Contents Annual Review & Outlook 2025
Executive Editor : Mark Szakonyi 202.872.1234 , mark . szakonyi @ spglobal . com
Managing Editor : Benjamin Meyer 916.716.6272 , benjamin . meyer @ spglobal . com
Managing Editor : Kevin Saville , 212.488.4282 , kevin . saville @ spglobal . com
Senior Editors : William B . Cassidy Trucking and Domestic Transportation 202.872.1228 , bill . cassidy @ spglobal . com
Bill Mongelluzzo , West Coast 562.428.5999 , bill . mongelluzzo @ spglobal . com
Eric Johnson , Technology 213.444.9326 , eric . johnson @ spglobal . com
Janet Nodar , Breakbulk and Heavy Lift 251.408.2090 , janet . nodar @ spglobal . com
Greg Knowler , Europe + 44.797.679.8770 , greg . knowler @ spglobal . com
Ari Ashe , Southeast Ports , Intermodal Rail 202.548.7895 , ari . ashe @ spglobal . com
Michael Angell , Northeast ports , 646.505.4712 , michael . angell @ spglobal . com
Laura Robb , Associate Editor 281.216.0456 , laura . robb @ spglobal . com
Carly Fields , Associate Editor , + 44 ( 0 ) 7966 210030 , carly . fields @ spglobal . com
Senior Research Analyst , Project and Breakbulk Cargo : Susan Oatway , FICS , + 44.7930.411659 susan . oatway @ spglobal . com
Senior Contributor : Cathy Morrow Roberson , 732.730.2533 , cathy . morrowroberso @ spglobal . com
Data Hub Manager : Marcin Lejk , + 44.58.741.6270 , marcin . lejk @ spglobal . com
Shipper Engagement Manager , Breakbulk : Diana Hamm , 832.499.7368 , diana . hamm @ spglobal . com
Senior Editor , Special Projects : Alessandra Gregory Barrett , 860.248.5238 , alessandra . barrett @ spglobal . com
Senior Associate Editor , Special Projects : Ariane Herrera , 215.789.7478 , ariane . Herrera @ spglobal . com
Special Projects Coordinator : Amanda Hunter , 212.205.1226 , amanda . hunter @ spglobal . com
Senior Designer : Sue Abt , sue . abt @ spglobal . com
Designer : Hannah Kidd , + 44 203 253 2134 , hannah . kidd @ spglobal . com
Sales : Cindy Cronin , Director APAC sales , 954.260.6061
Jean Gibbons , Senior Sales Executive West Coast , FL , GA sales , 706.469.7160
Kimberly Davis Guerra , Senior Sales Executive Midwest , Gulf , Latin America sales , 832.370.6350
John Knowles , Sales Manager EMEA , AU sales , + 44.777.997.4677
Allyson Marek , Senior Sales Executive Northeast sales , 727.337.3010
Elaine Nosaka , Senior Sales Executive VA , NC , SC , Canada sales , 703.447.9555
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Here we grow again
Capital upgrades are readying US East Coast ports for another year of growth
Essential enhancements
US Gulf Coast ports are expanding to handle continued volume growth
Unleashing growth
The rising north-south trade hinges on fluid ports and vessel capacity
Cold spring Reefer market growth set for growth
56 Government Green alert
Suez diversions and a lack of IMO agreement are putting 2030 emissions targets at risk
64 Surface Transportation Gaining traction
US truckload rates are ticking up ahead of an expected demand return
Elevated expectations
LTL carriers are expanding their networks to prepare for long-term growth
Pricing pull
FedEx and UPS will continue discounting parcel rates amid increased competition
Chugging uphill
A strong 2024 has set international intermodal up for tough comparisons
84 Logistics Open spaces
Warehouse vacancies are expected to fall from their 2024 “ peak ”
104 Air Cargo Perpetual pressure
Ex-Asia air freight capacity constraints will persist in 2025
Peter Tirschwell , Vice President- Shipping Intellience , S & P Global
Chris Brooks , Executive Director- Shipping Intelligence , S & P Global
Carmen Verenna , Manager , Production
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Journal of Commerce ( USPS 279 – 060 ), ISSN 1530-7557 , January 6 , 2025 , Volume 26 , Issue No . 1 . Journal of Commerce is published monthly ( 12 issues a year ) by JOC Group Inc ., 55 Water St ., 39th Floor , New York , N . Y . 10041 . Subscription price : $ 595 a year . Periodicals postage paid at New York , N . Y ., and additional mailing offices . © All rights reserved . No portion of this publication may be copied or reprinted without written permission from the publisher . POSTMASTER : Please send address changes to Journal of Commerce , Subscription Services Department , 55 Water St ., 39th Floor , New York , N . Y . 10041 . www . joc . com January 6 , 2025 | Journal of Commerce 3