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War and Peace, Hapag-Lloyd – Part 2

Are Europeans – and with them the NATO member states – still living in an era of peace, or are there mounting attacks, particularly by the Russians, targeting naval fleets and the maritime infrastructure of the alliance’s member states? That was the overlapping question of the interdisciplinary symposium organized by the Ballin Forum at Kuehne University in Hamburg’s Harbor City on 12-13MAY26, attended by 100 invitees. In short, the answer to the question was neither peace nor war. Instead, Europeans are living in a phase of escalating hybrid warfare.

A wealth of expertise on stage at the Albert-Ballin-Forum: Professors Frank Möller (left) and Herfried Münkler – photo: CFG/hs

Scientists, speakers, and panelists quickly agreed that the initiator of the naval aggressions is Putin’s Russia, which is acting in an increasingly belligerent manner. Especially, but not only, in the Baltic Sea region, where undersea cables connecting Scandinavia to countries on the continental shelf are being deliberately cut, military aircraft with their transponders turned off, regularly intrude the airspace of NATO countries, and drones have been spotted spying on military facilities in Denmark, Germany, Poland, Romania, Estonia, and Norway, and have even been detected over Alaska at least a dozen times. Added to this, are ships from the shadow fleet chartered by Russia, which are intended to facilitate the export of Russian oil sanctioned by the EU, but which, at the same time, carry out espionage missions or deliberately damage undersea cables with their anchors.

Only the actors have changed
That is the current situation. In a historical overview, Frank Möller and Herfried Münkler, both internationally renowned political scientists, examined the role of war and peace at sea, and the impact on supply chain security. In doing so, they made it clear that the construction and deployment of large fleets have always served an overarching political goal. Only the actors have changed. While historically, it was the Spanish and, above all, the English who sought to consolidate their imperial power through naval supremacy, the Germans joined them in the second half of the 19th century through World War I and, starting with World War II, the U.S. took command of the world’s oceans.

The long-time hegemon is gone
This hegemonic policy can work if the hegemon feels committed to a legal order that serves as a protective shield over allied countries. However, since Trump’s reelection in the U.S., such a hegemon no longer exists for NATO members. Europe therefore finds itself wedged between the aggressor, Putin, who views the seas as a staging ground for his expansionist ambitions, and the former hegemon, the United States, whose interests, however, are primarily focused on dominance on the American continent.

New Club solution is needed
A ruthless aggressor to the east, a collapsing hegemon to the west: this is the current political and military situation Europeans are facing. They can only meet these challenges if they step up their maritime efforts and cooperate in a targeted manner, both scholars recommended unanimously. After all, many can act like one. There are plenty of historical examples of this, Münkler and Möller argued. “What we need is a club solution,” stated Herfried Münkler. This includes civil and military capabilities which greatly increase the risk for an attacker through collective countermeasures, he reasoned. Following the looming withdrawal of the U.S. from NATO, or at least its threats to quit the club, a new alliance of reliable partners is needed. And this must be transcontinental in order to protect global supply chains and, in an emergency case, to be able to intervene quickly. In addition to the EU – or at least the majority of its members – countries such as Canada, Japan, Australia, Brazil, and a few other willing nations should join the club. It would not spell the end of NATO, but at least it would mean breaking free from an erratic U.S. hegemon that says one thing today and another tomorrow.

“Peace at sea is over”
… Felix Brake exclaimed, following the scholar’s presentations.

He served as officer in the German Naval Forces and took part in numerous missions to combat pirate attacks on merchant ships off the coast of Somalia. Today, Brake runs a company called Nexmaris, that continuously analyzes the threat situation, particularly in the Baltic and North Seas, and provides guidance to EU member states bordering these waters.

“Our vital interests extend across the sea, and there they have long been under attack. We are not yet at war. But what we know as peace is long gone,” Brake exclaimed.

Since the blockade of the Strait of Hormuz, a former regional conflict has turned into a global crisis. “This is evidenced by the disruption of classic supply chains involving helium, raw materials, oil shipments, and can ultimately be felt by anyone at service stations where gas and diesel prices hit new heights.” His conclusion: Germany, the EU, and allied democratic states must fast strengthen their defense capabilities after years of deep slumber. Putin, Trump, and China’s Xi Jinping have left them no other choice if they do not want to become political, cultural, and economic vassals soon.

