UP the worst railroad. Two years later, UP’s current CEO Jim Vena has transformed the railroad and its intermodal business as it seeks approval from US federal regulators to create <a href="https://www.joc.com/article/up-looks-to-create-first-coast-to-coast-railroad-with-85-billion-ns-deal-6052288">the first transcontinental US railroad</a>. “We have a strong engagement strategy, and the most important part of that engagement strategy is just listening and then taking that feedback into action,” Kenny Rocker, UP’s executive vice president of marketing and sales, told the Journal of Commerce. “A transit schedule is different than execution, and when you’re executing like we are, you can win more. You can put anything down on paper, but at the end of the day, you must execute to win.” <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="45ab49e4-37e7-4f99-9e19-e7928966c752"></dynamic-object></div>The improvement is even more striking given that the IMCs grading the railroads rarely change, so many who were critical of UP in early 2023 are the same ones praising it today. The shippers showed very little change in preferences. J.B. Hunt Transport Services received 41.5% of the vote for best provider. Hub Group and “other” IMCs, which include asset-light and non-asset-based brokers, ranked second and third, respectively. Asset-light provider Alliance Shippers earned high marks for the second consecutive survey, with customers citing its ability to deliver exceptional service even if it isn’t the cheapest option. “Understandably, Alliance’s pricing comes at a premium relative to the large asset providers,” one shipper wrote. “[But] accounting for the costly errors they regularly help us avoid — that the asset players previously had not — unequivocally it’s a net savings.” Non-asset brokers Cornerstone Systems, Mode Transportation and Uber Freight received similar praise. <h3>All rails except CPKC get strong scores </h3>When asked to grade railroads from 1 to 5, with five as the highest, all four US railroads scored between 3.7 and 4.2. BNSF Railway trailed UP, ranking second. CSX Transportation received a score of 3.9, unchanged from a year ago, as customers said the eastern railroad effectively communicated longer transit times caused by <a href="https://www.joc.com/article/csx-q1-service-metrics-take-hit-amid-storm-recovery-tunnel-project-5978828">two construction projects</a>, allowing them to adjust delivery schedules. CPKC received the lowest marks, with 52.3% of respondents saying it was the worst-performing railroad between Jan. 1 and June 30, reflecting winter weather and an <a href="https://www.joc.com/article/cpkc-disruptions-in-gulf-states-now-impacting-carload-intermodal-traffic-6033092">IT snafu</a> during its migration from Kansas City Southern Railway operating systems. “[We] lost business to trucking due to the inability to perform at the terminal level in Kansas City and Bensenville [Chicago],” one CPKC customer wrote. <h3>Major IMC scores </h3>Similar to prior surveys, J.B. Hunt scored at least 4 out of 5 on all key performance indicators. More than eight in 10 shippers were satisfied, whether J.B. Hunt handled most of their freight or served as a backup to other providers such as Hub Group or Schneider National. It remains to be seen whether J.B. Hunt’s decision to apply <a href="https://www.joc.com/article/jb-hunt-says-surcharges-necessary-to-maintain-peak-season-service-6044880">a surcharge in Southern California</a> will impact scores in the next survey, although a similar move last year had no impact. Hub Group saw the largest score gain, rising to 4.1 from 3.2 year over year. Fewer customers complained about its outsourced drayage, which hurt on-time pickup and delivery scores in prior surveys. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="e941362d-3ba1-4d80-b80f-ecee796d4fdc"></dynamic-object></div>One shipper said he recently used Hub Group on a short-term basis and was pleasantly surprised how good the service was compared with a poor experience a few years earlier. But the proportion of “core customers” — i.e. those giving Hub Group most of their freight — was significantly higher than in prior surveys, skewing results. Core customers gave Hub Group a 98% satisfaction score, but customers who use Hub Group as a second or third option only gave the carrier a 46.9% score. Other metrics also showed strong support among Hub’s core customers but underperformance elsewhere. The survey shows Hub Group has made strides but still needs to improve with shippers who use it as a second or third option. Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>. </div>

