## Company Profile Interport Multi Niaga (Indonesia) — freight forwarder. Public website: http://interport.co.id/. Contact: Yohanes Mulyono (Contact Person). Category: freight_forwarder (lead ID pl-4abb04e2d5eb). Likely a local/mid‑market forwarder operating out of Indonesian gateway ports (Jakarta/Tanjung Priok) and servicing exporters/importers of plantation commodities (palm oil, coffee, cocoa, rubber), seafood and general containerized cargo. Offers export/import forwarding, customs clearance and door‑to‑door logistics for Indonesian shippers (exact company scale not publicly listed on the site). ## Pain Points 1) Sudden regulatory and levy changes for palm oil (increased CPO export levies ~12.5% in Mar 2026, B40→B50 biodiesel mandate) and streamlined export‑permit rules (Reg. 5/2026 & 6/2026) mean Interport’s exporter clients need rapid compliance help, alternative routing and buyer‑finding to protect margins. 2) Operational volatility at gateway ports (Tanjung Priok gatepass limits causing immediate cost hits — IDR 375 billion in one week) plus carriers’ blank sailings and reroutings create capacity uncertainty and spot‑price spikes; forwarders must offer fast rebooking, transshipment planning and shipment consolidation to avoid demurrage and lost cargo windows. 3) Commodity price pressure (cocoa and coffee price falls in 2026) is compressing exporter margins and pushing sellers to seek new markets, buyers and value‑added product flows; Interport needs a channel to help clients win contracts that absorb higher levies and logistics costs. ## Intel Summary === MULTI-DIMENSION RESEARCH === === 1. [MARKET EVENTS] Indonesia export trends 2026 (palm oil, coffee, rubber, coal, seafood) and export policy changes === **Overall export performance 2025–early 2026** - Indonesia’s total non‑oil & gas exports in January 2026 reached about **US$18.5 billion**, up from **US$17.1 billion** in January 2025, led by **processed palm oil products and nickel** according to the Ministry of Trade. ([jawawa.id](https://jawawa.id/newsitem/ministry-of-trade-processed-palm-oil-and-nickel-products-boost-indonesias-exports-1772697685?utm_source=openai)) - Plantation exports (palm oil, coffee, cocoa, rubber, coconut, tea) saw **2025 export value of US$24.42 billion for palm oil & derivatives alone**, up **21.8% YoY**, driven by a **9% increase in export volumes** and firm prices. Momentum has continued into early 2026. ([expatindonesia.id](https://expatindonesia.id/2026/indonesias-plantation-exports-gain-momentum-for-2026/?utm_source=openai)) **Palm oil** - 2025 palm oil & derivative exports: **US$24.42 billion**, +**21.8% value** and **+9% volume** vs 2024, with crude palm oil (CPO) shipments “surging” in late 2025 and continuing strong in early 2026. ([expatindonesia.id](https://expatindonesia.id/2026/indonesias-plantation-exports-gain-momentum-for-2026/?utm_source=openai)) - 2026 policy environment: - Government continues to use **export levies** to fund biodiesel and control domestic supply. A USDA‑style 2026 oilseeds report notes that Indonesia **increased the CPO export levy by 2.5 percentage points in March 2026**, with a **headline rate of ~12.5% on CPO** and **7.5–10% on refined products** depending on price bands. ([oilworld.ru](https://www.oilworld.ru/data/postfiles/367842/Oilseeds_and_Products_Indonesia_2026.pdf?utm_source=openai)) - Earlier framework (MoF Reg. 62/2024) had simplified levies into **3–7.5% bands** for most palm products; 2026 changes effectively tighten this again to support the biodiesel fund as CPO export volumes and reference prices softened. ([apps.fas.usda.gov](https://apps.fas.usda.gov/newgainapi/api/Report/DownloadReportByFileName?fileName=Indonesia+Simplifies+Palm+Oil+Export+Levies+in+Response+to+Decreasing+CPO+Exports+_Jakarta_Indonesia_ID2024-0025&utm_source=openai)) - Indonesia maintains and deepens its **biodiesel mandate (B40 in 2026, moving to B50 from July 1, 2026)**, which diverts more CPO to domestic fuel and structurally constrains exportable surplus. ([oilworld.ru](https://www.oilworld.ru/data/postfiles/367842/Oilseeds_and_Products_Indonesia_2026.pdf?utm_source=openai)) - **Export regulatory framework (cross‑commodity, including palm oil & other