<div class="phx-topic abstract-wrapper">The committee charged with approving private sector proposals to take over state-owned companies in </div>

The committee charged with approving private sector proposals to take over state-owned companies in

<div>The committee charged with approving private sector proposals to take over state-owned companies in Pakistan has approved such proposals for 24 industrial enterprises.The companies run the gamut of manufacturing, from fertilizer plants through factories that produce tractors, automotive parts and bread.The government put 101 state-owned units on the auction block earlier this month in what's being described in Islamabad, the capital, as the "sale of the century."Officials also are looking for a buyer for the national railroad, whose annual losses have touched a record 2 billion rupees (US$83 million).In the first round, local and foreign business executives submitted 235 bids...

The committee charged with approving private sector proposals to take over state-owned companies in Pakistan has approved such proposals for 24 industrial enterprises. The companies run the gamut of manufacturing, from fertilizer plants through factories that produce tractors, automotive parts and bread.The government put 101 state-owned units on the auction block earlier this month in what's being described in Islamabad, the capital, as the "sale of the century." Officials also are looking for a buyer for the national railroad, whose annual losses have touched a record 2 billion rupees (US$83 million). In the first round, local and foreign business executives submitted 235 bids for 89 units in a wide range of industries including cement, chemicals, bread, engineering, fertilizer and automobiles. "The response has been excellent," Saeed Qadir, chairman of the privatization commission, said Friday. "I'll be very pleased if even half the units are sold," he told newsmen. Critics have attacked the sell-off as a giveaway. Possibly to ward off such charges, the government has fixed a reference price for each unit, but has not made them public. In general, the approval committee decided to accept all bids that were at least 90 percent of the reference price, according to reports from Islamabad. For bread plants, bids close to 80 percent were accepted. Finance Minister Sartaz Aziz, who heads the cabinet committee, said about a dozen of the 101 units up for sale are profitable. A further 25 to 30 are marginally profitable, and the rest are in the red. Units that weren't sold in this first round may be offered for rebids, or offered on the stock exchange. The sale went ahead after agreement was reached between the government and a committee representing workers in state-owned industry. It offers 50,000 workers options aimed at protecting their jobs for one year and giving them attractive incentives for early retirement. Employees also are allowed to bid for the unit at a competitive price. About 40 percent of employees at the target firms are expected to opt for a golden handshake. The disposal of state-owned units is in line with the policy of the government of Prime Minister Nawaz Sharif. It holds that privatization is the only answer to problems of resource constraints and slow industrial growth. Most of the country's manufacturing sector along with banking, insurance and other services was nationalized in a rush between 1972 and 1977. The government plans to privatize as many as 115 companies in banking, road transport, health, insurance, financial institutions, telecommunications, aviation, shipping, and highways.

Maritime

PAKISTAN ACCEPTS FIRST 24 BIDS IN SELL-OFF OF STATE-OWNED FIRMS

<div class="phx-topic abstract-wrapper">An $800 general rate increase implemented over the weekend for West Coast business was already starting to deteriorate by Tuesday after some early – and fleeting – staying power generated by the US-China trade deal.</div>

An $800 general rate increase implemented over the weekend for West Coast business was already starting to deteriorate by Tuesday after some early – and fleeting – staying power generated by the US-China trade deal.

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<div class="phx-topic">A general rate increase (GRI) of roughly $800 per FEU implemented by ocean carriers this weekend on the Asia to US West Coast trade is already beginning to erode amid a fundamental lack of demand, forwarders and carriers say. “The load factor to the West Coast is really not that strong,” Chris Sur, executive director for global sales at logistics provider Glovis America, told the Journal of Commerce. The GRI, enacted on Saturday, showed some initial staying power, coming just days after the <a href="https://www.joc.com/article/us-china-suspend-reciprocal-port-fees-as-part-of-wider-trade-deal-6105849">US and China reached a broad trade deal</a> that partially rolled back some tariffs and set a one-year pause on reciprocal port fees. A carrier executive said in the immediate aftermath of the agreement, some retailers wanted to begin pulling fresh cargo into the US quickly because of uncertainty over how long the truce would last. That strategy lent support to rates on the West Coast trade, and the new GRI. “There was a bit of pent-up demand, and the West Coast is the fastest route,” the carrier executive said. The GRI pushed the West Coast spot rate up to about $2,750 to $2,850 per FEU; the rate one week earlier was about $2,040 per FEU, according to Platts, a sister product of the Journal of Commerce within S&amp;P Global. But the bullishness was short-lived, with sources saying the market had already begun to give up the GRI gains by Tuesday. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="e8c13a3e-9f5a-412f-8741-adbf5e1a7779"></dynamic-object></div>The rate moves for Asia to East Coast business was even more dramatic. Trans-Pacific carriers over the weekend attempted to impose a $1,000 per FEU GRI on shipments from Asia to the East Coast, but that GRI “completely collapsed,” a forwarder said. By Monday, the East Coast spot rate had dropped to about $2,750 to $2,850 per FEU – about the same level as the West Coast rate, a mark of parity that is highly unusual. “I never remember that happening before,” the forwarder said. <h3>Holiday merchandise has already arrived </h3>Sur said the reality in the eastbound trans-Pacific is that retailers have already imported their holiday season merchandise for the Black Friday sales that begin on the day after Thanksgiving in the US. The remaining two months of the year will be a weak period for imports, as they usually are, he said. Meanwhile, bookings for shipments from China into the US fell about 16% in October compared to September, according to data from maritime visibility provider Vizion and data and analytics company Dun &amp; Bradstreet. Still, bookings for Chinese cargo during the second half of October rebounded somewhat, increasing by more than 15% compared to the first half of the month. The structural weakness in overall demand in the eastbound trans-Pacific will likely continue through the end of the year, but that does not preclude carriers from attempting to implement further GRIs, Sur said. “If carriers have the resolve to do it, they’ll do it,” he said. Contact Bill Mongelluzzo at <a href="mailto:bill.mongelluzzo@spglobal.com">bill.mongelluzzo@spglobal.com</a>Contact Laura Robb at <a href="mailto:laura.robb@spglobal.com">laura.robb@spglobal.com</a></div>