Addendum
The interdisciplinary forum was named after Albert Ballin (1857–1918). During his tenure as the shipping company’s General Director (1888–1918), he shaped the development of Hapag-Lloyd like no other. The proud motto he coined remains the shipping company’s guiding principle to this day: “My field is the world.” At the same time, it stands for bold entrepreneurial action even in difficult times, whether caused by economic crises or military threats. Currently, the duality in these conflict situations is becoming increasingly apparent. This was the central theme of the interdisciplinary forum held at Kuehne University in Hamburg’s HafenCity: “War and Peace at Sea – where do we stand today?

Hapag-Lloyd slips into the red – Part 1

Shipping line, Hapag-Lloyd, has been in the headlines of news agencies, business publications, and other media recently, due to three topics: Hapag-Lloyd’s disappointing Q1 2026 financial results. Secondly, a high-profile symposium on war and peace at sea. Thirdly, recognition of the scholars who published their latest findings, including a project in Colombia that was awarded a prestigious prize by a five-member jury for its successful holistic approach. We begin the trilogy with the shipping company’s sobering financial performance in Q1, 2026.

Steady cargo volumes but declining revenue – Q1/2026 was a challenging period for Hapag-Lloyd. Photo: H-L

During the first three months of this year, Hapag-Lloyd slid into the red. According to figures released on Thursday (14MAY26), the world’s fifth-largest shipping company posted a loss of EUR 219 million from 0JAN26 to 30MAR26. This sharply contrasts the results achieved in the same period of last year, that ended with a profit of EUR 463 million.

Multiple causes
Falling freight rates, the closure of the Strait of Hormuz, time and fuel consuming sailing around the Cape of Good Hope on journeys between the Far East and Europe, fast rising bunker prices as well as general geopolitical turmoil weighed heavily on the Hamburg-based box carrier. The consolidated EBIT was sobering, documenting a loss of EUR 134 million, while net income after taxes showed a loss of EUR 219 million versus gains of EUR 665 million, a year ago.

In contrast, at 3.2 million TEU, cargo volume in Q1 2026 remained virtually unchanged from the previous year. In particular, the blockade of the Strait of Hormuz – for which there is currently no end in sight – has disrupted logistics supply chains and resulted in significant additional financial burdens. According to CEO Rolf Habben Jansen, four of the shipping company’s container ships are still trapped in the Persian Gulf, incurring additional costs of USD 50 million per week and even more. Since 02MAR26, the strait has been effectively closed to commercial shipping due to the Iranian military’s naval blockade, a situation further exacerbated by a U.S. counter-blockade.

Blockade and no end in sight
Based on the USD 50 million per week cited by the Hapag-Lloyd helmsman, the shipping company has incurred costs of approximately USD 200 million by the end of MAR26 for ship personnel, fuel supplies, cargo securing, and, above all, insurance premiums. Extrapolated to the present date, this amounts to more than USD 300 million.

Offsetting these amounts against the quarterly loss likely makes the presented income statement more palatable to management.

Profitable business unit
Moreover, the revenue and EBITDA for the ‘Terminal & Infrastructure’ business segment showed a clearly positive trend in Q1. This was achieved through volume increases in India and, above all, Latin America, as well as the full consolidation of the container business of the Indian J M Baxi Group. Accordingly, revenue and EBITDA for this segment rose significantly in Q1.

Despite the overall disappointing first quarter of 2026, and weak earnings, the Executive Board is sticking to its annual forecast announced in FEB26: Consolidated EBITDA of USD 1.1 billion to USD 3.1 billion and consolidated EBIT in the range of between USD 1.5 billion and USD 0.5 billion are still expected.

At the same time, the Hapag-Lloyd Executive Board emphasized the continuation of strict cost management as well as the commitment to the planned merger with the Israeli shipping company, ZIM, despite concerns from the local union and some critical voices from Israeli politicians.

