## Company Profile Filbert Logistics Ltd is a Bangladesh-based freight forwarder and logistics service provider (website: https://filbert-logistics.com/). The company is led by Chairman Mehdi Hasan Shibly and is listed in the BAFFA Directory 2024. Services offered appear to include ocean and air freight forwarding, export documentation and compliance, customs clearance, consolidation and FCL/LCL handling, inland transport and warehousing for Bangladeshi exporters (typical profile for BAFFA-listed forwarders). Public scale metrics are not available; firm likely operates as an SME-focused forwarder serving RMG and other export clients out of Chattogram/Dhaka corridors. ## Pain Points 1) Recurrent port/feeder congestion (Chittagong berth delays, Payra siltation) causing rolled sailings, unpredictability in ETAs and detention/demurrage exposure for Filbert’s exporter customers. 2) Client demand-side pressure from RMG buyers in 2026: shorter lead times, more frequent reorders, stronger ESG/compliance documentation — creating needs for faster routing, split-modal solutions and buyer‑market matching beyond traditional lanes. 3) Volatile spot freight and carrier capacity management (blank sailings, premium feeders) increasing cost and margin squeeze on low‑value apparel shipments; Filbert needs proactive space management and alternative route planning to protect client margins. ## Intel Summary === MULTI-DIMENSION RESEARCH === === 1. COMMODITY TRENDS — BANGLADESH RMG EXPORTS & DEMAND, 2026 OUTLOOK === **Export performance & demand trend into FY26** - Bangladesh’s RMG exports grew strongly through FY2024–25, but the latest data and central bank commentary show **softening demand and a more cautious FY26 outlook**: - RMG exports July–March FY2024–25 reached **US$30.25 billion**, up **10.84% YoY**, with the EU accounting for **49.8%** (US$15.07 billion, +11.3% YoY) and the US **US$5.74 billion, +17.2% YoY**.([tbsnews.net](https://www.tbsnews.net/economy/rmg/rmg-exports-traditional-markets-drive-1084-yoy-rise-july-march-fy25-1118241?utm_source=openai)) - A later Bangladesh Bank “Quarterly Review of RMG: Oct–Dec FY26” reports **export earnings of US$9.74 billion**, **‑5.99%** vs US$10.36 billion in the same quarter of the previous year, signaling a **recent contraction in order values**.([thedailystar.net](https://www.thedailystar.net/business/news/rmg-sector-faces-headwinds-outlook-cautiously-moderate-bb-4138341?utm_source=openai)) - The central bank characterizes the near‑term RMG outlook as **“cautiously moderate”**, citing global demand uncertainty, inflation in importing countries, and changing consumer spending.([thedailystar.net](https://www.thedailystar.net/business/news/rmg-sector-faces-headwinds-outlook-cautiously-moderate-bb-4138341?utm_source=openai)) **Buyer/geography shifts & competition** - **Traditional markets still dominate but are evolving:** - As of FY2024–25, **about 70% of RMG exports** went to the US, EU, and a small set of other developed markets (US, Germany, UK, Spain, France, Netherlands, Italy, Canada, Belgium).([thedailystar.net](https://www.thedailystar.net/business/news/rmg-sector-faces-headwinds-outlook-cautiously-moderate-bb-4138341?utm_source=openai)) - Earlier 2024 data showed Bangladesh as **3rd largest apparel supplier to the US** with **~9.3% US market share**, behind China and Vietnam; exports to the US in calendar 2024 were **US$7.34 billion (‑25% from the 2022 peak, but +0.75% vs 2023)**.([tbsnews.net](https://www.tbsnews.net/economy/rmg/apparel-exports-us-grow-slightly-734b-2024-1064131?utm_source=openai)) - **Buyer sourcing diversification / nearshoring pressures:** - Bangladesh has been gaining some **diverted orders from China**, especially in basic knit and woven items, as brands seek to reduce over‑dependence on China.