A general rate increase (GRI) of roughly $800 per FEU implemented by ocean carriers this weekend on the Asia to US West Coast trade is already beginning to erode amid a fundamental lack of demand, forwarders and carriers say. “The load factor to the West Coast is really not that strong,” Chris Sur, executive director for global sales at logistics provider Glovis America, told the Journal of Commerce. The GRI, enacted on Saturday, showed some initial staying power, coming just days after the US and China reached a broad trade deal that partially rolled back some tariffs and set a one-year pause on reciprocal port fees. A carrier executive said in the immediate aftermath of the agreement, some retailers wanted to begin pulling fresh cargo into the US quickly because of uncertainty over how long the truce would last. That strategy lent support to rates on the West Coast trade, and the new GRI. “There was a bit of pent-up demand, and the West Coast is the fastest route,” the carrier executive said. The GRI pushed the West Coast spot rate up to about $2,750 to $2,850 per FEU; the rate one week earlier was about $2,040 per FEU, according to Platts, a sister product of the Journal of Commerce within S&P Global. But the bullishness was short-lived, with sources saying the market had already begun to give up the GRI gains by Tuesday. The rate moves for Asia to East Coast business was even more dramatic. Trans-Pacific carriers over the weekend attempted to impose a $1,000 per FEU GRI on shipments from Asia to the East Coast, but that GRI “completely collapsed,” a forwarder said. By Monday, the East Coast spot rate had dropped to about $2,750 to $2,850 per FEU – about the same level as the West Coast rate, a mark of parity that is highly unusual. “I never remember that happening before,” the forwarder said. Holiday merchandise has already arrived Sur said the reality in the eastbound trans-Pacific is that retailers have already imported their holiday season merchandise for the Black Friday sales that begin on the day after Thanksgiving in the US. The remaining two months of the year will be a weak period for imports, as they usually are, he said. Meanwhile, bookings for shipments from China into the US fell about 16% in October compared to September, according to data from maritime visibility provider Vizion and data and analytics company Dun & Bradstreet. Still, bookings for Chinese cargo during the second half of October rebounded somewhat, increasing by more than 15% compared to the first half of the month. The structural weakness in overall demand in the eastbound trans-Pacific will likely continue through the end of the year, but that does not preclude carriers from attempting to implement further GRIs, Sur said. “If carriers have the resolve to do it, they’ll do it,” he said. Contact Bill Mongelluzzo at bill.mongelluzzo@spglobal.com Contact Laura Robb at laura.robb@spglobal.com

Container lines

Trans-Pacific

Container Shipping News

Soft demand in eastbound trans-Pacific overwhelms carriers’ GRI attempt

<div class="phx-topic abstract-wrapper">“Significant uncertainties” due to US tariffs and a capacity oversupply amid ongoing new vessel deliveries prompted the Singapore-based carrier to sharply reset performance expectations for the balance of its fiscal year. </div>

“Significant uncertainties” due to US tariffs and a capacity oversupply amid ongoing new vessel deliveries prompted the Singapore-based carrier to sharply reset performance expectations for the balance of its fiscal year.

<div class="phx-topic">Ocean Network Express (ONE) on Tuesday halved its full-year net profit forecast to $310 million, citing the negative impact of new vessel deliveries and economic uncertainty on freight rates and cargo demand. The revised figure, down from $700 million projected in August, includes a forecast net loss of $61 million for the second half of ONE’s 2025 fiscal year, which runs from October through March, the Singapore-based carrier said in its interim fiscal year second-quarter results. Full fiscal year revenue for the 12 months from April 2025 to March 2026 is now estimated at $16.5 billion, down from $17.1 billion. “The overall market environment may not prove as robust as initially projected,” ONE said in its earnings statement. “The global environment remains subject to significant uncertainties, including potential impacts from [US] tariffs and US Trade Representative actions.” The carrier said ongoing new vessel deliveries created an oversupply, leading to a sharp decline in spot rates on major East-West trades during the most recent quarter. It expected additional new vessel deliveries to “persist throughout the fiscal year, affecting overall market conditions.” According to the World Container Index (WCI) as assessed by Drewry, average global container spot rates had fallen from a July 1 peak of $5,806 per FEU to $1,822 as of Oct. 1. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="633d74d4-3e57-4d30-9b26-c9b52f6efb5c"></dynamic-object></div>The downbeat second-half estimate comes after a buoyant first half, especially in the fiscal second quarter between July and September, when ONE saw a three-fold increase in net profit after cargo volumes surged in July. Fiscal year second-quarter net profit was $285 million, up from $86 million in the first quarter, but an 86% drop from $2 billion in the second quarter of last year due to “significantly lower” freight rates. Revenue in the most recent quarter was $4.5 billion, against $4 billion in the first quarter and $5.9 billion in the year-earlier period. Liftings on the Asia-North America eastbound trade increased to 711,000 TEUs in the fiscal second quarter, up from 672,000 TEUs in the first quarter, “driven by a cargo surge in July due to US tariff frontloading,” ONE said. Liftings on the Asia-Europe westbound trade rose quarter over quarter from 456,000 TEUs in the first quarter to 501,000 TEUs in the second quarter. ONE said it had 51 vessels on order at the end of September, including ships that will be delivered on long-term charter. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