Central Europe: Air Cargo’s rising center of gravity

For decades, the spotlight in European air cargo shone firmly on the West – Frankfurt, Paris-CDG, London Heathrow, Amsterdam… These hubs defined the continent’s freight landscape. But a tectonic shift is underway and other gateways into Europe are opening up. One extraordinary example in recent years, is Istanbul, bridging Asia and Europe, which shot up from 47th place in 2019, to become Europe’s largest cargo hub in 2025, tonnage-wise (CFG reported). And Central Europe, too, is fast becoming a strategically critical region in air cargo, driven by geography, industrial transformation, e-commerce, and nearshoring. Central Europe has a strong future in the continent’s cargo industry and the topic of how it is seeking to shape its success will be discussed in a panel titled “Central European Challenges & Opportunities, plotting the pathway to further success” at TIACA’s upcoming Executive Summit in Warsaw, Poland on 02JUN26.

Hear from the experts about what is driving air cargo in Central Europe. Image: TIACA

Central Europe is not a formal subregion under the United Nations geoscheme, and its definition therefore often varies, depending on historical, cultural, or political context. The most cited countries are Austria, the Czech Republic, Germany (which bridges Central and Western Europe), Hungary, Liechtenstein, Poland, Slovakia, and Slovenia. Some include Switzerland, the Baltics, or Croatia and neighboring countries in the CET time zone. In any case, Central Europe’s most enduring asset is its location. Sitting at the crossroads of East and West, the region offers unrivalled access across an entire continent. Vienna Airport, for example, reaches the most important consumer and business centers across Central and Eastern Europe within 24 to 48 hours via road feeder services. And it is no surprise that Frankfurt’s position ‘at the heart of Central Europe’ has long made Germany an international air transport hub connecting to all global regions.

Growing cargo figures
Leaving Germany aside for the moment, a number of countries in Central Europe are showing striking results when it comes to cargo volumes. Vienna Airport delivered its best cargo figures to date in 2025, handling 313,763 tons – a 5.3% increase on previous year. Budapest Airport has been even more dramatic: it handled 426,519 tons in 2025, a 42.3% increase versus the previous year [which, too, had seen a 48% increase on 2023] – representing a 200+% increase over five years (CFG reported). Almost half of its throughput is now e-commerce from China, but it also offers excellent solutions for perishables or high-value products, thanks to its BUD Cargo City, which was further expanded in 2022, enhancing its handling infrastructure. Warsaw’s Chopin Airport also had a record year – at roughly 137,000 tons throughput in 2025, it has grown its cargo volumes by 40% over the past 5 years. And a new Polish airport is on the horizon in the next decade. Prague’s Václav Havel Airport, too, has seen impressive momentum, handling a record 96,481 tons of air cargo and mail in 2025 – a year-on-year increase of 48%. It is investing CZK 16 billion (EUR 641.1 million) in a new terminal and expanding its logistics hub to double its cargo handling capacity. The project’s completion is planned for 2029. These examples all confirm a continuing growth pattern.

What is driving this growth?
The answers to this question will be delivered on 02JUN26 at the TIACA Executive Summit panel on “Central European Challenges & Opportunities, plotting the pathway to further success”. With Pawel Kazmierczak, Commercial Manager at 4RCargo, József Kossuth, Head of Cargo at Budapest Airport, Pawel Zagrajek, Commercial Deputy Director, Port Polska Program, CPK, and Michal Grochowski – Cargo and Mail Director at LOT Cargo, the panel offers a GSSA, Airport and Airline view on Central Europe’s success factors, its strategies for a strong future, its infrastructure investments, but also the risks and challenges it faces. How have and are current events impacting growth? Are secondary airports becoming more attractive? Has the region been underestimated? What does and will it have to offer, once Port Polska (located between Warsaw and Lodz) opens in 2032? And what could the air cargo landscape look like in the next 5–10 years?

Looking ahead
Looking to 2031 and beyond, the Europe air cargo market is projected to grow from approximately USD 35.9 billion in 2024 to USD 54.8 billion by 2031. Central Europe has a good chance of capturing a great deal of that growth, as its development in cargo volumes is already confirming. For airlines, freight forwarders, integrators, and shippers navigating an era of supply chain disruption and e-commerce acceleration, Central Europe is not just an option – it is increasingly the obvious choice.

Blooming lovely in record figures over at Avianca Cargo

Making sure the blooms are fresh and free from toxic elements. Image: Avianca Cargo

Avianca Cargo closed its 2026 Mother’s Day season with record results, cementing its role as the top air carrier of flowers from Colombia and Ecuador to the United States. The airline transported more than 21,000 tons of flowers (which translates into around 330 million stems), accounting for 42% of Colombian flower exports to the U.S. and at least one in three flowers exported from the broader region.

