## Company Profile SANTOS & VALE is a Portugal‑based freight forwarder (website: https://santosevale.pt/) offering international freight, customs clearance and logistics services out of Portuguese ports. Public lead data is limited; based on category and website context they operate as an export/import forwarder handling ocean, air and road shipments, customs formalities and likely value‑added services for agri‑food and manufactured exporters out of Lisbon/Sines/Leixões. Scale and exact industry focus are not published in the lead snapshot, but their contact sales@santosevale.com suggests a commercial team serving SMEs and exporters across Portugal. ## Pain Points 1) Rising and volatile ocean freight costs and route risk: Red Sea security issues and Cape diversions have lengthened transit times (+10–14 days) and kept base freight and surcharges elevated through 2026 — this squeezes margins for Portuguese exporters of freight‑sensitive products (bottled wine, canned fish) and forces customers to look for reliable alternative routings, sea‑air or indexed contracting. 2) Compliance and data burden from CBAM and tighter SPS rules: even if CBAM’s initial scope does not target food, embedded emissions in inputs (tinplate, aluminium, fertilisers) and growing buyer requests for emissions/lane‑level data create new documentation and carbon‑accounting needs that many forwarders must now support for clients. 3) Market pivot to premium/distant markets and destination optimisation: Portuguese exporters are premiumizing and shifting focus to Atlantic markets (US, UK, Brazil) and selective Asian buyers — they need partners who can bundle market access intelligence with execution (multi‑modal logistics, cold chain, shelf‑life planning), not just spot capacity. ## Intel Summary === MULTI-DIMENSION RESEARCH === === 1. COMMODITY TRENDS – PORTUGAL CANNED FISH, OLIVE OIL, WINE (DEMAND, PRICES, DESTINATIONS, 2024–2026) === **Export structure & recent growth** - Portugal’s agri‑food exports reached about **€10.6 bn in 2025**, with a strong focus on **differentiated, high‑value products such as wine, olive oil and processed foods (incl. canned fish)**. Spain is the main partner, absorbing **~41.5%** of agri‑food exports; other key markets include France, the UK, Germany, the US and Brazil. ([portugalglobal.pt](https://www.portugalglobal.pt/en/trade/clusters/agri-food-cluster/?utm_source=openai)) - The broader Portuguese food & beverage industry set a new export record in **2024**, with exports to EU‑27 up **12.6% YoY** vs. 2023, underlining robust intra‑EU demand for value‑added products (wine, canned fish, olive oil). ([ialimentar.pt](https://www.ialimentar.pt/Artigos/588346-2024-exportacoes-da-industria-alimentar-e-das-bebidas-batem-recorde.html?utm_source=openai)) **Canned / processed fish** - Portugal is among the EU’s leading exporters of **prepared and preserved fish (HS 1604/1605)**; main products are canned tuna, sardines and mackerel. Eurostat/COMEXT 2024 trade monitoring shows **EU exports of processed fish growing mid‑single digits**, with Portugal a key contributor. (Inference from EU agri‑food monitoring report; Portugal is repeatedly cited as a major exporter of fish and fish products.) ([agriculture.ec.europa.eu](https://agriculture.ec.europa.eu/document/download/8e6be7cf-e1d2-48fd-9114-90c448e09643_en?filename=monitoring-agri-food-trade_dec2024_en.pdf&utm_source=openai)) - **Destination markets** (for Portuguese fish and seafood generally) include Spain, France, Italy and other EU partners, as well as niche premium markets in North America and Asia; the US imported about **US$16 m of fish and seafood from Portugal in 2024**, pointing to stable high‑value demand. ([trade.gov](https://www.trade.gov/country-commercial-guides/portugal-agricultural-sectors?utm_source=openai)) **Price & demand environment** (Processed fish is indirectly affected by broader seafood price trends and freight rates.) - Since late 2023, global container rates have been volatile due to Red Sea/Cape diversions (see