Dry-bulk rates are well below their pandemic peaks and are now hovering around operating costs for many fleets. The outlook will be challenging this year as supply growth is expected to outpace demand by 230 bps, based on a forecast by Clarksons. In this Talking Transports episode, Jan Dieleman, president of Cargill Ocean Transportation, joins Lee Klaskow, Bloomberg Intelligence senior transportation and logistics analyst, to share his insights about what’s on the horizon for its fleet of about 700 chartered vessels. Cargill is on the long path to reach the IMO’s goal of zero emissions by 2050 through innovations and testing biofuels and wind, as well as taking delivery of five duel-fuel methanol ships this year. Dieleman also talks tariffs, regulations, discusses Red Sea voyages and his long career moving dry- and wet-bulk cargos around the world.

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The Port of Los Angeles is a major gateway for freight moving in and out of the US, which is key to the regional and national economies. The pull-forward benefits from anticipated new US implemented tariffs, and a potential strike at US East Coast and Gulf ports, helped drive 19% volume growth in 2024. This year, comparisons will become more difficult and may result in low-double-digit declines in 2H. In this Talking Transports podcast, Gene Seroka, executive director of the Port of Los Angeles, joins Lee Klaskow, Bloomberg Intelligence senior transportation and logistics analyst, to share his insights about what’s over the horizon for North America’s busiest container port. Seroka also discusses the company’s emission goals, technology-driven productivity gains and how his career in shipping started with a plane ticket from his dad.

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Geopolitical-fueled supply-chain dislocations have provided a constructive supply-demand backdrop for product and chemical-tanker fleets in 2025. The crisis in the Red Sea, sanctions on Russian energy exports and potential US tariffs have increased ton-miles and absorbed capacity. Time charter rates remain above historical averages despite coming off their robust levels over the past three years, which will weigh on earnings this year. In this Talking Transports podcast, Gernot Ruppelt, CEO of Ardmore Shipping, joins Lee Klaskow, Bloomberg Intelligence senior transportation and logistics analyst, to share his insights into the state of the product tanker market. Ruppert also discusses the company’s integrated trading strategy, focus on innovation to drive operating costs lower and capital-allocation priorities.

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Supply-chain executives are more optimistic about freight markets and the pace of mergers and acquisitions in 2025. Deals can be a win-win for buyers and sellers as seen by RXO’s recent acquisition of Coyote, UPS’ brokerage business. The transaction lets UPS focus on its parcel business while provides RXO with significantly increased market penetration. Some deals are motivated by companies expanding their specialties in a service or geography. In this Talking Transports podcast, Ben Gordon, founder of BGSA Holdings and Cambridge Capital, joins Lee Klaskow, Bloomberg Intelligence senior transportation and logistics analyst, to share his insights about the state of the M&A and private equity markets for transportation, logistics and tangential technology companies. Gordon also discusses what can motivate a seller, and valuations.

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The growth in machine learning and artificial intelligence can drive significant productivity gains for trucking carriers and shippers. Those leaning into these new technologies will be able to make better decisions and drive improved economic outcomes. Transports appear to be in the early innings of this new technology revolution. In this Talking Transports podcast, Rob Painter, CEO and president of Trimble, joins Lee Klaskow, Bloomberg Intelligence senior transportation and logistics analyst, to share his insights into what AI has meant for the company and its customers. Painter also discusses internet of things (IoT), the importance of compounding and how Trimble is connecting supply chains through the life cycle continuum of sourcing, planning, executing and settling.

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Tariff risk has forced many companies to take a long hard look at their supply chains. In this Talking Transports podcast, Didi Caldwell, CEO and president of Global Location Strategies and America’s factory whisper, joins Lee Klaskow, Bloomberg Intelligence senior transportation and logistics analyst, to share her insights into what it takes for an industrial-development project, which are key for long-term railroad carload growth, to get off the ground. Caldwell also discusses how she spent the first half of her career moving companies out of the US and the second half helping them move back.

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FedEx and UPS are trying to navigate an ever-changing parcel industry as volume mix shifts toward more-expensive home deliveries and increased competition from the likes of Amazon.com, which have weighed on margins. These legacy players are focused on productivity improvements, expense controls and restructuring networks in the hopes of thriving in this complex environment. In this Talking Transports podcast, Satish Jindel, president of SJ Consulting and ShipMatrix, joins Lee Klaskow, Bloomberg Intelligence senior transportation and logistics analyst, to share his insights about what’s shaping the parcel and less-than-truckload landscapes. Jindel also discusses many aspects of the LTL market, including, consolidation, FedEx Freight’s spinoff and carriers’ pricing power.

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The trucking industry could transition to a more robust environment after the freight recession of the past two years. A more probusiness Trump administration may spur domestic freight growth and be more sympathetic to the issues facing the trucking industry, according to Chris Spear, president and chief executive officer of the American Trucking Associations. In this Talking Transports podcast, Spear joins Lee Klaskow, Bloomberg Intelligence’s senior transportation and logistics analyst, to share his insights how a more common-sense approach to lower emissions could be better for the industry, environment and economy. Spear also discusses the driver shortage, legal reforms, autonomous trucking and hopes for a return to finding common ground in Washington.

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