To handle peak demand in its largest Mother’s Day operation to date, Avianca Cargo dedicated 42% of its capacity (instead of the normal 30%) to flower shipments, operated over 330 cargo flights, running up to 24 daily departures and moving approximately 24 million stems within a single 24-hour period. The carrier deployed nine dedicated freighters, two more than in 2025, plus additional leased capacity to avoid disrupting other markets.

Infrastructure was also scaled up: Miami ground staff increased by 20%, while warehouse capacity grew 35% in Bogotá and 41% in Medellín. The airline held an estimated 65% market share on the Medellín–Miami route and around 35% on Bogotá–Miami, and expanded its Los Angeles service from three to five weekly frequencies compared to last year’s season.

The airline also took the occasion to recognize the workers, many of them mothers themselves, who keep the floriculture and logistics chain moving.

Diogo Elias, CEO of Avianca Cargo, commented: “Mother’s Day remains one of the most significant seasons for the flower industry, and we are proud to deliver another strong performance that reinforces our leadership in the market. This year’s results reflect the scale of our operation and the trust our partners place in us to move more than 21,000 tons of flowers to the United States, which reflects the coordinated work across the entire logistics chain and further strengthens our role as a key connector between Colombia, Ecuador and global markets.” Daniel Alonso, Director of Field Operations (СВР), added: “As families prepare to celebrate Mother’s Day, our agriculture specialists and frontline officers are working tirelessly to help ensure flowers arriving into the United States are safe from harmful pests and plant diseases. I’m incredibly proud of our workforce and their commitment to protecting America’s agriculture while helping families enjoy this meaningful holiday with peace of mind.”

LATAM Cargo retained its top spot in flower shipments

LATAM Cargo champions flower transports from South America to an increasing number of destinations  –  credit: carrier

The members of the LATAM Group of Airlines transported 24,400 tons of flowers from South America to the USA and transcontinental destinations to meet consumer demand on Mother’s Day event. The volume flown is equivalent to approximately 560 million stems. To put that figure into perspective: Throughout the 21 days of the season, more than 300 stems per second departed South America bound for destination markets across three continents.

One notable trend in the past season was that, in addition to traditional markets such as the U.S. and Europe, demand from niche markets such as Oceania and even Chile has also increased significantly. It is an encouraging sign that demand for cut flowers from Colombia and Ecuador reaches new buyer groups and continues to grow.  

The logistics of the entire operation was coordinated from three origin airports: Bogotá, Quito, and Medellín – encompassing more than 430 dedicated flights for the season. To sustain this standard, ground crew staffing more than doubled compared to a regular week, reinforcing ramp, warehouse, and supervisory teams across all three South American hubs.

“The prior alignment between commercial and operational teams means that certainty is not ours alone: it belongs to the producer who knows their product will arrive on time and in optimal condition, and to the importer who can make commercial commitments backed by real capacity,” explained Claudio Torres Faini, International Commercial Director for South America, LATAM Cargo. As in previous years, the entire operation required long-term planning to ensure that the transport was coordinated and carried out on schedule. Close collaboration with growers and exporters was critical. Having volume data available several days in advance made it possible to size the required resources at every point in the supply chain – from cargo receipt at the warehouse to the cut-off of each flight frequency – ensuring a best-in-class service standard.

TIACA announces new Keynote Speaker Series

Keeping the air cargo world talking and turning. Image: TIACA

Not long now until the air cargo industry’s top-level executives descend upon Warsaw for The International Air Cargo Association (TIACA)’s annual Executive Summit. Taking place in Poland from 01-03JUN26, and hosted by LOT Polish Airlines and Port Polska, this year’s event sees the start of a new feature: a Keynote Speaker Series. The press release explains that “The new Keynote Speaker Series is designed to bring fresh perspectives from world-class communicators and business thinkers to inspire the air cargo community.” And TIACA already has a fresh perspective lined up in the form of Olivia Kinghorst. An internationally acclaimed journalist, moderator and keynote speaker, Kinghorst will open the series at 09:30 on 02JUN26, with a discourse on the topic: “Inside the Minds of Global Business Leaders”, bringing insights from the many interviews she has held with global influences and top-level managers on leading in the changing face of air cargo and logistics. Her keynote will look at how to handle the challenges arising through global disruption, the opportunities driving innovation, and leading across markets and generations.