Dimension 2). Elevated freight and bunker costs in 2025–2026 are **supportive of export offer prices** for canned fish into distant markets (e.g., US, Asia), especially for low‑margin SKUs, while EU‑internal shipments are less exposed. ([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/03/middle-east-war-impacts-container-shipping?utm_source=openai)) - Retail demand in Europe for shelf‑stable proteins (canned fish) remains resilient amid food inflation; EU agri‑food monitoring highlights **processed products with added value** as outperformers in export growth, which aligns with Portugal’s canned fish positioning. ([agriculture.ec.europa.eu](https://agriculture.ec.europa.eu/document/download/8e6be7cf-e1d2-48fd-9114-90c448e09643_en?filename=monitoring-agri-food-trade_dec2024_en.pdf&utm_source=openai)) **Olive oil** - The latest EU agri‑food trade report (Dec 2024) notes a **significant increase in global prices for olives and olive oil** due to poor harvests and climate‑related stress in key Mediterranean producers. ([agriculture.ec.europa.eu](https://agriculture.ec.europa.eu/document/download/8e6be7cf-e1d2-48fd-9114-90c448e09643_en?filename=monitoring-agri-food-trade_dec2024_en.pdf&utm_source=openai)) - For Portugal, this environment has two effects: - **Export values benefit from higher unit prices** on premium extra‑virgin categories, especially into Northern Europe and North America, where consumers accept price uplifts for quality and origin. - **Volume availability is tighter** across the Mediterranean, so Portuguese packers with secure upstream supply gain relative advantage. Portugal has been expanding olive groves and mill capacity over the past decade, giving it a somewhat better supply outlook than some competitors (inference based on medium‑term structural expansion described by national investment agencies). ([portugalglobal.pt](https://www.portugalglobal.pt/en/trade/clusters/agri-food-cluster/?utm_source=openai)) - EU‑wide, olive oil exports have been supported by higher prices; this underpins **margin opportunities** for Portuguese exporters but also raises **working capital needs** and can pressure price‑sensitive destinations. **Wine** - The Dec 2024 EU agri‑food trade report shows **wine and wine‑based products are the single largest agri‑food export category for the EU**, accounting for **about 17% of total EU agri‑food exports by value**. Portugal is a key contributor with Port, Vinho Verde and DOC wines. ([agriculture.ec.europa.eu](https://agriculture.ec.europa.eu/document/download/8e6be7cf-e1d2-48fd-9114-90c448e09643_en?filename=monitoring-agri-food-trade_dec2024_en.pdf&utm_source=openai)) - EU wine exports are well diversified; in 2024, **the US and UK rank among the 4th and 5th largest destinations** for EU agri‑food exports overall, with wine a major component. This confirms strong demand in **Anglo‑Saxon and Asian premium segments**, which Portuguese producers increasingly target. ([agriculture.ec.europa.eu](https://agriculture.ec.europa.eu/document/download/8e6be7cf-e1d2-48fd-9114-90c448e09643_en?filename=monitoring-agri-food-trade_dec2024_en.pdf&utm_source=openai)) - Price environment: - Global freight cost inflation (Red Sea, Cape diversions) has **kept CIF prices elevated into Asia and the US** in 2025–2026, especially for heavier products like bottled wine; bulk wine trades face strong freight‑to‑product value ratios. ([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)) - At the same time, wine faces **demand headwinds in parts of Europe** (health trends, anti‑alcohol policies), pushing exporters to **premiumize and diversify markets**, which benefits differentiated origins like Portugal relatively more than commoditized EU wine (inference from EU export mix shift toward high‑value products). ([agriculture.ec.europa.eu](https://agriculture.ec.europa.eu/document/download/8e6be7cf-e1d2-48fd-9114-90c448e09643_en?filename=monitoring-agri-food-trade_dec2024_en.pdf&utm_source=openai)) **Destination market mix for Portuguese agri‑food** - Overall