([online.thedailystar.net](https://online.thedailystar.net/business/news/apparel-exports-us-rose-14-fy25-3938066?utm_source=openai)) - At the same time, **nearshoring** (e.g., EU buyers shifting some volume to Turkey, Eastern Europe, North Africa; US buyers adding capacity in Mexico/Central America) is eroding part of Bangladesh’s growth room; a recent EU–India FTA analysis notes that **price‑sensitive EU growth for Bangladesh has been running ahead of India’s, but with rising price pressure and post‑LDC preference risk**, indicating that **future EU growth is likely to be more competitive and margin‑compressed** rather than volume‑unconstrained.([bracepl.com](https://www.bracepl.com/brokerage/assets/research/comsector/Special_Brief_-_EU-India_Concludes_FTA_Deal%2C_Implications_On_Bangladeshs_RMG_Exports.pdf?utm_source=openai)) - RMG‑focused trade guidance for 2026 flags **US “reciprocal” tariff risks** and Bangladesh’s **graduation from LDC status**, which together could raise the **effective duty burden on some apparel lines by around 20 percentage points for US‑bound trade**, making standard/basic orders more vulnerable to nearshoring shifts.([dhl.com](https://www.dhl.com/discover/en-bd/e-commerce-advice/e-commerce-sector-guides/tips-for-garment-export-from-bangladesh?utm_source=openai)) **Order volumes & product mix signals** - Central bank and industry commentary imply: - **Volume resilience but value pressure**: global brands are pushing for price concessions while adding compliance requirements; some of the recent **‑5.99% YoY export value drop** for Oct–Dec FY26 is attributed to **lower average unit prices and order rationalization**, rather than a collapse in physical volume.([thedailystar.net](https://www.thedailystar.net/business/news/rmg-sector-faces-headwinds-outlook-cautiously-moderate-bb-4138341?utm_source=openai)) - Stronger performance continues in **man‑made fiber (MMF), functional and sustainable lines**, aligned with EU “green” regulations and US buyer ESG requirements, while **basic cotton knit/woven** is under the most price/nearshoring pressure.([bracepl.com](https://www.bracepl.com/brokerage/assets/research/comsector/Special_Brief_-_EU-India_Concludes_FTA_Deal%2C_Implications_On_Bangladeshs_RMG_Exports.pdf?utm_source=openai)) **Cost & margin environment for 2026 orders** - A 2026 sector energy/operations update notes: - Bangladesh has moved from acute gas/power stress into a **“managed and stabilizing” fuel situation**, with RMG prioritized for energy allocation.([appareltimesbd.com](https://appareltimesbd.com/bangladesh-energy-update-2026-rmg-sector-stability-sourcing-outlook/?utm_source=openai)) - Nevertheless, factories are facing a **5–15% cost increase in upcoming orders**, driven by energy, wage, and compliance expenditures—partially offset by productivity and LEED/efficiency investments.([appareltimesbd.com](https://appareltimesbd.com/bangladesh-energy-update-2026-rmg-sector-stability-sourcing-outlook/?utm_source=openai)) - For buyers, this implies: - **Unit FOB quotes for 2026 programs are likely to be 5–15% higher** vs prior seasons if factories can pass through costs; if buyers resist, **margin compression at factory level** is likely, and financially weaker units may exit or consolidate. **Key take‑aways on 2026 demand for Bangladesh RMG** - **Baseline**: After strong FY2024–25, **RMG is entering FY26 with softening value growth and a “cautiously moderate” demand outlook**, not a collapse but clearly below the prior boom.([thedailystar.net](https://www.thedailystar.net/business/news/rmg-sector-faces-headwinds-outlook-cautiously-moderate-bb-4138341?utm_source=openai)) - **Nearshoring/competition**: Medium‑term **nearshoring to EU periphery and the Americas**, plus **preferential access changes post‑LDC**, will weigh on standard/basic product orders, while Bangladesh remains competitive in scale, compliance, and cost for higher‑volume categories. - **Buyer behavior**: Expect **shorter lead times, more frequent reorders, and higher ESG/compliance data demands**, with buyers splitting volumes across multiple origins (Bangladesh + at least one nearshore/fast‑fashion hub) to manage risk.