Kinghorst brings extensive experience in moderating, interviewing, and writing about the business world. She was a CNN Money TV anchor, a senior Forbes editor in Switzerland, and has hosted the World Economic Forum, Forbes Women’s Summit, Mobile World Congress, and Web Summit, interviewing well-known personalities such as Kate Winslet and Steven Bartlett, as well as multinational CEOs.

Her client roster includes Deloitte, Zurich Insurance, LEGO, and L’Oréal. She co-founded Millennials4Boards, which is a global movement to bridge the generational gaps in many boardrooms. Sydney-born, Columbia-educated, and Zurich-based, Kinghorst is a sharp-witted and compelling speaker.

Roos Bakker, TIACA Chair, announced: “We are excited to introduce the Keynote Speaker Series as a new dimension of the Executive Summit experience. Olivia Kinghorst brings an exceptional ability to challenge thinking and spark meaningful dialogue. This session will set the tone for open, insightful conversations across our industry.” Glyn Hughes, TIACA Director General, stated: “The air cargo industry is navigating unprecedented change, and leadership has never been more critical. By launching this speaker series, we aim to inspire our community with perspectives that go beyond our sector. Olivia’s session will provide valuable insights that leaders can immediately apply in their organizations.”

Qatar Airways Cargo pioneers dual temperature management

Now offering a new Pharma feature. Image: Qatar Airways Cargo

“Qatar Airways Cargo has once again raised the bar for pharmaceutical air transport with the introduction of Pharma Passive FlexTemp – a new solution designed to tackle one of the biggest challenges in the industry: managing dual-temperature requirements within a single shipment journey,” the airline’s press release proclaims.

Dual temperature management refers to those shipments that are transported as passive pharma, in other words in “self-contained passive packaging” that ensures a certain temperature for the duration of transport, but after which a different temperature level is required to maintain product integrity. This is a tricky balance to get right, and is a niche area where no comprehensive solution has been offered until now. Because the use of self-contained passive packaging is on the rise and the pharma segment is growing, Qatar Airways Cargo focused on defining a process to solve the problem and deliver peace of mind to its customers. Pharma Passive FlexTemp is therefore an absolute premiere in the air cargo industry, as a Dual temperature management feature.

Pharma Passive FlexTemp is available as an add-on service for Pharma Passive and Pharma Critical Passive, and offers the ideal solution for the temperature-sensitive pharmaceutical and healthcare shipments requiring these differing temperatures – particularly during transit and/or when the single-use passive packaging reaches the end of its effective life cycle.

“By introducing Pharma Passive FlexTemp, Qatar Airways Cargo is setting a new benchmark for pharmaceutical handling, reinforcing its position as a leader in specialised cargo solutions. The product delivers enhanced flexibility, greater peace of mind, and improved shelf-life protection for temperature-sensitive healthcare shipments transiting through the carrier’s global network,” the airline emphasizes, going on to announce that the feature can be booked online on Qatar Airways Cargo’s Digital Lounge, together with Pharma Passive and Pharma Critical Passive, and that it applies across all FlexTemp corridors on the carrier’s network.

Silk Way West Airlines marks 10 years of operations to Japan

10 successful years in Japan. Image: Silk Way West Airlines

Silk Way West Airlines recently celebrated a decade of flights to Japan, which began with an inaugural Baku–Komatsu flight back in 2016. Since then, the airline has added Kansai and Narita to its Japanese network and now operates two weekly flights. Over ten years, it has completed around 1,300 flights to and from Japan and moved more than 145,000 tons of cargo.

“The milestone comes as Japan’s air cargo market continues to grow, with 2025 volumes estimated to be around 12% higher than in 2024. As one of Asia’s leading air cargo gateways, Japan plays a vital role in connecting regional and intercontinental trade flows, supported by advanced infrastructure, frequent international links and a strong focus on high-value, time-sensitive goods,” the press release states, emphasizing Silk Way West Airlines’ interest and footprint in the market, acting as a bridge between East and West via Baku, where it channels Japanese shipments onward to Central Asia, Eastern Europe, the Middle East, and beyond. “Japan remains a strategically important market for Silk Way West Airlines and an important part of the airline’s broader vision to strengthen trade links between East and West through Baku,” the airline confirmed.