Portuguese exports remain **highly EU‑centric**; historically, more than 70% of exports go to EU partners (2020 data; pattern persists). ([en.wikipedia.org](https://en.wikipedia.org/wiki/Economy_of_Portugal?utm_source=openai)) - For agri‑food (including canned fish, olive oil, wine): - **Spain, France, Germany** remain the core demand basin. - **UK, US, Brazil and other CPLP / diaspora markets** are important for higher‑value wines, specialty canned fish and branded olive oil. - With Red Sea disruptions, **Asia‑bound volumes increasingly require Cape routings**, raising landed costs and lead times, which is likely to **constrain aggressive expansion into low‑margin Asian segments** in 2026, while reinforcing focus on Europe and the Atlantic basin. ([suaidglobal.com](https://suaidglobal.com/insights/red-sea-shipping-crisis-2026/?utm_source=openai)) **Implications for 2026 planning (canned fish, olive oil, wine)** - Expect **firm to elevated export prices** through 2026 for: - Olive oil (tight global supply + strong prices). - Premium wines (cost pass‑through of freight and energy remains necessary, even if demand growth is moderate). - Canned fish (input and logistics costs support pricing; volumes stable to slightly positive in core EU markets). - Portuguese exporters will likely: - Prioritize **EU and Atlantic destinations (UK, US, Brazil)** where freight disruption is less severe than via Suez/Red Sea routes. - Continue **premiumization and branding** to defend margins amid higher logistics and compliance costs. - **Sources (Dimension 1):** ([portugalglobal.pt](https://www.portugalglobal.pt/en/trade/clusters/agri-food-cluster/?utm_source=openai)) === 2. MARKET EVENTS – EUROPE CONTAINER FREIGHT RATES & RED SEA DISRUPTION, WITH IMPLICATIONS FOR ATLANTIC / PORTUGAL === **State of Red Sea / Suez routes in 2026** - Ongoing security issues in the Red Sea and Middle East have **kept Suez‑based services effectively closed or heavily reduced for most mainline Asia–Europe and Asia–Med trades into 2026**, forcing lines to route via the **Cape of Good Hope**. ([ports.marinelink.com](https://ports.marinelink.com/ports/port/yonkers/news/red-sea-diversions-continue-to-impact-global-shipping-schedules-and-rates?utm_source=openai)) - Estimates cited by Maersk and UNCTAD indicate that the Red Sea crisis caused an **effective capacity loss of ~15–20%** on affected lanes and drove **spot Asia–Europe freight rates to rise by around 250% vs. late‑2023 baselines** at the peak of the first disruption wave. ([en.wikipedia.org](https://en.wikipedia.org/wiki/Red_Sea_crisis?utm_source=openai)) **Freight rate levels and dynamics in 2026** - Recent 2026 analyses stress that, although the underlying container market is oversupplied, **freight rates remain structurally above pre‑crisis levels** because of longer routings and higher bunker costs: - S&P Global’s 2026 outlook notes that earlier expectations of **30–35% rate declines vs. 2025 (toward US$1,200–1,500/FEU on key Asia–Europe benchmarks)** are unlikely to materialize as long as Red Sea routes remain compromised; continued diversions keep the market tighter than models predicted. ([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)) - Industry commentary in early 2026 underlines that the Suez corridor, which normally carries **12–15% of global trade and ~30% of container traffic between Asia and Europe**, is still not reliably accessible, so **Cape diversions are the single largest factor in container rate formation** this year. ([suaidglobal.com](https://suaidglobal.com/insights/red-sea-shipping-crisis-2026/?utm_source=openai)) - Ports/shipping analysis (Mar 2026) reports: - **Transit times on Asia–Europe and Asia–Mediterranean services remain 10–14 days longer** due to the Cape routing. - **War‑risk and contingency surcharges are still widely applied**, and although peak‑crisis spot levels eased, they **stabilized at an elevated plateau** compared with pre‑2024 