Ocean Network Express (ONE) on Tuesday halved its full-year net profit forecast to $310 million, citing the negative impact of new vessel deliveries and economic uncertainty on freight rates and cargo demand. The revised figure, down from $700 million projected in August, includes a forecast net loss of $61 million for the second half of ONE’s 2025 fiscal year, which runs from October through March, the Singapore-based carrier said in its interim fiscal year second-quarter results. Full fiscal year revenue for the 12 months from April 2025 to March 2026 is now estimated at $16.5 billion, down from $17.1 billion. “The overall market environment may not prove as robust as initially projected,” ONE said in its earnings statement. “The global environment remains subject to significant uncertainties, including potential impacts from [US] tariffs and US Trade Representative actions.” The carrier said ongoing new vessel deliveries created an oversupply, leading to a sharp decline in spot rates on major East-West trades during the most recent quarter. It expected additional new vessel deliveries to “persist throughout the fiscal year, affecting overall market conditions.” According to the World Container Index (WCI) as assessed by Drewry, average global container spot rates had fallen from a July 1 peak of $5,806 per FEU to $1,822 as of Oct. 1. The downbeat second-half estimate comes after a buoyant first half, especially in the fiscal second quarter between July and September, when ONE saw a three-fold increase in net profit after cargo volumes surged in July. Fiscal year second-quarter net profit was $285 million, up from $86 million in the first quarter, but an 86% drop from $2 billion in the second quarter of last year due to “significantly lower” freight rates. Revenue in the most recent quarter was $4.5 billion, against $4 billion in the first quarter and $5.9 billion in the year-earlier period. Liftings on the Asia-North America eastbound trade increased to 711,000 TEUs in the fiscal second quarter, up from 672,000 TEUs in the first quarter, “driven by a cargo surge in July due to US tariff frontloading,” ONE said. Liftings on the Asia-Europe westbound trade rose quarter over quarter from 456,000 TEUs in the first quarter to 501,000 TEUs in the second quarter. ONE said it had 51 vessels on order at the end of September, including ships that will be delivered on long-term charter. Contact Keith Wallis at keithwallis@hotmail.com .

Asia-Europe

ONE halves full-year net profit forecast on projected H2 loss

<div class="phx-topic abstract-wrapper">The fresh price increases vary between terminal operators and by export and import cargo, with most ranging between 5% and 15%, although running as high as 47% in one case. </div>

The fresh price increases vary between terminal operators and by export and import cargo, with most ranging between 5% and 15%, although running as high as 47% in one case.

<div class="phx-topic">Shipper groups in Australia are urging the federal government to legislate how terminal operators impose container handling charges after the top operators in the country announced hikes of up to 47% beginning Jan. 1. The Freight &amp; Trade Alliance (FTA) and the Australian Peak Shippers Association (APSA) said they were “seriously concerned” by the “significant increases” in terminal access charges and other fees announced by the operators late last week. The operators include DP World Australia, Patrick Terminals and Victoria International Container Terminal (VICT), owned by Philippine terminal operator International Container Terminal Services. Shipper groups say they expect Hutchison Ports Australia to announce new terminal charges in the next few weeks. Tom Jensen, FTA’s general manager for freight policy and operations, told the Journal of Commerce Tuesday the FTA and APSA will meet shortly with officials from the Australian Competition and Consumer Commission to discuss the latest increases in the terminal access charges (TACs) and empty container park (ECP) fees and raise the need for regulatory action. The commission highlighted the possible need for regulatory control of terminal and other landside charges in its annual container terminal monitoring report published last December. The scale of the new charges is likely to lead to further calls by the commission for government action when it publishes its latest container terminal report next month. “We need regulation that enforces scrutiny over any price increase — or better still, requires terminal operators to negotiate directly with their commercial clients, the shipping lines,” FTA Director Paul Zalai said. “If shipping lines then wish to recover costs, they can do so through commercial negotiation with exporters, importers and freight forwarders,” Zalai added. <h3>DP World says ‘significant’ capex required at terminals </h3>The fee increases vary between terminal operators and by export and import cargo, with most ranging between 5% and 15%. Higher increases have generally been levied on import containers. The steepest hike has been imposed by DP World Australia, with a 47.2% increase in charges, to $51, on import and export containers at its Fremantle terminal. The Dubai-headquartered operator has also announced a 14.2% increase in fees on import containers at its terminals in Sydney, Brisbane and Melbourne and a 6.9% hike in charges for export containers at the same three terminals. This will increase fees for a laden inbound container at Melbourne to $156. “A significant amount in capital expenditure across 2025–28 will be required across our four terminals to invest in key equipment, civil expansion works and other equipment to cater for greater landside demand going forward,” DP World Australia said in a statement. VICT has raised fees for inbound and export containers at its Melbourne facility by 10.8% to $146. Patrick Terminals has increased fees on export containers by 5% and on import boxes by 8% at its Sydney, Brisbane and Melbourne terminals, with a 10.2% across-the-board increase for containers at its Fremantle facility. “Melbourne and Brisbane remain the most expensive port for imports, while Melbourne is the most expensive for exports,” FTA’s Jensen said of the latest charges. “Fremantle remains lower in dollar terms but has recorded the steepest percentage increase,” he added. “It’s one of the highest single-year hikes since the introduction of terminal access charges.” Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

