Advisories

Two of the world’s top ten container shipping companies will merge, pending shareholder 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. 

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The European Union is suspending tariffs on 93b euros (USD $109.8b) ​of U.S. imports for an additional six ‌months. The extended suspension will apply from February 7^th through August ⁠6^th.

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Exports from Latin America have surged over the past 12 months, with Brazil, Argentina, Mexico, and Peru all showing a record number of overseas shipments. 

Source: Brazil’s Ministry of Development, Industry and Trade; Banco de México; Central Bank of Chile; Argentina’s National Institute of Statistics and Censuses; Peru’s National Superintendency of Customs and Tax Administration, via Bloomberg. Note: Data for Mexico are year-to-date through November; data for Peru are year-to-date (YTD) through October. 

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The order backlog has now exceeded 17,000 aircraft, which corresponds with nearly 60% of the active fleet and is 11x the number of aircraft that are delivered each year. Production bottlenecks continue to limit freighter availability, driving up costs and utilisation rates.

Source: IATA Sustainability & Economics, Cirium Fleets Analyzer, via Air Cargo News. 

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The Trump administration reduced tariffs on India from 25% to 18%, although additional details of the agreement were scarce. India agreed to stop purchasing Russian oil, and the deal is intended to ease trade tensions between the two nations.

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A major winter storm will affect more than half of the United States soon, creating hazardous transportation conditions. More than 10 states have declared a state of emergency, and 1,300+ flights have been canceled.

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The United States Supreme Court issued three new rulings today, but did not rule on the legality of President Donald Trump’s tariffs, which were used as part of the International Emergency Economic Powers Act (IEEPA).

• If the U.S. Supreme Court decides that Trump’s IEEPA tariffs are illegal, companies may be eligible for refund payments, which would likely total tens of billions of dollars.

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Starting Feb. 6, 2026, U.S. Customs and Border Protection (CBP) will issue all refunds electronically via Automated Clearing House (ACH), as announced in the Electronic Refunds Interim Final Rule published in the Federal Register. Refunds will only be issued electronically; checks will no longer be mailed, and importers without a proper ACH Refund Account will not be able to receive their refunds. 

The ACE Portal is a centralized platform that connects the trade community with CBP and partner government agencies, providing real-time access to trade transactions and data. The enhanced ACE portal enables secure electronic refunds, faster payments, fewer errors, and creates a simplified process for importers, brokers, and refund recipients. 

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