Less than five years after one of the worst congestion crises ever in the US supply chain, domestic intermodal shippers are reporting record satisfaction with rail service. In the first half of 2025, 93.9% of shippers were “satisfied” with rail service, the highest mark in the history of the Journal of Commerce Intermodal Service Scorecard (ISS). Some 87.1% of asset-based and non-asset-based intermodal marketing companies (IMCs) were also satisfied with rail performance during the period, according to the ISS, a Journal of Commerce survey of more than 300 shippers and IMCs conducted between May 1 and June 30. The survey is conducted twice each year. The results mark a major boost in confidence that railroads can deliver reliable intermodal service only a few years after historic disruption gridlocked rail networks across North America amid pandemic-linked disruptions. Union Pacific Railroad received the most votes for best domestic intermodal railroad among the six North American Class I railroads and Mexico’s Ferromex, with 38.2% in the latest ISS. In the inaugural survey conducted in early 2023 during the tenure of former CEO Lance Fritz, 52.9% of respondents voted UP the worst railroad. Two years later, UP’s current CEO Jim Vena has transformed the railroad and its intermodal business as it seeks approval from US federal regulators to create the first transcontinental US railroad . “We have a strong engagement strategy, and the most important part of that engagement strategy is just listening and then taking that feedback into action,” Kenny Rocker, UP’s executive vice president of marketing and sales, told the Journal of Commerce. “A transit schedule is different than execution, and when you’re executing like we are, you can win more. You can put anything down on paper, but at the end of the day, you must execute to win.” The improvement is even more striking given that the IMCs grading the railroads rarely change, so many who were critical of UP in early 2023 are the same ones praising it today. The shippers showed very little change in preferences. J.B. Hunt Transport Services received 41.5% of the vote for best provider. Hub Group and “other” IMCs, which include asset-light and non-asset-based brokers, ranked second and third, respectively. Asset-light provider Alliance Shippers earned high marks for the second consecutive survey, with customers citing its ability to deliver exceptional service even if it isn’t the cheapest option. “Understandably, Alliance’s pricing comes at a premium relative to the large asset providers,” one shipper wrote. “[But] accounting for the costly errors they regularly help us avoid — that the asset players previously had not — unequivocally it’s a net savings.” Non-asset brokers Cornerstone Systems, Mode Transportation and Uber Freight received similar praise. All rails except CPKC get strong scores When asked to grade railroads from 1 to 5, with five as the highest, all four US railroads scored between 3.7 and 4.2. BNSF Railway trailed UP, ranking second. CSX Transportation received a score of 3.9, unchanged from a year ago, as customers said the eastern railroad effectively communicated longer transit times caused by two construction projects , allowing them to adjust delivery schedules. CPKC received the lowest marks, with 52.3% of respondents saying it was the worst-performing railroad between Jan. 1 and June 30, reflecting winter weather and an IT snafu during its migration from Kansas City Southern Railway operating systems. “[We] lost business to trucking due to the inability to perform at the terminal level in Kansas City and Bensenville [Chicago],” one CPKC customer wrote. Major IMC scores Similar to prior surveys, J.B. Hunt scored at least 4 out of 5 on all key performance indicators. More than eight in 10 shippers were satisfied, whether J.B. Hunt handled most of their freight or served as a backup to other providers such as Hub Group or Schneider National. It remains to be seen whether J.B. Hunt’s decision to apply a surcharge in Southern California will impact scores in the next survey, although a similar move last year had no impact. Hub Group saw the largest score gain, rising to 4.1 from 3.2 year over year. Fewer customers complained about its outsourced drayage, which hurt on-time pickup and delivery scores in prior surveys. One shipper said he recently used Hub Group on a short-term basis and was pleasantly surprised how good the service was compared with a poor experience a few years earlier. But the proportion of “core customers” — i.e. those giving Hub Group most of their freight — was significantly higher than in prior surveys, skewing results. Core customers gave Hub Group a 98% satisfaction score, but customers who use Hub Group as a second or third option only gave the carrier a 46.9% score. Other metrics also showed strong support among Hub’s core customers but underperformance elsewhere. The survey shows Hub Group has made strides but still needs to improve with shippers who use it as a second or third option. Contact Ari Ashe at ari.ashe@spglobal.com .