Shipper groups in Australia are urging the federal government to legislate how terminal operators impose container handling charges after the top operators in the country announced hikes of up to 47% beginning Jan. 1. The Freight & Trade Alliance (FTA) and the Australian Peak Shippers Association (APSA) said they were “seriously concerned” by the “significant increases” in terminal access charges and other fees announced by the operators late last week. The operators include DP World Australia, Patrick Terminals and Victoria International Container Terminal (VICT), owned by Philippine terminal operator International Container Terminal Services. Shipper groups say they expect Hutchison Ports Australia to announce new terminal charges in the next few weeks. Tom Jensen, FTA’s general manager for freight policy and operations, told the Journal of Commerce Tuesday the FTA and APSA will meet shortly with officials from the Australian Competition and Consumer Commission to discuss the latest increases in the terminal access charges (TACs) and empty container park (ECP) fees and raise the need for regulatory action. The commission highlighted the possible need for regulatory control of terminal and other landside charges in its annual container terminal monitoring report published last December. The scale of the new charges is likely to lead to further calls by the commission for government action when it publishes its latest container terminal report next month. “We need regulation that enforces scrutiny over any price increase — or better still, requires terminal operators to negotiate directly with their commercial clients, the shipping lines,” FTA Director Paul Zalai said. “If shipping lines then wish to recover costs, they can do so through commercial negotiation with exporters, importers and freight forwarders,” Zalai added. DP World says ‘significant’ capex required at terminals The fee increases vary between terminal operators and by export and import cargo, with most ranging between 5% and 15%. Higher increases have generally been levied on import containers. The steepest hike has been imposed by DP World Australia, with a 47.2% increase in charges, to $51, on import and export containers at its Fremantle terminal. The Dubai-headquartered operator has also announced a 14.2% increase in fees on import containers at its terminals in Sydney, Brisbane and Melbourne and a 6.9% hike in charges for export containers at the same three terminals. This will increase fees for a laden inbound container at Melbourne to $156. “A significant amount in capital expenditure across 2025–28 will be required across our four terminals to invest in key equipment, civil expansion works and other equipment to cater for greater landside demand going forward,” DP World Australia said in a statement. VICT has raised fees for inbound and export containers at its Melbourne facility by 10.8% to $146. Patrick Terminals has increased fees on export containers by 5% and on import boxes by 8% at its Sydney, Brisbane and Melbourne terminals, with a 10.2% across-the-board increase for containers at its Fremantle facility. “Melbourne and Brisbane remain the most expensive port for imports, while Melbourne is the most expensive for exports,” FTA’s Jensen said of the latest charges. “Fremantle remains lower in dollar terms but has recorded the steepest percentage increase,” he added. “It’s one of the highest single-year hikes since the introduction of terminal access charges.” Contact Keith Wallis at keithwallis@hotmail.com .

Port News

Marine terminals

International ports

Australian shipper groups call for legal curbs on terminal operator fee hikes

<div class="phx-topic abstract-wrapper">While intermodal savings remain above 20%, according to the latest Intermodal Savings Index, there is not enough pressure yet in the trucking market to drive up rates across the US on intermodal rail.</div>

While intermodal savings remain above 20%, according to the latest Intermodal Savings Index, there is not enough pressure yet in the trucking market to drive up rates across the US on intermodal rail.

<div class="phx-topic">US shippers saved an average of 21% on spot market freight and nearly 25% on contract loads in the third quarter by using domestic intermodal instead of long-haul trucking as truckload spot rates began to recover, according to the latest Journal of Commerce <a href="https://www.joc.com/resources/special-reports/intermodal-savings-index">Intermodal Savings Index</a> (ISI). Intermodal contract rates were flat in the third quarter compared with a year ago — up 0.4% excluding fuel, but down 0.2% including fuel. Momentum picked up in September, however, as spot truckload rates on indexed lanes rose 2% year over year; preliminary data for October shows spot truckload rates continued to rise. Truckload spot rates tend to be a leading indicator, which results in truckload contract rates rising, with intermodal rates eventually following as capacity tightens. North American railroads hauled 2.22 million domestic containers in the third quarter, up 2.5% compared with a year ago, according to the Intermodal Association of North America (IANA). The results were better than the Journal of Commerce forecast of a 1% decline for the third quarter, due to an unusually strong September. IANA reported domestic container volume grew 5.8% year over year in September. “[It was] a delayed West Coast peak season from what we originally anticipated,” Phil Yeager, CEO of intermodal service provider Hub Group, said on an Oct. 30 earnings call. “We did not see that inventory materially impact domestic shipping until following the Labor Day holiday. Strong West Coast shipping demand in September continued through October, and customers are indicating that will be maintained into November.” The Spot ISI averaged 121.1 in the third quarter, up from 120.0 a year earlier. The Contract ISI slipped to 124.5 from 126 a year earlier. Index values above 100 indicate intermodal is the more cost-effective mode; the higher the index number, the greater the savings. A spot ISI of 121.1 translates to a 21.1% savings on intermodal versus truckload, and a contract ISI of 124.5 implies a 24.5% savings. All calculations assume local drayage at origin and destination, so shippers with distribution centers more than 30 minutes from the terminal will save less than the index values. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="ec19c445-5809-4a2a-9f63-2d09d02aca85"></dynamic-object></div>In terms of raw dollars, intermodal shippers saved an average of $563 per container on the spot market in the third quarter and $734 per container on the contract market. In the third quarter of 2024, the average spot intermodal load saved $633 per container, with the contract load saving $704 per container. Spot intermodal rates rose 3 cents between July and September to $1.56 per mile, while spot truckload rates rose 6 cents to $1.95 during the same period, according to the ISI. Contract truckload rates fell 2 cents to $1.94 per mile in the third quarter, while contract intermodal rates rose 1 cent to $1.50 per mile, primarily due to peak season surcharges. <h3>Watching 2026 </h3>It’s unclear whether the momentum in the late third quarter will translate into rate increases in truckload or intermodal next year. A prolonged West Coast peak season in 2024 yielded only minimal rate increases in contracts negotiated earlier this year on lanes exiting Southern California, while annual pricing on other lanes was flat or down. J.B. Hunt Transport Services and Hub Group were reserved in their outlook for 2026 intermodal bids. “What is washed in the results is there is some good pricing movement in the head-hauls. There is some negative pricing in backhauls,” Darren Field, president of J.B. Hunt’s intermodal division, said on an Oct. 15 earnings call. “And when you combine them, it looks relatively muted in terms of price per load.” Field also described transcontinental volume on head-haul lanes out of Southern California as “disappointing” in the third quarter. Yeager was also non-committal about how Hub Group will approach bid season. “[We are] executing with the mindset that we aren’t going to get cyclical help [from the economy],” he said on the earnings call. “We want to see that capacity tighten. We certainly want to get our foundational network established at the front end of bid season ... we do see great opportunities in the head-haul right now.” <a href="https://www.joc.com/article/volume-not-pricing-driving-us-intermodal-results-in-q3-6099159">Intermodal executives</a> at the Journal of Commerce Inland Distribution Conference Sept. 29-Oct. 1 predicted that contract rates will rise on outbound lanes in California in early 2026 but remain flat or down elsewhere. Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>. The data behind the Contract ISI and Spot ISI is available to Journal of Commerce subscribers with a Gold-tier subscription. </div>

