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<div class="phx-topic abstract-wrapper">Halifax and Saint John are expanding their container terminals as Class I railroads see an opportunity to serve major inland destinations from the Eastern Canadian ports. </div>

Halifax and Saint John are expanding their container terminals as Class I railroads see an opportunity to serve major inland destinations from the Eastern Canadian ports.

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<div>This article has been amended to include a statement from the Port of Montreal about the Contrecoeur project.Amid a challenging outlook for Montreal’s mega-terminal, the ports of Halifax and Saint John are moving forward on expansion plans that will underpin intermodal growth for the country’s two Class I railroads and deepen the ports’ reach into Eastern Canada and the US Midwest. Two more super post-Panamax cranes will be delivered later this year to PSA Halifax Atlantic Hub, adding to the five such cranes already in place at the largest of the port’s two container terminals, according to a statement Monday...

This article has been amended to include a statement from the Port of Montreal about the Contrecoeur project. Amid a challenging outlook for Montreal’s mega-terminal, the ports of Halifax and Saint John are moving forward on expansion plans that will underpin intermodal growth for the country’s two Class I railroads and deepen the ports’ reach into Eastern Canada and the US Midwest. Two more super post-Panamax cranes will be delivered later this year to PSA Halifax Atlantic Hub, adding to the five such cranes already in place at the largest of the port’s two container terminals, according to a statement Monday from the Halifax Port Authority (HPA). Along with the two additional cranes, the HPA started infilling work this summer between two finger piers next to the Atlantic Hub that previously served as breakbulk docks. Filling in the piers will add another eight acres of container storage to the Atlantic Hub’s 76 acres of existing space. Once the infilling is done by 2030, Halifax’s existing 1.2 million TEUs of capacity will reach nearly 1.4 million TEUs, according to the HPA’s 50-year master plan. Depending on the port’s growth trajectory, the 50-year plan also lays out a subsequent expansion phase that can bring the port’s capacity up to 1.9 million TEUs. “This project was identified as part of the 50-year plan [and] will ensure efficient and safe terminal operations well into the future,” the port said in a statement. With Halifax’s total container volumes growing from 547,445 TEUs in 2018 to 601,700 TEUs in 2022, the port is largely tracking the expected growth laid out in its 50-year plan that will require it to undertake further expansion. Ocean carriers have made additional commitments to Halifax thanks to the ongoing upgrades. THE Alliance’s East Coast 5 service from Asia, which makes its first North American call at Halifax, upgraded to 14,000-TEU vessel size from 9,000-TEU ships. Mediterranean Shipping Co. also added a West Coast South America to Halifax service that started in mid-2023 . With over 60% of imports moving inland via rail, the other beneficiary of the port’s expansion has been Canadian National (CN) Railway, the only railroad serving Halifax. In 2022, the railroad launched a second daily train service from Halifax that will reach Montreal, Toronto, Detroit and Chicago . Last year, CN handled record volume at Halifax of just over 200,000 TEUs, CN’s chief marketing officer Doug MacDonald said in a statement to the Journal of Commerce. Much of the cargo went to Montreal and Toronto, but about 25% went to the US Midwest. Thanks to CN’s new partnership with Norfolk Southern for interline service beyond Chicago, MacDonald said he expects that service from Halifax to Kansas City and Atlanta will soon be available. MacDonald said that Halifax can occupy the same niche Prince Rupert does on Canada’s West Coast – serving intermodal shippers that need to reach the US Midwest but want to avoid the congestion seen at larger West Coast ports. He said that is particularly appealing to just-in-time shippers such as the automotive industry. “Halifax has the shortest vessel time coming from Europe or Asia via the Suez Canal,” he said. “There is also significantly less congestion at Halifax versus any US East Coast port. When you consider our total transit time, CN will deliver containers to the US Midwest at least one to two days faster than any other supply chain.” Saint John part of ‘broad’ network The Port of Saint John also added two post-Panamax cranes this June, bringing its total crane count to four. The additional cranes will allow the port to berth two container ships simultaneously, Saint John’s chief executive Craig Bell Estabrooks told the Journal of Commerce. The cranes are part of a