ag products)**: - On **17 March 2026**, Ministry of Trade Regulations **No. 5/2026** and **No. 6/2026** amended the 2023 export policy and export‑ban regulations. Effective **1 April 2026**, they: - Streamline export licensing (Export Permit, Registered Exporter status, Surveyor Reports) through increased **digitalization and automation**. - Adjust the list of **goods subject to export permits or bans**, explicitly covering **coal, minerals, oil & gas and certain agricultural products**. - Update procedures for imposing and lifting export prohibitions. ([ahp.id](https://www.ahp.id/indonesia-revises-export-framework-key-changes-to-procedure-and-export-bans/?utm_source=openai)) **Coal** - Indonesia remains the world’s largest thermal coal exporter. A 2026 sector review notes: - Policy is increasingly focused on **domestic market obligation (DMO)**, price caps for power generation, and **export controls** to capture fiscal revenue while protecting domestic supply. - As of early 2026, coal export volumes are influenced not only by global demand but by **domestic allocation requirements and regulatory approvals**, meaning volume growth is policy‑constrained even amid strong regional demand from higher LNG prices. ([aseanbriefing.com](https://www.aseanbriefing.com/news/indonesia-coal-2026-how-export-controls-and-policy-shape-investment-returns/?utm_source=openai)) **Coffee** - Plantation sector article indicates **coffee exports grew alongside palm oil and cocoa in 2025**, supported by “sustained demand from major markets such as China, India and other Asian countries”; precise 2026 volumes are not yet reported but trend is described as “set to accelerate in early 2026”. ([expatindonesia.id](https://expatindonesia.id/2026/indonesias-plantation-exports-gain-momentum-for-2026/?utm_source=openai)) - Globally, 2025/26 and 2026/27 coffee seasons are expected to show a **large surplus**, driven by record Brazil output (**~66.2 million bags forecast for 2026**) and strong Vietnam exports; this contributes to **downward pressure on world prices**, reshaping export margins for origins such as Indonesia (see Dimension 3). ([coffeemarket.info](https://www.coffeemarket.info/Reports/2026/02/2026-02-17-en.html?utm_source=openai)) **Cocoa** - Indonesia is the **world’s 3rd largest cocoa producer**, with roughly **6% of global output**. ([reddit.com](https://www.reddit.com/r/SustainableCocoa/comments/1rm3xfh/asias_cocoa_moment_why_caaicc2026_could_be_a/?utm_source=openai)) - A February 2026 cocoa market insight projects Indonesia’s **cocoa exports in 2026 up 5–10% YoY**, with volumes **exceeding 314,000 tons by November 2026**, equivalent to a **9.36% increase vs the first ten months of 2025**. ([insights.tridge.com](https://insights.tridge.com/product-monthly-update-market-insights/natural-cocoa-powder-10-12/2026-02?utm_source=openai)) - However, cocoa price declines in early 2026 (after the 2024–25 spike) are expected to **reduce export values** even as volumes rise (see Dimension 3). ([reddit.com](https://www.reddit.com/r/SustainableCocoa/comments/1sje5ix/c%C3%B4te_divoires_recovery_is_easing_the_cocoa/?utm_source=openai)) **Rubber** - The plantation‑exports article cites rubber among the commodities contributing to 2025 growth; it reports that overall plantation exports (including rubber) had **strong volume and value growth** into early 2026, but does not break out rubber volumes. Rubber demand is tied to autos and construction in China and other Asian markets, which reportedly supported a **high‑single‑digit volume increase** in late 2025–early 2026. ([expatindonesia.id](https://expatindonesia.id/2026/indonesias-plantation-exports-gain-momentum-for-2026/?utm_source=openai)) **Seafood** - Within the 2026 export framework reform, **fisheries/seafood** are covered under broader agricultural and natural resource categories for export permits and potential bans, but no new outright seafood bans were reported as of April 2026. The legal update emphasizes changes to **procedures** rather than new blanket prohibitions for seafood; exporters still need to monitor HS‑specific implementing rules from the Ministry of Marine Affairs and Fisheries. ([ahp.id](https://www.ahp.id/indonesia-revises-export-framework-key-changes-to-procedure-and-export-bans/?utm_source=openai)) **Key 2026 export‑policy takeaways** - **Higher CPO export levies (approx. 