US shippers saved an average of 21% on spot market freight and nearly 25% on contract loads in the third quarter by using domestic intermodal instead of long-haul trucking as truckload spot rates began to recover, according to the latest Journal of Commerce Intermodal Savings Index (ISI). Intermodal contract rates were flat in the third quarter compared with a year ago — up 0.4% excluding fuel, but down 0.2% including fuel. Momentum picked up in September, however, as spot truckload rates on indexed lanes rose 2% year over year; preliminary data for October shows spot truckload rates continued to rise. Truckload spot rates tend to be a leading indicator, which results in truckload contract rates rising, with intermodal rates eventually following as capacity tightens. North American railroads hauled 2.22 million domestic containers in the third quarter, up 2.5% compared with a year ago, according to the Intermodal Association of North America (IANA). The results were better than the Journal of Commerce forecast of a 1% decline for the third quarter, due to an unusually strong September. IANA reported domestic container volume grew 5.8% year over year in September. “[It was] a delayed West Coast peak season from what we originally anticipated,” Phil Yeager, CEO of intermodal service provider Hub Group, said on an Oct. 30 earnings call. “We did not see that inventory materially impact domestic shipping until following the Labor Day holiday. Strong West Coast shipping demand in September continued through October, and customers are indicating that will be maintained into November.” The Spot ISI averaged 121.1 in the third quarter, up from 120.0 a year earlier. The Contract ISI slipped to 124.5 from 126 a year earlier. Index values above 100 indicate intermodal is the more cost-effective mode; the higher the index number, the greater the savings. A spot ISI of 121.1 translates to a 21.1% savings on intermodal versus truckload, and a contract ISI of 124.5 implies a 24.5% savings. All calculations assume local drayage at origin and destination, so shippers with distribution centers more than 30 minutes from the terminal will save less than the index values. In terms of raw dollars, intermodal shippers saved an average of $563 per container on the spot market in the third quarter and $734 per container on the contract market. In the third quarter of 2024, the average spot intermodal load saved $633 per container, with the contract load saving $704 per container. Spot intermodal rates rose 3 cents between July and September to $1.56 per mile, while spot truckload rates rose 6 cents to $1.95 during the same period, according to the ISI. Contract truckload rates fell 2 cents to $1.94 per mile in the third quarter, while contract intermodal rates rose 1 cent to $1.50 per mile, primarily due to peak season surcharges. Watching 2026 It’s unclear whether the momentum in the late third quarter will translate into rate increases in truckload or intermodal next year. A prolonged West Coast peak season in 2024 yielded only minimal rate increases in contracts negotiated earlier this year on lanes exiting Southern California, while annual pricing on other lanes was flat or down. J.B. Hunt Transport Services and Hub Group were reserved in their outlook for 2026 intermodal bids. “What is washed in the results is there is some good pricing movement in the head-hauls. There is some negative pricing in backhauls,” Darren Field, president of J.B. Hunt’s intermodal division, said on an Oct. 15 earnings call. “And when you combine them, it looks relatively muted in terms of price per load.” Field also described transcontinental volume on head-haul lanes out of Southern California as “disappointing” in the third quarter. Yeager was also non-committal about how Hub Group will approach bid season. “[We are] executing with the mindset that we aren’t going to get cyclical help [from the economy],” he said on the earnings call. “We want to see that capacity tighten. We certainly want to get our foundational network established at the front end of bid season ... we do see great opportunities in the head-haul right now.” Intermodal executives at the Journal of Commerce Inland Distribution Conference Sept. 29-Oct. 1 predicted that contract rates will rise on outbound lanes in California in early 2026 but remain flat or down elsewhere. Contact Ari Ashe at ari.ashe@spglobal.com . The data behind the Contract ISI and Spot ISI is available to Journal of Commerce subscribers with a Gold-tier subscription.

Rail News

North-American rail

Intermodal providers

Surface

Intermodal savings rose in Q3, but might not yield high rates in ‘26

<div class="phx-topic abstract-wrapper">The migration of European carriers away from their traditional foreign “flags of convenience” to India’s emerging market is seen as a major maritime boost for New Delhi as it vigorously seeks private investment to drive economic growth.</div>

The migration of European carriers away from their traditional foreign “flags of convenience” to India’s emerging market is seen as a major maritime boost for New Delhi as it vigorously seeks private investment to drive economic growth.

