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<div class="phx-topic abstract-wrapper">BY EDWARD NEILANEdward Neilan, who is based in Tokyo, is a veteran analyst of Northeast Asia</div>

BY EDWARD NEILANEdward Neilan, who is based in Tokyo, is a veteran analyst of Northeast Asia

<div>BY EDWARD NEILANEdward Neilan, who is based in Tokyo, is a veteran analyst of Northeast Asian affairs and a media fellow at the Hoover Institution, Stanford University. He can be reached at 011-813-3451-8319 or at eneilan(AT)crisscross.com.Japanese Prime Minister Keizo Obuchi's trip to Beijing Thursday could be met with an even more stiff and tense atmosphere than Chinese President Jiang Zemin's visit to Tokyo last November, analysts say.Tete-a-tetes between leaders of East Asia's two strongest powers have evolved in recent years from grand oriental tea parties stressing protocol, details of massive Japanese loans and China's mild requests for apologies for World...

BY EDWARD NEILAN Edward Neilan, who is based in Tokyo, is a veteran analyst of Northeast Asian affairs and a media fellow at the Hoover Institution, Stanford University. He can be reached at 011-813-3451-8319 or at eneilan(AT)crisscross.com.Japanese Prime Minister Keizo Obuchi's trip to Beijing Thursday could be met with an even more stiff and tense atmosphere than Chinese President Jiang Zemin's visit to Tokyo last November, analysts say. Tete-a-tetes between leaders of East Asia's two strongest powers have evolved in recent years from grand oriental tea parties stressing protocol, details of massive Japanese loans and China's mild requests for apologies for World War II grievances. They now involve tough protests by China over Tokyo's new defense guidelines and its infatuation with the Theater Missile Defense concept. Both issues are seen as evidence of Japan's closer military ties to the United States and possible barriers to China's aim to regain Taiwan. Only the birth two months ago in Tokyo of a rare Chinese crested ibis, whose parents were donated by a Chinese zoo, seemed to restore a degree of warmth to ties between the two nations with so much cultural affinity. A new set of Chinese naval provocations is causing tensions on the eve of Prime Minister Obuchi's visit this week, although the Japanese Foreign Ministry has been doing its best to downplay the significance. Since April, Chinese marine research vessels and navy warships have become more active in Japanese waters and the exclusive economic zone set by Japan. This is a geographic line equidistant from China, Japan and South Korea and generally acknowledged by all parties. The number of confirmed sightings of Chinese vessels by Japan has already topped the record set three years ago. The pattern of intrusions by the Chinese ships was first reported by Keiko Iizuka, a Yomiuri Shimbun newspaper staffer based in Naha, Okinawa. The Japanese Foreign Ministry said that under its laws, Japan could take action against the intruders. But a Maritime Self-Defense Agency source said, ''In actuality, we cannot do so under the current circumstances.'' That is wishy-washy doublespeak for the fact that under Japan's no-war Constitution, a complicated set of circumstances must be in place before any action may be taken. ''Because of politics, a warning shot has never been fired by a Japanese vessel,'' said a Western naval attache. ''Consider the difference when North and South Korean navies square off, as they did recently.'' Aside from showing its political and military muscle, China has strong interest in the area's resources, said Shigeo Hiramatsu, a professor at Kyorin University: ''In the wake of its rapid growth, China is in great need of oil and marine resources. At present, China has a strong interest in waters around the equidistant line of Japan, anticipating huge deposits of oil there.'' He added: ''When it comes to the recent movements of the Chinese Navy warships, China wants to secure a navigation course enabling it to sail from the East China Sea into the Pacific . . . it has demonstrated the presence of its naval strength since the days of Deng Xiaoping. The passage lying in between the main Okinawa Island and Miyako Island is in this sense deemed as an important one.'' Noting that Chinese vessels have been spotted in these waters for the past decade or so, Hiramatsu said the Japanese government ''has been irresolute - done nothing - in taking proper action against them.'' As a result, China has been gradually broadening the scope of its activities. While testing Japan's reaction, China has escalated its activities to the point of carrying out military exercises by its warships, the professor said. The Journal of Commerce welcomes opinion articles of up to 700 words on issues of public policy. They may be e-mailed, without attachments, to gstorey(AT)mail.joc.com; or mailed to Editorial Director, The Journal of Commerce, Two World Trade Center, 27th Floor, New York, N.Y. 10048. Articles should include the writer's name, address, business or organization if pertinent, day telephone number and fax number. They may be edited for space or clarity. Unsolicited articles that are not accepted will be returned if accompanied by a stamped, self-addressed envelope.

TENSE TIME FOR OBUCHI IN BEIJING

<div class="phx-topic abstract-wrapper">The selection of Oregon Rep. Lori Chavez-DeRemer is seen as favorable to unions, with the new administration potentially facing the need to intervene if ILA contract talks aren’t settled before Trump takes office.</div>

The selection of Oregon Rep. Lori Chavez-DeRemer is seen as favorable to unions, with the new administration potentially facing the need to intervene if ILA contract talks aren’t settled before Trump takes office.