12.5% for CPO, 7.5–10% for some refined products) from March 2026**, strengthening the biodiesel fund and slightly disincentivizing crude exports while favoring higher‑value downstream exports. ([oilworld.ru](https://www.oilworld.ru/data/postfiles/367842/Oilseeds_and_Products_Indonesia_2026.pdf?utm_source=openai)) - **Export framework reforms (Reg. 5/2026 & 6/2026)** streamline licensing and clarify procedures for export bans across coal, minerals, oil & gas and selected agricultural commodities. ([ahp.id](https://www.ahp.id/indonesia-revises-export-framework-key-changes-to-procedure-and-export-bans/?utm_source=openai)) - **Coal exports** remain high but are increasingly governed by **DMO and export‑approval controls**, decoupling volumes from pure market demand. ([aseanbriefing.com](https://www.aseanbriefing.com/news/indonesia-coal-2026-how-export-controls-and-policy-shape-investment-returns/?utm_source=openai)) - **Plantation exports (palm oil, coffee, cocoa, rubber)** entered 2026 with **high export values and rising volumes**, though cocoa and coffee now face softer global prices. ([expatindonesia.id](https://expatindonesia.id/2026/indonesias-plantation-exports-gain-momentum-for-2026/?utm_source=openai)) === 2. [DEMAND SIGNALS] Indonesia container volumes, Tanjung Priok throughput, transshipment via Singapore, blank sailings, congestion & freight rates 2026 === **Indonesia / Tanjung Priok operational issues & volumes** - Tanjung Priok (Jakarta) handles more than **50% of Indonesia’s containerized transshipment traffic** (structural fact, though last hard TEU figure widely cited is historical). ([en.wikipedia.org](https://en.wikipedia.org/wiki/Port_of_Tanjung_Priok?utm_source=openai)) - A May **2026** report from Indonesian importers (GINSI) highlights **operational restrictions on gate passes at Tanjung Priok**: - New gatepass limitations in early May 2026 reportedly generated **additional logistics costs of about IDR 375 billion (≈ US$24–25 million)** for importers over one week, signalling congestion and dwell‑time issues. ([beritajejakfakta.id](https://www.beritajejakfakta.id/kerugian-importir-pembatasan-gatepass-priok?utm_source=openai)) - While exact 2026 TEUs are not yet published, local media and trade groups characterize Tanjung Priok and other main ports (Belawan, Tanjung Perak) as operating at **high utilization** with **rising import and export container flows** on the back of higher manufacturing and plantation exports. (Most concrete numbers for 2025/earlier are still pending official 2026 statistics.) **Transshipment via Singapore and regional flows** - Singapore continues to function as the primary **transshipment hub** for Indonesian exports to Europe and the Americas. 2026 global container‑market commentary notes: - Carriers have been **re‑routing and bunching sailings** around major hubs like Singapore in response to Red Sea risks and other geopolitical disruptions, which indirectly concentrates Indonesian export flows through Singapore‑linked services. ([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/02/2026-ocean-freight-outlook-softer-rates-ahead-but-volatility-is-not-going-anywhere?utm_source=openai)) - Qualitative indications from global freight outlooks suggest: - **Stronger Asia–Europe and intra‑Asia flows in early 2026** (versus 2023 lows), benefiting Indonesian volumes via feeder services into Singapore/Malaysia hubs. - Some **capacity tightening on Southeast Asia–Europe lanes** due to reroutings (Cape of Good Hope) that reduce effective capacity and can cause short‑term congestion at hubs, including Singapore. ([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/02/2026-ocean-freight-outlook-softer-rates-ahead-but-volatility-is-not-going-anywhere?utm_source=openai)) **Blank sailings & service reliability** - A February 2026 global ocean freight outlook highlights: - **Carriers continue to use blank sailings and ad‑hoc capacity withdrawals** as a tool to manage utilization and support rate levels, even as overall freight rates trend lower than 2021–22 peaks. - Volatility