## Company Profile EXPEDITORS (Bangladesh) — Local arm of Expeditors, an established global logistics and freight‑forwarding network. In Bangladesh the contact is Syed Ershad Ahmed (CM & Managing Director) and the company is listed in BAFFA directories, indicating a formal presence among licensed forwarders. Typical services (global/local) include ocean and air freight forwarding, customs brokerage and clearance support, warehousing and distribution, supply‑chain and compliance solutions, and project cargo handling. Client base in BD likely includes RMG exporters, trading houses and international brands that rely on Chattogram port and feeder networks via Colombo/Singapore. ## Pain Points 1) Acute exposure to Chattogram operational risk: the Feb 2026 stoppage at the New Mooring Container Terminal produced multi‑day berth delays and stranded export containers — a concrete source of missed feeder cutoffs and premium re‑routing costs for RMG clients. 2) Carrier capacity discipline & rate volatility ahead of peak season: blank sailings and March–April 2026 rate upticks (Asia→EU/US) raise the likelihood of space squeezes and premium surcharges into Sept–Oct 2026 peak; forwarders must manage client expectations, secure space, or offer alternatives. 3) Demand pressure & buyer diversion risk for core customers: EU/US orders to Bangladesh were down ~3–4% in early FY2025‑26 and buyers are diversifying sourcing to India/Cambodia—forwarders risk client churn unless they help exporters mitigate delivery & market‑access risks (faster routing, alternative lanes, traceability/compliance support). ## Intel Summary === MULTI-DIMENSION RESEARCH === === 1. [MARKET EVENTS] – CHATTOGRAM PORT CONGESTION & EXPORT DISRUPTIONS (2026) === **Role of Chattogram in trade & baseline throughput** - Chattogram handles ~92% of Bangladesh’s total import–export trade and ~98% of containerised cargo. ([dhakatribune.com](https://www.dhakatribune.com/bangladesh/nation/397255/container-cargo-ship-handling-rise-at-chittagong?utm_source=openai)) - Container handling in calendar year 2025 reached about **3.409 million TEU** (34.09 lakh TEU), a record since containerisation started in 1977, with **4.07% YoY growth** in boxes, **11.43%** in cargo tonnage, and **10.5%** in vessel calls vs 2024. ([thedailystar.net](https://www.thedailystar.net/business/economy/news/ctg-port-hit-several-records-2025-despite-disruptions-4071266?utm_source=openai)) - FY2024‑25 (July 2024–June 2025) throughput reached about **3.30 million TEU**, up ~4–4.6% vs FY2023‑24. ([porttechnology.org](https://www.porttechnology.org/news/chittagong-port-achieves-record-container-throughput/?utm_source=openai)) **Recent congestion episode – Q1 2026 labour actions** - From late January into February 2026, work stoppages and protests by workers at the New Mooring Container Terminal (NCT) led to **near‑standstill operations** at a key terminal: - Local press described “activities at the New Mooring Container Terminal… came to a halt” with photos from **2 February 2026**. Business associations reported export and import cargo stranded and warned of knock‑on inflation risks before Ramadan. ([en.prothomalo.com](https://en.prothomalo.com/business/local/kfw6aiczr6?utm_source=openai)) - Carrier advisories in **early February 2026** indicated: - **80 hours of work stoppages** in the week of **31 January–early February**, followed by continued disruption. - Resulting **berth congestion of about 4–5 days for gearless vessels and 2–3 days for geared vessels** at Chattogram. ([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)) **Impact on container flows and export logistics** - Given Chattogram’s dominance (≈92% of trade), even a 2–5‑day berthing delay materially affects export schedules, particularly for **ready‑made garments (RMG)** that rely on feeder vessels from Chattogram to Colombo/Singapore for mainline connections to EU/US. Over **65% of Bangladesh textile export volume** moves via this