([dhl.com](https://www.dhl.com/discover/en-bd/e-commerce-advice/e-commerce-sector-guides/tips-for-garment-export-from-bangladesh?utm_source=openai)) **Sources (Dimension 1)**: ([thedailystar.net](https://www.thedailystar.net/business/news/rmg-sector-faces-headwinds-outlook-cautiously-moderate-bb-4138341?utm_source=openai)) === 2. MARKET EVENTS — CHITTAGONG CONGESTION, PAYRA PORT DEVELOPMENTS, 2026 DISRUPTIONS === **Chittagong (Chattogram) port congestion & disruptions, 2026** - **Operational disruption and backlog, Feb 2026**: - A February 11, 2026 customer advisory from a major carrier (CMA CGM/CNC) reports that **Chittagong port operations had been disrupted, then resumed at 08:00 on 9 February 2026**, noting **4–5 days berthing congestion for gearless vessels and 2–3 days for geared vessels**. This implies **roughly one additional week of delay risk** for containers depending on vessel class.([cma-cgm.com](https://www.cma-cgm.com/assets/public/documents/Update%20on%20Chattogram%20%28Bangladesh%29%20Port%20Operations%20%28CNC%20only%29.pdf?utm_source=openai)) - While the advisory does not explicitly cite cause, such disruptions typically relate to **weather, labor interruptions, or yard congestion**; for RMG exporters this translates into **slippage of sailing windows and tighter cut‑off times**. - **Structural congestion context**: - Chittagong has long been capacity‑constrained; background sources describe congestion as a **“major challenge,”** with growing container volumes and limited draft compared with deep‑sea competitors.([en.wikipedia.org](https://en.wikipedia.org/wiki/Port_of_Chittagong?utm_source=openai)) - The database of Bangladesh export earnings for FY2024–25 notes **logistics issues** as one of the factors behind weaker June 2025 export performance, underscoring that **port/transport constraints are already affecting export flows**.([thefinancialexpress.com.bd](https://thefinancialexpress.com.bd/economy/exports-fetch-4828b-in-fy25?utm_source=openai)) **Payra Port — operational reality vs expectations** - **Siltation and draught limits (late 2025 – early 2026)**: - A detailed January 2026 report highlights that **silt accumulation at Payra Port has severely restricted navigable depth**, forcing many ocean‑going vessels (especially coal carriers) to **divert to Chittagong instead**.([tbsnews.net](https://www.tbsnews.net/economy/silt-chokes-payra-port-forcing-vessels-chattogram-1338751?utm_source=openai)) - Since commercial operations began in August 2016, Payra has handled **5,338 vessels, including 544 foreign ships**, generating **Tk 1,861.82 crore in revenue up to 31 Dec 2025**—modest compared with Chittagong.([tbsnews.net](https://www.tbsnews.net/economy/silt-chokes-payra-port-forcing-vessels-chattogram-1338751?utm_source=openai)) - The same report links the siltation problem at Payra to: - Added congestion at Chittagong, because bulk vessels that should have used Payra (especially for coal to nearby power plants) are being **re‑routed**. - **Higher power generation costs** at two coal‑based plants (more lighterage, longer voyages), which can indirectly raise industrial energy costs, including for RMG zones.([tbsnews.net](https://www.tbsnews.net/economy/silt-chokes-payra-port-forcing-vessels-chattogram-1338751?utm_source=openai)) - **Development status**: - Policy‑level sources describe Payra as an **“under‑development” seaport** with plans for expanded facilities, but there is **no evidence of a fully realized deep‑sea port capability as of early 2026**; earlier ambitions for deep‑sea status were scaled back.