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<div class="phx-topic">The incoming Trump administration’s pick for US labor secretary has drawn mixed reaction from the logistics industry, with the International Longshoremen’s Association (ILA) and Teamsters viewing Rep. Lori Chavez-DeRemer as solidly behind unions while trucking groups see a foe of the owner-operator driver model used widely by motor carriers. Last week’s announcement from President-elect Donald Trump that he would nominate the Oregon congresswoman drew praise from the ILA, which said in a statement, “Rep. Chavez-DeRemer built a strong pro-worker record protecting their rights to organize.” “We look forward to working with Ms. Chavez-DeRemer and (the Trump) administration on legislation and policies that protect worker’s rights, safety and honors their commitment to building a strong economy...,” ILA President Harold Daggett said in the statement. The ILA, of course, may have to draw on the incoming administration’s support in the event it’s not able to successfully settle on a new contract with maritime employers by the Jan. 15 expiration of the contract extension that ended October’s three-day port strike along the US East and Gulf coasts. While the ILA did not outright endorse either candidate in the 2024 presidential election, Daggett, who met with Trump last year, said the incoming president “<a href="https://www.joc.com/article/ila-looking-for-local-ports-to-bring-in-more-union-foremen-5244993">is looking to take care of things for the unions.</a>” The ILA also praised <a href="https://www.joc.com/article/behind-the-scenes-white-house-arm-twisting-got-ila-wage-deal-done-5747241">the Biden administration and acting Labor Secretary Julie Su</a> for helping settle wage discussions with maritime employers back in October. Sean O’Brien, president of the 1.3-million-member International Brotherhood of Teamsters, congratulated Chavez-DeRemer shortly after her nomination, saying in a statement that Trump “pledged to listen to workers and find common ground to protect and respect labor in America.” <h3>First term in Congress </h3>Chavez-DeRemer, who is serving her first term in Congress, co-sponsored 12 House bills that touched on labor and employment policy. Among union-focused activities, she co-sponsored a bill that would enshrine the rights of state public sector employees to organize and bargain collectively and another bill to ensure similar rights for state public safety employees. She has also supported the Protecting the Right to Organize (PRO) Act, which has drawn some 218 co-sponsors in the House. The PRO Act expands federal protections for unions by preventing employers from requiring attendance at meetings designed to dissuade union organizing or making workers sign pledges against union organizing. It also prohibits retaliation against employees for union organizing. PRO also allows union members to participate in secondary strikes and prohibits claims against unions that conduct such strikes. More controversially, though, the PRO Act makes it more difficult for employers to classify a worker as an independent contractor rather than a full-time employee. The PRO Act will limit the independent contractor definition to those workers who are not under an employer’s direct control for how the service is performed, or when the service is not part of the employer’s regular course of work Those criteria mirror <a href="https://www.joc.com/article/proposed-federal-rule-threatens-independent-contractor-model-in-trucking-opponents-5242331">the so-called ABC test that is used in states including California</a> and <a href="https://www.joc.com/article/stg-shifting-from-drayage-carrier-to-broker-after-new-jersey-legal-challenge-5703212">New Jersey</a> to classify independent contractors and has been widely criticized for forcing motor carriers to drop owner-operator drivers in favor of employee drivers. The PRO Act also creates the new category of a “joint employer” that determines or controls how an employee of another firm performs their job. Critics have said that it could create a condition where a marine terminal can be classified as a joint employer of a port trucker due to the instructions and requirements for drivers entering their facility. The American Trucking Associations said in a statement following Chavez-DeRemer’s nomination that her “anti-trucking policies undermine our essential workforce, threaten the right of independent truckers to choose their own career path, and impede the efficiency of the supply chain.” Contact Michael Angell at <a href="mailto:michael.angell@spglobal.com ">michael.angell@spglobal.com</a> </div>

