## Company Profile ICAL INTERNATIONAL — Australian freight forwarder (lead contact: Nicholas Watts). Public lead records show ICAL operates in Australia as a freight forwarding and logistics services provider; site evidence (2018) references terminal de-hires suggesting handling of container operations and terminal/port coordination. No up‑to‑date public scale metrics found in the brief. Expected core services (based on category): ocean and air forwarding, consolidation, customs clearance support, temperature‑controlled/cool‑chain export services and domestic port/terminal management for agricultural exporters (grains, meat, seafood) shipping to Asia, Europe and the US. ## Pain Points ## Intel Summary === MULTI-DIMENSION RESEARCH === === 1. [MARKET EVENTS] — AUSTRALIA EXPORT TRADE FLOWS & FREIGHT FORWARDING DEMAND, ASIA–EUROPE, 2026 === **Macro trade & corridor context** - Global goods trade is estimated to have grown about **6.5% in nominal terms in 2025**, with Asian hubs (esp. China, Southeast Asia) remaining central to global export growth into 2026.([mckinsey.com](https://www.mckinsey.com/mgi/our-research/geopolitics-and-the-geometry-of-global-trade-2026-update?utm_source=openai)) - Asia–Europe freight indices ended **late‑2025 around USD 3,050 per 40' container**, up ~**13% m/m in December 2025** as Asia–Europe volumes held up better than other trades. This elevated base is feeding into carrier network and capacity decisions in early 2026.([chemanalyst.com](https://www.chemanalyst.com/NewsAndDeals/NewsDetails/asia-europe-freight-defies-global-slide-as-rates-close-2025-on-40625?utm_source=openai)) **Australia–Asia/Europe trade & flows** - Australia is heavily export‑oriented in agriculture, with **>70% of agricultural production exported**, underlining structural demand for freight forwarding services, particularly on Asia‑bound routes.([dfat.gov.au](https://www.dfat.gov.au/trade/organisations/wto/agricultural-trade?utm_source=openai)) - Two‑way trade with **Southeast Asia is now second only to China**, and grains (wheat, barley, pulses, canola, malt, oats) are major export categories out of ports such as Melbourne; in FY2025, **~1.4 million tonnes of grains/pulses** moved through Melbourne to Southeast Asia, a record high.([thedcn.com.au](https://www.thedcn.com.au/news/southeast-asia-emerges-as-key-melbournes-key-grain-market?hs_amp=true&utm_source=openai)) - For 2025–26, Australian agricultural exports overall are forecast around **AUD 72 billion**, down about **3% YoY** mainly on volumes, but with continued resilience in demand from Asia and North America.([exportfinance.gov.au](https://www.exportfinance.gov.au/resources/world-risk-developments/2025/july/australia-agriculture-exports-resilient-despite-slowing-global-growth/?utm_source=openai)) **Lane‑specific 2026 outlook relevant to forwarders** - S&P Global’s 2026 ocean freight outlook points to **“softer rates ahead but ongoing volatility”**: - Additional vessel deliveries and resolved congestion add structural capacity, but - **Geopolitical routing risks** (e.g., Red Sea diversions), environmental regulations, and carrier capacity management are expected to keep effective capacity tight on some long‑haul lanes, including **Asia–Europe**.([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)) - Asia–Europe remains relatively strong entering 2026 versus trans‑Pacific or some intra‑Asia trades; carriers are expected to **prioritise capacity on high‑yield Asia–Europe strings**, maintaining demand for freight forwarding and consolidation services on Australia–Asia transhipment moves feeding into Europe.([chemanalyst.com](https://www.chemanalyst.com/NewsAndDeals/NewsDetails/asia-europe-freight-defies-global-slide-as-rates-close-2025-on-40625?utm_source=openai)) **Implications for Australian forwarders in Asia–Europe flows (2026)** - **Export commodities driving flows:** bulk and containerised **wheat, barley, canola, meat, wine, and other high‑value food products** continue to target Asian markets (China, Southeast Asia, North Asia), with part of these flows re‑exported or integrated into **Asia–Europe supply chains** (e.g., beer barley to Vietnam, food processing hubs in ASEAN).