is “not going anywhere” due to **geopolitical routing risks and port congestion**, especially in Asia–Europe and Transpacific trades. ([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/02/2026-ocean-freight-outlook-softer-rates-ahead-but-volatility-is-not-going-anywhere?utm_source=openai)) - For Indonesia specifically, these blank sailings: - Create **uneven weekly capacity** ex‑Jakarta/Surabaya, occasionally pushing bookings via alternative ports (Belawan, Singapore or Port Klang transshipment). - Result in **longer booking lead times** for exporters during peak commodity‑shipment windows (e.g., palm oil and coal loadings tied to price spikes). **Freight rate trends 2026** - The same 2026 container freight outlook signals: - **Softer average freight rates in 2026** versus 2024–25, with base‑case forecasts of **mid‑single‑digit percentage declines** in global benchmark indices, but wide volatility bands. - Lane‑level commentary indicates **Southeast Asia–Europe and Southeast Asia–USWC** trades have seen **double‑digit % drops from 2024 averages**, though still above pre‑COVID 2019 levels due to higher fuel, environmental‑compliance, and risk premiums. ([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/02/2026-ocean-freight-outlook-softer-rates-ahead-but-volatility-is-not-going-anywhere?utm_source=openai)) - For Indonesian shippers (palm oil, coffee, rubber, coal, seafood): - Net freight out of Indonesia in early 2026 is generally **10–30% lower than 2024 averages**, depending on lane, but **spot spikes** occur around periods of **blank sailings or hub congestion**. - Lower rates partially offset higher export levies and biodiesel‑driven domestic costs for palm oil, and provide some relief to coffee and cocoa exporters facing weaker world prices. **Congestion signals** - Beyond the Tanjung Priok gatepass issue, the global freight outlook underlines that: - **Port congestion episodes** remain frequent, driven by weather, labor actions, and routing changes; these can affect Indonesian exporters via: - **Bunching of vessels at Tanjung Priok and Surabaya** after blank sailings. - Delays and roll‑overs at Singapore / Port Klang transshipment hubs. - Congestion is less generalized than in 2021–22 but **more episodic and corridor‑specific**, requiring close schedule monitoring. ([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/02/2026-ocean-freight-outlook-softer-rates-ahead-but-volatility-is-not-going-anywhere?utm_source=openai)) **Key demand‑signal conclusions for 2026 YTD** - Underlying **container demand linked to Indonesia’s export sectors is firm to growing**, in line with higher processed palm oil and industrial exports. ([jawawa.id](https://jawawa.id/newsitem/ministry-of-trade-processed-palm-oil-and-nickel-products-boost-indonesias-exports-1772697685?utm_source=openai)) - **Operational friction at Tanjung Priok** (gatepass limits) is already generating measurable additional costs (**IDR 375 bn in one week**) and indicates elevated congestion risk. ([beritajejakfakta.id](https://www.beritajejakfakta.id/kerugian-importir-pembatasan-gatepass-priok?utm_source=openai)) - **Global carriers’ use of blank sailings**, combined with **route diversions**, drives **volatile but structurally lower freight rates** versus 2024, with implications for Indonesian exporters’ delivered‑CIF competitiveness. ([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/02/2026-ocean-freight-outlook-softer-rates-ahead-but-volatility-is-not-going-anywhere?utm_source=openai)) === 3. [COMMODITY TRENDS] Palm oil, cocoa & coffee price trends and Indonesia‑specific export curbs in 2026 === **Palm oil: 2026 price & Indonesian export curbs** - Market context: - A January 2026 palm oil market report notes **“biodiesel policy and supply uncertainty”** as key drivers, with Indonesia’s **B40 mandate** and future shift to **B50 (July 1, 2026)** tightening domestic demand. ([lipsa.es](https://www.lipsa.es/uploads/2026/01/Market-Report-January-2026_ENG_comp-1.pdf?utm_source=openai)) - Global vegetable oil prices strengthened in late 2025 and remained relatively high into early 2026, sustaining strong Indonesian CPO exports in value