The airline hosted an official anniversary event at The Ritz-Carlton in Tokyo, celebrating with partners, government officials, embassies, and civil aviation authorities.

Zaur Akhundov, President of Silk Way Group, said: “This 10-year milestone reflects the strong partnership Silk Way West Airlines has built in Japan over the past decade. We greatly value the trust of our customers, partners and stakeholders in Japan, and we remain committed to strengthening this cooperation and supporting cargo connectivity between our regions in the years ahead.

United Cargo delivers relief supplies to Typhoon Sinlaku victims

United Cargo brings aid to Typhoon Sinlaku victims. Image: Lemon Queen

When disaster hits, United Cargo is immediately in contact with relief organizations to arrange help in transporting responders and aid to the crisis location. That is what also happened in the wake of Typhoon Sinlaku, which devastated the Northern Mariana Islands on 14APR26, destroying the infrastructure and facilities in Tinian, Saipan, and Guam, leading to airport closures and leaving 43,000 people without electricity, access to fresh water and other necessary items. United collaborated with its key Community and Market Impact (CMI) partners such as the American Red Cross, World Central Kitchen and Airlink, to bring emergency shelters, medical care and hot meals to the typhoon’s victims. It also launched a Miles on a Mission campaign to support the islanders for longer.

Ben Scott, Cargo Sales Account Executive at United Airlines, recounted: “We resumed our regular daily service to and between Guam and Saipan, as soon as conditions allowed, on 20APR26, and arranged additional flights on that day and 22APR26, to bring urgent relief supplies to everyone affected by what is the world’s strongest storm so far, this year. Drinking water, generators, cleaning supplies and medical items are needed right now. We also carried hundreds of emergency responders to the impacted areas, and transported tourists out of the area. It will be a while before the islands are open for tourism, again. As the region’s leading carrier, United Airlines is doing everything it can to support the affected communities. United Airlines has pledged to match all donations made from now until 31MAY26, up to a value of USD 75,000, to help amplify the impact for our nonprofit partners working across Micronesia.”

United Airlines recently received one of the U.S.’ most respected honors in corporate social impact – the Silver Halo Award for Best Emergency/Disaster Response Initiative. When accepting the award at the 2026 Halo Awards Gala in Palm Springs, California, United Airlines’ Community and Market Impact Senior Manager, Pulin Thakkar thanked and praised the airline’s many partners such as Airlink. In the past 16 years, United and Airlink have together helped around 23 million people across the globe, arranging travel for almost 5,000 responders and transporting over 2.1 million pounds of relief and medical supplies to crisis regions. He said: “We continue to focus on being a leader in the disasterrelief space – bringing together the strength of our nonprofit and corporate partners and, most importantly, the many employees who step up in moments that matter.” Paloma Adams-Allen, CEO and President of Airlink, stated: “No single organization can respond to the immense needs of communities during or after a crisis or emergency alone: we need networks of committed partners across the private and public sectors. United recognizes that doing good is good for business and our work together around the world helps the communities they serve.”

WCAworld to attract next gen in freight forwarders with GAA NEO

An initiative to bring newer freight forwarders on board. Image: WCAworld

Independent freight forwarder network, WCAworld, announced the launch of a new sub-network designed to bring emerging freight forwarders into the fold alongside established members: GAA NEO. GAA refers to its existing affiliate network: Global Affinity Alliance.

The core idea is a dual-value model: early-stage logistics companies gain access to mentorship, industry best practices, and GAA’s operational standards, while established members benefit from fresh, agile partners and new trade lane opportunities. This creates a structured bridge between innovation and experience – a gap WCAworld identifies as a pressing need in today’s supply chain landscape.

To join GAA NEO, companies must meet minimum entry requirements, including at least eight months of proven business activity, USD 15,000 in financial protection when working with GAA or GAA NEO members, and a commitment to professional standards aligned with GAA principles. Members also gain access to the broader suite of WCAworld benefits.

WCAworld is actively encouraging existing stakeholders to refer promising logistics companies, positioning the wider community as active contributors to shaping the next generation of trusted global freight partners. Brian Majerus, Managing Director of Global Affinity Alliance, said: “GAA NEO is a strategic investment in the future of the logistics industry. By fostering structured collaboration between emerging and established companies, we are creating a sustainable pipeline of high-quality partners and unlocking new commercial potential across our global community.”