([episode3.net](https://episode3.net/grain/grain-exports-who-bought-our-grain-in-2025/?utm_source=openai)) - **Demand profile in 2026:** - Volume growth is modest but positive in grains and red meat (see next section), sustaining baseline **export‑side TEU and bulk cargo demand** from Australian shippers.([exportfinance.gov.au](https://www.exportfinance.gov.au/resources/world-risk-developments/2025/july/australia-agriculture-exports-resilient-despite-slowing-global-growth/?utm_source=openai)) - Higher value, time‑sensitive products (meat, chilled seafood, some wine) maintain **stable to firm demand for temperature‑controlled and premium forwarding services** into North Asia, China and Southeast Asia, with some uplift as Chinese and ASEAN middle classes expand.([exportfinance.gov.au](https://www.exportfinance.gov.au/resources/world-risk-developments/2025/july/australia-agriculture-exports-resilient-despite-slowing-global-growth/?utm_source=openai)) - **Service mix & competition:** - With large carriers actively managing capacity and blank sailings in 2026, freight forwarders that can **aggregate mid‑sized exporters and offer flexible routing via major Asian hubs** (Singapore, Port Klang, Shanghai/ Ningbo, Busan) into Europe are positioned to capture incremental demand.([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)) - Greater reliance on **transhipment through Asian gateways** (rather than direct Australia–Europe sailings) reinforces the need for strong origin consolidation and destination de‑consolidation capabilities among Australian‑based forwarders. **Key 2026 forwarder‑relevant signals (summary)** - Agricultural export value down slightly (‑3%) but **physical export volumes remain high**, supported by grains and red meat → stable base cargo for forwarders.([exportfinance.gov.au](https://www.exportfinance.gov.au/resources/world-risk-developments/2025/july/australia-agriculture-exports-resilient-despite-slowing-global-growth/?utm_source=openai)) - Asia–Europe container rates entering 2026 at **~USD 3,000+/FEU**, with volatility risk but not 2021‑style spikes → shippers more focused on **service reliability and transit time**, creating opportunities for value‑added logistics rather than pure rate‑shopping.([chemanalyst.com](https://www.chemanalyst.com/NewsAndDeals/NewsDetails/asia-europe-freight-defies-global-slide-as-rates-close-2025-on-40625?utm_source=openai)) === 2. [COMMODITY TRENDS] — AUSTRALIAN AGRICULTURAL EXPORTS (WHEAT, BARLEY, MEAT, WINE, SEAFOOD) TO CHINA & SOUTHEAST ASIA, 2026 === **Overall agricultural export trajectory** - Export Finance Australia projects **FY2026 agricultural export value at ~AUD 72 billion**, about **3% below FY2025**, largely due to lower production after several high‑production years.([exportfinance.gov.au](https://www.exportfinance.gov.au/resources/world-risk-developments/2025/july/australia-agriculture-exports-resilient-despite-slowing-global-growth/?utm_source=openai)) - Despite the value dip, grains prices are forecast to be resilient: **grain export prices up ~1.8% YoY in FY2026**, remaining above historical averages.([exportfinance.gov.au](https://www.exportfinance.gov.au/resources/world-risk-developments/2025/july/australia-agriculture-exports-resilient-despite-slowing-global-growth/?utm_source=openai)) - China remains Australia’s largest agricultural market, accounting for **~22.6% of agricultural export value in 2023‑24**; Southeast Asia collectively is the next key growth region.([dfat.gov.au](https://www.dfat.gov.au/trade/organisations/wto/agricultural-trade?utm_source=openai)) **Wheat** - ABARES (as cited by S&P Global) forecasts **MY 2025‑26 wheat production at 35.6 million tonnes**, about **4% higher** than the previous year, positioning Australia for strong export availability into 2026.