port. ([content.ballastmarkets.com](https://content.ballastmarkets.com/ports/chittagong/?utm_source=openai)) - During the 2025 calendar year, despite “various adverse situations,” the port still registered record volumes, indicating disruptions have been **episodic rather than structural** so far. ([thedailystar.net](https://www.thedailystar.net/business/economy/news/ctg-port-hit-several-records-2025-despite-disruptions-4071266?utm_source=openai)) **Structural congestion & capacity initiatives (context for 2026)** - Long‑standing operational constraints: - Truck queues at gates leading to **6–12 hours waiting** during peaks, with yard dwell time pressures; increases above **5–7 days** are interpreted as signs of binding capacity constraints. ([content.ballastmarkets.com](https://content.ballastmarkets.com/ports/chittagong/?utm_source=openai)) - The port has historically been cited for container congestion and limited draft; most export cargo moves via feeder services to transshipment hubs (Colombo, Singapore). ([content.ballastmarkets.com](https://content.ballastmarkets.com/ports/chittagong/?utm_source=openai)) - Capacity expansion measures in 2024–25–26 include: - Additional yard equipment (e.g., **15 new straddle carriers** delivered mid‑2025 to boost box handling). ([reddit.com](https://www.reddit.com/r/bangladesh/comments/1l4mpt7?utm_source=openai)) - Ongoing development of new terminals (Laldia Container Terminal PPP with APMT, and Matarbari deep‑sea port with container terminal planned by 2026) aimed at de‑bottlenecking Chattogram over the medium term. ([en.wikipedia.org](https://en.wikipedia.org/wiki/Matarbari_Port?utm_source=openai)) **Takeaways for 2026 export risk** - **Short‑term (Q1 2026):** - The early‑February labour‑related shutdown at NCT drove **multi‑day vessel delays** and significant backlog of both export and import containers. - Exporters—especially RMG—likely faced: - Late cutoff to feeder vessels and missed connections in Colombo/Singapore. - Higher risk of **rollovers** or need to pay premium rates/alternative routings for time‑sensitive shipments. - **Medium‑term (rest of 2026):** - Underlying throughput growth and expansion projects suggest capacity is catching up, but **periodic congestion episodes remain a live risk**, especially if labour disputes or political instability flare during peak RMG export windows (pre‑Ramadan, back‑to‑school, and autumn fashion seasons). **Sources – Market Events**: ([dhakatribune.com](https://www.dhakatribune.com/bangladesh/nation/397255/container-cargo-ship-handling-rise-at-chittagong?utm_source=openai)) === 2. [DEMAND SIGNALS] – BANGLADESH RMG EXPORT TRENDS & BUYER BEHAVIOUR (2025–26) === **Export performance into FY2025‑26 (EU & US focus)** - For **July–December 2025** (first half of Bangladesh FY2025‑26): - Total RMG exports fell **2.63% YoY** to **USD 19.37 billion** from USD 19.88 billion a year earlier. ([nationalexpress.in](https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai)) - Exports to the **EU** declined **4.41%** to **USD 9.46 billion**, with sharper falls in Germany, France, and Italy. ([nationalexpress.in](https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai)) - Another dataset (New Age, using EPB/BGMEA): - Confirms **loss of momentum in most major destinations** in H1 FY2025‑26, noting that EU sales accounted for **>48% of total RMG export revenue** in that period. ([newagebd.net](https://www.newagebd.net/post/apparel/287474/bangladesh-rmg-exports-lose-ground-in-us-eu?utm_source=openai)) - Over the **first eight months of FY2025‑26**, RMG exports were down **3.73% YoY** to **USD 25.79 billion** vs USD 26.79 billion in the prior year. ([thedailystar.net](https://www.thedailystar.net/opinion/views/rmg-notes/news/eus-changing-apparel-market-and-bangladeshs-export-challenges-4143591?utm_source=openai)) **Drivers of softer demand & order shifts** - Domestic and macro factors: - Reports highlight **domestic political instability, law‑and‑order issues, unrest, and policy uncertainty** as causes of buyer caution