benchmarks. ([ports.marinelink.com](https://ports.marinelink.com/ports/port/yonkers/news/red-sea-diversions-continue-to-impact-global-shipping-schedules-and-rates?utm_source=openai)) **Impact on Europe‑bound trades & ripple into the Atlantic (Portugal)** - Directly affected lanes: - **Asia–North Europe / Asia–Med / Asia–US East Coast via Suez** bear the brunt of rate and transit time increases. ([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/03/middle-east-war-impacts-container-shipping?utm_source=openai)) - Indirect effects on Atlantic and Portugal‑related lanes: - Even where ships do not transit Suez (e.g., **North America–Europe, intra‑Europe, North–South Atlantic**), **effective global capacity is reallocated** toward the longer Asia–Europe services, tightening the vessel supply for other routes and supporting **higher base rates and reduced service frequency** than pure demand fundamentals would justify. ([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)) - Analysts highlight that the 2026 disruptions **ended earlier assumptions** that capacity and pricing power would normalize by mid‑2026; carriers have retained **greater leverage in contracting for Europe‑related lanes in the 2026 tender cycle**, including Atlantic trades serving Portugal (inference from S&P Global commentary on carrier pricing power). ([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)) - Bunker costs: higher oil prices linked to the Middle East conflict **increase bunker surcharges across all trades**, not just Suez‑dependent ones; this feeds into **all‑in freight rates for Portugal’s Atlantic services** (e.g., to US/Canada/Brazil). ([spglobal.com](https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/03/middle-east-war-impacts-container-shipping?utm_source=openai)) **Operational impacts relevant to Portuguese exporters & forwarders** - **Longer lead times and reliability risk** for cargoes to/from Asia that would normally use Suez (e.g., packaging, tinplate, glass, inputs from Asia; or Portuguese olive oil/wine shipped to Asian buyers): - Planning needs to assume **+10–14 days transit** vs. historical norms. - Safety stocks and earlier production/dispatch are required to maintain service levels. ([ports.marinelink.com](https://ports.marinelink.com/ports/port/yonkers/news/red-sea-diversions-continue-to-impact-global-shipping-schedules-and-rates?utm_source=openai)) - **Cost structure**: - Elevated base rates plus surcharges are likely to remain through **all of 2026**, even if spot volatility dampens, due to the structural lengthening of voyages and the opportunity for carriers to manage capacity. - Freight‑intensive commodities (wine in bottles, canned fish) face **higher freight‑to‑value ratios** into Asia and the Middle East compared with Atlantic or intra‑EU trades, potentially reshaping destination portfolios in favour of nearer, higher‑margin markets. ([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)) **Strategic considerations for 2026 tenders (Portugal‑linked cargo)** - For Portuguese shippers: - Negotiate **multi‑year or indexed contracts** on core Europe and Atlantic lanes to smooth volatility, while using spot/short‑term contracts for Asia‑bound volumes where routing risk is highest. - Consider **alternative routings and transshipment hubs** (e.g., via West Mediterranean or North Europe gateways) that may offer more stable schedules for Iberian cargo. - For time‑sensitive or high‑margin products to Asia (e.g., premium wines, specialty foods), evaluate **sea–air combinations** or direct airfreight for promotional shipments, accepting higher transport cost in exchange for reliability (reflecting current logistics recommendations for high‑value cargo). ([suaidglobal.com](https://suaidglobal.com/insights/red-sea-shipping-crisis-2026/?utm_source=openai)) **Sources (Dimension 2):** ([ports.marinelink.com](https://ports.marinelink.com/ports/port/yonkers/news/red-sea-diversions-continue-to-impact-global-shipping-schedules-and-rates?utm_source=openai)) === 3. PROBLEM FRAMING – EU TRADE POLICY (CBAM, PHYTOSANITARY, 2026) & IMPACT ON PORTUGUESE EXPORTERS/FORWARDERS === **CBAM: status and mechanics in 2026** - The EU’s **Carbon Border Adjustment Mechanism (CBAM)** moved from transitional reporting (2023–2025) into **full operation from January 1, 2026**, with financial obligations for in‑scope goods (cement, iron & steel, aluminium, fertilisers, electricity, hydrogen and some precursors). ([climate.ec.europa.eu](https://climate.ec.europa.eu/system/files/2023-12/2.3_CBAM_implementation.pdf?utm_source=openai)) - Key 2026 features: - **Importers (authorized CBAM declarants) must purchase and surrender CBAM certificates** corresponding to embedded emissions in imported goods; costs are generally passed back along the supply chain to exporters via prices or contractual terms. ([en.wikipedia.org](https://en.wikipedia.org/wiki/EU_Carbon_Border_Adjustment_Mechanism?utm_source=openai)) - CBAM certificate prices in 2026 are linked to the **quarterly average EU ETS auction price**, shifting to weekly averages from 2027 onward. ([bsigroup.com](https://www.bsigroup.com/en-US/insights-and-media/insights/blogs/preparing-for-eu-cbam-the-20262027-transition-explained/?utm_source=openai)) - Companies will **purchase their first CBAM certificates for 2026 imports on 1 February 2027**, i.e., carbon costs are already accruing in 2026 contracts. ([china-briefing.com](https://www.china-briefing.com/news/eu-cbam-2026-china-based-manufacturing-impact-investment-strategy/?utm_source=openai)) **Macro‑trade and competitiveness impacts** - Quantitative modelling (IMF and academic work) suggests CBAM: - **Reduces emissions embodied in EU imports by ~4–5%**, shifting trade toward **cleaner and more domestic production**. - Imposes relatively **modest aggregate GDP costs** globally but redistributes competitiveness, particularly affecting exporters of carbon‑intensive goods into the EU. ([arxiv.org](https://arxiv.org/abs/2506.23341?utm_source=openai)) - A 2026 analysis of CBAM’s effect on EU exports highlights the debate around **export rebates or cost‑compensation schemes** to prevent loss of competitiveness for EU producers in third markets. ([wirtschaftsdienst.eu](https://www.wirtschaftsdienst.eu/inhalt/jahr/2026/heft/1/beitrag/folgen-eines-co2-grenzausgleichs-fuer-eu-exporte.html?utm_source=openai)) **Specific implications for Portuguese exporters and freight forwarders** - Direct CBAM exposure for Portugal’s **food exports (canned fish, olive oil, wine)** is currently limited because: - These products are **not in the initial CBAM product list** (which focuses on heavy industry/energy‑intensive goods). ([en.wikipedia.org](https://en.wikipedia.org/wiki/EU_Carbon_Border_Adjustment_Mechanism?utm_source=openai)) - However, **indirect and strategic impacts are material**: 1. **Inputs and packaging** - Fertilisers, steel (for cans), and aluminium (closures) imported into the EU now **carry embedded CBAM costs** where sourced from high‑emission third countries. This can increase the cost base for Portuguese agriculture (fertiliser) and packaging. ([pwc.com](https://www.pwc.com/m1/en/publications/2025/docs/eu-cbam-implications-for-fertilisers-and-possible-extension-to-other-sectors.pdf?utm_source=openai)) 2. **Upstream decarbonisation pressure** - CBAM reinforces EU ETS price signals domestically; Portuguese manufacturers and logistics operators face **higher decarbonisation expectations**, including energy efficiency, renewable power and cleaner transport. This will influence: - **Port operations (shore power, emissions reporting)**. - **Road transport and warehousing** (pressure to cut emissions per tonne‑km). - For freight forwarders, **carbon‑intensity becomes a key differentiator** in tendering, with customers increasingly asking for lane‑level emissions data and CBAM‑compliant documentation. ([bsigroup.com](https://www.bsigroup.com/en-US/insights-and-media/insights/blogs/preparing-for-eu-cbam-the-20262027-transition-explained/?utm_source=openai)) 3. **Administrative & data burden** - CBAM requires granular reporting on embedded emissions. Even if Portuguese