The incoming Trump administration’s pick for US labor secretary has drawn mixed reaction from the logistics industry, with the International Longshoremen’s Association (ILA) and Teamsters viewing Rep. Lori Chavez-DeRemer as solidly behind unions while trucking groups see a foe of the owner-operator driver model used widely by motor carriers. Last week’s announcement from President-elect Donald Trump that he would nominate the Oregon congresswoman drew praise from the ILA, which said in a statement, “Rep. Chavez-DeRemer built a strong pro-worker record protecting their rights to organize.” “We look forward to working with Ms. Chavez-DeRemer and (the Trump) administration on legislation and policies that protect worker’s rights, safety and honors their commitment to building a strong economy...,” ILA President Harold Daggett said in the statement. The ILA, of course, may have to draw on the incoming administration’s support in the event it’s not able to successfully settle on a new contract with maritime employers by the Jan. 15 expiration of the contract extension that ended October’s three-day port strike along the US East and Gulf coasts. While the ILA did not outright endorse either candidate in the 2024 presidential election, Daggett, who met with Trump last year, said the incoming president “ is looking to take care of things for the unions. ” The ILA also praised the Biden administration and acting Labor Secretary Julie Su for helping settle wage discussions with maritime employers back in October. Sean O’Brien, president of the 1.3-million-member International Brotherhood of Teamsters, congratulated Chavez-DeRemer shortly after her nomination, saying in a statement that Trump “pledged to listen to workers and find common ground to protect and respect labor in America.” First term in Congress Chavez-DeRemer, who is serving her first term in Congress, co-sponsored 12 House bills that touched on labor and employment policy. Among union-focused activities, she co-sponsored a bill that would enshrine the rights of state public sector employees to organize and bargain collectively and another bill to ensure similar rights for state public safety employees. She has also supported the Protecting the Right to Organize (PRO) Act, which has drawn some 218 co-sponsors in the House. The PRO Act expands federal protections for unions by preventing employers from requiring attendance at meetings designed to dissuade union organizing or making workers sign pledges against union organizing. It also prohibits retaliation against employees for union organizing. PRO also allows union members to participate in secondary strikes and prohibits claims against unions that conduct such strikes. More controversially, though, the PRO Act makes it more difficult for employers to classify a worker as an independent contractor rather than a full-time employee. The PRO Act will limit the independent contractor definition to those workers who are not under an employer’s direct control for how the service is performed, or when the service is not part of the employer’s regular course of work Those criteria mirror the so-called ABC test that is used in states including California and New Jersey to classify independent contractors and has been widely criticized for forcing motor carriers to drop owner-operator drivers in favor of employee drivers. The PRO Act also creates the new category of a “joint employer” that determines or controls how an employee of another firm performs their job. Critics have said that it could create a condition where a marine terminal can be classified as a joint employer of a port trucker due to the instructions and requirements for drivers entering their facility. The American Trucking Associations said in a statement following Chavez-DeRemer’s nomination that her “anti-trucking policies undermine our essential workforce, threaten the right of independent truckers to choose their own career path, and impede the efficiency of the supply chain.” Contact Michael Angell at michael.angell@spglobal.com

Trump’s labor pick draws longshore and Teamster praise, but trucker ire

<div class="phx-topic abstract-wrapper">The news from Gemini came as MSC released the latest update to its standalone east-west network that will also launch in February. </div>

The news from Gemini came as MSC released the latest update to its standalone east-west network that will also launch in February.

<div class="phx-topic">Gemini Cooperation, the new Maersk/Hapag-Lloyd alliance, will open cargo bookings beginning Dec. 3, two months before the official Feb. 1 launch of the network, Hapag-Lloyd confirmed Wednesday. February voyages will be available when the booking portal opens, the carrier said in a customer advisory. “As our 2025 network will be fully phased in only after the transition from our current THE Alliance network during 2025, not all Gemini Cooperation voyages might be reflected in our schedule yet,” Hapag-Lloyd said. The carrier’s online schedules only cover vessel arrivals at the destination port up to the end of January, just before Hapag-Lloyd’s membership in THE Alliance ends. Gemini will provide 56 mainline and shuttle services covering seven east-west trades on a hub-and-spoke network and utilizing about 340 vessels with a total capacity of 3.7 million TEUs. The Gemini carriers have continued to tweak the network after releasing the final schedule on Oct. 9, which reflected their decision to choose the Cape of Good Hope option for vessel routings to avoid the threat of militant attacks in the Red Sea. The latest change, announced on Nov. 18, was to shift calls from the UK’s Felixstowe port to London Gateway on three Asia-Europe services. <h3>MSC updates east-west network </h3>The news from Gemini came as Mediterranean Shipping Co. (MSC) released on Wednesday the latest update to its standalone east-west network that will launch in February. The changes feature extra port calls to “optimize our Asia to Europe, US and Canada connectivity,” the carrier said in a customer advisory. The biggest difference is MSC’s Mustang service connecting Asia to the Northwest US and Canada will be added to its standalone east-west network. The new rotation will be Xiamen–Yantian–Ningbo–Shanghai–Busan–Seattle– Vancouver–Portland–Busan. Other changes include the addition of calls at Vung Tau and Haiphong in Vietnam on MSC’s Pearl and Chinook services; Nansha on its Asia-Europe Lion and Dragon services; Yantian (westbound) and Yokohama in place of Busan on its Swan-Sentosa service; and Busan (westbound) on its Asia-US Orient and Lonestar services. MSC has also added a call at Vizhinjam in India on its Asia-Europe Jade service, with Colombo also added to both its Britannia service connecting Asia and North Europe and its eastbound America service between the US East Coast and Asia. MSC’s Albatross service will now feature two calls in the UK, with London Gateway added after Felixstowe, which will remain the first call in Europe from Asia. MSC said its standalone east-west network together with its existing Asia export services will “provide unmatched continental trade connectivity with Asia through a vast array of loops, competitive transit times and a high frequency of direct port calls.” Contact Keith Wallis at keithwallis@hotmail.com. </div>