and delivery risk. ([nationalexpress.in](https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai)) - Exporters also face margin pressure from reduced incentives and rising cost structure (wage hikes, energy costs). ([nationalexpress.in](https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai)) - Buyer‑side and competitive dynamics: - Industry commentary notes **European buyers have shifted some orders to rival sourcing countries**, particularly **India**, as they reassessed risk in Bangladesh; stronger government support to exporters in India and China is cited as improving their competitiveness relative to Bangladesh. ([nationalexpress.in](https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai)) - A broader 2026 fashion‑sector outlook (McKinsey “State of Fashion 2026”) points to: - Brands **diversifying sourcing** (China+1, multi‑country strategies) and experimenting with **higher‑or lower‑value locations** depending on product segment. - **Cambodia, India, and other ASEAN producers** gaining momentum as alternative hubs, which structurally increases competition for Bangladesh. ([mckinsey.com](https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/state%20of%20fashion/2026/the-state-of-fashion-2026-vf.pdf?utm_source=openai)) **EU demand & structural headwinds** - Analysis of EU apparel import patterns flags: - Rising share of **ultra‑fast cross‑border e‑commerce** where EU consumers purchase directly from platforms/brands in China and elsewhere; these flows often enter as numerous low‑value parcels rather than consolidated containers. This can **reduce or delay traditional wholesale orders** from EU retailers to established sourcing bases like Bangladesh, or shift them into **smaller, later orders**. ([thedailystar.net](https://www.thedailystar.net/opinion/views/rmg-notes/news/eus-changing-apparel-market-and-bangladeshs-export-challenges-4143591?utm_source=openai)) - Upcoming EU regulatory initiatives (Ecodesign for Sustainable Products, due diligence, green claims) will likely push buyers toward **suppliers with better compliance capabilities**, raising the bar on traceability and sustainability—an area where Bangladesh is making progress but still faces scrutiny. ([thedailystar.net](https://www.thedailystar.net/opinion/views/rmg-notes/news/eus-changing-apparel-market-and-bangladeshs-export-challenges-4143591?utm_source=openai)) **US demand signals** - While recent press is more EU‑focused, both local media and global outlooks note: - The **US remains a key but more volatile market**, with brands working down inventories and re‑balancing China exposure; Bangladesh has faced **stiffer competition from Mexico, Central America, and other near‑shore locations** for quick‑turn orders, and from India/Vietnam for higher‑value items. ([newagebd.net](https://www.newagebd.net/post/apparel/287474/bangladeshs-rmg-exports-lose-ground-in-us-eu?utm_source=openai)) - Bangladesh’s RMG exports to the US had already been under pressure since 2023–24 amid slower consumer spending and over‑stocking; early FY2025‑26 data point to continued softness rather than strong recovery. ([nationalexpress.in](https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai)) **Implications for order flow in 2026** - **Short‑term (first half of 2026):** - Order books from EU and US buyers into Bangladesh appear **weaker vs previous year**, with: - Mid‑single‑digit percentage declines in export value (≈‑3–4% over 8M FY). - Qualitative evidence of **order diversion** toward India and other Asian competitors, especially from risk‑averse European buyers. ([nationalexpress.in](https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai)) - **Medium‑term (rest of 2026):** - Unless global consumer demand accelerates or Bangladesh can significantly differentiate on sustainability/compliance and lead‑time, the baseline outlook is for **flat to slightly negative volume growth** with pricing under pressure. - Political/operational disruptions (e.g., port issues, unrest) could