<p data-path-to-node="2" id="p-rc_bd90b402dcd24987-44" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><b data-path-to-node="2" data-index-in-node="0" style="line-height: 1.15 !important;">ASIA-PACIFIC —</b><span class="citation-365 citation-end-365" style="line-height: 1.15 !important;"> Shippers moving cargo from the Far East to Latin America are confronting a period of intense pricing volatility as major ocean carriers aggressively implement and revise Peak Season Surcharges (PSS) to navigate tightening capacity.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="1" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-364 citation-end-364" style="line-height: 1.15 !important;">The convergence of surging demand, seasonal volume spikes, and carrier efforts to protect network reliability has transformed the trade lane into one of the most cost-sensitive routes in the global maritime network.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="2" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3359988372="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c3359988372="" _nghost-ng-c370560616="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><h4 data-path-to-node="3" id="p-rc_bd90b402dcd24987-45" style="font-family: &quot;Google Sans&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-363 citation-end-363" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><b>Escalating Surcharge Environment</b><source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="3" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3359988372="" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c3359988372="" _nghost-ng-c370560616="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></h4><p data-path-to-node="4" id="p-rc_bd90b402dcd24987-46" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-362 citation-end-362" style="line-height: 1.15 !important;">Carriers are increasingly utilizing PSS as a primary mechanism to manage demand spikes and respond to operational pressure.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="4" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-361 citation-end-361" style="line-height: 1.15 !important;">This shift has been particularly pronounced on the Far East to East Coast South America (ECSA) trade, where rates have seen multiple upward adjustments throughout the second quarter of 2026.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="5" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3359988372="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c3359988372="" _nghost-ng-c370560616="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><p data-path-to-node="5" id="p-rc_bd90b402dcd24987-47" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-360 citation-end-360" style="line-height: 1.15 !important;">Recent developments in this sector include:<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="6" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3359988372="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c3359988372="" _nghost-ng-c370560616="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><ul data-path-to-node="6" style="padding-inline-start: 32px; font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><li style="line-height: 1.15 !important;"><p data-path-to-node="6,0,0" id="p-rc_bd90b402dcd24987-48" style="line-height: 1.15 !important;"><span class="citation-359" style="line-height: 1.15 !important;"></span><b data-path-to-node="6,0,0" data-index-in-node="0" style="line-height: 1.15 !important;">Dynamic Pricing Adjustments:</b><span class="citation-359 citation-end-359" style="line-height: 1.15 !important;"> Major operators, including Maersk, have implemented successive revisions to PSS levels, with recent updates setting significant fees for dry containers.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="7" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-358 citation-end-358" style="line-height: 1.15 !important;">These surcharges are frequently revised to align with current market conditions rather than remaining static.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="8" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3359988372="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c3359988372="" _nghost-ng-c370560616="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="6,1,0" id="p-rc_bd90b402dcd24987-49" style="line-height: 1.15 !important;"><span class="citation-357" style="line-height: 1.15 !important;"></span><b data-path-to-node="6,1,0" data-index-in-node="0" style="line-height: 1.15 !important;">Operational Strain:</b><span class="citation-357 citation-end-357" style="line-height: 1.15 !important;"> The surge in volume is driven by shippers accelerating cargo movement ahead of new fuel-related cost increases and anticipated capacity constraints in the second half of the year.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="9" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3359988372="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c3359988372="" _nghost-ng-c370560616="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="6,2,0" id="p-rc_bd90b402dcd24987-50" style="line-height: 1.15 !important;"><span class="citation-356" style="line-height: 1.15 !important;"></span><b data-path-to-node="6,2,0" data-index-in-node="0" style="line-height: 1.15 !important;">Wider Geographic Impact:</b><span class="citation-356 citation-end-356" style="line-height: 1.15 !important;"> While South America remains a primary focus, the broader trend of rising surcharges is impacting diverse trade loops, including routes to East Africa and North America, signaling a global trend of "compressed and competitive" freight environments.