Gemini Cooperation, the new Maersk/Hapag-Lloyd alliance, will open cargo bookings beginning Dec. 3, two months before the official Feb. 1 launch of the network, Hapag-Lloyd confirmed Wednesday. February voyages will be available when the booking portal opens, the carrier said in a customer advisory. “As our 2025 network will be fully phased in only after the transition from our current THE Alliance network during 2025, not all Gemini Cooperation voyages might be reflected in our schedule yet,” Hapag-Lloyd said. The carrier’s online schedules only cover vessel arrivals at the destination port up to the end of January, just before Hapag-Lloyd’s membership in THE Alliance ends. Gemini will provide 56 mainline and shuttle services covering seven east-west trades on a hub-and-spoke network and utilizing about 340 vessels with a total capacity of 3.7 million TEUs. The Gemini carriers have continued to tweak the network after releasing the final schedule on Oct. 9, which reflected their decision to choose the Cape of Good Hope option for vessel routings to avoid the threat of militant attacks in the Red Sea. The latest change, announced on Nov. 18, was to shift calls from the UK’s Felixstowe port to London Gateway on three Asia-Europe services. MSC updates east-west network The news from Gemini came as Mediterranean Shipping Co. (MSC) released on Wednesday the latest update to its standalone east-west network that will launch in February. The changes feature extra port calls to “optimize our Asia to Europe, US and Canada connectivity,” the carrier said in a customer advisory. The biggest difference is MSC’s Mustang service connecting Asia to the Northwest US and Canada will be added to its standalone east-west network. The new rotation will be Xiamen–Yantian–Ningbo–Shanghai–Busan–Seattle– Vancouver–Portland–Busan. Other changes include the addition of calls at Vung Tau and Haiphong in Vietnam on MSC’s Pearl and Chinook services; Nansha on its Asia-Europe Lion and Dragon services; Yantian (westbound) and Yokohama in place of Busan on its Swan-Sentosa service; and Busan (westbound) on its Asia-US Orient and Lonestar services. MSC has also added a call at Vizhinjam in India on its Asia-Europe Jade service, with Colombo also added to both its Britannia service connecting Asia and North Europe and its eastbound America service between the US East Coast and Asia. MSC’s Albatross service will now feature two calls in the UK, with London Gateway added after Felixstowe, which will remain the first call in Europe from Asia. MSC said its standalone east-west network together with its existing Asia export services will “provide unmatched continental trade connectivity with Asia through a vast array of loops, competitive transit times and a high frequency of direct port calls.” Contact Keith Wallis at keithwallis@hotmail.com.

Hapag-Lloyd says Gemini alliance cargo bookings to open Dec. 3

<div class="phx-topic abstract-wrapper">The agreement was set in motion by Evergreen just weeks after Singapore experienced unprecedented congestion in May and June, with vessel delays of up to 10 days.</div>

The agreement was set in motion by Evergreen just weeks after Singapore experienced unprecedented congestion in May and June, with vessel delays of up to 10 days.

<div class="phx-topic">Taiwan’s Evergreen Marine Asia and PSA Singapore on Tuesday signed a deal to form a joint venture terminal operation that will become Evergreen’s Southeast Asia transshipment center. Evergreen said the Singapore hub will strengthen its operational efficiency and bolster the competitiveness of its fleet. Evergreen will invest up to $57 million for a 49% stake in the venture, called Evergreen-PSA Terminal Ltd, the carrier said in a filing to the Taiwan stock exchange.Terminal operations are expected to start by the end of this year.Evergreen said the move will allow the carrier’s ships in Singapore to “obtain priority berthing rights [and] have exclusive loading and unloading resources to reduce waiting time for berthing operations.”The terminal is the first joint venture facility between Evergreen and PSA.”As the company’s business expands, we are always looking for like-minded partners to build high-efficiency terminals in important locations,” Evergreen Marine Chairman Chang Yan Yi said in the statement.The deal adds to PSA Singapore’s growing stable of similar joint venture terminals with other carriers, notably Cosco Shipping, CMA CGM, HMM, Mediterranean Shipping Co. and Ocean Network Express.Evergreen directors decided in August to set up a joint venture company with PSA just weeks after Singapore experienced unprecedented congestion in May and June, with vessel delays of up to eight to 10 days.At the time, Singapore’s Maritime and Port Authority (MPA) said the problems were the culmination of months of disruption as carriers curtailed or blanked services and discharged cargo in Singapore as vessels diverted around southern Africa to avoid the Red Sea. The situation was exacerbated due to strong east-west cargo volumes as shippers consigned cargo early to offset delays.Contact Keith Wallis at <a href="mailto:keithwallis@hotmail.com">keithwallis@hotmail.com</a>.</div>

Taiwan’s Evergreen Marine Asia and PSA Singapore on Tuesday signed a deal to form a joint venture terminal operation that will become Evergreen’s Southeast Asia transshipment center. Evergreen said the Singapore hub will strengthen its operational efficiency and bolster the competitiveness of its fleet. Evergreen will invest up to $57 million for a 49% stake in the venture, called Evergreen-PSA Terminal Ltd, the carrier said in a filing to the Taiwan stock exchange. Terminal operations are expected to start by the end of this year. Evergreen said the move will allow the carrier’s ships in Singapore to “obtain priority berthing rights [and] have exclusive loading and unloading resources to reduce waiting time for berthing operations.” The terminal is the first joint venture facility between Evergreen and PSA. ”As the company’s business expands, we are always looking for like-minded partners to build high-efficiency terminals in important locations,” Evergreen Marine Chairman Chang Yan Yi said in the statement. The deal adds to PSA Singapore’s growing stable of similar joint venture terminals with other carriers, notably Cosco Shipping, CMA CGM, HMM, Mediterranean Shipping Co. and Ocean Network Express. Evergreen directors decided in August to set up a joint venture company with PSA just weeks after Singapore experienced unprecedented congestion in May and June, with vessel delays of up to eight to 10 days. At the time, Singapore’s Maritime and Port Authority (MPA) said the problems were the culmination of months of disruption as carriers curtailed or blanked services and discharged cargo in Singapore as vessels diverted around southern Africa to avoid the Red Sea. The situation was exacerbated due to strong east-west cargo volumes as shippers consigned cargo early to offset delays. Contact Keith Wallis at keithwallis@hotmail.com .

