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Evergreen's family drama - the audience now includes prosecutors

Taiwan's founding shipping dynasty finds itself in a courtroom, not a boardroom, as the long-running Chang brothers' feud spills into a criminal investigation at the worst possible time for Evergreen Marine. When Taiwanese prosecutors dispatched investigators to 10 locations on July 6, including the offices of Evergreen Marine and affiliate Evergreen International Corporation, the raid marked a sharp escalation in a family power struggle that has simmered for a decade. But it also put a governance spotlight on one ...

Spot freight rates preview: the Fortnight Brace suggests a flat week

Premium gave itself a sweaty slap - it's still jolly hot in Europe - of self-congratulation after our inaugural mid-week spot rate preview last week. We got it spot on, if you'll excuse the pun - with the movement of one week's SCFI (Shanghai Containerized Freight Index) continuing as a reliable indicator of the following week's WCI (World Container Index) from Drewry. During this year's peak season, on the Asia-Europe trades, we have termed it it the 'Fortnight Brace' principle; double-digit spot rate rises in week 1, followed by a flat or low single-digit rise in week 2; and return and repeat for weeks 3 and 4. The double-digit spot rate increases are purely carrier-led, on the Europe-Asia trades through advertised FAK (Freight All Kinds) prices which this year have been implemented either on the 1 or 15 of each month. Whether they stick or not depends entirely on demand, of course. It largely held true in week 27 (to Sunday 5 July), although the WCI's Shanghai-Rotterdam leg failed to match the double-digit increase of the previous week's SCFI - suggesting that peak season pricing momentum is slackening, and Premium is ascribing a 50% chance that the WCI's Shanghai-Rotterdam spot rates could marginally contract this week in the absence of no new FAK price levels. On top of that, a key forwarding source told The Loadstar last Friday that "we're already seeing reductions come in for 6 July", while another noted: "One clue here is the validity a few of the lines are now offering, no longer weekly, and now to the end of July which indicates no further increases, and I suspect, we may see some slight decreases." The acid test will be 15 July, when the next round of FAK rates is applied, with MSC at the top end targeting $7,700 per 40ft. However, "the ground looks increasingly shaky with a wide range of rates being offered in the spot market", Linerlytica noted this week, quoting Gemini spot rates of $4,800 per 40ft. As for the WCI's composite index to be released today, Premium expects a moderate, sequential rise this week due to continued rises on the transpacific trades - last week's SCFI had the Shanghai-US west coast leg up 9% and up 12% to the US east coast, although freight forwarders on the trades largely expect the peak is also nearing. "The near-term outlook points to a market that is likely to hold steady or gradually decline rather than move higher," said US west coast forwarder Freight Right this week. "The recent peak appears to have been reached, and without a rebound in volume, carriers may have limited room to defend current rate levels for long. "That said, a sharp collapse is not guaranteed. Carriers are expected to manage the decline carefully and may avoid aggressive reductions unless booking activity weakens further," it added.

Mr Market aligns as $85bn rail question barrels toward end-July deadline

In a nutshell: The proposed Union Pacific-Norfolk Southern merger faces its most important regulatory checkpoint yet on July 27. The political, legal, and competitive crosscurrents swirling around the STB have never been more intense. Three weeks from now, Union Pacific (UP) and Norfolk Southern (NS) must deliver the most consequential homework assignment in modern American railroading. The Surface Transportation Board's May 28 decision holds proceedings in abeyance and orders the applicants to submit supplemental information by July 27, 2026. ...