C$205 million modernization project that the port started in 2015, Estabrooks said. The project also expanded the port’s intermodal rail yard to handle trains up to 9,000 feet, while adding new truck lanes and gates and a pre-trip inspection facility for refrigerated containers. The project, which is expected to be completed this year, will bring the port’s capacity to 325,000 TEUs annually from about 100,000 TEUs. But with Canadian Pacific’s purchase of the Central Maine and Quebec Railway in 2020 that served Saint John, the port looked at how to further expand capacity through a second expansion and modernization. To that end, it received C$38 million in federal and provincial grants that, along with C$4 million of its own funding, will eventually bring its capacity up to 800,000 TEUs annually, Estabrooks said. Like Halifax, Saint John is filling in space between a finger that will expand berth space and the container yard at its West Side Terminal to reach that additional capacity. Saint John is about halfway through filling in space, Estabrooks said, which will add about 18 acres to the roughly 70-acre facility. The first part of the new yard space will be turned over to terminal operator DP World by early 2024, with the second infilling phase expected to be ready by 2025. Estabrooks said the additional expansion appears even more needed in the wake of CP’s purchase of Kansas City Southern this year. “CPKC really challenged us to expand,” he said. “Little did we know at the time of the original expansion plans that we will be part of this broad North American intermodal network.” Saint John’s expansion this year attracted a new trans-Atlantic service from THE Alliance. In May, THE Alliance’s Saint John Express started calling Saint John, adding to the port’s two north-south services from the Caribbean. Estabrooks said the additional volumes from the trans-Atlantic service should help the port see slight growth this year. Last year, it reached 150,000 TEUs in container volumes, up from about 80,000 TEUs in 2021, he added. Contrecoeur risk deemed high The Port of Montreal, too, has laid out a major expansion plan approximately 43 miles up the Saint Lawrence River outside of the city of Contrecoeur, Quebec. There, the Montreal Port Authority (MPA) proposed the buildout of a 1.15-million-TEU container terminal. Yet that project’s fate remains far less clear. According to the project’s website, the MPA was expected to start construction on Contrecoeur by 2023 after selecting one of the three consortiums that had submitted bids for designing, building and operating the greenfield terminal, which is estimated to cost up to C$1 billion. The MPA said in a statement to the Journal of Commerce that it still expects to make an announcement before the close of 2023 on which of the three consortiums will be selected to develop Contrecoeur. "The Port of Montreal expansion project in Contrecoeur offers great opportunities for operators, freight forwarders or companies who want easy access to markets in Quebec, Ontario and the American Midwest," the MPA said in its statement. The MPA had to relaunch the bidding process for Contrecoeur in 2022 after it had selected three different finalists in January 2021 . Most recently, the MPA has seen an exodus of top executives during the third quarter, including MPA chief executive Martin Imbleau who relaunched the bid selection process for Contrecoeur. Imbleau's departure in late July was followed by MPA vice president Daniel Dagenais, who took another job in September. A terminal executive who is familiar with the project and did not want to be identified told the Journal of Commerce that Contrecoeur's development is difficult due to the amount of work the MPA is asking project bidders to take on. Plans required the consortiums to develop almost the entirety of the project, including the retaining walls needed for the berths, while also performing the grading and paving of the container yard. Most terminal concessions, in contrast, provide already developed land upon which an operator only has to place cranes, buildings and equipment. Developing the land for Contrecoeur, along with building the retaining walls in the Saint Lawrence River, requires extensive permitting, the terminal executive added. Quebec’s provincial government has offered a C$43 million grant toward construction of the terminal, but the executive said it would likely need even more support from Canada’s federal government or the Canada Infrastructure Bank in the form of low-interest loans or other subsidies. “The economics of this project in the end were strained,” the executive said. “They are pushing almost all the risk of this on the private sector. No one is going to underwrite this for a 5% return.” Contact Michael Angell at michael.angell@spglobal.com and follow him on Twitter at @michael_angell . 

