Our global freight forwarding network keeps our customers freight moving across the world.

Upswing in domestic demand gives railfreight operators a revenue boost

Union Pacific led the way on the North American containerised rail freight front over the three months to October, amid all the noise surrounding its pending acquisition of Norfolk Southern - but it was not alone in enjoying a bountiful summer. In general, North American intermodal operators benefited from an upswing in domestic freight demand and a continuing tightening in the trucking market, with revenues up for all four of the major carriers. Boasting a 27% year-on-year revenue increase, Union Pacific took home some $1.52bn over the quarter, with volumes up 11%, to 956,000 carloads, and pointing specifically to reduced trucking capacity as behind the gains. EVP marketing and sales Kenny Rocker said: "Domestic delivered its fifth consecutive record quarter in volume and revenue. Our foundation of service, combined with strong business development and deployment of buffer resources enabled volume growth. "International intermodal volumes improved 8%, driven by west coast import volumes and business wins. In automotive, business wins offset continued market softness. We saw strength in auto parts driven by growth with our current OEMs." EVP operations Eric Gehringer added that its intermodal service performance index finished the quarter at 92%, despite volumes increasing 11%, noting it responded to the improving freight market by "unstacking containers and utilising our buffer of resources". Sharing the positivity, CSX also boasted a strong third quarter, with intermodal revenue increasing 20%, to $634m, while volumes climbed 7%, to 820,000 units, attributing gains to landing key customers, new service offerings, and the tighter trucking environment. Chief commercial officer Maryclare Kenney said: "Conversions from the highway remain strong, and the new service offerings through Birmingham, Myrtlewood, Baltimore, and other areas are performing well and attracting new business." She noted that international volumes had been relatively flat, particularly during the latest quarter, but pointed to the completion of full double-stack clearances through the Howard Street Tunnel in Baltimore as another opportunity to attract traffic. "We're very optimistic about the opportunities as we close this year and go into next on the domestic intermodal side," she told investors, adding that the tightening in trucking could prove a boost when yields come up for renewal. Not one to miss out, Canadian Pacific Kansas City (CPKC) also reported double-digit revenue growth in intermodal, up 22% year on year to $583m, as volumes rose 9%, to 489,800 carloads. Together with the increased traffic, stronger pricing likely played its part in driving the improvement for the Canadian operator that saw its revenue per carload increase 12% year on year, to $1,190. There was another CPKC performance in the build-up to those results being released, namely its latest effort to derail Union Pacific's proposed purchase of Norfolk Southern, an intervention described by Premium as "extraordinary". In a 30 October submission to the US Surface Transportation Board, the carrier urged the regulator to terminate its review of the deal, alleging UP's campaign for approval "had intimidated shippers and compromised the integrity of the proceeding". The argument is not whether a coast-to-coast network would raise rates or eliminate competitive routes, but "whether the STB can reach a trustworthy decision if the people who depend on the applicants for rail service are reluctant to testify against them". Meanwhile, Canadian National was the only one of the big four railroads to record a decline in box volumes, as they fell 6% on the same period last year, to 542,000 teu, despite recording a 9% year on year revenue bounce, to $765m. Explaining the drop-off, CN pointing to the decline in international shipments through the ports of Halifax and Prince Rupert, with the upturn in Vancouver traffic insufficient to offset those losses. As to why this did not eat into revenues, it seems the higher income per RTM - 12% up on 2025 to a little over $6 - likely offset the reduction in volumes - although not doing enough to see a clean sweep of revenue and volume growth across all big four operators.