Evergreen sets up transshipment hub in Singapore with PSA terminal deal

<div class="phx-topic abstract-wrapper">NYSHEX is making a renewed effort to solve the fundamental problem of ocean container supply chains, promoting the use of index-linked contracts to build contract integrity and certainty. </div>

NYSHEX is making a renewed effort to solve the fundamental problem of ocean container supply chains, promoting the use of index-linked contracts to build contract integrity and certainty.

<div class="phx-topic">From its origins over a decade ago, NYSHEX, founded and led by Gordon Downes, has always aimed to advance a simple yet stubbornly elusive concept in container shipping: integrity of contracts. Incomprehensible to outsiders, signed contracts — many pages long and vetted by lawyers — are unenforceable when confronted by the real-world forces of supply and demand and volatile pricing. “The big problem that prompted us to start NYSHEX is contracts in our industry don’t perform,” Downes told the Journal of Commerce. In many cases, the shipper or carrier fails to live up to the contract terms, whether that be a carrier unwilling to provide vessel space or a shipper steering cargo to other carriers or non-vessel-operating common carriers (NVOs) to obtain a lower rate, thus failing to deliver the agreed-upon volumes. Triggers for failed contracts occur when spot rates deviate significantly from contract rates and carriers blank sailings or omit ports on short notice due to changes in demand, creating shortfalls in available capacity. Downes said ocean container contracts have just a 65% fulfillment rate. Although such practices undermine trust and stress relationships to the breaking point, no scenario results in serious consequences for the offending party. Litigation or government enforcement remain rare outside of a tiny handful of highly publicized cases. Originally, NYSHEX, founded by Downes in 2015 “to solve the problem of poor contract fulfillment,” aimed to create an exchange whereby mutually committed — meaning enforceable — contracts could be executed by shippers, NVOs and carriers under full approval of the US Federal Maritime Commission (FMC) and the auspices of the NYSHEX brand. To the limited extent the market availed itself of such contracts, they worked: in the vast majority of cases, both parties lived up to what they committed to. Still, the penalties meant to ensure compliance “can put a lot of strain on relationships, especially when the spot rates are so volatile,” Downes said. But while the concept found some uptake, demand was cyclical and could not overcome at scale the market forces that, in peculiar container shipping mentality, frequently lead each side to seek near-term pricing gain, if it is to be had, at the expense of longer-term certainty of space or volumes. Whether it’s an obsessively procurement-based mindset on the part of shippers in seeking to drive prices lower whenever possible, or carriers seeing better opportunities on the spot market, sacrifices in pursuit of certainty have yet to take hold on an industrywide level. If there was ever a moment for that mentality to be challenged, it was the pandemic, which showed shippers how quickly and painfully vessel space can dry up in a crisis. And yet the problem remains. <h3>New technology and products</h3>But NYSHEX persevered with its original vision, even if that meant applying it in new ways. The company developed technology that enables parties to monitor contract performance, drawing them into a real-time collaborative environment where issues can be identified and resolved on the spot, versus after the fact during increasingly infrequent quarterly performance reviews. In other words, if contracts can be mutually monitored in real time, the odds are better the parties will comply. Now NYSHEX is delving yet further into solving the fundamental problem: promoting the use of index-linked contracts as a way to build contract integrity and certainty into ocean container supply chains. In announcing a Series C funding round last week, NYSHEX made a strong statement that there is traction in the idea, however long it may have been around. The funding round attracted participation from existing investors, including Goldman Sachs, and new ones, including the Intercontinental Exchange (NYSE:ICE), a leading exchange operator which will calculate the new indices based on actual rates paid by shippers. Other container freight rate indices tend to be based on traditional price discovery performed by analysts. It said it will launch a new series of indices and tools to administer index-linked contracts. The question, then, is whether index-linked contracts are able to move the industry forward in addressing the continuing core problem of a lack of contract integrity. Linking pricing to an index means shippers’ rates face less risk of falling out of the range of prevailing rates and cargo being left behind at origin. But there is less budget certainty which clashes with annual budgeting cycles at beneficial cargo owners (BCOs). And while there are futures contracts traded, such as an active market of day traders on the Shanghai International Energy Exchange (INE China), which launched trading in a Containerized Freight Index Futures Contract in 2023, they haven’t built the liquidity or credibility to be of interest to BCO finance teams who would engage in hedging against adverse movements in ocean rates. And carriers have been outspoken about their declining interest in container freight futures. Index-linked contracts have a history of going in and out of fashion; they fell into fashion during the pandemic when shippers were desperate for space but fell out once the extremes of the disruptions were over. Also holding back index-linked contracts are shipper and carrier lawyers needing to come to agree on terms and conditions, frequently a difficult hurdle to overcome. Now, amid a continuing tight market fueled by Red Sea reroutings and robust 2024 volumes, there is more talk of using index-linked contracts. But just as it was before, that could just be cyclical. Contact Peter Tirschwell at <a href="mailto:peter.tirschwell@spglobal.com">peter.tirschwell@spglobal.com</a>.</div>

