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Distressed Forward Air chugs along - just enough to breathe

There's nothing wrong with a company being proud of a solid operational update after it had been saved by lenders who had to relax covenants ever since a transformational, leap-of-faith deal was announced over three years ago. Fine with that. Forward Air (FWRD) management highlighted some record figures in the third-quarter (Q3 26) update released after US trade yesterday (9 November), but with that came a financial picture that still points to a business overly stretched. With just a handful of analysts - ...

Ocean the star performer as Maersk reports a Q3 bump in revenue

Maersk experienced a 27% year-on-year bump in its third-quarter revenues, hitting $18.1bn, buoyed by a sharp rise in container freight rates that more than offset a slight dip in volumes, prompting it to join ONE in revising its full-year outlook. While the Danish shipping and logistics group said revenue growth had been driven by all its divisions, Ocean Services accounted for the largest contribution, some $12.6bn, an increase of 37% on the same period last year. Group CEO Vincent Clerc said: "We delivered a strong quarter across our businesses. Despite continued geopolitical uncertainty and disruptions, global trade has remained remarkably resilient." Average loaded freight rates increased 46% year on year, to $3,287 per 40ft, with Mr Clerc singling out investment in electrification, energy, and AI infrastructure as one of the core drivers of growth. The rate increase offset moderate volume declines, added the company, down 0.8% over the three-month period to 3.37m feu, which Maersk attributed to the severe weather in Asia and the Strait of Hormuz, although volumes were, nevertheless, 0.3% up on the second quarter. The carrier noted that global container demand had grown between 2% and 4%, year on year, during the quarter, with resilient trade flows supported by consumer spending and investment. Double-digit revenue growth was also forthcoming for Logistics & Services, which recorded a 13% upturn in turnover, to $4.5bn, from $4bn a year earlier, while Forwarding saw solid growth in airfreight and project logistics. Pulling in 2.6% more volume, Terminals generated revenue of $1.5bn, up 4.9% from $1.4bn a year earlier - with Africa and Europe faring well - which the company said was driven by improved rates, higher storage revenue, and a favourable cargo mix. Across the group, EBITDA increased 75%, to $4.7bn, from $2.7bn, with EBIT up from $1.3bn a year earlier to $3.3bn, with Ocean again leading this, reporting a massive EBIT spike, from $567m in 2025 to $2.6bn this year. This strong quarterly performance, as well as expecting an overall 4% volume rise for the year, Maersk upped its full-year earnings guidance for the third time, for EBITDA from $10.5bn-$12.5bn to $14bn-$14.5bn, and raised EBIT expectation from $4.5bn-$6.5bn to $8bn-$8.5bn.

US importers should reconsider farming out customs paperwork, warns CargoTrans

US importers using 'delivered duty-paid' (DDP) shipping arrangements face increasing compliance and financial risks, as Customs and Border Protection (CBP) intensifies its scrutiny of foreign importers of record, according to CargoTrans. Nunzio De Filippis, co-CEO, and Rennie Alston, director of trade compliance, warned that US buyers could face penalties, shipment seizures, and refused entries, even when the firm is not named as the importer of record. During CargoTrans's latest monthly Tariff Tea webinar, the executives said the post-Liberation Day rush towards DDP arrangements was beginning to reverse, as importers reconsidered the risks of handing control of customs formalities to overseas suppliers. Under DDP, sellers assume responsibility for import clearance and associated duties. However, Mr Alston warned: "If you are the US consignee, if you are the US order party, if you are the instigator to the transaction, then you have culpability." CargoTrans said CBP was increasingly investigating whether DDP arrangements were being used to avoid tariffs, particularly where foreign sellers or intermediary platforms acted as non-resident importers of record. Mr De Filippis said some US buyers had reported shipments being refused entry, seized, or ordered for re-export, including cases involving incorrect importer information or the use of a third-party logistics provider as the ultimate consignee. Mr Alston warned that the consequences could extend beyond the overseas seller, with US buyers potentially facing penalties linked to their import bonds. He suggested companies should reconsider whether DDP remained appropriate, potentially switching to 'delivered at place' (DAP) arrangements, to retain control of the import formalities. For businesses continuing to use DDP, CargoTrans recommended demanding greater transparency from suppliers, including access to customs declarations, transaction documents, and supporting import data. Mr Alston also highlighted US record-keeping requirements, warning that buyers could not simply claim ignorance of what had been declared on their behalf. He also raised concerns about the growing volume of CBP requests for information, known as CF28s, and urged importers to investigate their records thoroughly before responding. Mr Alston said companies should avoid rushing to meet the standard 20-day response deadline, without first checking the information internally across their procurement, finance, legal, compliance, and logistics teams. A discrepancy between supplier documentation and the original customs declaration could create additional exposure if an importer inadvertently disclosed a previously unreported compliance problem. "Your response has to be measured," he said. The webinar also highlighted a shift towards CBP issuing notices of action without first requesting additional information through a CF28. Mr Alston attributed this to greater use of customs data analytics, allowing the agency officials to make decisions using information already available through the Automated Commercial Environment (ACE) system. Where importers disagree with a resulting assessment, they may need to pay the additional duties and subsequently challenge the decision through the 'protest process'. Alongside the enforcement concerns, CargoTrans highlighted several immediate tariff developments. Revisions to the US Section 338 tariff coverage for Canadian goods took effect on 30 October, removing 22 tariff classifications from the additional 50% duty, while adding 100 others. And 178 China-related Section 301 product exclusions are scheduled to expire on 9 November, potentially thereafter exposing affected imports to additional duties, unless further action is taken. The company also noted that a proposed extension of the suspension of China-linked vessel fees, until 9 January, had not yet been finalised. On freight markets, CargoTrans expected selective ocean rate softening through November, particularly from North Asia and India to the US east coast. However, South-east Asian capacity remained constrained, it noted. Finally, the company warned that rail congestion, labour uncertainty, and the planned 16-month closure of Los Angeles' Vincent Thomas Bridge could undermine inland delivery reliability. Its central message to importers was that cheaper ocean freight offered little benefit if customs exposure and inland disruption increased the overall cost of moving goods.