exporters do not themselves import CBAM goods, they frequently: - Act as **importers of record for inputs** (e.g., tinplate, fertilisers) or - Provide **logistics and customs brokerage services** to foreign suppliers. - Forwarders and customs agents in Portugal therefore need: - Systems for **collecting emissions data** from non‑EU suppliers. - Capability to **assist clients with CBAM declarations** and certificate planning. ([bsigroup.com](https://www.bsigroup.com/en-US/insights-and-media/insights/blogs/preparing-for-eu-cbam-the-20262027-transition-explained/?utm_source=openai)) 4. **Risk of scope extension** - Policy papers signal a likely **extension of CBAM scope beyond the 2026 product perimeter** to additional sectors linked to the EU ETS (which covers many more activities than current CBAM goods). This could eventually bring **agri‑food processing inputs and possibly parts of the food chain** closer to direct coverage in the medium term. ([pwc.com](https://www.pwc.com/m1/en/publications/2025/docs/eu-cbam-implications-for-fertilisers-and-possible-extension-to-other-sectors.pdf?utm_source=openai)) **Phytosanitary and agri‑food regulatory context (2024–2026)** - While no single new 2026 “flagship” phytosanitary regulation stands out in the sources queried, several **ongoing EU regulatory trends** are relevant for Portuguese food exporters and their logistics partners: - **Tighter controls on plant and animal health for imports and intra‑EU movements**, including: - Enhanced digitalisation via the **TRACES** system and mandatory **pre‑notification and health certificates** for a broader set of products. - Stricter pesticide residue limits and **maximum residue levels (MRLs)** under the EU Farm‑to‑Fork agenda. - These measures increase: - The **documentation and inspection burden** at ports (including Portuguese ports handling extra‑EU cargo). - The need for **temperature‑controlled and compliant logistics** for animal products (e.g., canned fish raw material imports, frozen fish for processing). (These points are inferred from ongoing updates in EU plant/animal health rules and digitalisation policies, which are continuous rather than tied to a single 2026 act.) ([trade.gov](https://www.trade.gov/country-commercial-guides/portugal-agricultural-sectors?utm_source=openai)) **Practical problem framing for Portuguese exporters & forwarders in 2026** 1. **Cost structure & margin compression** - Combination of: - Elevated **freight rates and bunker-linked surcharges** (Dimension 2). - **Higher input and compliance costs** linked to CBAM (for packaging steel/aluminium, fertilisers) and stricter SPS documentation. - Net result: **margin pressure** on price‑sensitive export SKUs, especially where end‑market price elasticity is high. 2. **Complexity and compliance risk** - Exporters and forwarders must handle **more complex customs and sustainability reporting**: - CBAM‑related embedded emissions for relevant inputs. - Proof of origin, health certificates, and digital pre‑notifications for agri‑food cargoes. - Non‑compliance risk includes **delays, penalties, or loss of market access**, which are acutely felt in perishable or time‑sensitive shipments. 3. **Market and portfolio strategy** - Regulatory and logistics headwinds push Portuguese companies toward: - **Higher‑value, lower‑volume products** (premium wines, PDO/PGI olive oils, branded canned fish), which better absorb added compliance and freight costs. - **Destination optimisation**: focusing on EU and Atlantic markets with: - Lower transit‑time risk (no Suez dependency). - Strong demand for sustainable, high‑quality products. - There is also a case for **vertical integration and closer collaboration** with upstream input suppliers to: - Secure low‑carbon fertilisers and steel/aluminium. - Co‑develop emissions data and documentation that support competitive CBAM positioning. 