From its origins over a decade ago, NYSHEX, founded and led by Gordon Downes, has always aimed to advance a simple yet stubbornly elusive concept in container shipping: integrity of contracts. Incomprehensible to outsiders, signed contracts — many pages long and vetted by lawyers — are unenforceable when confronted by the real-world forces of supply and demand and volatile pricing. “The big problem that prompted us to start NYSHEX is contracts in our industry don’t perform,” Downes told the Journal of Commerce. In many cases, the shipper or carrier fails to live up to the contract terms, whether that be a carrier unwilling to provide vessel space or a shipper steering cargo to other carriers or non-vessel-operating common carriers (NVOs) to obtain a lower rate, thus failing to deliver the agreed-upon volumes. Triggers for failed contracts occur when spot rates deviate significantly from contract rates and carriers blank sailings or omit ports on short notice due to changes in demand, creating shortfalls in available capacity. Downes said ocean container contracts have just a 65% fulfillment rate. Although such practices undermine trust and stress relationships to the breaking point, no scenario results in serious consequences for the offending party. Litigation or government enforcement remain rare outside of a tiny handful of highly publicized cases. Originally, NYSHEX, founded by Downes in 2015 “to solve the problem of poor contract fulfillment,” aimed to create an exchange whereby mutually committed — meaning enforceable — contracts could be executed by shippers, NVOs and carriers under full approval of the US Federal Maritime Commission (FMC) and the auspices of the NYSHEX brand. To the limited extent the market availed itself of such contracts, they worked: in the vast majority of cases, both parties lived up to what they committed to. Still, the penalties meant to ensure compliance “can put a lot of strain on relationships, especially when the spot rates are so volatile,” Downes said. But while the concept found some uptake, demand was cyclical and could not overcome at scale the market forces that, in peculiar container shipping mentality, frequently lead each side to seek near-term pricing gain, if it is to be had, at the expense of longer-term certainty of space or volumes. Whether it’s an obsessively procurement-based mindset on the part of shippers in seeking to drive prices lower whenever possible, or carriers seeing better opportunities on the spot market, sacrifices in pursuit of certainty have yet to take hold on an industrywide level. If there was ever a moment for that mentality to be challenged, it was the pandemic, which showed shippers how quickly and painfully vessel space can dry up in a crisis. And yet the problem remains. New technology and products But NYSHEX persevered with its original vision, even if that meant applying it in new ways. The company developed technology that enables parties to monitor contract performance, drawing them into a real-time collaborative environment where issues can be identified and resolved on the spot, versus after the fact during increasingly infrequent quarterly performance reviews. In other words, if contracts can be mutually monitored in real time, the odds are better the parties will comply. Now NYSHEX is delving yet further into solving the fundamental problem: promoting the use of index-linked contracts as a way to build contract integrity and certainty into ocean container supply chains. In announcing a Series C funding round last week, NYSHEX made a strong statement that there is traction in the idea, however long it may have been around. The funding round attracted participation from existing investors, including Goldman Sachs, and new ones, including the Intercontinental Exchange (NYSE:ICE), a leading exchange operator which will calculate the new indices based on actual rates paid by shippers. Other container freight rate indices tend to be based on traditional price discovery performed by analysts. It said it will launch a new series of indices and tools to administer index-linked contracts. The question, then, is whether index-linked contracts are able to move the industry forward in addressing the continuing core problem of a lack of contract integrity. Linking pricing to an index means shippers’ rates face less risk of falling out of the range of prevailing rates and cargo being left behind at origin. But there is less budget certainty which clashes with annual budgeting cycles at beneficial cargo owners (BCOs). And while there are futures contracts traded, such as an active market of day traders on the Shanghai International Energy Exchange (INE China), which launched trading in a Containerized Freight Index Futures Contract in 2023, they haven’t built the liquidity or credibility to be of interest to BCO finance teams who would engage in hedging against adverse movements in ocean rates. And carriers have been outspoken about their declining interest in container freight futures. Index-linked contracts have a history of going in and out of fashion; they fell into fashion during the pandemic when shippers were desperate for space but fell out once the extremes of the disruptions were over. Also holding back index-linked contracts are shipper and carrier lawyers needing to come to agree on terms and conditions, frequently a difficult hurdle to overcome. Now, amid a continuing tight market fueled by Red Sea reroutings and robust 2024 volumes, there is more talk of using index-linked contracts. But just as it was before, that could just be cyclical. Contact Peter Tirschwell at peter.tirschwell@spglobal.com .