Montreal’s uncertain mega-project opens window for Halifax, Saint John

<div class="phx-topic abstract-wrapper">The gains suggest Hub benefited from an aggressive pricing posture in bids that went live earlier this year, reversing some of its market share loss in 2023 by offering attractive rates to shippers.</div>

The gains suggest Hub benefited from an aggressive pricing posture in bids that went live earlier this year, reversing some of its market share loss in 2023 by offering attractive rates to shippers.

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<div class="phx-topic">Hub Group experienced double-digit growth in its intermodal volumes for the third quarter, but cautioned that a frontloaded peak season may lead to a softer finish to the year. It comes as the bid season begins in earnest, with shippers aiming to hold rates steady while intermodal carriers seek modest rate increases for 2025. The second-largest North American intermodal provider on Wednesday reported a 12% increase in intermodal volume in the third quarter compared with the year-ago period, although revenue per load declined 16%. The Intermodal Association of North America (IANA) said total intermodal volumes in North America rose 6% year over year in the third quarter. Hub’s results suggest it benefited from an <a href="https://word-edit.officeapps.live.com/we/il-share-while-schneiders-q2-volume-stays-flat-5703104">aggressive pricing posture</a> in bids that went live earlier this year, reversing some of its market share loss in 2023 by offering attractive rates to shippers. <div class="wrapper-narrow"><dynamic-object type="jocchartid" resource-id="3be84174-0ae7-4dbf-bd93-969d716de272"></dynamic-object></div>Phil Yeager, chief executive of Hub Group, attributed some of the Q3 volume increase to shippers frontloading cargo to avoid the <a href="https://www.joc.com/article/ila-usmx-agree-on-new-wage-offer-and-contract-extension-that-reopens-ports-5741882">labor unrest on the East Coast</a>. He also said the peak season has resembled a normal pre-pandemic peak that will taper off in the next few weeks. “October was strong with a 12% increase in volume, but with the rest of the [fourth] quarter, we think the pull forward has eaten into some of our original expectations for volume,” Yeager said on an earnings call Wednesday. Rival intermodal provider J.B. Hunt said earlier in October that frontloading was a factor in rising volumes, but was unclear how much it would impact the full fourth quarter. The Journal of Commerce forecasts North American railroads will haul a total of 2 million to 2.2 million domestic containers in the fourth quarter, compared with 2.1 million last year. <h3>Bid season ramps up </h3>Shippers have begun soliciting contract rates for 2025 that would typically start between January and April and run for 12 months. Shippers want to roll over current low rates into next year, while intermodal carriers are looking for an increase in rates, according to conversations the Journal of Commerce has had with parties on both sides. Shippers have secured intermodal rate reductions for two consecutive years after double-digit hikes in 2021 and 2022. “It’s still a competitive rate environment, but we’re not seeing anything that’s irrational,” Yeager said. “Everyone wants to get their assets moving, but I think [providers] want to steer prices upwards. We’re not anticipating, as we go into bid season, that prices will go down. It’s unknown how much they’ll go up.” Trucking rates, as a leading indicator, will be critical in determining how much intermodal rates could rise in 2025. Trucking analysts and executives at the Journal of Commerce Inland Distribution Conference in October forecast that truckload rates would rise by <a href="https://www.joc.com/article/domestic-intermodal-rate-pressure-building-on-stronger-truck-pricing-5741060">low- to mid-single digits</a> in early 2025 contracts, with intermodal rates a couple of percentage points lower than that. Nevertheless, Hub Group’s truck brokerage division is expected to remain pressured by prices in the fourth quarter, casting doubt on whether truckload carriers have much leverage as rate talks with shippers proceed. Contact Ari Ashe at <a href="mailto:ari.ashe@spglobal.com">ari.ashe@spglobal.com</a>. </div>

Hub Group experienced double-digit growth in its intermodal volumes for the third quarter, but cautioned that a frontloaded peak season may lead to a softer finish to the year. It comes as the bid season begins in earnest, with shippers aiming to hold rates steady while intermodal carriers seek modest rate increases for 2025. The second-largest North American intermodal provider on Wednesday reported a 12% increase in intermodal volume in the third quarter compared with the year-ago period, although revenue per load declined 16%. The Intermodal Association of North America (IANA) said total intermodal volumes in North America rose 6% year over year in the third quarter. Hub’s results suggest it benefited from an aggressive pricing posture in bids that went live earlier this year, reversing some of its market share loss in 2023 by offering attractive rates to shippers. Phil Yeager, chief executive of Hub Group, attributed some of the Q3 volume increase to shippers frontloading cargo to avoid the labor unrest on the East Coast . He also said the peak season has resembled a normal pre-pandemic peak that will taper off in the next few weeks. “October was strong with a 12% increase in volume, but with the rest of the [fourth] quarter, we think the pull forward has eaten into some of our original expectations for volume,” Yeager said on an earnings call Wednesday. Rival intermodal provider J.B. Hunt said earlier in October that frontloading was a factor in rising volumes, but was unclear how much it would impact the full fourth quarter. The Journal of Commerce forecasts North American railroads will haul a total of 2 million to 2.2 million domestic containers in the fourth quarter, compared with 2.1 million last year. Bid season ramps up Shippers have begun soliciting contract rates for 2025 that would typically start between January and April and run for 12 months. Shippers want to roll over current low rates into next year, while intermodal carriers are looking for an increase in rates, according to conversations the Journal of Commerce has had with parties on both sides. Shippers have secured intermodal rate reductions for two consecutive years after double-digit hikes in 2021 and 2022. “It’s still a competitive rate environment, but we’re not seeing anything that’s irrational,” Yeager said. “Everyone wants to get their assets moving, but I think [providers] want to steer prices upwards. We’re not anticipating, as we go into bid season, that prices will go down. It’s unknown how much they’ll go up.” Trucking rates, as a leading indicator, will be critical in determining how much intermodal rates could rise in 2025. Trucking analysts and executives at the Journal of Commerce Inland Distribution Conference in October forecast that truckload rates would rise by low- to mid-single digits in early 2025 contracts, with intermodal rates a couple of percentage points lower than that. Nevertheless, Hub Group’s truck brokerage division is expected to remain pressured by prices in the fourth quarter, casting doubt on whether truckload carriers have much leverage as rate talks with shippers proceed. Contact Ari Ashe at ari.ashe@spglobal.com .

Hub Group’s Q3 intermodal volumes jump amid cargo frontloading

<div class="phx-topic abstract-wrapper">The Viau and Maisonneuve marine terminals closed to ship, rail and truck traffic Thursday morning as members of the Canadian Union of Public Employees Local 375, which represents 1,200 dockworkers at Montreal, walked off the job. </div>

The Viau and Maisonneuve marine terminals closed to ship, rail and truck traffic Thursday morning as members of the Canadian Union of Public Employees Local 375, which represents 1,200 dockworkers at Montreal, walked off the job.