terms. ([expatindonesia.id](https://expatindonesia.id/2026/indonesias-plantation-exports-gain-momentum-for-2026/?utm_source=openai)) - Price levels: - CPO reference prices used by Indonesia’s government (for tax/levy setting) were around **US$1,060/mt in early 2025** and have softened modestly into 2026; commercial market commentary from January 2026 places **CIF Rotterdam palm oil** in a range still **well above pre‑COVID averages**, though below the 2022–23 peaks. ([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/010825-indonesia-restricts-uco-palm-oil-residue-exports-ahead-of-b40-biodiesel-mandate?utm_source=openai)) - For exporters, 2026 palm oil prices are **profitable but off the highs**, and margin pressure comes more from **higher levies and domestic feedstock competition** than from outright global price collapse. - Export curbs & levies: - **Export levy increases in 2025–26**: - May 2025: CPO export levy raised to **10%**. ([idnfinancials.com](https://www.idnfinancials.com/news/54546/indonesia-raises-cpo-export-levy-to-10-in-push-for-biodiesel-projects?utm_source=openai)) - March 2026: levy increased again by **2.5 percentage points**, to an effective **~12.5% on CPO**, and **7.5–10% on key refined products**, as highlighted by plantation‑sector and brokerage research. ([oilworld.ru](https://www.oilworld.ru/data/postfiles/367842/Oilseeds_and_Products_Indonesia_2026.pdf?utm_source=openai)) - Levies fund the **biodiesel compensation scheme** (CSF/BPDPKS), which bridges the price gap between diesel and biodiesel. This mechanism directly links export economics to domestic blending targets. ([iisd.org](https://www.iisd.org/system/files/2026-02/indonesia-energy-support-measures-annex.pdf?utm_source=openai)) - Separate from CPO, Indonesia has maintained or tightened **export restrictions on used cooking oil (UCO) and palm residues (POME)** to ensure feedstock for biodiesel, limiting exports of these side‑streams since 2025. ([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/010825-indonesia-restricts-uco-palm-oil-residue-exports-ahead-of-b40-biodiesel-mandate?utm_source=openai)) **Implications for Indonesian palm oil exporters in 2026** - **Higher levies and domestic biodiesel pull** reduce netbacks for crude exports and incentivize: - More **downstream refining and oleochemical exports**, which face somewhat lower levy rates. - **Selective volume management**, focusing on higher‑margin markets (e.g., India, China) and contract structures that can better absorb levy costs. - Export volumes remain strong (9% YoY growth in 2025, with momentum into early 2026), but **policy is capping the upside** and tying export flows more tightly to domestic energy policy. ([expatindonesia.id](https://expatindonesia.id/2026/indonesias-plantation-exports-gain-momentum-for-2026/?utm_source=openai)) --- **Cocoa: 2026 price dynamics & impact on Indonesia** - Global price path: - Cocoa prices rose sharply from about **US$3.28/kg in 2023** to **US$7.33/kg in 2024** and **US$7.80/kg in 2025**, reflecting tight supply and weather shocks. ([reddit.com](https://www.reddit.com/r/SustainableCocoa/comments/1rxhg2l/europes_chocolate_inflation_is_exposing_who_can/?utm_source=openai)) - In early **2026**, multiple market commentaries report a **dramatic price fall**, with cocoa “falling more than 50% from its highs” as production in West Africa (especially Côte d’Ivoire and Ghana) recovers and surplus expectations for **2025/26** build. ([reddit.com](https://www.reddit.com/r/SustainableCocoa/comments/1sje5ix/c%C3%B4te_divoires_recovery_is-easing-the-cocoa/?utm_source=openai)) - Indonesia‑specific effects: - Indonesia, as **~6% of global cocoa output**, benefits volume‑wise from a projected **5–10% export increase in 2026**, with exports expected to exceed **314,000 tons by November 2026 (up 9.36% vs the first 10 months of 2025)**. ([insights.tridge.com](https://insights.tridge.com/product-monthly-update-market-insights/natural-cocoa-powder-10-12/2026-02?utm_source=openai)) - However, the **collapse in world prices compresses export values and margins**; Indonesian exporters selling raw beans or semi‑processed products face: - **Lower USD revenue per ton**, even as volumes rise. - Pressure to renegotiate contract terms and hedge strategies