Full planes and fond farewells: air cargo does Miami

The weather was dreadful, the blueberries were under suspicion, and there were people dressed as rats outside the convention centre. Inside, however, air cargo was in a remarkably good mood. At TIACA's Air Cargo Forum in Miami this week, the airlines had turned up in force, people wanted to do business, and anyone with a freighter on the transpacific had particular reason to enjoy themselves. (Although there may be less enjoyment from anyone trying to book space on it.) One word that was heard surprisingly little was "peak". The conversations were about strong demand from the AI sector continuing well beyond the point at which the industry traditionally takes down the decorations and starts worrying again. Various forecasts put next year's demand growth at 5% or more; expectations for capacity growth were more mixed. But, having covered this industry for over a decade, I've never heard so many airlines crying-out for freighter capacity, normally a risky business. Conversions have shot up in price; and the delivery dates stretching out over the next several years may perhaps come too late for this current rush. Adding to the uncertainty were rumours in Miami that Boeing might not make use of its FAA exemption to keep delivering the current 777 freighter beyond 2027. Unconfirmed, but hardly comforting for anyone hoping the aircraft shortage might resolve itself. The broader concern in Miami was capacity: where to find it; how to secure it; and how long the squeeze might last. Even ecommerce, whose demise has been so eagerly discussed, was still taking up space. Down on some lanes, yes. Out of the picture, certainly not. The parcels have declined to take the hint. For shippers, a prolonged squeeze makes the relationship with their forwarders rather more consequential. Their message in Miami was straightforward: help us when things go wrong, and we will remember when it is time to award the next contract. One shipper described rewarding a forwarder that had worked to protect agreed rates during a capacity crunch, rather than simply joining the queue with a surcharge. Others wanted practical alternatives when disruption struck. Loyalty still has commercial value, even if it is difficult to put in a procurement spreadsheet. There was less enthusiasm for 'yet another' dashboard. A beautifully displayed problem remains a problem, although perhaps it is reassuring to know precisely which shade of amber your shipment has become. Forwarders, meanwhile, had their own disappointments. One said he had emerged from a string of airline meetings finding the offerings distinctly "meh". Little innovation; not much to get excited about. With space in short supply, perhaps an airline can get away with a sales pitch that largely amounts solely to 'having some'. But a market in which customers need you is also a useful opportunity to give them a reason to stay when they don't. Outside the venue, another industry relationship was receiving rather more theatrical scrutiny. Union protesters dressed as rats were highlighting safety allegations against Alliance Ground International. Inside, AGI occupied a large stand at the main entrance to the exhibition hall. An awkward arrangement for anyone hoping visitors would encounter only the approved brand messaging. Elsewhere, the mood was more affectionate, if occasionally tearful. Air cargo was saying goodbye to several familiar faces, and TIACA outgoing DG Glyn Hughes appeared determined to provide enough emotion for the entire departing cohort. TIACA's board had given him a send-off the night before the event started; a public 'roast' supplied further opportunities for him to reach for a tissue. Having spent years making sure there were no incriminating photographs of him, he had apparently failed to anticipate AI. A lifetime of photographic discipline, undone by a prompt. With Mammen Tharakan taking over as DG, and Mr Hughes continuing part-time until January, the latter plans to spend some time 'doing life', before deciding what comes next. There are, unsurprisingly, plenty of invitations. The challenge may be persuading an industry accustomed to his availability that retirement is not simply a more flexible booking system. With new chair Roos Bakker too, a new era at TIACA is taking shape; younger, driven, and motivated. It'll be great to watch to see how it thrives. Those problems stalking TIACA in the past, largely financial, seem to be now in the rear-view mirror. Long may that last. And there were retirements elsewhere. A United Cargo party to say goodbye to cargo chief Jan Krems added to the sense of a generation handing over. The US Airforwarders Association has also changed its guard. After 21 years of Brandon Fried, Steve Smith, previously chief executive of Airlink, has taken over. Affable and seemingly well suited to the job, he looks a good choice for a role requiring relationships, persistence, and the ability to both listen and explain. Encouragingly, the farewells were accompanied by some arrivals. More than 100 students attended TIACA's event, with a raffle among the proceedings. The industry spends a good deal of time discussing the next generation; it was nice to see them in the room. And there were airlines. Plenty of them. At the previous Miami event, finding a carrier in the exhibition hall was a surprisingly tough ask. This time, the Americas were particularly well represented in the hall, and a record 100 airlines were represented among the delegates, according to the organisers. Cathay took the crown for best stand - centrally located, with the best coffee (and the worst queues) and also serving carajillos - espresso fortified with liqueur, very efficiently combining the two principal fuels of any air cargo event. Attendance was put at around 3,000, although the hall did not always feel that busy. There were fewer stands than last time, but the mix felt better. The morning-only conference programme also worked well, leaving afternoons free for meetings. Forwarders, as ever, were largely in those meetings, making them both reassuringly busy and extremely difficult to find. For all the competition between air cargo events, there remains a pleasure in going to a key global one, and seeing people who, over the years, have become actual friends. New faces noted how welcoming everyone was, how readily people made introductions and helped them connect. It's a considerable part of this industry's appeal. People may be ferocious over a rate negotiation, but they will still introduce you to someone useful afterwards. Miami itself - very much dressed for Halloween - was facing its own battles, with the weather. Horizontal rain and lashings of wind threatened the yoga, pickleball, and golf events - but, true to the industry, the disruption did not stop play. The weather also seemed to herald a metaphorical view ahead of next week's US midterm elections. There were plenty of gloomy predictions about what may happen in the country next week - yet another possiiblity of a 'black swan' that people now expect to see more often than white swans. But inside the hall, people were motivated. There was freight to move, business to win, and a reasonable expectation that demand would keep them occupied well beyond the usual seasonal rush. The question was, how to carry it all. And, it being Miami, there was also extensive discussion of perishables throughout the hall, including one earnestly confidential briefing on the alleged shortcomings of Peruvian blueberries. I shall protect my source. Some relationships are too important to jeopardise over soft fruit.

Emirates SkyCargo launches specialised AI tech shipment service

Emirates SkyCargo has launched a dedicated product designed to help customers move critical and sensitive AI infrastructure safely and on time. AI Tech is tailored for AI server racks, semiconductors, GPUs, capital equipment and other critical hardware infrastructure. The service combines globally standardised dedicated handling procedures to maintain equipment orientation and minimise risk of damage; priority loading and scheduling for time-critical deployments; airport-to-airport shipment visibility, with milestone updates monitored through Emirates SkyCargo's command centre in Dubai; proactive customer communication and coordination throughout the shipment journey; and specialist project cargo support for oversized and heavy cargo. With increasing sophistication of computing and processing systems around the world and accelerating adoption of AI technologies, the movement of technology equipment has become increasingly complex, said Emirates SkyCargo. Large-scale deployments often involve high value cargo, compressed timelines and specialised handling requirements. Badr Abbas, divisional senior vice president, Emirates SkyCargo said: "Behind every AI breakthrough is physical infrastructure that needs to arrive safely and on time. "AI Tech is designed to give customers confidence that their critical equipment will move seamlessly across our network, supported by operational oversight and proactive communication. "In July alone, we transported more than 700 tonnes of AI infrastructure across our global network, and demand has continued to grow. As this sector expands, our ambition is to become the carrier of choice for companies operating across the AI ecosystem." For highly specialised manufacturing equipment, station capability assessments are conducted in advance to ensure shipment requirements can be safely accommodated.