([en.wikipedia.org](https://en.wikipedia.org/wiki/Port_of_Payra?utm_source=openai)) - Development/maintenance dredging projects have been announced, but recurrent siltation means **draft restrictions remain a binding constraint**, limiting Payra’s usefulness for large container or bulk ships in 2026. **Other logistics mega‑projects relevant for 2026–27** - **Matarbari Deep Sea Port**: - Matarbari’s navigational channel was handed over to Chittagong Port Authority in September 2023, and phase‑1 construction foresees **one multipurpose terminal and one 460 m container terminal by 2026**.([en.wikipedia.org](https://en.wikipedia.org/wiki/Matarbari_Port?utm_source=openai)) - Sector guidance for RMG stresses that **timely completion of Matarbari by late 2026** is critical to **reduce dependence on transhipment via Colombo/Singapore and relieve Chittagong congestion**, helping stabilize export logistics costs.([dhl.com](https://www.dhl.com/discover/en-bd/e-commerce-advice/e-commerce-sector-guides/tips-for-garment-export-from-bangladesh?utm_source=openai)) **Implications for RMG exporters in 2026** - **Short‑term (2026)**: - Expect **episodic congestion at Chittagong**, with **2–5 extra days of berth delay** during disruption windows and potential yard/ICD bottlenecks around peak shipment periods (e.g., pre‑Eid, pre‑Western holiday seasons).([cma-cgm.com](https://www.cma-cgm.com/assets/public/documents/Update%20on%20Chattogram%20%28Bangladesh%29%20Port%20Operations%20%28CNC%20only%29.pdf?utm_source=openai)) - Payra’s siltation means **limited immediate relief** for container traffic; most RMG cargo will still pivot on Chittagong (and potentially river/road legs to transhipment hubs), keeping **logistics risk structurally elevated**.([tbsnews.net](https://www.tbsnews.net/economy/silt-chokes-payra-port-forcing-vessels-chattogram-1338751?utm_source=openai)) - **Medium‑term (toward 2027)**: - If Matarbari phase‑1 comes online on schedule, Bangladesh could see a **step‑change in export capacity and draft**, allowing **direct calls by larger container vessels**, lower feeder reliance, and **reduced schedule slippage**—but this relief is **back‑loaded** into late‑2026/2027.([en.wikipedia.org](https://en.wikipedia.org/wiki/Matarbari_Port?utm_source=openai)) **Sources (Dimension 2)**: ([cma-cgm.com](https://www.cma-cgm.com/assets/public/documents/Update%20on%20Chattogram%20%28Bangladesh%29%20Port%20Operations%20%28CNC%20only%29.pdf?utm_source=openai)) === 3. DEMAND SIGNALS — 2026 CONTAINER RATES & CAPACITY, SOUTH ASIA–EU/US (BANGLADESH CONTEXT) === **Asia/South Asia → Europe: spot rate levels entering 2026** - S&P Global’s **Containers Quarterly** for Asia–Europe shows: - As of early January 2026, **Platts Container Rate 1 (PCR1) and PCR11 (North Asia → North Europe/UK)** assessed at **US$2,700 per FEU**, up from late‑2025 as pre‑Lunar New Year demand and general rate increases (GRIs) lifted spot levels.([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) - Carriers maintained **blank sailings** to manage capacity and support rates, carrying this firmness into the first week of January 2026.([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) - While PCR benchmarks are North Asia‑based, Bangladesh‑origin cargo (via transhipment hubs) typically trades at a **premium to these indices** because of feeder legs and congestion risk; in practical terms, exporters are seeing **mid‑US$2,000s to low‑US$3,000s/FEU equivalent spot levels** for standard dry cargo to North Europe/UK, depending on contract vs FAK and service. **Asia/South Asia → US: direction of travel** - Publicly available benchmark commentary for early 2026 indicates: - Trans‑Pacific spot rates into the US West Coast had **risen off late‑2025 lows** in Q1 2026, driven by: - Seasonal restocking. - Ongoing carrier capacity management (blank sailings, slow steaming). - South Asia origins like Bangladesh are typically priced **at a differential over mainline China/Vietnam rates** because shipments often move via feeder + mainline combinations; therefore Bangladesh shippers feel **a magnified impact from both base‑lane GRIs and feeder constraints**. (This is inferred by applying regional uplift patterns to the published mainlane indices.)