NYSHEX keeps core vision while evolving in volatile container shipping market

<div class="phx-topic abstract-wrapper">Carrier compliance with European regulations targeting the reduction of carbon emissions will increase in 2025, and the rising costs that result will be passed on to customers through higher surcharges, liners say.</div>

Carrier compliance with European regulations targeting the reduction of carbon emissions will increase in 2025, and the rising costs that result will be passed on to customers through higher surcharges, liners say.

<div class="phx-topic">Carriers are warning shippers to expect significant increases in their <a href="https://www.joc.com/article/european-parliament-approves-shipping-ets-but-stakeholders-wary-5202492">Emissions Trading System</a> (ETS) surcharges in 2025 as the European Union carbon tax is expanded to cover 70% of all carrier emissions. The rise in ETS surcharges will come on top of the new fuel intensity regulation <a href="https://www.joc.com/article/container-carriers-to-shoulder-bulk-of-europe-fuel-intensity-rule-5192246">FuelEU Maritime</a> that from Jan. 1 will force carriers to increase their use of more costly lower-emission fuels. “We expect the ETS surcharge to roughly double due to regulatory updates,” Hapag-Lloyd told customers in an advisory Tuesday. “We will expand our existing ETS surcharge to cover the ETS enhancement as well as the costs arising from fuel bunkering for FuelEU Maritime.” CMA CGM is expecting an increase of about 75% in its current ETS surcharge amounts and will publish its revised ETS surcharges on Dec. 1. “Starting in 2025, the ETS regulation will evolve to account for 70% of our emissions, compared to the current 40% in 2024,” the carrier said in a recent customer advisory. “This substantial increase in the percentage of emissions covered by the ETS will have a direct impact on our cost structure.” Maersk noted in a recent advisory that the cost of complying with Europe’s regulatory requirements was expected to rise significantly with the phased implementation of ETS, Fuel EU and other potential regulations from various jurisdictions in the coming years. “We expect the [ETS] emission surcharge in 2025 to be nearly double that of 2024,” Maersk said. “The actual surcharge for Q1 2025 will be published in December, about 30 days before it takes effect.” Maersk also noted that the price of European allowances was expected to increase due to supply cuts. <h3>‘Cap-and-trade’ principle </h3>Shipping was included in the ETS from 2024 and under the “cap-and-trade” principle in which ship operators are required to buy and surrender ETS emission allowances, known as EU Allowances, for each ton of CO2 emissions reported under the scope of the system, with penalties levied for noncompliance. The ETS covers CO2 emissions of journeys starting and ending in the EU and the intra-Europe trade. Voyages that start and end at ports in the EU will be required to pay for 100% of emissions, with journeys either starting or ending in the EU required to pay for 50% of emissions. Carriers will pay for 40% of emissions in 2024, 70% in 2025 and 100% from 2026 onward. “This regulation’s costs will roughly increase by 75% from this year to next, depending on the price of emission allowances,” Hapag-Lloyd said. FuelEU Maritime is part of the EU’s Green Deal environmental policy that has set an intermediate green objective of cutting at least 55% of greenhouse gas (GHG) emissions by 2030, also known as “Fit for 55.” From Jan. 1, ships trading in the European Union or European Economic Area (EEA) will need to reduce the annual average GHG intensity of energy used on board by 2% relative to a 2020 baseline, increasing gradually every five years to 80% by 2050. The regulation will apply to 100% of energy used on voyages and port calls within the EU or EEA and 50% of voyages into and out of the bloc. Vessels will be hit with a penalty of €2,400 per metric ton of fuel that fails to meet the initial 2% target in 2025. “To achieve this target, we must use fuels with a lower emission footprint than traditional marine fuel, such as biofuels, within EU waters,” Hapag-Lloyd noted in the advisory. Several carriers offer services operating on biofuel, and although they are priced at premium levels, the lower emissions allow carriers to exempt shippers from ETS surcharges. Contact Greg Knowler at <a href="mailto:greg.knowler@spglobal.com">greg.knowler@spglobal.com</a>. </div>