<div class="phx-topic">Mediterranean Shipping Co. has become the latest major ocean carrier to invest beyond port-to-port shipping and inland logistics operations in India. The world’s largest liner operator has confirmed a program to reflag 12 of its container ships to the Indian registry, <a href="https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.joc.com%2Farticle%2Fmaersk-joins-cma-cgm-in-reflagging-container-ships-in-india-amid-antitrust-pressure-6104614&amp;data=05%7C02%7Ckevin.saville2%40spglobal.com%7Ce25119e77e48409f9fd008de1afbe98d%7C8f3e36ea80394b4081a77dc0599e8645%7C1%7C0%7C638977866451687870%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=ATLTeE4VZiT%2FdEk4u7KDaKfZ6tz6lsNZ648tVwEVkE4%3D&amp;reserved=0">adding to the wave of recent similar flag changes already carried out by CMA CGM and Maersk</a>. In a LinkedIn post Monday, MSC CEO Soren Toft said the planned Indian-flagged fleet operation “strengthens the company’s long-term partnership and support for India’s maritime ambitions.” “India is a key country for MSC, with continued strong development across shipping, ports and logistics,” Toft noted. Details of the vessels to be registered in India were not immediately disclosed. Efforts to seek comment from officials at MSC (India) were unsuccessful. <h3>Boost for New Delhi</h3>MSC’s reflagging move was another key industry investment commitment unfolded at <a href="https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.joc.com%2Farticle%2Fdp-world-lines-up-5-billion-investment-program-for-india-expansion-6106499&amp;data=05%7C02%7Ckevin.saville2%40spglobal.com%7Ce25119e77e48409f9fd008de1afbe98d%7C8f3e36ea80394b4081a77dc0599e8645%7C1%7C0%7C638977866451709845%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=CI4%2FOl11z7UXiroHYAMAqcQMiEMmlWAuZOMn%2FPwT%2F%2FQ%3D&amp;reserved=0">the recent maritime summit in Mumbai.</a> The migration of European carriers away from their traditional cost-saving foreign “flags of convenience” to India’s emerging market is seen as a major maritime boost for New Delhi as it vigorously seeks private investment to drive economic growth through a buildup of manufacturing and export verticals. Additionally, carrier collaborations <a href="https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.joc.com%2Farticle%2Fcma-cgm-signs-350-million-indian-shipbuilding-order-for-six-box-ships-6097779&amp;data=05%7C02%7Ckevin.saville2%40spglobal.com%7Ce25119e77e48409f9fd008de1afbe98d%7C8f3e36ea80394b4081a77dc0599e8645%7C1%7C0%7C638977866451727877%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&amp;sdata=%2FDyTYJQw5D4RIVSbQMl9WMVuKyoBpeTzvxQI%2FT3TmeE%3D&amp;reserved=0">with Indian shipbuilding yards are gathering pace</a>, with the lead taken by Maersk and CMA CGM. MSC was reportedly weighing similar interest following Toft’s meeting with Indian government leaders earlier this year. MSC is the largest ocean carrier out of India, with growing landside investment interests that include container terminal partnerships with Adani at Mundra and Ennore (Chennai). The carrier handles large-scale regional transshipment volumes at Mundra as well as Vizhinjam Port, India’s newest container hub that is also managed by Adani. Contact Bency Mathew at <a href="mailto:bencyvmathew@gmail.com">bencyvmathew@gmail.com</a>.</div>

Mediterranean Shipping Co. has become the latest major ocean carrier to invest beyond port-to-port shipping and inland logistics operations in India. The world’s largest liner operator has confirmed a program to reflag 12 of its container ships to the Indian registry, adding to the wave of recent similar flag changes already carried out by CMA CGM and Maersk . In a LinkedIn post Monday, MSC CEO Soren Toft said the planned Indian-flagged fleet operation “strengthens the company’s long-term partnership and support for India’s maritime ambitions.” “India is a key country for MSC, with continued strong development across shipping, ports and logistics,” Toft noted. Details of the vessels to be registered in India were not immediately disclosed. Efforts to seek comment from officials at MSC (India) were unsuccessful. Boost for New Delhi MSC’s reflagging move was another key industry investment commitment unfolded at the recent maritime summit in Mumbai. The migration of European carriers away from their traditional cost-saving foreign “flags of convenience” to India’s emerging market is seen as a major maritime boost for New Delhi as it vigorously seeks private investment to drive economic growth through a buildup of manufacturing and export verticals. Additionally, carrier collaborations with Indian shipbuilding yards are gathering pace , with the lead taken by Maersk and CMA CGM. MSC was reportedly weighing similar interest following Toft’s meeting with Indian government leaders earlier this year. MSC is the largest ocean carrier out of India, with growing landside investment interests that include container terminal partnerships with Adani at Mundra and Ennore (Chennai). The carrier handles large-scale regional transshipment volumes at Mundra as well as Vizhinjam Port, India’s newest container hub that is also managed by Adani. Contact Bency Mathew at bencyvmathew@gmail.com .