([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/121525-commodities-2026-australia-to-reap-larger-wheat-crop-export-restrictions-to-counter-supply-pressure?utm_source=openai)) - Around **70% of Australian grain production is exported**, meaning >**20–25 million tonnes of wheat** likely available for export in 2025‑26.([dfat.gov.au](https://www.dfat.gov.au/sites/default/files/chafta-general-review-submission-grain-trade-australia.pdf?utm_source=openai)) - Trade pattern signals: - China is a large but volatile buyer; Southeast Asia (Indonesia, Vietnam, Philippines, Thailand) remains structurally important, with **wheat imports across Southeast Asia projected to keep rising with population and income growth**.([dfat.gov.au](https://www.dfat.gov.au/sites/default/files/chafta-general-review-submission-grain-trade-australia.pdf?utm_source=openai)) - 2025 data indicate **diversified wheat export demand** across Southeast Asia, North Asia, Middle East, and Africa, reducing reliance on China alone.([episode3.net](https://episode3.net/grain/grain-exports-who-bought-our-grain-in-2025/?utm_source=openai)) **Barley** - Post‑tariff normalisation, **barley exports to China have re‑concentrated**, with recent analysis describing China as **“overwhelmingly dominating” the 2025 barley export program**.([episode3.net](https://episode3.net/grain/grain-exports-who-bought-our-grain-in-2025/?utm_source=openai)) - Southeast Asia (notably Vietnam) continues to import Australian barley for **beer and food processing**, with demand linked to urbanisation and rising incomes.([aph.gov.au](https://www.aph.gov.au/Parliamentary_Business/Committees/House/Former_Committees/Agriculture/AgricultureandSEAsia/Report/Chapter_2_-_Opportunities_and_challenges?utm_source=openai)) - In value terms, barley ranked among major ag exports in 2023 (exact 2023 value around **AUD 3.3 billion**, ~4–5% of total ag export value).([dfat.gov.au](https://www.dfat.gov.au/trade/organisations/wto/agricultural-trade?utm_source=openai)) **Red meat (beef, sheepmeat, goatmeat)** - Red meat exports have been strong: industry sources report **record or near‑record beef and goatmeat exports by late‑2025**, with expectations that **“Australia is perfectly positioned” to meet beef demand into 2026** based on high production and strong global demand.([mla.com.au](https://www.mla.com.au/news-and-events/industry-news/global-appetite-drives-australian-beef-and-goatmeat-exports-to-new-highs/?utm_source=openai)) - **China safeguards on Australian beef imports for 2026–2028**: - 2026: **205,000 tonnes** - 2027: **209,000 tonnes** - 2028: **213,000 tonnes** These caps are **below recent trade levels**, so exporters expect quota allocation competition and shifts in market focus.([spglobal.com](https://www.spglobal.com/energy/en/news-research/blog/agriculture/012326-australian-beef-exporters-adapt-as-china-caps-imports-shifts-global-trade-flows?utm_source=openai)) - Adjustment of trade flows: - Exporters are expected to **divert more grass‑fed beef to Southeast Asia** (and increased volumes to the US) as the China quota binds.([spglobal.com](https://www.spglobal.com/energy/en/news-research/blog/agriculture/012326-australian-beef-exporters-adapt-as-china-caps-imports-shifts-global-trade-flows?utm_source=openai)) - Strong demand in the US (where domestic beef production is tight) is projected to keep **import values elevated through at least Q2 2026**, drawing Australian beef that might otherwise have gone to Asia, but China and Southeast Asia remain key for higher‑value cuts.([spglobal.com](https://www.spglobal.com/energy/en/news-research/blog/agriculture/012326-australian-beef-exporters-adapt-as-china-caps-imports-shifts-global-trade-flows?utm_source=openai)) - Lamb and mutton: Greater China showed **~19% YTD increase in lamb imports (to ~61,000 tonnes YTD by Nov 2025)**, indicating firm demand into 2026.([mla.com.au](https://www.mla.com.au/news-and-events/industry-news/global-appetite-drives-australian-beef-and-goatmeat-exports-to-new-highs/?utm_source=openai)) **Wine** - China previously accounted for **~40% of Australian wine exports**, and the trade war caused the wine export market to lose **about one‑third of its value**, with diversification towards Southeast Asia, the UK and other markets.