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US probe's Apex over suspected role in AI chip 'smuggling' to China

Singapore-based Apex Logistics, a wholly-owned subsidiary of Kuehne+Nagel (K+N) is being investigated by the US authorities over its suspected role in supplying AI chips to China. The news broke earlier today with Bloomberg citing sources familiar with the matter. Since 2022, the US has placed restrictions on the sale of high-end AI chips to China. This has more recently included H20 chips specifically designed specifically for the AI segments, over fears that they could be used to support China's military. Responding to questions from The Loadstar, a spokesperson for K+N said: "Kuehne+Nagel confirms that Apex Logistics is fully cooperating with the relevant authorities regarding this isolated matter within a wider US government investigation. "Kuehne+Nagel has not been contacted by the authorities and, as this matter does not relate to Kuehne+Nagel and remains subject to an ongoing investigation, we are unable to comment further." If there is a case to answer, it would mark the first action against a freight transport and logistics company for its alleged participation in the illegal semiconductor trade. In a statement to Bloomberg, Apex said that it was aware of the "US' concern for and interest in a small number of shipments that Apex handled in 2024 and which may have involved materials and equipment which were ultimately forwarded to prohibited locations". The firm added that it was cooperating fully with the US investigation and is "committed to complete compliance" with all relevant regulations. The 'smuggling' routes that the US suspects Apex may have facilitated entail the transport of Nvidia-powered AI servers from Taiwan to the US, then to an Asian destination outside of China, before delivery to Hong Kong. The servers were then driven from Hong Kong into mainland China.

Air China Cargo offers air cargo capacity through cargo.one

Air China Cargo has initiated its first global digital distribution partnership by placing its air cargo capacity on cargo.one for freight forwarders to book instantly. From 27 August, forwarders using cargo.one in Europe and North America can quote, book and track cargo, including express, up to 5000 kg on Air China Cargo services to destinations including Shanghai Pudong, Beijing, Guangzhou, Shenzhen, Chengdu, Chongqing and Hangzhou. Additional markets and capacity products will become available on cargo.one in the months that follow. The combination of cargo.one's multimodal rate selection and its AI workers helps forwarders to quote faster and more accurately, as well as optimise their win rates and scale their operations more efficiently, said the airfreight booking portal. Lei Wang, general manager of sales and marketing at Air China Cargo, commented: "Launching global digital sales on cargo.one is an important milestone in Air China Cargo's growth strategy and digitalization journey. "As an innovative and proven partner, cargo.one helps to extend our presence to thousands more relevant freight forwarders worldwide, and continually guarantees the seamless end-to-end experience our customers rightly expect." Moritz Claussen, founder and co-chief executive of cargo.one, added: "We are proud to be selected as the partner-of-choice by Air China Cargo. "As Air China Cargo's first global digital sales partner, we provide freight forwarders a valuable new gateway to its sought-after capacity to and from China, fully integrated within our AI-native operating system."

Singamas H1 profits plummet - US legal case adds to pressure on box-maker

Legal costs from the US indictment of Chinese container-maker Singamas and its chairman and CEO, Teo Siong Seng, (pictured), are expected to impact the company's 2026 earnings. Hong Kong-listed Singamas said the US Department of Justice proceedings would hit profitability just as the container business was already under significant pressure. That makes the legal case more than a corporate governance issue for Singamas; it is an additional earnings headwind at a time when the core manufacturing and leasing operation is struggling to maintain margins. The world's fourth-largest container-maker reported net profit of $5.84m for H1 26, down 57% from a year earlier, with revenue down 23%, to $193.8m. It said the deterioration was driven primarily by the continuing decline in container prices and more intense competition. Singamas said production overcapacity saw average container sale prices falling to $1,613 per teu in the first six months, from $1,845 a year ago. Sales of dry freight and ISO specialised containers fell to around 43,000 teu, from 84,000 teu in H1 25. Against that backdrop, the US indictment creates a potentially significant additional drag. In May, the US DoJ indicted Mr Teo, Singamas and other major container manufacturers - China International Marine Containers, Dong Fang International Container, and CXIC Group Containers - for conspiring to restrict production and fix prices for standard dry containers from November 2019 through at least January 2024. Mr Teo is among seven executives named in the indictment. The DoJ alleges that prices of standard containers roughly doubled between 2019 and 2021 and that the profits of the indicted manufacturers rose dramatically during the pandemic supply chain disruption. Singamas said it had established a committee of independent non-executive directors and appointed legal advisers to handle the related proceedings. Importantly for investors, the company has already acknowledged an identifiable financial consequence.