trigger **tactical shifts of seasonal programs** (e.g., autumn–winter 2026) away from Bangladesh toward India/Cambodia/Vietnam if reliability is questioned. **Sources – Demand Signals**: ([nationalexpress.in](https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai)) === 3. [TIMING SIGNALS] – SOUTH ASIA→EU/US FREIGHT RATES, BLANK SAILINGS & AIRFREIGHT (2026) === *Note: Most indices are Asia‑wide (China + broader Asia). Bangladesh/South Asia lanes are typically priced at a **premium of USD 100–400/FEU** over baseline Asia‑mainland China quotes, depending on carrier and feeder leg. The directional trends and volatility described below are relevant for Bangladesh.* **Ocean freight rate levels – Q1 & early Q2 2026** - Market commentary in March–April 2026 indicates that, despite weak global volume, **ocean rates have risen from early‑year lows**: - Around **late March 2026**, ocean freight costs increased by **USD 400–600 per container** on key Asia–US lanes vs earlier in the month. New spot levels cited: - **Central/East Asia → US West Coast (CEA–USWC):** approx. **USD 2,100–2,200 per FEU** after the March 20th GRI. ([reddit.com](https://www.reddit.com/r/FreightRight/comments/1s2qic5/ocean_rates_up_as_volumes_continue_to_sink/?utm_source=openai)) - **Asia–US West Coast** index (FBX01) was up **about 1% WoW** as of **28 April 2026**, while **Asia–US East Coast** (FBX03) was up **3% WoW**. Asia–Europe rates were reported **>15% YoY higher** and **>50% above** the low‑demand trough in October 2025. ([reddit.com](https://www.reddit.com/r/zim/comments/1sy97nu/freightos_weekly_update-april-28-2026-excerpts/?utm_source=openai)) - Elevated rates were linked to higher bunker costs from **Strait of Hormuz disruptions** and extended routings, on top of Red Sea‑related detours in prior periods. ([reddit.com](https://www.reddit.com/r/zim/comments/1sy97nu/freightos-weekly-update-april-28-2026-excerpts/?utm_source=openai)) - For South Asia (India/Bangladesh) to EU/US specifically, forwarders typically quote: - **USD 200–400/FEU over North China** for US/EU main ports when feedering from Chattogram via Colombo/Singapore because of additional leg and transshipment handling. (Inference based on usual market structure; recent posts indicate “special/blended” origin surcharges out of Southern China and Southeast Asia, with similar premium logic applying to Bay of Bengal origins). ([reddit.com](https://www.reddit.com/r/FreightRight/comments/1sm7dvh/space_tightens_on_chinaus_routes_despite_weak/?utm_source=openai)) **Blank sailings & capacity management (2026)** - 2026 has seen **aggressive capacity discipline** from carriers: - One February 2026 freight market update noted **“more than 100 voyages cancelled” in February alone**, as carriers blank sailings and adjust port calls to manage overcapacity. ([jmrodgers.com](https://www.jmrodgers.com/wp-content/uploads/2026/02/JMR-Freight-Market-Update-February-2026-v1.0.pdf?utm_source=openai)) - Another March 2026 analysis highlighted carriers **“aggressively implementing blank sailings (canceled port calls), particularly on East Coast routes”** to keep rate levels elevated despite soft cargo demand. ([reddit.com](https://www.reddit.com/r/FreightRight/comments/1s2qic5/ocean_rates_up_as_volumes_continue_to_sink/?utm_source=openai)) - A late‑April 2026 freight update also mentioned carriers **starting to announce more blank sailings** on Asia–Europe lanes as rates softened from earlier spikes. ([reddit.com](https://www.reddit.com/r/zim/comments/1sy97nu/freightos_weekly_update-april-28-2026-excerpts/?utm_source=openai)) - An April 2026 discussion of China–US routes pointed to: - **Carrier‑driven scarcity** where lines require shippers to load some boxes at full FAK to get discounted contract rates, effectively rationing capacity. ([reddit.com](https://www.reddit.com/r/FreightRight/comments/1sm7dvh/space_tightens_on_chinaus_routes_despite_weak/?utm_source=openai)) **Airfreight dynamics & ocean‑to‑air spillover (2026)** - Higher ocean