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At SSA Marine Mexico, we firmly believe that business development must go hand in hand with social and environmental well-being. Our vision is not solely focused on operating efficiently, but also on creating a meaningful and positive impact in the communities where we are present. Since 1995, we have reaffirmed this commitment through tangible actions that reflect our core values of responsibility, solidarity, and sustainability. <span class="joc_admin__inline-image joc_admin__inline-image-aspect-ratio-3_2 joc_admin__inline-image-position-left joc_admin__inline-image-size-medium" data-figure-size="medium" data-figure-position="left" data-figure-aspect-ratio="3:2"><img src="/content-assets/1752584535914_Photo%201.jpg" alt="" class="joc_admin__inline-image-inherit"> A Year of Major Achievements Over the past year, we allocated more than $107,000 USD to the implementation of 60 social and environmental projects, positively impacting over 7,800 people across various regions of Mexico. Each initiative was designed with a holistic approach, addressing key areas that contribute to long-term community development. Education: Laying the Foundation for the Future Education is one of the most powerful tools to promote social mobility and equitable development. At SSA Marine Mexico, we support academic initiatives that inspire and empower the next generation of leaders. One of our most impactful partnerships was with the University of Colima, where we sponsored the “Reto Camp” program. This initiative encourages university students to develop innovative solutions in the fields of sustainability, logistics, and port operations, offering them mentorship, tools, and real-world challenges to solve. In addition, we donated microscopes, school supplies, and educational materials to institutions in underserved communities, helping to improve the learning environment and provide students with the resources they need to succeed. Health and Sports: Promoting Wellness We believe that healthy communities are strong communities. We have supported several local sporting events and provided direct assistance to talented athletes, enabling them to pursue their passions and represent their regions with pride. Beyond sports, we also strengthened our collaboration with critical emergency response organizations such as the Mexican Red Cross and Civil Protection. Our contributions helped enhance their readiness and capabilities in times of crisis, ensuring better outcomes for those affected by emergencies. Supporting Vulnerable Groups: Reaching Those Who Need It Most A core part of our social responsibility efforts is directed toward supporting vulnerable populations. We have contributed to a range of initiatives focused on children, migrants, and at-risk families. These efforts included donations to orphanages and shelters, as well as support for the National Institute of Migration and grassroots organizations dedicated to protecting and empowering people facing adversity. By standing with those in need, we reinforce our commitment to inclusion and social justice, values that are central to our identity as a responsible company. <span class="joc_admin__inline-image joc_admin__inline-image-aspect-ratio-3_2 joc_admin__inline-image-position-left joc_admin__inline-image-size-medium" data-figure-size="medium" data-figure-position="left" data-figure-aspect-ratio="3:2"><img src="/content-assets/1752584944645_Photo%202.png" alt="" class="joc_admin__inline-image-inherit">Culture: Strengthening Community Identity Cultural identity is a key element in building resilient and united communities. At SSA Marine Mexico, we actively participate in the organization and sponsorship of cultural events that celebrate local traditions and foster civic pride. Working alongside port authorities and municipal governments, we helped bring music, art, and heritage to the forefront, creating spaces for community engagement and intercultural dialogue. Environment: Investing in the Planet Our commitment to sustainability goes beyond operations—it’s a philosophy that drives every decision we make. We have partnered with environmental institutions to carry out reforestation campaigns, beach cleanups, and conservation efforts. In collaboration with the Institute for the Environment, we supported initiatives aimed at decarbonization, biodiversity protection, and environmental education. By involving our employees and local volunteers in these actions, we also foster a culture of environmental stewardship throughout our organization and our surrounding communities. Innovation for a Sustainable Future Sustainability is not just about doing good—it’s also about doing things better. In 2024, we invested $22 million USD in the acquisition of 11 state-of-the-art E-RTG cranes. These electric rubber-tired gantry cranes represent a significant technological advancement in port equipment. Seven of them are already operating on clean electric energy, resulting in a reduction of nearly 4,000 tons of CO₂ emissions and improving operational efficiency by 7%. The remaining four cranes are fully compatible with future electrification, underscoring our long-term strategy to modernize our operations in an environmentally responsible way. This investment is part of a broader innovation roadmap that includes digitalization, automation, and cleaner energy sources—all designed to ensure that our ports continue to grow without compromising the health of our planet. Building a Better Tomorrow, Together At SSA Marine Mexico, we understand that sustainability is a shared and ongoing responsibility. True impact requires collaboration across sectors, long-term vision, and unwavering commitment. That is why we continue to work hand-in-hand with local authorities, non-profit organizations, universities, and our own employees to create solutions that are both scalable and sustainable. Our journey is far from over. In the years ahead, we will continue to deepen our community engagement, explore cleaner technologies, and strengthen the social fabric of the regions where we operate. Each initiative, no matter the size, is a step toward building a future where business success goes hand-in-hand with human and environmental prosperity. We are proud of what we have achieved in 2024, but we are even more excited about what lies ahead. SSA Marine Mexico — Moving the World, Caring for People and Planet. LINK: https://www.ssamarine.mx/

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