Market Report - 3/2026

The Panamanian government formally assumed control of two key ports (Balboa and Cristobal) on the Panama Canal after the country’s Supreme Court annulled a contract with CK Hutchison Holdings.

• Maersk and Mediterranean Shipping Company (MSC) overtook operations at the facilities on an interim basis.
• CK is working to sell its non-Chinese port business, which includes operations at these two ports.
• Blackrock, a major U.S. based financial institution, is still pushing to solidify a deal and acquire control of the port facilities.

Despite U.S. tariffs, China’s trade surplus reached record levels in 2025, surpassing $1.2T overall. Net exports accounted for roughly a third of China’s GDP growth, the highest proportion since 1997.

Source: China’s General Administration of Customs, Bloomberg. 

Maritime Action Plan

The Trump Administration released a Maritime Action Plan (MAP), detailing strategies to revitalize American shipbuilding and increase U.S. maritime dominance long-term. Key aspects include:

• Increasing the fleet of international commercial vessels sailing under the U.S. flag as well as domestically between U.S. ports.
• Ensuring access to Arctic waterways while addressing the growing presence of foreign nations throughout this increasingly important trade route.
• Enforcing collection of the Harbor Maintenance Fee and other charges on foreign cargo entering the United States to prevent tariff circumvention via Canada or Mexico.
• Investing in and expanding the Maritime Industrial Base and soliciting public and private investment in it.

U.S. Government Increases CDL Oversight

The U.S. Department of Transportation (DOT) and the Federal Motor Carrier Safety Administration (FMCSA) are enacting and enforcing stricter rules around commercial driver’s licenses (CDLs).

Language Proficiency: All knowledge and skills tests must now be administered in English.

Chameleon Carriers: FMCSA is targeting “chameleon carriers,” a trucking company that has been shut down, fined, or placed out of service, and then reappears under a new company name and DOT number. The agency is using new automation tools to track companies with multiple DOT registrations and help enforcement personnel detect such applications during the registration process.

Registry Purges: The FMCSA has targeted >7,000 entry-level driver training (ELDT) providers to crack down on unqualified “CDL mills.”

Technology Vetting: 80+ electronic logging devices (ELDs) have been removed from the approved list, and >400 recent applications were denied.

Dalilah Law: New legislation would prohibit access to CDLs for individuals who are “not citizens or lawful permanent residents of the United States or holders of certain work visas.”

Hapag-Lloyd Will Acquire ZIM

Two of the world’s top ten container shipping companies will merge, pending shareholders’ and regulatory approvals. Hapag-Lloyd signed an agreement with ZIM Integrated Shipping Services Ltd., under which Hapag-Lloyd will acquire 100% of ZIM’s shares at USD $35.00 per share, with the total transaction exceeding $4b. The combined business would involve 400+ vessels and >3m TEUs of capacity.