<div class="phx-topic">The Port of Montreal is warning that shippers may face diverted cargoes as an indefinite strike began Thursday at two marine terminals handling Mediterranean Shipping Co. container services, with over two dozen vessels facing an impact depending on the length of the current work stoppage. The Viau and Maisonneuve marine terminals operated by Termont International closed to ship, rail and truck traffic Thursday morning as <a href="https://www.joc.com/article/montreal-dockworkers-target-mscs-terminals-for-strike-this-week-5781453">members of the Canadian Union of Public Employees (CUPE) Local 375, which represents 1,200 dockworkers at Montreal, walked off the job</a>. Montreal Port Authority (MPA) Chief Executive Julie Gascon said in a statement Thursday that the shutdown “undermines the reliability and image of our logistics sector.” The open-ended strike follows <a href="https://www.joc.com/article/port-of-montreal-to-face-three-day-strike-against-two-terminals-next-week-5737483">a three-day, port-wide work stoppage</a> at the start of October, <a href="https://www.joc.com/article/montreal-dockworkers-to-refuse-overtime-in-latest-salvo-against-port-employers-5745362">a boycott of overtime work</a> and <a href="https://www.joc.com/article/montreal-dockworkers-plan-one-day-port-strike-on-sunday-5773614">another port-wide strike this past Sunday</a>. “This new work stoppage at the Viau and Maisonneuve terminals, at the very hub of our supply chain, can only have a deeply negative impact on thousands of local businesses, as well as on the economy of Quebec and Canada as a whole,” Gascon said. Montreal’s two other international container terminals remain open. The strike at the two terminals will idle more than 1 million TEUs of Montreal’s total 2.3 million TEUs in terminal capacity. The MPA said five ships with combined capacity of 18,000 TEUs are currently headed for the two terminals, with those ships carrying time-sensitive pharmaceutical and medical goods. Refrigerated containers holding such goods are already backlogged at the port due to the earlier labor actions, the MPA said, adding that some scheduled outbound rail service has been canceled due to the backlog. Over the next three weeks, 26 ships are scheduled to call the two terminals, with the MPA saying that vessels “could change their port of destination” due to the strike. “It is imperative that the parties reach an agreement,” Gascon said. “The need to reach an agreement quickly is acute and cannot be ignored.” MSC, whose terminal arm jointly owns and operates Termont International, said in a customer advisory Wednesday that it is “working to minimize disruptions to our customers’ supply chains” and that “vessel impacts will be communicated as available and relevant.” The Maritime Employers Association (MEA), which represents Montreal’s terminals and stevedores, said Thursday it “deplores” the strike. The MEA and Local 375 have been in protracted negotiations for a new collective bargaining agreement since the last one expired at the end of 2023. The MEA said in its statement that Local 375 has made a demand to change work hours without formal negotiations. It said that “schedules used on the different docks ... called into question by the union in recent days, are enshrined in the collective agreement in force and cannot be used as a bargaining chip for a strike targeting a single operator, as is the case today.” The CUPE did not respond to a request for comment. Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com">michael.angell@spglobal.com</a>.</div>

The Port of Montreal is warning that shippers may face diverted cargoes as an indefinite strike began Thursday at two marine terminals handling Mediterranean Shipping Co. container services, with over two dozen vessels facing an impact depending on the length of the current work stoppage. The Viau and Maisonneuve marine terminals operated by Termont International closed to ship, rail and truck traffic Thursday morning as members of the Canadian Union of Public Employees (CUPE) Local 375, which represents 1,200 dockworkers at Montreal, walked off the job . Montreal Port Authority (MPA) Chief Executive Julie Gascon said in a statement Thursday that the shutdown “undermines the reliability and image of our logistics sector.” The open-ended strike follows a three-day, port-wide work stoppage at the start of October, a boycott of overtime work and another port-wide strike this past Sunday . “This new work stoppage at the Viau and Maisonneuve terminals, at the very hub of our supply chain, can only have a deeply negative impact on thousands of local businesses, as well as on the economy of Quebec and Canada as a whole,” Gascon said. Montreal’s two other international container terminals remain open. The strike at the two terminals will idle more than 1 million TEUs of Montreal’s total 2.3 million TEUs in terminal capacity. The MPA said five ships with combined capacity of 18,000 TEUs are currently headed for the two terminals, with those ships carrying time-sensitive pharmaceutical and medical goods. Refrigerated containers holding such goods are already backlogged at the port due to the earlier labor actions, the MPA said, adding that some scheduled outbound rail service has been canceled due to the backlog. Over the next three weeks, 26 ships are scheduled to call the two terminals, with the MPA saying that vessels “could change their port of destination” due to the strike. “It is imperative that the parties reach an agreement,” Gascon said. “The need to reach an agreement quickly is acute and cannot be ignored.” MSC, whose terminal arm jointly owns and operates Termont International, said in a customer advisory Wednesday that it is “working to minimize disruptions to our customers’ supply chains” and that “vessel impacts will be communicated as available and relevant.” The Maritime Employers Association (MEA), which represents Montreal’s terminals and stevedores, said Thursday it “deplores” the strike. The MEA and Local 375 have been in protracted negotiations for a new collective bargaining agreement since the last one expired at the end of 2023. The MEA said in its statement that Local 375 has made a demand to change work hours without formal negotiations. It said that “schedules used on the different docks ... called into question by the union in recent days, are enshrined in the collective agreement in force and cannot be used as a bargaining chip for a strike targeting a single operator, as is the case today.” The CUPE did not respond to a request for comment. Contact Michael Angell at michael.angell@spglobal.com .