([en.wikipedia.org](https://en.wikipedia.org/wiki/Australia%E2%80%93China_trade_war?utm_source=openai)) - Recent reports highlight that **wine export volumes remain “still sizable”** in 2025‑26, with scope to grow further in Asian markets as Chinese import patterns re‑normalise and tariffs on some competitors shift.([exportfinance.gov.au](https://www.exportfinance.gov.au/resources/world-risk-developments/2025/july/australia-agriculture-exports-resilient-despite-slowing-global-growth/?utm_source=openai)) - The middle‑class expansion in **ASEAN economies** (Indonesia, Vietnam, Thailand, Philippines) is supporting demand for **premium beverages**, including wine, benefiting Australian exporters that can supply at mid‑ to high‑price points.([aph.gov.au](https://www.aph.gov.au/Parliamentary_Business/Committees/House/Former_Committees/Agriculture/AgricultureandSEAsia/Report/Chapter_2_-_Opportunities_and_challenges?utm_source=openai)) **Seafood** - Seafood exports are smaller in value than beef or grains but are flagged as a **growth area**, particularly higher‑value products (rock lobster, abalone, finfish) into **China and affluent ASEAN markets**.([bendigobank.com.au](https://www.bendigobank.com.au/siteassets/business/industries/agribusiness/agriculture-insights/_reports/2025-26-australian-agricultural-export-report.pdf?utm_source=openai)) - Historical dependence on China (around **50% of lobster exports pre‑trade war**) is gradually being diversified as access to China improves but risk management pushes exporters to Southeast Asia and other destinations.([en.wikipedia.org](https://en.wikipedia.org/wiki/Australia%E2%80%93China_trade_war?utm_source=openai)) **Demand drivers in China & Southeast Asia (2026)** - **China** - Overall Chinese agricultural imports fell **~10% YoY in the first five months of 2025**, but demand for **premium protein and fruit/nuts** from Australia remains robust, with expectations of resilient import values into 2026.([exportfinance.gov.au](https://www.exportfinance.gov.au/resources/world-risk-developments/2025/july/australia-agriculture-exports-resilient-despite-slowing-global-growth/?utm_source=openai)) - Beef quota constraints will limit volume growth but not necessarily value; higher‑value cuts and chilled product could still see strong pricing.([spglobal.com](https://www.spglobal.com/energy/en/news-research/blog/agriculture/012326-australian-beef-exporters-adapt-as-china-caps-imports-shifts-global-trade-flows?utm_source=openai)) - **Southeast Asia** - Identified by Australian government and parliamentary inquiries as a **core growth region** for meat, seafood, horticulture, grains and barley (for beer/feed).([aph.gov.au](https://www.aph.gov.au/Parliamentary_Business/Committees/House/Former_Committees/Agriculture/AgricultureandSEAsia/Report/Chapter_2_-_Opportunities_and_challenges?utm_source=openai)) - Trends: urbanisation, rising incomes, and dietary shifts towards **higher‑value animal protein and processed foods**, with Australian products often positioned at the quality premium segment.([aph.gov.au](https://www.aph.gov.au/Parliamentary_Business/Committees/House/Former_Committees/Agriculture/AgricultureandSEAsia/Report/Chapter_2_-_Opportunities_and_challenges?utm_source=openai)) **Overall 2026 commodity trend summary** - **Grains (wheat, barley):** High exportable surplus, diversified demand; barley increasingly re‑anchored to China plus ASEAN beer/food uses; wheat seeing long‑term growth across Southeast Asia.([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/121525-commodities-2026-australia-to-reap-larger-wheat-crop-export-restrictions-to-counter-supply-pressure?utm_source=openai)) - **Red meat:** Structural global tightness in beef supply and strong demand in China, Southeast Asia and the US; China quota requires re‑balancing but does not eliminate Chinese demand.([mla.com.au](https://www.mla.com.au/news-and-events/industry-news/global-appetite-drives-australian-beef-and-goatmeat-exports-to-new-highs/?utm_source=openai)) - **Wine & seafood:** Recovering from China trade disruptions; growth tied to premiumisation in ASEAN and partial normalisation in China.