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="10" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3359988372="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c3359988372="" _nghost-ng-c370560616="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li></ul><h4 data-path-to-node="7" id="p-rc_bd90b402dcd24987-51" style="font-family: &quot;Google Sans&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-355 citation-end-355" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><b>Navigating the "Compressed" Peak</b><source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="11" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3359988372="" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c3359988372="" _nghost-ng-c370560616="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></h4><p data-path-to-node="8" id="p-rc_bd90b402dcd24987-52" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-354 citation-end-354" style="line-height: 1.15 !important;">Logistics experts warn that the current peak season is not a traditional linear increase but a "convergence of forces" that tests supply chain resilience.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="12" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span> <span class="citation-353 citation-end-353" style="line-height: 1.15 !important;">For shippers, the environment is defined by:<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="13" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3359988372="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c3359988372="" _nghost-ng-c370560616="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p><ul data-path-to-node="9" style="padding-inline-start: 32px; font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><li style="line-height: 1.15 !important;"><p data-path-to-node="9,0,0" id="p-rc_bd90b402dcd24987-53" style="line-height: 1.15 !important;"><span class="citation-352" style="line-height: 1.15 !important;"></span><b data-path-to-node="9,0,0" data-index-in-node="0" style="line-height: 1.15 !important;">Capacity Tightening:</b><span class="citation-352 citation-end-352" style="line-height: 1.15 !important;"> With carriers adjusting service levels and withdrawing certain sailings, available space is becoming scarcer, often requiring shippers to accept higher rate offers to secure vessel allocation.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="14" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3359988372="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c3359988372="" _nghost-ng-c370560616="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="9,1,0" id="p-rc_bd90b402dcd24987-54" style="line-height: 1.15 !important;"><span class="citation-351" style="line-height: 1.15 !important;"></span><b data-path-to-node="9,1,0" data-index-in-node="0" style="line-height: 1.15 !important;">Contractual Volatility:</b><span class="citation-351 citation-end-351" style="line-height: 1.15 !important;"> Previously negotiated rate offers are increasingly being withdrawn or replaced by higher-priced agreements, rendering some long-term contract terms commercially unviable.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="15" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3359988372="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c3359988372="" _nghost-ng-c370560616="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li><li style="line-height: 1.15 !important;"><p data-path-to-node="9,2,0" id="p-rc_bd90b402dcd24987-55" style="line-height: 1.15 !important;"><span class="citation-350" style="line-height: 1.15 !important;"></span><b data-path-to-node="9,2,0" data-index-in-node="0" style="line-height: 1.15 !important;">Strategic Planning:</b><span class="citation-350 citation-end-350" style="line-height: 1.15 !important;"> Companies are being urged to maintain end-to-end visibility and execute bookings with greater agility to avoid the consequences of delayed pricing decisions, which frequently result in missed sailings or unplanned cost exposure.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="16" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3359988372="" style="line-height: 1.15 !important;"> <source-inline-chip _ngcontent-ng-c3359988372="" _nghost-ng-c370560616="" class="ng-star-inserted" style="line-height: 1.15 !important;"><!----><!----><!----><!----><!----></source-inline-chip><!----><!----><!----></sources-carousel-inline></p></li></ul><p data-path-to-node="10" id="p-rc_bd90b402dcd24987-56" style="font-family: &quot;Google Sans Text&quot;, sans-serif !important; line-height: 1.15 !important;"><span class="citation-349 citation-end-349" style="line-height: 1.15 !important;">As the industry moves deeper into the summer, market indicators suggest that these elevated rate levels and constrained space availability are likely to persist through July, with the potential for further volatility extending into August.<source-footnote ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c2125138438="" style="line-height: 1.15 !important;"><sup _ngcontent-ng-c2125138438="" class="superscript" data-turn-source-index="17" style="line-height: 1.15 !important; font-size: 16px !important; background-color: transparent !important;"><!----></sup></source-footnote></span><sources-carousel-inline ng-version="0.0.0-PLACEHOLDER" _nghost-ng-c3359988372="" style="line-height: 1.15 !important;"></sources-carousel-inline></p>