Montreal warns of vessel diversions as strike against MSC terminals begins

<div class="phx-topic abstract-wrapper">While conventional retailers were decreasing their orders, the growth of e-commence shipments from Asia was more consistent as elevated air cargo rates pushed more shippers to move goods via ocean transport, the carrier’s CEO said. </div>

While conventional retailers were decreasing their orders, the growth of e-commence shipments from Asia was more consistent as elevated air cargo rates pushed more shippers to move goods via ocean transport, the carrier’s CEO said.

<div class="phx-topic">Ocean carrier Matson is expecting elevated rates for its Asian services for the rest of the year amid steady e-commerce growth, US tariff threats, potential labor disruption and constrained capacity due to ongoing Red Sea diversions. That comes after Matson said its net income surged 66% year over year in the third quarter to $199 million due to strong freight rates supported by market uncertainty. CEO Matt Cox, during a third-quarter earnings call Wednesday, said that while conventional retailers were decreasing their orders, the growth of e-commerce shipments from Asia was more consistent as <a href="https://www.joc.com/article/air-cargo-thrives-on-e-commerce-disruption-driven-demand-5703214">elevated air cargo rates</a> pushed more shippers to move goods via ocean transport. The mid-January expiration of a tentative labor agreement for US East and Gulf coast dockworkers was also putting upward pressure on rates, Cox said. “At some point, expect elevated freight rates in the trans-Pacific trade lane to moderate, but the timing will depend on the persistence of the underlying economic supply chain and geopolitical conditions,” he said. “At this moment, it is unclear if any of the elements of risk will normalize during 2025.” Reflecting greater pricing power, Matson’s revenue rose 16.3% to $962 million during the third quarter even as total volumes, including those on its US Jones Act trades, rose just 0.4% to 107,900 FEUs. Third-quarter China volumes inched up 2.6% to 40,000 FEUs in the same period. The fourth quarter forecast was, in part, supported by expected retail growth bolstered by a robust e-commerce sector. But Matson also pointed to several market disruptions tightening supply chain conditions — such as ongoing Red Sea diversions and the brief strike at US East and Gulf coast ports — as the primary cause for increased freight rates. “For the fourth quarter, we expect our China service freight rates to be significantly higher than [Q3 2023], but lower than the average rates achieved in the [2024] third quarter as the peak season demand eases,” said Cox. Matson’s Q4 outlook expects operating income for ocean transportation will be “meaningfully higher” than levels in the year-ago period. The market has been signaling <a href="https://www.joc.com/article/strong-imports-low-blanks-extend-peak-season-on-eastbound-trans-pacific-5782101">robust trans-Pacific volumes</a> for several weeks, and Cox pointed to several other factors offering upward support for rates, including the US presidential election and what that may mean for tariffs. Furthermore, there are market expectations for a marginal volume push driven by shippers who intend on frontloading cargo ahead of another potential labor interruption in January. Cox said some of Matson’s shippers have already “derisked” their freight by diverting it into the West Coast. Still, the Matson CEO said year-over-year expectations for the fourth quarter remain bullish. That outlook is reinforced by the strong spot market for trans-Pacific cargo, where rates for ex-Asia imports into North America have more than doubled since last year. Contact Laura Robb at <a href=" mailto:Laura.Robb@spglobal.com.">laura.robb@spglobal.com</a>. </div>

