What’s going on in freight

Washington and Tehran are still far apart on Hormuz, Russia now says container ships are targets in the Black Sea, and China has matched the US with its own two-month tariff truce. At home, US forwarders are finding their growth in domestic trucking, while fleets hold off on new trucks and carriers sign long, costly ship charters into a falling market.

War, chokepoints and disruption

• Secretary of State Marco Rubio called Iran’s terms for reopening Hormuz “outrageous and ridiculous and really not realistic” on 8 November, the same day Iraq said it had a US understanding to export crude on a lane near Oman. About 162 ships were waiting off Fujairah and Khor Fakkan on 8 November, and traffic is about 20% of prewar levels. (The Daily Caller, Marine Insight, Palaemon Maritime) Our story →
• Russia’s Defence Ministry said it hit three cargo ships overnight into 8 November, two of them container ships bound for Odesa and at Chornomorsk; Reuters could not verify the claims. War-risk quotes on some of the most exposed Black Sea voyages have reached 20% of a ship’s value, and CMA CGM’s $35 per TEU war-risk charge took effect on 9 November. (The Moscow Times (Reuters), UkrAgroConsult, AJOT) Our story →

Rates and markets

• US fleets ordered about 15,600 Class 8 trucks in October, down 36% on a year earlier, FTR says, as the EPA’s 2027 emissions rules stay unsettled. Freight is going the other way: SONAR tender volume rose nearly 5% in a week and the contract van rate hit a 52-week high of $2.85 a mile. (Truckinginfo, FreightWaves) Our story →
• ZIM has extended two 9,115 TEU ships from Global Ship Lease by 60 to 63 months, to 2032, GSL said on 9 November; both earn $65,000 a day today. Carriers are taking on five-year fixed costs while Xeneta forecasts 2027 spot rates down 30%. (GlobeNewswire via StockTitan, AJOT) Our story →

Tariffs, customs and policy

• China will keep its extra 24% tariff on US goods suspended to 10 January 2027, while the 10% extra duty stays, its State Council Tariff Commission said on 9 November. Beijing also warned it will watch US plans to replace court-voided emergency tariffs with Section 301 duties and adjust its own retaliation if needed. (Seoul Economic Daily, Supply Chain Dive) Our story →
• Canada has extended its broad relief from counter-tariffs on US goods to 30 June 2028, but certain US trailers lose it on 1 December and certain aluminium wire, extrusions and paperboard on 1 February 2027. (Department of Finance Canada) Our story →

Forwarders, carriers and deals

• Radiant Logistics’ adjusted EBITDA rose 79.4% to $12.2m in the quarter to 30 September, driven “principally” by US operations. At Forward Air, Expedited Freight revenue grew 30.5% while the Omni Logistics forwarding arm fell 8.0%. (StockTitan/PRNewswire, StockTitan/Business Wire) Our story →
• Lineage, the biggest cold-storage operator, said on 9 November that third-quarter AFFO fell 14.9% to $188m. Its CEO blamed “sharply higher oil prices, constrained trucking capacity, and tariff uncertainty”. (StockTitan) Our story →

Software, AI and automation

• Cargo-drone airline Dronamics plans to list on Nasdaq through a SPAC deal valuing it at about $500m, with Hellmann intending to take at least 30% of its capacity. The SPAC’s trust held about $99.4m, and its shareholders vote on another extension on 12 November. (GP-Act III / SEC, The Recursive, Air Cargo News) Our story →

Coming up

• Tuesday 10 November, 13:01 China time: China’s extended pause on its extra 24% tariff takes effect Our story →
• This week: the USS Theodore Roosevelt, a third US aircraft carrier, is expected in the region Our story →
• Thursday 12 November: GP-Act III shareholders vote on extending the Dronamics deal deadline to 8 May 2027 Our story →
• Tuesday 1 December: certain US trailers lose Canadian tariff relief Our story →; CMA CGM’s Black Sea war-risk charge applies to US-filed shipments Our story →
• Early December: FTR’s November Class 8 order figures Our story →
• 10 January 2027: China’s 24% tariff pause and the US ship-fee suspension end unless extended Our story →
• 1 February 2027: certain aluminium wire, extrusions and paperboard lose Canadian tariff relief Our story →
• 30 June 2028: Canada’s extended tariff relief runs out Our story →