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MSC agrees to reflag 12 container ships in India in diversification push

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The world of LTL is slow to embrace change. Business anachronisms permeate current supply chain processes. These vestiges of the way things used to work define the LTL freight transportation procurement process of many modern shippers.David Knuth, logistics specialist at IEWC, a global supplier of cable and wire based in Wisconsin, is happy to have modernized the RFP process, automating the entire LTL bidding procedure with Bid$ense, SMC³’s automated truckload and LTL freight transportation sourcing solution. But when prompted, he can still recall what once was.In his previous job, a large part of his duties were consumed by creating an intermodal bid package for carriers. In a spreadsheet, Knuth detailed the company’s volumes lane by lane, taking care to delete any errant keystrokes or misleading data. He would then email out the information to each carrier, taking time to respond to detailed technical questions about the spreadsheet data. Finally, he had to compile all the results, create an algorithm that would compare the carriers on each lane, and award the business.“It was a huge undertaking. It took about four months to do,” Knuth said of the old process. “It was almost a full-time job for that part of the year, every year.”In his new job at IEWC, he sat down with Bid$ense on day one and was amazed at the capabilities. Knuth had never before used a bid tool. SMC³’s latest versions of Bid$ense automate the process even further, taking truckload and LTL RFPs entirely online. The tool draws on RFP best-practices protocols to streamline the bidding communication process, enabling bidding carriers to respond accurately and promptly to shipper requests. The solution also does all the distribution work automatically, electronically submitting shipper bid data to carriers based on their actual service capabilities and performance records. Carriers are alerted with timely prompts for RFP deliverables, so shippers aren’t waiting by the phone for responses.Another benefit of automating the process is the data-cleansing assistance. When Knuth sent spreadsheets to carriers, data errors might cloud the bidding process; he might have to resend data or simply accept a price that did not truly reflect the costs of doing business. Data cleansing is incredibly beneficial, he said.The spreadsheet technique also made bidding analysis an onerous task. Since Bid$ense automates and streamlines the entire RFP process, intensive examination is now simple. SMC³ knows that each bid has more than one best outcome. With uniform responses from each carrier, shippers can quickly rank results and create an unlimited quantity of what-if scenarios to make the optimal procurement decision.Jesse Burnett of Central Garden &amp; Pet experiences many of the same benefits. Founded in 1980, Central Garden &amp; Pet has spent the last three decades growing from a small garden supply company to a provider of a range of products from dog chews and bird seed to soil supplements and natural insecticides. For much of its life, the company shipped these disparate goods via LTL and truckload carriers to retailers throughout the country, relying on each business unit to negotiate directly with their freight transportation providers. This arrangement worked fairly well for a small company, but as Central Garden &amp; Pet expanded, leadership decided to consolidate decision making.Burnett helped centralize the transportation decision making in 2015 with SMC³’s Bid$ense. Before Bid$ense, every business unit operated independently as far as negotiating with carriers.“There were a lot of different things just floating around,” he said. “We didn’t have master agreements in place; no national pricing at all. The pricing from carriers was just all over the place, depending on where you were.”The transformations he saw with Bid$ense were immediate. Burnett has been using the tool about every other year since its implementation at the company. Central Garden and Pet’s $19.6 million 2019 LTL bid saved the company just more than 9 percent when compared to its historical average. For Burnett, though, bid automation extends far beyond savings.“We knew that we weren’t getting the best pricing offer from our carriers just because nothing was centralized,” he continued. “We knew that if we combined everything from all these business units and paired it with one corporate offering, then it would drive some cost benefit with it.”When the company initially decided to centralize bid procurement, executives researched a number of different methodologies and technologies. In the end, though, Burnett found that Bid$ense was both widespread and well known, and that his carrier partners already knew how to use the application. Burnett also highlighted the data-cleansing process as a major benefit, saying the rigorous process ensures that carriers always return the best price.“It definitely has helped drive savings,” he said. “Any time you go out there and you drive that competitiveness with the carriers and they know they’re in a bid environment, it seems to sharpen their pencils.”Transportation procurement is an integral part of the modern supply chain. With Bid$ense, shippers can develop a strategic implementation plan that saves them time and money, but also helps them create strong relationships with their carrier partners. These carriers appreciate the solution’s data-cleansing process; when carriers receive a complete shipment history and future volume forecast, they don’t have to guess on pricing. Carriers that receive more data from shippers get a complete picture of that shipper’s freight, allowing them to accurately plan instead of simply preparing for the worst-case scenario. Clean data presented through an automated system can lead to both bigger shipment savings and a lasting partnership between carrier and customer.Whether customers are looking to streamline over-the-road transportation bidding by automating the RFP process or create an entirely new, centralized sourcing process, Bid$ense has the analytical horsepower to get the job done.SMC³ 2020 Customer Case Study

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Shippers save money, time with automated transportation bidding tools

If there’s one immutable truth in the world of logistics, it’s this: LTL is an inherently complex form of transportation. Tariffs, rates, DIM weights, transit times — it’s enough to confuse even seasoned logistics professionals. The solution to this knowledge gap has historically been on-the-job training or university supply chain education, but for a variety of reasons there is now a pressing need for third-party, remote LTL training that prepares logistics workers for transportation success. Global Scope Can Overlook Local Intricacies In the past, professionals looking to move into a supply chain career learned about the basics of supply chain from universities. However, many of these college supply chain programs are now global in scope, focusing on worldwide supply chain management instead of the intricacies of specialized domestic transportation. And even these programs, which used to be widespread, are becoming less common. LTL is not an industry of broad-brush strokes; supply chain professionals really need a pointillistic understanding of the logistics of LTL in order to excel in the industry. Accelerating Need for Dedicated LTL Education This lack of specified training put the onus on employers to prepare new hires with the LTL knowledge needed to do their jobs. Dedicated LTL study is a necessity, not a luxury. At the same time, changes in LTL and the broader supply chain world are accelerating. The reliance on e-commerce has ballooned since the start of the pandemic, and last-mile LTL shipments and related e-commerce strains on the supply chain won’t diminish once social distancing abates. That genie isn’t going back into the bottle. So supply chain employers need logistics workers that are fully versed in all aspects of the industry, ready to solve unique shipping and delivery problems based on their extensive supply chain knowledge But why care about LTL? It’s been reported that some shippers in today’s world are no longer concerned with what mode is used to ship their goods. A Multimodal Approach Ensures On-Time Delivery This mode agnosticism means supply chain stakeholders have to be well versed in all modes of transportation. As unforeseen weather events and other disruptions, such as protests, become more common, savvy logistics employees will need to be armed with familiarity of all modes, not just the most popular, to ensure that freight is delivered on time, without damage, and in the most financially expedient way possible. Offerings like SMC³’s LTL online education courses cover a wide range of topics from LTL basics and operations to more advanced concepts like pricing analytics and transportation law. The company also has plans to continually refresh content, adding new expert presenters and taking the feedback of students to make the courses even better as time goes on. Learn more about&nbsp;<a href="https://logisticstrainingcenter.com/smc3-courses/" rel="noreferrer" class="joc_admin__link">SMC³’s LTL Online Education program</a>&nbsp;and view the 2021 hybrid schedule, featuring live industry experts,&nbsp;<a href="https://www.smc3.com/onlinelearning2021/" rel="noreferrer" class="joc_admin__link">here.</a>