Ocean carrier Matson is expecting elevated rates for its Asian services for the rest of the year amid steady e-commerce growth, US tariff threats, potential labor disruption and constrained capacity due to ongoing Red Sea diversions. That comes after Matson said its net income surged 66% year over year in the third quarter to $199 million due to strong freight rates supported by market uncertainty. CEO Matt Cox, during a third-quarter earnings call Wednesday, said that while conventional retailers were decreasing their orders, the growth of e-commerce shipments from Asia was more consistent as elevated air cargo rates pushed more shippers to move goods via ocean transport. The mid-January expiration of a tentative labor agreement for US East and Gulf coast dockworkers was also putting upward pressure on rates, Cox said. “At some point, expect elevated freight rates in the trans-Pacific trade lane to moderate, but the timing will depend on the persistence of the underlying economic supply chain and geopolitical conditions,” he said. “At this moment, it is unclear if any of the elements of risk will normalize during 2025.” Reflecting greater pricing power, Matson’s revenue rose 16.3% to $962 million during the third quarter even as total volumes, including those on its US Jones Act trades, rose just 0.4% to 107,900 FEUs. Third-quarter China volumes inched up 2.6% to 40,000 FEUs in the same period. The fourth quarter forecast was, in part, supported by expected retail growth bolstered by a robust e-commerce sector. But Matson also pointed to several market disruptions tightening supply chain conditions — such as ongoing Red Sea diversions and the brief strike at US East and Gulf coast ports — as the primary cause for increased freight rates. “For the fourth quarter, we expect our China service freight rates to be significantly higher than [Q3 2023], but lower than the average rates achieved in the [2024] third quarter as the peak season demand eases,” said Cox. Matson’s Q4 outlook expects operating income for ocean transportation will be “meaningfully higher” than levels in the year-ago period. The market has been signaling robust trans-Pacific volumes for several weeks, and Cox pointed to several other factors offering upward support for rates, including the US presidential election and what that may mean for tariffs. Furthermore, there are market expectations for a marginal volume push driven by shippers who intend on frontloading cargo ahead of another potential labor interruption in January. Cox said some of Matson’s shippers have already “derisked” their freight by diverting it into the West Coast. Still, the Matson CEO said year-over-year expectations for the fourth quarter remain bullish. That outlook is reinforced by the strong spot market for trans-Pacific cargo, where rates for ex-Asia imports into North America have more than doubled since last year. Contact Laura Robb at laura.robb@spglobal.com .

Freight rates supported by bullish fundamentals to persist through Q4: Matson

<div class="phx-topic abstract-wrapper">The revised forecast, which covers the carrier’s financial year to March 31, 2025, is 13% higher than the $2.7 billion estimate it gave on July 31.</div>

The revised forecast, which covers the carrier’s financial year to March 31, 2025, is 13% higher than the $2.7 billion estimate it gave on July 31.

<div class="phx-topic">Ocean Network Express (ONE) has upgraded its full-year profit forecast to $3.1 billion, the carrier said Thursday, after its first-half result was buoyed by higher freight rates and cargo volumes due to the early peak season. The upgraded forecast, which covers ONE’s financial year to March 31, 2025, is 13% higher than the $2.7 billion estimate it gave on July 31. Still, the carrier said forecasting its full-year result remains challenging. “The state of affairs after the New Year [next January] is particularly difficult to foresee at the moment,” ONE said in a results presentation. It pointed out that while cargo volumes in the coming months are uncertain, “a significant number of new container vessels will be delivered in the second half of fiscal 2024.” British shipbroking house Clarksons has said container ships totaling 705,000 TEUs in capacity still have to be delivered this year, equivalent to 2.3% of the current global fleet, while more than 1.9 million TEUs are slated for delivery next year. ONE said its own order book, comprised of owned and long-term chartered vessels, stood at 52 ships at the end of September, while its on-the-water fleet consisted of 244 ships totaling just over 1.9 million TEUs. Indicating a weaker second half of its fiscal year, ONE forecast a $317 million net profit for the Oct. 1 to March 31 period, down from July’s forecast of $500 million. <h3>Strong fiscal second quarter </h3>Singapore-headquartered ONE said its interim net profit from April 1 to Sept. 30 climbed to $2.8 billion, up from $700 million in the same period of 2023, and included net profit of $2 billion in its fiscal second quarter alone. Fiscal first-half revenues climbed 38% to $10.1 billion, up from $7.3 billion. Highlighting its strong second quarter, ONE said its cargo movements from Asia to North America in July and August increased 18% year over year, with a 6.4% increase in Asia to Europe volumes in July. Demonstrating higher rates, ONE data showed its freight rate index averaged 195 on Asia-North America eastbound trades in the second quarter, while the Asia-Europe westbound index averaged 293. That compared with index levels of 109 on eastbound North America trades and 116 on westbound European services in the fiscal second quarter last year. “Robust domestic consumption continued in the United States, and strong cargo movement continued due to customers advancing shipments in anticipation of supply chain disruptions,” the carrier said. Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>. </div>

Ocean Network Express (ONE) has upgraded its full-year profit forecast to $3.1 billion, the carrier said Thursday, after its first-half result was buoyed by higher freight rates and cargo volumes due to the early peak season. The upgraded forecast, which covers ONE’s financial year to March 31, 2025, is 13% higher than the $2.7 billion estimate it gave on July 31. Still, the carrier said forecasting its full-year result remains challenging. “The state of affairs after the New Year [next January] is particularly difficult to foresee at the moment,” ONE said in a results presentation. It pointed out that while cargo volumes in the coming months are uncertain, “a significant number of new container vessels will be delivered in the second half of fiscal 2024.” British shipbroking house Clarksons has said container ships totaling 705,000 TEUs in capacity still have to be delivered this year, equivalent to 2.3% of the current global fleet, while more than 1.9 million TEUs are slated for delivery next year. ONE said its own order book, comprised of owned and long-term chartered vessels, stood at 52 ships at the end of September, while its on-the-water fleet consisted of 244 ships totaling just over 1.9 million TEUs. Indicating a weaker second half of its fiscal year, ONE forecast a $317 million net profit for the Oct. 1 to March 31 period, down from July’s forecast of $500 million. Strong fiscal second quarter Singapore-headquartered ONE said its interim net profit from April 1 to Sept. 30 climbed to $2.8 billion, up from $700 million in the same period of 2023, and included net profit of $2 billion in its fiscal second quarter alone. Fiscal first-half revenues climbed 38% to $10.1 billion, up from $7.3 billion. Highlighting its strong second quarter, ONE said its cargo movements from Asia to North America in July and August increased 18% year over year, with a 6.4% increase in Asia to Europe volumes in July. Demonstrating higher rates, ONE data showed its freight rate index averaged 195 on Asia-North America eastbound trades in the second quarter, while the Asia-Europe westbound index averaged 293. That compared with index levels of 109 on eastbound North America trades and 116 on westbound European services in the fiscal second quarter last year. “Robust domestic consumption continued in the United States, and strong cargo movement continued due to customers advancing shipments in anticipation of supply chain disruptions,” the carrier said. Contact Keith Wallis at keithwallis@hotmail.com .