([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) **Capacity, blank sailings, and container availability in 2026** - **Blank sailings**: - Across Asia–Europe lanes, carriers have been **actively deploying blank sailings** into early 2026 to support pricing, as noted in PCR commentary.([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) - For Bangladesh exporters, this means: - **Higher risk of rolled cargo** if bookings are made late or without space protection. - Need for **earlier booking windows** (often 2–3 weeks ahead for peak weeks). - **Container equipment availability**: - There are no widespread reports of the acute box shortages seen in 2021–22; however: - RMG exporters face **local imbalances** when congestion at Chittagong and river ports causes containers to bunch at yards and ICDs. - Coal and bulk traffic diversions from Payra to Chittagong, plus weather‑related delays, can temporarily **tighten truck chassis and feeder availability**, indirectly affecting empty repositioning for export boxes.([tbsnews.net](https://www.tbsnews.net/economy/silt-chokes-payra-port-forcing-vessels-chattogram-1338751?utm_source=openai)) **Cost & reliability implications for Bangladesh RMG shippers, 2026** - **Freight cost trend**: - Compared with the trough levels of late‑2023/early‑2024, **container freight from Asia to Europe has firmed into early 2026**, with spot levels around **US$2,700/FEU** for mainlane Asia–North Europe. Exporters ex‑Bangladesh should budget for **elevated but not 2021‑peak freight**, roughly: - **High‑US$2,000s to low‑US$3,000s/FEU equivalent** to North Europe/UK for standard apparel shipments. - **Higher levels to US East Coast** due to longer distance and Panama/Suez routing risk premia (exact number varies by contract; directional inference from mainlane indices).([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) - **Schedule reliability**: - With continued **blank sailings and port congestion episodes (Chittagong)**, schedule reliability for Bangladesh exporters remains **fragile**: - Plan for **additional 5–10 days of buffer** vs pure transit time on time‑sensitive programs. - Use multiple carrier options and consider **split‑routing critical volumes** (e.g., partial air, alternate ports) in peak seasons.([cma-cgm.com](https://www.cma-cgm.com/assets/public/documents/Update%20on%20Chattogram%20%28Bangladesh%29%20Port%20Operations%20%28CNC%20only%29.pdf?utm_source=openai)) **Strategic demand signals** - Rising but still‑manageable freight plus **volatile blank sailing patterns** suggest carriers are trying to **re‑normalize rate structures** rather than allowing a reversion to pre‑pandemic lows. - For global buyers, this is reinforcing: - A preference for **shorter lead‑time sourcing closer to market** for fashion‑sensitive SKUs. - Continued use of **Bangladesh for cost‑competitive core programs**, but with **tighter delivery windows and more stringent penalty clauses** for delays, given the combined risk of Chittagong congestion and carrier‑side capacity tactics.([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) **Sources (Dimension 3)**: ([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)) Sources: • RMG exports: Traditional markets drive 10.84% YoY rise in July-March of FY25 https://www.tbsnews.net/economy/rmg/rmg-exports-traditional-markets-drive-1084-yoy-rise-july-march-fy25-1118241?utm_source=openai • RMG sector faces headwinds, outlook cautiously moderate: BB https://www.thedailystar.net/business/news/rmg-sector-faces-headwinds-outlook-cautiously-moderate-bb-4138341?utm_source=openai • RMG sector faces headwinds, outlook cautiously moderate: BB https://www.thedailystar.net/business/news/rmg-sector-faces-headwinds-outlook-cautiously-moderate-bb-4138341?utm_source=openai • Apparel exports to US grow slightly to $7.34b in 2024 https://www.tbsnews.net/economy/rmg/apparel-exports-us-grow-slightly-734b-2024-1064131?utm_source=openai • Apparel exports to US rose 14% in FY25 https://online.thedailystar.net/business/news/apparel-exports-us-rose-14-fy25-3938066?utm_source=openai • Special Brief https://www.bracepl.com/brokerage/assets/research/comsector/Special_Brief_-_EU-India_Concludes_FTA_Deal%2C_Implications_On_Bangladeshs_RMG_Exports.pdf?utm_source=openai • Bangladesh Garment Export Guide https://www.dhl.com/discover/en-bd/e-commerce-advice/e-commerce-sector-guides/tips-for-garment-export-from-bangladesh?utm_source=openai • RMG sector faces headwinds, outlook cautiously moderate: BB https://www.thedailystar.net/business/news/rmg-sector-faces-headwinds-outlook-cautiously-moderate-bb-4138341?utm_source=openai • Special Brief https://www.bracepl.com/brokerage/assets/research/comsector/Special_Brief_-_EU-India_Concludes_FTA_Deal%2C_Implications_On_Bangladeshs_RMG_Exports.pdf?utm_source=openai • Bangladesh Energy Update 2026: RMG Sector Remains Stable Amid Fuel Supply Adjustment | APPAREL TIMES BD https://appareltimesbd.com/bangladesh-energy-update-2026-rmg-sector-stability-sourcing-outlook/?utm_source=openai • Bangladesh Energy Update 2026: RMG Sector Remains Stable Amid Fuel Supply Adjustment | APPAREL TIMES BD https://appareltimesbd.com/bangladesh-energy-update-2026-rmg-sector-stability-sourcing-outlook/?utm_source=openai • RMG sector faces headwinds, outlook cautiously moderate: BB https://www.thedailystar.net/business/news/rmg-sector-faces-headwinds-outlook-cautiously-moderate-bb-4138341?utm_source=openai • Bangladesh Garment Export Guide https://www.dhl.com/discover/en-bd/e-commerce-advice/e-commerce-sector-guides/tips-for-garment-export-from-bangladesh?utm_source=openai • RMG sector faces headwinds, outlook cautiously moderate: BB https://www.thedailystar.net/business/news/rmg-sector-faces-headwinds-outlook-cautiously-moderate-bb-4138341?utm_source=openai • 11 February 2026 https://www.cma-cgm.com/assets/public/documents/Update%20on%20Chattogram%20%28Bangladesh%29%20Port%20Operations%20%28CNC%20only%29.pdf?utm_source=openai • Port of Chittagong https://en.wikipedia.org/wiki/Port_of_Chittagong?utm_source=openai • Exports fetch $48.28b in FY25 | The Financial Express https://thefinancialexpress.com.bd/economy/exports-fetch-4828b-in-fy25?utm_source=openai • Silt chokes Payra Port, forcing vessels to Chattogram https://www.tbsnews.net/economy/silt-chokes-payra-port-forcing-vessels-chattogram-1338751?utm_source=openai • Silt chokes Payra Port, forcing vessels to Chattogram https://www.tbsnews.net/economy/silt-chokes-payra-port-forcing-vessels-chattogram-1338751?utm_source=openai • Silt chokes Payra Port, forcing vessels to Chattogram https://www.tbsnews.net/economy/silt-chokes-payra-port-forcing-vessels-chattogram-1338751?utm_source=openai • Port of Payra https://en.wikipedia.org/wiki/Port_of_Payra?utm_source=openai • Matarbari Port https://en.wikipedia.org/wiki/Matarbari_Port?utm_source=openai • Bangladesh Garment Export Guide https://www.dhl.com/discover/en-bd/e-commerce-advice/e-commerce-sector-guides/tips-for-garment-export-from-bangladesh?utm_source=openai • 11 February 2026 https://www.cma-cgm.com/assets/public/documents/Update%20on%20Chattogram%20%28Bangladesh%29%20Port%20Operations%20%28CNC%20only%29.pdf?utm_source=openai • Silt chokes Payra Port, forcing vessels to Chattogram https://www.tbsnews.net/economy/silt-chokes-payra-port-forcing-vessels-chattogram-1338751?utm_source=openai • Matarbari Port https://en.wikipedia.org/wiki/Matarbari_Port?utm_source=openai • 11 February 2026 https://www.cma-cgm.com/assets/public/documents/Update%20on%20Chattogram%20%28Bangladesh%29%20Port%20Operations%20%28CNC%20only%29.pdf?utm_source=openai • CONTAINERS QUARTERLY: Asia-Europe enters 2026 with seasonal firmness, structural uncertainty | S&P Global https://www.spglobal.com/energy/en/news-research/latest-news/shipping/010926-containers-quarterly-asia-europe-enters-2026-with-seasonal-firmness-structural-uncertainty?utm_source=openai)