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Filling the Supply Chain Education Gap with LTL Education Courses

In 1995, we began operations with a clear vision: to grow alongside Mexico and connect the world through our terminals. Our priority has always been to deliver excellence in service, foster economic development, and strengthen our communities. We firmly believe that progress is not only measured in tons of cargo moved, but in the opportunities we create. _______________________________________________________________ This year marks a significant milestone: SSA Marine Mexico celebrates 30 years of presence in the country, having established itself from day one as the leading port operator nationwide. Over the past three decades, we have built a legacy of reliability, innovation, and commitment to Mexico’s growth. Our journey has been defined by continuous evolution and a steadfast dedication to our mission. SSA Marine México currently operates in six of the country’s most important ports: Cozumel, Lazaro Cardenas, Manzanillo, Progreso, Tuxpan, and Veracruz. Additionally, we have signed a concession to operate a new multipurpose terminal in Guaymas, Sonora, expanding our footprint to the north of the country. We serve a wide range of segments including containers, general cargo, automobiles, cruise ships, hydrocarbons, and asphalt. As part of this ongoing commitment, SSA Marine Mexico continues to strengthen its infrastructure and capabilities. International trade remains a key driver of global economic growth, and we are proud to support this momentum. Through our continuous improvement strategy, we invest in cutting-edge technology and equipment to deliver more efficient and competitive services, contributing to the success of Mexican businesses. •	Manzanillo, Colima- Specialized Container Terminal I: On October 13, we celebrated the arrival of two new STS (Ship To Shore) Super Post Panamax dockside cranes. This $21.2 million USD investment significantly boosts our operational capacity, streamlining cargo reception and delivery processes. In line with our modernization efforts, we will also retire four of our oldest cranes, paving the way for a more sustainable and technologically advanced fleet that meets the evolving demands of international trade. With these upgrades, SSA Marine México now operates a total of 16 cranes along our 1,350-meter dock, reaffirming our position as a national benchmark in port <span class="joc_admin__inline-image joc_admin__inline-image-aspect-ratio-4_3 joc_admin__inline-image-position-left joc_admin__inline-image-size-large" data-figure-size="large" data-figure-position="left" data-figure-aspect-ratio="4:3"><img src="/content-assets/1760982635607_Manzanillo.jpg" alt="Image provided by SSA Marine" class="joc_admin__inline-image-inherit"> •	As for the Multipurpose Terminal and Specialized Facility, also in Manzanillo, Colima, improvement and conditioning works are planned, along with the acquisition of four E-RTG (Electric Rubber-Tyred Gantry) cranes to enhance operational efficiency and sustainability. •	At our Automobile and General Cargo Terminal in the port of Veracruz, we continue to lead with specialized value-added services that support our clients’ growth. Recent investments include a new washing cabin and a general cargo warehouse, increasing indoor storage capacity by 67%. •	Lazaro Cardenas, Michoacan – Specialized Automobile Terminal: we are working on the development of an additional 4-hectare storage space within our bonded area and a 10-hectare Vehicle Distribution Center (VDC). These enhancements, along with ongoing personnel and system improvements, will reinforce our leadership in automotive handling across the Mexican Pacific coast.<span class="joc_admin__inline-image joc_admin__inline-image-aspect-ratio-4_3 joc_admin__inline-image-position-left joc_admin__inline-image-size-large" data-figure-size="large" data-figure-position="left" data-figure-aspect-ratio="4:3"><img src="/content-assets/1760982742240_Lazaro.jpg" alt="Image provided by SSA Marine" class="joc_admin__inline-image-inherit"> Through these strategic investments, SSA Marine Mexico reaffirms its commitment to the sustained growth of Mexico’s foreign trade. By expanding capacity, modernizing infrastructure, and diversifying services, we continue to strengthen the country’s competitiveness in global logistics. Today, we celebrate three decades of dedication, innovation, and leadership, with deep gratitude to our employees, clients, and partners for being part of this incredible journey. LINK: https://www.ssamarine.mx/<span class="joc_admin__inline-image joc_admin__inline-image-aspect-ratio-16_9 joc_admin__inline-image-position-left joc_admin__inline-image-size-small" data-figure-size="small" data-figure-position="left" data-figure-aspect-ratio="16:9"><img src="/content-assets/1760982787360_SSA%20Marine%20Mexico%20logo%20150pxW.png" alt="" class="joc_admin__inline-image-inherit">

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SSA Marine Mexico: 30 years growing together.

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