ONE upgrades full-year profit forecast to $3 billion after strong early peak season

<div class="phx-topic abstract-wrapper">Fewer port calls in the Gemini network will allow the carrier to move greater volumes with the same number of ships, Vincent Clerc said while reporting a highly profitable third quarter.</div>

Fewer port calls in the Gemini network will allow the carrier to move greater volumes with the same number of ships, Vincent Clerc said while reporting a highly profitable third quarter.

<div class="phx-topic">Maersk’s existing fleet capacity of nearly 4.3 million TEUs will be enough to handle demand growth for two to three years as the Gemini network enables faster turnaround times and greater volumes transported on the same number of vessels, CEO Vincent Clerc said Thursday. The carrier’s order book is approximately 8% of Maersk’s in-service fleet, not counting a recent order for 800,000 TEUs in dual-fuel ship capacity due for delivery from 2026 to 2030. Most of the incoming capacity will replace older tonnage heading for the scrapyard. “The simple fact of moving to this modular network will mean that with the same size of fleet we will be able to keep up with market growth for two to three years,” Clerc told investors during an earnings call as Maersk reported its third-quarter financial results. “...Our primary focus right now is to be able to transport more volume on the same number of ships.” Despite a relatively flat 0.3% year-over-year increase in third-quarter volume to 3.1 million FEUs, Maersk’s average rate level of $3,236 per FEU was up 54% year over year and 29% higher than the second quarter. The impact on Maersk’s earnings was substantial, driving up the carrier’s third-quarter revenue by 30% year over year to $15.8 billion and increasing its earnings before interest, taxes, depreciation and amortization (EBITDA) by 155% to $4.8 billion. Earnings before interest and taxes (EBIT) rose 515% to $3.3 billion, while Maersk’s third-quarter net profit of $3.1 billion was almost five times higher than the same quarter last year. “We saw the full impact of the elevated rates that we saw in the second quarter materialize in the third quarter,” Clerc said. “...This delay resulted in the third quarter being [our] strongest quarter of 2024.” “This benefit of higher freight rates, combined with continued strong volumes, has delivered substantially higher profit,” he added, noting that rates peaked in July and have now stabilized amid the solid demand expected in the fourth quarter. That visibility into fourth-quarter demand — Maersk expects container market volume growth of 6% year over year — saw the carrier earlier this month <a href="https://www.joc.com/article/maersk-hikes-full-year-profit-forecast-amid-expected-strong-q3-financials-5771869">raise the upper end of its full-year operating profit forecast</a> by $500 million to $11.5 billion. <h3>Logistics still falling short of expectations </h3>Market attention has been focused on Maersk’s Logistics and Services segment at the center of its integrator strategy that has performed below expectations in the last few years. Although there were signs of improvement in the third quarter, Clerc remained dissatisfied with the performance. “I’m pleased with the sequential improvement, but I am not satisfied with the absolute level,” he said. “In contract logistics, warehousing and distribution — what we call ‘Fulfilled by Maersk’ — we’re still not at a margin that is satisfactory, and that’s the main area that we must continue to work on.” Revenue of $3.9 billion in the Logistics and Services segment was up 11% year over year and 7.2% higher than in the second quarter. EBITDA rose 27% year over year and 25% from the second quarter, to $431 million. EBIT of $200 million was up 47% year over year and 59% from the second quarter, although the EBIT margin of 5.1% remains short of Maersk’s 6% target. The higher profitability was attributed to stronger performance in lead and contract logistics and high air freight rates, as well as operational efficiency gains across all products. ”The transport and lead logistics parts are delivering something close to best-in-class, but on our warehousing and distribution we still have work to do to get us above that 6% margin and keep us there,” Clerc said. ”I expect continued sequential improvement ... we’re not going to reach 6% in Q4 but somewhere between 5.1% and 6% is where we need to be in Q4 barring any surprises,” he added. Maersk CFO Patrick Jany said the logistics segment performance was moving in the right direction. “Fundamentally, we are improving the cost position and the resilience of the business and will continue to build on this momentum towards our EBIT margin target of above 6%,” he told analysts. Maersk’s APM Terminals segment also reported a solid third quarter with revenue rising 18% year over year to $1.18 billion. EBITDA of $424 million was up 20%, while EBIT rose 25% to $338 million. Much of the increase in earnings was derived from North America and India where tariff increases and higher storage revenue were reported. Looking ahead to next year, Clerc described the Red Sea situation as being “entrenched” and did not expect any return to Suez Canal transits until “well into 2025.” This reality is influencing the February launch of the Gemini Cooperation alliance, with Maersk and Hapag-Lloyd only recently <a href="https://www.joc.com/article/maersk-rules-out-suez-canal-routings-for-gemini-launch-5746470">discarding Suez routings from the network</a>. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