volatility and schedule risk have pushed some shippers to air: - Freight community reports in April 2026 note that, because of “messed up” ocean transit, **importers requiring speed are pivoting to air freight**, with **air rates reported around USD 7–8+ per kg** on key Asia–US lanes. ([reddit.com](https://www.reddit.com/r/FreightRight/comments/1sm7dvh/space_tightens_on_chinaus_routes_despite_weak/?utm_source=openai)) - While not Bangladesh‑specific, similar behaviour is expected ex‑DAC/CCU for high‑value or time‑critical apparel and raw materials when Chattogram or feeder schedules are unreliable (e.g., during the Feb 2026 NCT stoppage). **Implications for Bangladesh seasonality & Sept–Oct 2026 peak** - Historical pattern: - Ocean rates typically rise during the **September–November peak season** for Asia exports due to pre‑holiday stocking and capacity strain; freight practitioners explicitly reference this seasonal pattern and discuss whether 2026 will follow the same dynamic or see a muted peak. ([reddit.com](https://www.reddit.com/r/freightforwarding/comments/1o1a040?utm_source=openai)) - 2026 outlook for Bangladesh peak (Sept–Oct): - With carriers already keeping **Q1–Q2 rates above “normal” trough levels** (Asia–Europe >50% above the last low‑demand period, Asia–US spot up vs early 2026) and using **blank sailings** aggressively, there is a strong likelihood that: - **Sept–Oct 2026 peak surcharges (PSS) and GRIs** will be pushed through on Asia–Europe and Asia–US trades. ([reddit.com](https://www.reddit.com/r/freightforwarding/comments/1o1a040?utm_source=openai)) - South Asia origins like Bangladesh may face **disproportionately tight space** on feeder legs to Colombo/Singapore as lines rationalise capacity—especially if RMG orders recover seasonally for holiday collections. - If Chattogram experiences renewed congestion (e.g., labour actions or political unrest around national events), some EU/US buyers could advance shipments (front‑load before Q3) or partially **reallocate critical programs to alternative origins** with more reliable logistics for that season. **Key timing takeaways for planning** - **Q1 2026:** - Rates rose from early‑year lows; more than 100 blanked sailings in February; operational disruptions in Chattogram increased transit‑time risk for Bangladesh shipments. - **Q2 2026 (ongoing):** - Rates remain **elevated relative to “normal” post‑LNY troughs**, with continued blank sailings and structured scarcity; airfreight rates high but being used selectively as a safety valve. - **Q3–Q4 2026 (expected):** - High probability of **heightened rate volatility and space constraints** into Sept–Oct Bangladesh peak RMG export season, especially to Europe where rate levels are already 15–50% above prior lows and carriers are signalling continued capacity discipline. **Sources – Timing Signals**: ([jmrodgers.com](https://www.jmrodgers.com/wp-content/uploads/2026/02/JMR-Freight-Market-Update-February-2026-v1.0.pdf?utm_source=openai)) Sources: • Container, cargo, ship handling rise at Chittagong Port https://www.dhakatribune.com/bangladesh/nation/397255/container-cargo-ship-handling-rise-at-chittagong?utm_source=openai • Ctg port hit several records in 2025 despite disruptions https://www.thedailystar.net/business/economy/news/ctg-port-hit-several-records-2025-despite-disruptions-4071266?utm_source=openai • Chittagong Port achieves record container throughput - Port Technology International https://www.porttechnology.org/news/chittagong-port-achieves-record-container-throughput/?utm_source=openai • Chittagong port work stoppage: Export goods worth tk 80b stuck | Prothom Alo https://en.prothomalo.com/business/local/kfw6aiczr6?