4. **Role of Portuguese freight forwarders** - Forwarders increasingly act as **compliance and data partners**, not just capacity brokers: - Offering **CBAM cost simulations**, emissions reporting, and guidance on HS classification and potential future CBAM coverage. - Advising exporters on **lane selection and routing** (e.g., favouring Atlantic trades, scheduling around capacity bottlenecks). - Capabilities in **digital documentation, traceability and carbon accounting** become commercial differentiators in tenders with major retailers and global importers. **Sources (Dimension 3):** ([expometals.net](https://www.expometals.net/en/news/cbam-2026?utm_source=openai)) Sources: • Agri-food Cluster https://www.portugalglobal.pt/en/trade/clusters/agri-food-cluster/?utm_source=openai • 2024: exportações da indústria alimentar e das bebidas batem recorde - iAlimentar - Informação profissional para a indústria alimentar portuguesa https://www.ialimentar.pt/Artigos/588346-2024-exportacoes-da-industria-alimentar-e-das-bebidas-batem-recorde.html?utm_source=openai • MONITORING EU AGRI-FOOD TRADE DEVELOPMENTS in 2024 https://agriculture.ec.europa.eu/document/download/8e6be7cf-e1d2-48fd-9114-90c448e09643_en?filename=monitoring-agri-food-trade_dec2024_en.pdf&utm_source=openai • Portugal - Agricultural Sectors https://www.trade.gov/country-commercial-guides/portugal-agricultural-sectors?utm_source=openai • TPM26: War a problem for container shipping, but not ‘pandemic-scale’: analyst | S&P Global https://www.spglobal.com/market-intelligence/en/news-insights/research/2026/03/middle-east-war-impacts-container-shipping?utm_source=openai • MONITORING EU AGRI-FOOD TRADE DEVELOPMENTS in 2024 https://agriculture.ec.europa.eu/document/download/8e6be7cf-e1d2-48fd-9114-90c448e09643_en?filename=monitoring-agri-food-trade_dec2024_en.pdf&utm_source=openai • MONITORING EU AGRI-FOOD TRADE DEVELOPMENTS in 2024 https://agriculture.ec.europa.eu/document/download/8e6be7cf-e1d2-48fd-9114-90c448e09643_en?filename=monitoring-agri-food-trade_dec2024_en.pdf&utm_source=openai • Agri-food Cluster https://www.portugalglobal.pt/en/trade/clusters/agri-food-cluster/?utm_source=openai • MONITORING EU AGRI-FOOD TRADE DEVELOPMENTS in 2024 https://agriculture.ec.europa.eu/document/download/8e6be7cf-e1d2-48fd-9114-90c448e09643_en?filename=monitoring-agri-food-trade_dec2024_en.pdf?utm_source=openai • MONITORING EU AGRI-FOOD TRADE DEVELOPMENTS in 2024 https://agriculture.ec.europa.eu/document/download/8e6be7cf-e1d2-48fd-9114-90c448e09643_en?filename=monitoring-agri-food-trade_dec2024_en.pdf&utm_source=openai • Agri-food Cluster https://www.portugalglobal.pt/en/trade/clusters/agri-food-cluster/?utm_source=openai • MONITORING EU AGRI-FOOD TRADE DEVELOPMENTS in 2024 https://agriculture.ec.europa.eu/document/download/8e6be7cf-e1d2-48fd-9114-90c448e09643_en?filename=monitoring-agri-food-trade_dec2024_en.pdf&utm_source=openai • MONITORING EU AGRI-FOOD TRADE DEVELOPMENTS in 2024 https://agriculture.ec.europa.eu/document/download/8e6be7cf-e1d2-48fd-9114-90c448e09643_en?filename=monitoring-agri-food-trade_dec2024_en.pdf?utm_source=openai • Economy of Portugal https://en.wikipedia.org/wiki/Economy_of_Portugal?utm_source=openai • Red Sea Shipping Crisis 2026: Impact on Rate… | Suaid Global https://suaidglobal.com/insights/red-sea-shipping-crisis-2026/?utm_source=openai • Agri-food Cluster https://www.portugalglobal.pt/en/trade/clusters/agri-food-cluster/?utm_source=openai • Red Sea Diversions Continue to Impact Global Shipping Schedules and Rates - Ports Directory https://ports.marinelink.com/ports/port/yonkers/news/red-sea-diversions-continue-to-impact-global-shipping-schedules-and-rates?utm_source=openai • Red Sea crisis https://en.wikipedia.org/wiki/Red_Sea_crisis?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 • Red Sea Shipping Crisis 2026: Impact on Rate… | Suaid Global https://suaidglobal.com/insights/red-sea-shipping-crisis-2026/?utm_source=openai • Red Sea Diversions Continue to Impact Global Shipping Schedules and Rates - Ports Directory https://ports.marinelink.com/ports/port/yonkers/news/red-sea-diversions-continue-to-impact-global-shipping-schedules-and-rates?utm_source=openai