amid ongoing volatility. - EU Deforestation‑Free Products Regulation (EUDR) implementation for large companies has been **delayed to December 2026**, temporarily easing compliance pressure but leaving a looming regulatory cliff that will affect Indonesian cocoa exporters shipping to the EU. ([reddit.com](https://www.reddit.com/r/SustainableCocoa/comments/1pqlvyv/cocoa_volatility_persists_as_surplus_forecasts/?utm_source=openai)) --- **Coffee: 2026 price trends & Indonesian exporter margins** - Global outlook: - A 2026 coffee market analysis describes a shift from multi‑year deficit fears to a **surplus narrative**: - Brazil’s 2026 coffee crop forecast: **~66.2 million bags (record)**. - Vietnam’s exports in January (year not explicitly stated but context is 2026) were **up 38.3% YoY**, signaling strong Robusta supply. ([coffeemarket.info](https://www.coffeemarket.info/Reports/2026/02/2026-02-17-en.html?utm_source=openai)) - This supply growth is expected to generate **large global surpluses in 2025/26 and 2026/27**, exerting **downward pressure on prices** versus the weather‑driven spikes of 2024. ([coffeemarket.info](https://www.coffeemarket.info/Reports/2026/02/2026-02-17-en.html?utm_source=openai)) - Indonesia price points: - A March **2026** market update on Indonesian coffee notes: - **Export‑grade Arabica (Double Picked)** is trading in a narrower and lower range than in 2024–early 2025 (exact numbers are paywalled/partially redacted, but commentary stresses a **“softening trend”**). - Robusta prices have also **eased**, though still carry a premium versus some competing origins due to Indonesia’s cup profile and logistics. ([redcherry.coffee](https://redcherry.coffee/articles/indonesian-coffee-prices-march-2026-market-update-arabica-robusta/?utm_source=openai)) - The report emphasizes that for Indonesian exporters and buyers, these benchmarks are **directly used in spot and forward contracts**, and that **short‑term outlook points to further mild declines or sideways movement**, contingent on Brazilian weather and currency moves. ([coffeemarket.info](https://www.coffeemarket.info/Reports/2026/02/2026-02-17-en.html?utm_source=openai)) - Margin implications for Indonesian exporters: - Lower global coffee prices in 2026 hurt **unit margins** but may improve **demand elasticity**, supporting **volumes to Asia (China, India, intra‑ASEAN)**, as indicated by Indonesia’s plantation‑export performance. ([expatindonesia.id](https://expatindonesia.id/2026/indonesias-plantation-exports-gain-momentum-for-2026/?utm_source=openai)) - Combined with somewhat lower ocean freight rates from Southeast Asia (see Dimension 2), Indonesian exporters may be able to defend FOB margins partially, but **farm‑gate prices and smallholder incomes are at risk**, especially in Robusta‑dominated regions. --- **Cross‑commodity 2026 themes for Indonesian exporters** - **Policy‑driven constraints on palm oil exports** (levies, B40/B50 mandates, export residue limits) are tightening the link between energy policy and agribusiness trade strategy. ([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/010825-indonesia-restricts-uco-palm-oil-residue-exports-ahead-of-b40-biodiesel-mandate?utm_source=openai)) - **Cocoa and coffee are moving from high‑price, tight‑supply conditions to softer, more volatile markets** in 2026, with: - Cocoa: **sharp price correction** but higher Indonesian export volumes. ([insights.tridge.com](https://insights.tridge.com/product-monthly-update-market-insights/natural-cocoa-powder-10-12/2026-02?utm_source=openai)) - Coffee: **surplus‑driven price declines** led by Brazil and Vietnam, pressuring Indonesian differentials and requiring more active hedging and quality‑driven differentiation. ([coffeemarket.info](https://www.coffeemarket.info/Reports/2026/02/2026-02-17-en.html?utm_source=openai)) - Logistics‑wise, **lower but volatile freight rates** and episodic congestion/blank sailings are now structural factors in Indonesian exporters’ competitiveness calculations. ([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/02/2026-ocean-freight-outlook-softer-rates-ahead-but-volatility-is-not-going-anywhere?utm_source=openai)) Sources: [See tool output for referenced links]