Maersk’s existing fleet capacity of nearly 4.3 million TEUs will be enough to handle demand growth for two to three years as the Gemini network enables faster turnaround times and greater volumes transported on the same number of vessels, CEO Vincent Clerc said Thursday. The carrier’s order book is approximately 8% of Maersk’s in-service fleet, not counting a recent order for 800,000 TEUs in dual-fuel ship capacity due for delivery from 2026 to 2030. Most of the incoming capacity will replace older tonnage heading for the scrapyard. “The simple fact of moving to this modular network will mean that with the same size of fleet we will be able to keep up with market growth for two to three years,” Clerc told investors during an earnings call as Maersk reported its third-quarter financial results. “...Our primary focus right now is to be able to transport more volume on the same number of ships.” Despite a relatively flat 0.3% year-over-year increase in third-quarter volume to 3.1 million FEUs, Maersk’s average rate level of $3,236 per FEU was up 54% year over year and 29% higher than the second quarter. The impact on Maersk’s earnings was substantial, driving up the carrier’s third-quarter revenue by 30% year over year to $15.8 billion and increasing its earnings before interest, taxes, depreciation and amortization (EBITDA) by 155% to $4.8 billion. Earnings before interest and taxes (EBIT) rose 515% to $3.3 billion, while Maersk’s third-quarter net profit of $3.1 billion was almost five times higher than the same quarter last year. “We saw the full impact of the elevated rates that we saw in the second quarter materialize in the third quarter,” Clerc said. “...This delay resulted in the third quarter being [our] strongest quarter of 2024.” “This benefit of higher freight rates, combined with continued strong volumes, has delivered substantially higher profit,” he added, noting that rates peaked in July and have now stabilized amid the solid demand expected in the fourth quarter. That visibility into fourth-quarter demand — Maersk expects container market volume growth of 6% year over year — saw the carrier earlier this month raise the upper end of its full-year operating profit forecast by $500 million to $11.5 billion. Logistics still falling short of expectations Market attention has been focused on Maersk’s Logistics and Services segment at the center of its integrator strategy that has performed below expectations in the last few years. Although there were signs of improvement in the third quarter, Clerc remained dissatisfied with the performance. “I’m pleased with the sequential improvement, but I am not satisfied with the absolute level,” he said. “In contract logistics, warehousing and distribution — what we call ‘Fulfilled by Maersk’ — we’re still not at a margin that is satisfactory, and that’s the main area that we must continue to work on.” Revenue of $3.9 billion in the Logistics and Services segment was up 11% year over year and 7.2% higher than in the second quarter. EBITDA rose 27% year over year and 25% from the second quarter, to $431 million. EBIT of $200 million was up 47% year over year and 59% from the second quarter, although the EBIT margin of 5.1% remains short of Maersk’s 6% target. The higher profitability was attributed to stronger performance in lead and contract logistics and high air freight rates, as well as operational efficiency gains across all products. ”The transport and lead logistics parts are delivering something close to best-in-class, but on our warehousing and distribution we still have work to do to get us above that 6% margin and keep us there,” Clerc said. ”I expect continued sequential improvement ... we’re not going to reach 6% in Q4 but somewhere between 5.1% and 6% is where we need to be in Q4 barring any surprises,” he added. Maersk CFO Patrick Jany said the logistics segment performance was moving in the right direction. “Fundamentally, we are improving the cost position and the resilience of the business and will continue to build on this momentum towards our EBIT margin target of above 6%,” he told analysts. Maersk’s APM Terminals segment also reported a solid third quarter with revenue rising 18% year over year to $1.18 billion. EBITDA of $424 million was up 20%, while EBIT rose 25% to $338 million. Much of the increase in earnings was derived from North America and India where tariff increases and higher storage revenue were reported. Looking ahead to next year, Clerc described the Red Sea situation as being “entrenched” and did not expect any return to Suez Canal transits until “well into 2025.” This reality is influencing the February launch of the Gemini Cooperation alliance, with Maersk and Hapag-Lloyd only recently discarding Suez routings from the network . Contact Greg Knowler at greg.knowler@spglobal.com .

Maersk’s existing fleet size sufficient to handle short-term demand growth: CEO

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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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