([exportfinance.gov.au](https://www.exportfinance.gov.au/resources/world-risk-developments/2025/july/australia-agriculture-exports-resilient-despite-slowing-global-growth/?utm_source=openai)) === 3. [DEMAND SIGNALS] — AUSTRALIA–ASIA & AUSTRALIA–US FREIGHT RATES, CAPACITY & BOTTLENECKS, 2026 === *(Note: Very lane‑specific, up‑to‑the‑day rate data is proprietary to platforms like Xeneta, Freightos, etc. Public sources provide directionally useful ranges and trends rather than precise daily spot quotes.)* **Ocean freight: container rates & capacity** - S&P Global’s 2026 ocean freight outlook: - **Overall container rates expected to soften somewhat vs 2025**, but - **Volatility remains elevated** due to port congestion pockets, geopolitical detours (e.g., around the Red Sea), and decarbonisation measures that may reduce effective capacity (slow steaming, retrofit time).([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)) - Asia–Europe: As of late‑2025, Asia–Europe freight rates were around **USD 3,049/FEU**, up **13% m/m** in December. Early‑2026 expectations are for **moderate softening but still above pre‑2020 averages**.([chemanalyst.com](https://www.chemanalyst.com/NewsAndDeals/NewsDetails/asia-europe-freight-defies-global-slide-as-rates-close-2025-on-40625?utm_source=openai)) - For **Australia–Asia** and **Australia–US**: - Public indices typically show these lanes trading at a **discount to mainline Asia–Europe and Asia–US West Coast rates**, but are affected by the same fleet‑wide dynamics (new capacity deliveries vs slow steaming and re‑routing).([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)) - With Australian export volumes in agriculture holding up, **southbound (Asia→AU) capacity is generally ample**, while **northbound (AU→Asia) can see seasonal tightness during peak grain and meat export windows (Q4–Q1)**, especially into North Asia and China. **Air freight: demand, rates and bottlenecks** - Global air cargo conditions (late‑2025 into 2026): - After a period of softness, 2025 saw a **surprise 5% increase in global air cargo volume in July** following a 1% gain in June, breaking the usual summer lull.([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/research/2025/08/air-cargo-carriers-face-capacity-challenge?utm_source=openai)) - Northeast Asia–North America spot rates reported at **~USD 4.8/kg** on average, with some origin markets (Taiwan) at **~USD 6.9/kg**, demonstrating sustained strength driven by high‑value electronics and e‑commerce.([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/research/2025/08/air-cargo-carriers-face-capacity-challenge?utm_source=openai)) - Implications for Australia–Asia and Australia–US: - **Australia is a secondary origin** compared with core Asian hubs; aircraft capacity tends to be repositioned in response to Asia–US or Asia–Europe demand first. This can cause **periodic capacity pinch points ex‑Australia** during global peaks (e.g., year‑end, major electronics launches) even if Australian exports themselves are relatively stable.([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/research/2025/08/air-cargo-carriers-face-capacity-challenge?utm_source=openai)) - Per Export Finance Australia, higher‑value and perishable Australian exports (beef, seafood, horticulture) continue finding **robust demand in China, Southeast Asia and the US**, implying **steady utilisation of cool‑chain airfreight capacity** from key Australian gateways (Sydney, Melbourne, Brisbane, Perth).([exportfinance.gov.au](https://www.exportfinance.gov.au/resources/world-risk-developments/2025/july/australia-agriculture-exports-resilient-despite-slowing-global-growth/?utm_source=openai)) **Seasonality & bottlenecks (2026)** - **Agricultural export seasonality:** - Grain exports (wheat & barley) are typically heaviest in the **months after harvest (Q4–Q1)**, driving higher utilisation of bulk and container slots ex‑Australia to Asia and the Middle East. Port capacity (e.g., at Kwinana, Port Adelaide, Melbourne, Brisbane) can become tight in bumper years, but 2025‑26 production is projected as **strong but not record‑breaking**, suggesting *manageable* congestion.