Carriers are warning shippers to expect significant increases in their Emissions Trading System (ETS) surcharges in 2025 as the European Union carbon tax is expanded to cover 70% of all carrier emissions. The rise in ETS surcharges will come on top of the new fuel intensity regulation FuelEU Maritime that from Jan. 1 will force carriers to increase their use of more costly lower-emission fuels. “We expect the ETS surcharge to roughly double due to regulatory updates,” Hapag-Lloyd told customers in an advisory Tuesday. “We will expand our existing ETS surcharge to cover the ETS enhancement as well as the costs arising from fuel bunkering for FuelEU Maritime.” CMA CGM is expecting an increase of about 75% in its current ETS surcharge amounts and will publish its revised ETS surcharges on Dec. 1. “Starting in 2025, the ETS regulation will evolve to account for 70% of our emissions, compared to the current 40% in 2024,” the carrier said in a recent customer advisory. “This substantial increase in the percentage of emissions covered by the ETS will have a direct impact on our cost structure.” Maersk noted in a recent advisory that the cost of complying with Europe’s regulatory requirements was expected to rise significantly with the phased implementation of ETS, Fuel EU and other potential regulations from various jurisdictions in the coming years. “We expect the [ETS] emission surcharge in 2025 to be nearly double that of 2024,” Maersk said. “The actual surcharge for Q1 2025 will be published in December, about 30 days before it takes effect.” Maersk also noted that the price of European allowances was expected to increase due to supply cuts. ‘Cap-and-trade’ principle Shipping was included in the ETS from 2024 and under the “cap-and-trade” principle in which ship operators are required to buy and surrender ETS emission allowances, known as EU Allowances, for each ton of CO2 emissions reported under the scope of the system, with penalties levied for noncompliance. The ETS covers CO2 emissions of journeys starting and ending in the EU and the intra-Europe trade. Voyages that start and end at ports in the EU will be required to pay for 100% of emissions, with journeys either starting or ending in the EU required to pay for 50% of emissions. Carriers will pay for 40% of emissions in 2024, 70% in 2025 and 100% from 2026 onward. “This regulation’s costs will roughly increase by 75% from this year to next, depending on the price of emission allowances,” Hapag-Lloyd said. FuelEU Maritime is part of the EU’s Green Deal environmental policy that has set an intermediate green objective of cutting at least 55% of greenhouse gas (GHG) emissions by 2030, also known as “Fit for 55.” From Jan. 1, ships trading in the European Union or European Economic Area (EEA) will need to reduce the annual average GHG intensity of energy used on board by 2% relative to a 2020 baseline, increasing gradually every five years to 80% by 2050. The regulation will apply to 100% of energy used on voyages and port calls within the EU or EEA and 50% of voyages into and out of the bloc. Vessels will be hit with a penalty of €2,400 per metric ton of fuel that fails to meet the initial 2% target in 2025. “To achieve this target, we must use fuels with a lower emission footprint than traditional marine fuel, such as biofuels, within EU waters,” Hapag-Lloyd noted in the advisory. Several carriers offer services operating on biofuel, and although they are priced at premium levels, the lower emissions allow carriers to exempt shippers from ETS surcharges. Contact Greg Knowler at greg.knowler@spglobal.com .

Tightening Europe decarbonization measures will raise shipper costs: carriers

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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

SSA Marine Mexico has made significant strides in modernizing its infrastructure at the Port of Manzanillo, investing $15 million to enhance operational efficiency and sustainability at its facilities. This move is part of the company's broader strategy to remain at the forefront of the shipping and logistics industry. •	Strengthening Sustainability with Advanced Technology <figure class="joc_admin__inline-image-position-left joc_admin__inline-image-size-medium" data-figure-size="medium" data-figure-position="left"><img src="/content-assets/1730488295264_Cranes%20arrival%20to%20TEC%20I.png" alt="Cranes arrival to TEC I" class="joc_admin__inline-image-inherit"></figure> In July, SSA Marine Mexico added seven state-of-the-art E-RTG (Electric Rubber-Tired Gantry) cranes to its fleet, valued at $14 million. These advanced cranes were distributed across its two terminals: four cranes were assigned to the Multipurpose Terminal, and three to the Specialized Container Terminal I. What sets these cranes apart is their dual-operation capability, allowing them to function either on electric power or diesel fuel. This innovation plays a critical role in reducing the environmental impact of operations, contributing to a 7% increase in energy efficiency. This efficiency improvement is equivalent to eliminating nearly 4,000 tons of CO2 emissions annually, underscoring SSA Marine Mexico's commitment to sustainability. Through this acquisition, SSA Marine Mexico not only enhances its cargo-handling capabilities but also reinforces its leadership in integrating cutting-edge, eco-friendly technology in the maritime industry. The company continues to push the boundaries of efficiency and sustainability, ensuring long-term value for both its customers and the environment. •	Upgraded Facilities to Meet Growing Demand <figure class="joc_admin__inline-image-position-left joc_admin__inline-image-size-medium" data-figure-size="medium" data-figure-position="left"><img src="/content-assets/1730488350634_Multipurpose%20terminal.png" alt="Multipurpose Terminal" class="joc_admin__inline-image-inherit"></figure> In addition to the new cranes, SSA Marine Mexico has completed crucial modernization and repair work across its Multipurpose Terminal and Specialized Facility at the Port of Manzanillo. This $1 million investment targeted critical infrastructure enhancements, focusing on both structural integrity and operational functionality. Key improvements included leveling approximately 12,000 square meters in the dock area, along with the removal of outdated concrete curbs and asphalt layers. The upgraded space now features high-resistance pavers designed to optimize water drainage and prevent pooling, ensuring safer and more efficient operations. Moreover, the Specialized Facility saw significant upgrades, including the leveling of key warehouse areas to facilitate smoother cargo handling processes. These infrastructure improvements directly enhance the handling of TEUS (Twenty-foot Equivalent Unit containers), further demonstrating SSA Marine Mexico's unwavering commitment to continuous modernization, operational safety, and efficiency. With these initiatives, SSA Marine Mexico is well-positioned to meet the growing demands of the global shipping industry while setting new standards in sustainable port operations. LINK:<a href="https://www.ssamarine.mx/ssa-ing/index" rel="noreferrer" class="joc_admin__link"> https://www.ssamarine.mx/ssa-ing/index</a>

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SSA Marine Mexico Modernizes Facilities with $15 Million Investment 

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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