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Analysis: CH Robinson spoils the bull party - tests remain

CH Robinson grew trucking volume, profit per load and its divisions' operating margins again, yet its shares fell 11% to a 52-week low as investors weighed a small trucking miss, a jump in claims costs, a 2027 insurance renewal still under negotiation and - most notably - a $5.8bn bet on RXO. Forwarding, once seen by some analysts as a sale candidate, is earning well above its target, though its AI gains so far show up more in costs ...

Vessel operators need to prepare for compliance as UK ETS looms

Shipping operators face a new compliance burden under the UK Emissions Trading Scheme (UK ETS) - a £100 ($133) penalty for every missing allowance, adding financial pressure to a regime that will bring offshore vessels into scope from January. The requirements were outlined in a webinar hosted by Normec, which detailed the monitoring, reporting and allowance-surrender obligations facing vessel operators under the scheme. Operators of ships above 5,000 gross tonnes must monitor emissions of carbon dioxide, methane, and nitrous oxide, submit verified annual emissions reports, and surrender allowances to cover their liabilities. A key early hurdle is obtaining regulatory approval for an emissions-monitoring plan. Operators must apply within 42 days of their first maritime activity or port call in the UK, according to the webinar. Without an approved plan, operators risk complications with the verification process, with site visits and risk assessments among the requirements that must be addressed ahead of key deadlines. The first reporting period covers H2 26, before full calendar-year reporting begins in 2027. Annual emissions reports must be verified by 31 March 2027, while allowances covering the relevant reporting periods must be surrendered by 30 April 2028. Normec noted that the penalty for failing to surrender sufficient allowances was £100 per allowance, in addition to the outstanding obligation to surrender them. The scheme covers emissions generated while ships are at berth, as well as those produced during voyages, putting port activities firmly within operators' reporting calculations. Voyages between UK ports are covered in full, while different rules apply to international voyages, and services between Great Britain and Northern Ireland. For international voyages arriving at UK gateways, emissions from inbound port activities must be accounted for, even where the voyage itself is excluded from the scheme, according to the presentation. Offshore vessels are expected to join the regime in 1 January without a phase-in period, adding another segment of the maritime industry into the compliance framework. And the scheme's scope could widen further, with a proposal to include 50% of emissions from international voyages, although no outcome had been announced following a consultation at the time of the presentation. A registered shipowner is the default maritime operator responsible for compliance. An international safety management (ISM) company can assume that responsibility only if specified conditions are met, including a formal delegation. Delegations must be recorded for each ship, cannot be backdated, and changes in responsibility must be communicated through the reporting platform within 14 days. Operators must also keep fleet records current, and update monitoring plans when ships enter or leave their fleets. The webinar noted that, unlike the EU maritime emissions monitoring, reporting, and verification system, the UK scheme requires monitoring plans to be approved by the regulator rather than the verifier, creating an additional step for operators preparing for implementation.

UPS: Data centre logistics market to be worth $15bn

UPS has seen its data centre volumes rapidly increase this year and is expecting the logistics market associated with the industry to be worth $15bn per year. Speaking shortly after announcing the company's third-quarter results, the express giant's chief executive Carol Tomé highlighted an "explosion of data centre growth" in the US and described the logistics opportunities associated with the industry as "enormous". "In fact, we estimate the logistics opportunities associated with data centres alone is $15bn," she said. She added that "the numbers are crazy" and could potentially even double. Tome said that in the third quarter of the year, UPS' high-tech small package business grew 30% year-on-year, although she added that this was from a small base. The growth in high-value shipments provided the company with a "really solid foundation to grow earnings". Meanwhile, UPS saw third-quarter revenues increase 6.7% year on year to $22.8bn, while operating profits were down 3.3% to $1.7bn and net income declined 11.3% to $1.2bn. However, the results included a charge of $279m comprised of transformation strategy costs of $130m as well as a $182m charge associated with a goodwill impairment in Supply Chain Solutions. This was partially offset by a gain on sale of MD-11 assets of $33m. Its supply chain division saw revenues rise 18.2% in the quarter on the back of higher rates in air and ocean freight, while logistics revenues improved based on healthcare demand.