([spglobal.com](https://www.spglobal.com/energy/en/news-research/latest-news/agriculture/121525-commodities-2026-australia-to-reap-larger-wheat-crop-export-restrictions-to-counter-supply-pressure?utm_source=openai)) - Meat exports show more even seasonality but still tend to push capacity and cold‑store resources during **Northern Hemisphere holiday peaks** and **Lunar New Year** shipments to China and Southeast Asia.([mla.com.au](https://www.mla.com.au/news-and-events/industry-news/global-appetite-drives-australian-beef-and-goatmeat-exports-to-new-highs/?utm_source=openai)) - **Operational bottlenecks & risks affecting 2026 rates:** - **Port congestion and schedule reliability**: while not at 2021 levels, disruptions from labour issues, weather events in Australian ports, and global congestion in key transhipment hubs can temporarily reduce effective capacity and spike spot rates.([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)) - **Geopolitical and regulatory pressures** (emissions rules, ETS‑style carbon pricing on certain trades) are expected to add cost layers or encourage slow steaming, indirectly tightening capacity and supporting a **more elevated “new normal” for baseline freight rates** compared with pre‑COVID.([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)) **Directional rate / demand outlook for 2026** - **Sea freight (AU–Asia, AU–US):** - Base case: **marginally lower average rates vs 2025**, but with 2–3 notable spikes likely around: - Q4 2026 (grain export surge + global holiday builds), - Any renewed congestion/geopolitical events (e.g., sustained Red Sea issues).([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)) - Contract rates are likely to stay **above 2018–19 averages**, but well below 2021 peaks. - **Air freight:** - Structural **e‑commerce and high‑tech demand ex‑Asia** constrains global widebody capacity; when combined with solid Australian perishable exports, this points to **floor support for AU–Asia and AU–US airfreight yields in 2026**, with spot spikes during global demand surges.([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/research/2025/08/air-cargo-carriers-face-capacity-challenge?utm_source=openai)) In practice, a forwarder or exporter planning 2026 should therefore budget for: - Ocean: “mid‑cycle” but volatile rates (rather than a straight line down), and - Air: a tight but not crisis‑level market where **capacity commitments and cool‑chain partnerships** matter as much as spot price. Sources: • The future of global trade in 2026 | McKinsey https://www.mckinsey.com/mgi/our-research/geopolitics-and-the-geometry-of-global-trade-2026-update?utm_source=openai • Asia–Europe Freight Defies Global Slide as Rates Close 2025 on a Strong Note | ChemAnalyst https://www.chemanalyst.com/NewsAndDeals/NewsDetails/asia-europe-freight-defies-global-slide-as-rates-close-2025-on-40625?utm_source=openai • Agricultural trade | Australian Government Department of Foreign Affairs and Trade https://www.dfat.gov.au/trade/organisations/wto/agricultural-trade?utm_source=openai • Southeast Asia emerges as key Melbourne grain market https://www.thedcn.com.au/news/southeast-asia-emerges-as-key-melbournes-key-grain-market?hs_amp=true&utm_source=openai • Australia—Agriculture exports resilient despite slowing global growth https://www.exportfinance.gov.au/resources/world-risk-developments/2025/july/australia-agriculture-exports-resilient-despite-slowing-global-growth/?utm_source=openai • 2026 Ocean Freight Outlook: Softer Rates Ahead, but Volatility Isn’t Going Anywhere | S&P Global 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 • Asia–Europe Freight Defies Global Slide as Rates Close 2025 on a Strong Note | ChemAnalyst https://www.chemanalyst.com/NewsAndDeals/NewsDetails/asia-europe-freight-defies-global-slide-as-rates-close-2025-on-40625?utm_source=openai