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 • Chittagong Port: Traffic Data & Bangladesh Trade Signals https://content.ballastmarkets.com/ports/chittagong/?utm_source=openai • Ctg port hit several records in 2025 despite disruptions https://www.thedailystar.net/business/economy/news/ctg-port-hit-several-records-2025-despite-disruptions-4071266?utm_source=openai • Chittagong Port: Traffic Data & Bangladesh Trade Signals https://content.ballastmarkets.com/ports/chittagong/?utm_source=openai • Chittagong Port: Traffic Data & Bangladesh Trade Signals https://content.ballastmarkets.com/ports/chittagong/?utm_source=openai • Machines arrive from China to upgrade CTG Port capabilities https://www.reddit.com/r/bangladesh/comments/1l4mpt7?utm_source=openai • Matarbari Port https://en.wikipedia.org/wiki/Matarbari_Port?utm_source=openai • Container, cargo, ship handling rise at Chittagong Port https://www.dhakatribune.com/bangladesh/nation/397255/container-cargo-ship-handling-rise-at-chittagong?utm_source=openai • Bangladesh’s ready-made garment exports slowed across most major markets https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai • Bangladesh’s ready-made garment exports slowed across most major markets https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai • New Age | Bangladesh RMG exports lose ground in US, EU https://www.newagebd.net/post/apparel/287474/bangladeshs-rmg-exports-lose-ground-in-us-eu • EU's changing apparel market and Bangladesh's export challenges https://www.thedailystar.net/opinion/views/rmg-notes/news/eus-changing-apparel-market-and-bangladeshs-export-challenges-4143591?utm_source=openai • Bangladesh’s ready-made garment exports slowed across most major markets https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai • Bangladesh’s ready-made garment exports slowed across most major markets https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai • Bangladesh’s ready-made garment exports slowed across most major markets https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai • The State https://www.mckinsey.com/~/media/mckinsey/industries/retail/our%20insights/state%20of%20fashion/2026/the-state-of-fashion-2026-vf.pdf?utm_source=openai • EU's changing apparel market and Bangladesh's export challenges https://www.thedailystar.net/opinion/views/rmg-notes/news/eus-changing-apparel-market-and-bangladeshs-export-challenges-4143591?utm_source=openai • EU's changing apparel market and Bangladesh's export challenges https://www.thedailystar.net/opinion/views/rmg-notes/news/eus-changing-apparel-market-and-bangladeshs-export-challenges-4143591?utm_source=openai • New Age | Bangladesh RMG exports lose ground in US, EU https://www.newagebd.net/post/apparel/287474/bangladeshs-rmg-exports-lose-ground-in-us-eu?utm_source=openai • Bangladesh’s ready-made garment exports slowed across most major markets https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai • Bangladesh’s ready-made garment exports slowed across most major markets https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai • Bangladesh’s ready-made garment exports slowed across most major markets https://www.nationalexpress.in/post/bangladesh-s-ready-made-garment-exports-slowed-across-most-major-markets?utm_source=openai • Ocean Rates Up as Volumes Continue to Sink https://www.reddit.com/r/FreightRight/comments/1s2qic5/ocean_rates_up_as_volumes_continue_to_sink/?utm_source=openai • FREIGHTOS WEEKLY UPDATE - April 28, 2026 | Excerpts: “Asia-US West Coast prices (FBX01 Weekly) increased 1%.” | “Asia-US East Coast prices (FBX03 Weekly) increased 3%.” | https://www.reddit.com/r/zim/comments/1sy97nu/freightos-weekly-update-april-28-2026-excerpts/?utm_source=openai • FREIGHTOS WEEKLY UPDATE - April 28, 2026 | Excerpts: “Asia-US West Coast prices (FBX01 Weekly) increased 1%.” | “Asia-US East Coast prices (FBX03 Weekly) increased 3%.” | https://www.reddit.com/r/zim/comments/1sy97nu/freightos-weekly-update-april-28-2026-excerpts/?utm_source=openai • Space Tightens on China-US Routes Despite Weak Underlying Volume https://www.reddit.com/r/FreightRight/comments/1sm7dvh/space_tightens_on_chinaus_routes_despite_weak/?utm_source=openai • FEBRUARY 2026 https://www.jmrodgers.com/wp-content/uploads/2026/02/JMR-Freight-Market-Update-February-2026-v1.0.pdf?utm_source=openai)