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Cargo theft losses across the U.S. and Canada could surpass $1 billion in 2027, as reported losses continue to climb and thieves increasingly target higher-value shipments.

CargoNet recorded nearly $725 million in losses in 2025, up 60% from 2024, while losses reached $436 million in the first half of 2026 alone. At the current pace, full-year losses could approach $872 million, with the average value of a stolen load reaching $564,000 in Q2 2026 — nearly double the 2025 average.

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Transpacific ocean freight rates edged lower in the week ending November 10 as peak shipping season wound down and demand at U.S. ports showed signs of easing.

What’s Happening: According to Freightos, spot rates from Asia to the U.S. West Coast fell 1% week over week to $8,245 per FEU, while East Coast rates declined 2% to $9,708. Despite the recent dip, both lanes remain more than twice as expensive as they were in November 2025.

Key Details: Import demand is expected to soften as retailers have already shipped most of their holiday inventory. The National Retail Federation and Hackett Associates forecast U.S. imports at 2.26 million TEUs in October, down from 2.37 million in September, followed by 2.05 million in November and 2.03 million in December.

Dwell Time: The surge has also extended container dwell times at the Ports of Los Angeles and Long Beach. In September, average truck dwell time reached 3.18 days, up from 2.95 days in August, while rail dwell time increased to 7.19 days from 6.75 days.

U.S. trucking rates strengthened in the third quarter as tighter capacity and rising operating costs gave carriers greater pricing power, even as freight demand remained soft.

Key Details: Contract rates are expected to continue rising alongside driver wages and inflationary costs, while spot rates, which began recovering in August, have eased from their summer peaks but remain above levels seen in recent years.

Big Picture: Weak consumer spending, a sluggish housing market, higher interest rates and fuel costs continue to weigh on freight demand. However, strength in industrial sectors, including semiconductors, healthcare and AI-related infrastructure, is helping support volumes.

China has extended its trade truce with the United States by two months, keeping several tariff and trade restrictions suspended as both countries prepare for a meeting between Presidents Donald Trump and Xi Jinping at next week's APEC summit.

Key Details: The truce was due to expire on November 10. Under the extension, China will continue suspending an additional 24% tariff on U.S. imports, while retaining a 10% tariff, giving both sides more time to negotiate a broader trade agreement.

The extension also covers several supply-chain measures. China will maintain export-control waivers for certain critical minerals and related technologies until January 10, 2027, while suspending restrictions on 11 U.S. companies on its unreliable entities list and 16 on its export-control list.

UPS is pursuing a roughly A$600 million acquisition of Smartways Logistics from private equity owner The Riverside Company, according to The Australian Financial Review.

Key Details: The two sides were expected to enter exclusive negotiations during the week of November 8, although no formal agreement has been announced.

Backstory: Founded in 2004, Smartways specializes in healthcare logistics across Australia and New Zealand, transporting medical devices, consumables and equipment to hospitals, clinics and laboratories.

Its services include time-critical deliveries, cold-chain transportation and third-party and fourth-party logistics. The company operates a network of more than 40 hubs and over 350 drivers across the two countries.

Big Picture: The reported acquisition would give UPS a stronger foothold in specialized healthcare logistics in the Asia-Pacific region, a segment where time-sensitive and temperature-controlled shipments require dedicated infrastructure.

The Ports of Los Angeles and Long Beach processed a combined 1,000,500 TEUs of imports in October, crossing the 1-million mark for the second time and coming close to September's record.

Key Details: Compared with October 2025, loaded import, export and empty container volumes rose more than 20% at Los Angeles and 11% at Long Beach.

Port officials expect elevated volumes to continue into early 2027 as importers bring forward shipments ahead of the U.S.-China trade truce's expected expiration in January.

The Decline: Meanwhile, exports fell 7% at Los Angeles and 6% at Long Beach, while empty container movements increased 26% and 13%, respectively, indicating carriers were repositioning equipment for incoming Asian shipments.

The National Retail Federation expects the import surge to ease toward year-end, with volumes projected to decline 3% year over year in January.

U.S. Customs and Border Protection (CBP) is introducing stricter requirements for foreign importers of record (IORs), while requiring U.S. importers to declare their status on every customs entry beginning January 5, 2027

Key Details: Under the new rules, foreign importers can enter goods into the U.S. only if they are validated under the Customs Trade Partnership Against Terrorism (CTPAT) program or use a CTPAT-validated customs broker. Since most foreign businesses are ineligible for direct CTPAT validation, they will need to rely on approved brokers.

Ownership Criteria: The rule also narrows the definition of a U.S. importer of record, requiring companies to meet specific U.S. ownership or property criteria. Businesses that fail to qualify will be treated as foreign importers.

Customs brokers must verify clients' U.S. importer status by May 6, 2027, although the foreign importer requirements take effect January 5 without an extension.

Global air cargo demand grew 6% year over year in October, marking seven consecutive months of growth, but the market is showing few signs of the sharp seasonal demand surge typically seen toward the end of the year.

What’s Happening: According to logistics data provider Xeneta, capacity pressure has yet to intensify, spot rates have not risen sharply beyond their year-to-date levels, and charter prices have not shown the usual late-season spike

Key Details: Global air cargo capacity was flat year over year in October, following a 2% increase in September, while average spot rates climbed to $3.11 per kilogram, up 29% from a year earlier and 4% from September.

Rates increased across all 10 major trade lanes tracked by Xeneta. On the Europe-to-North America route, spot rates rose 10% year over year to $2.31 per kilogram as carriers shifted to winter flight schedules and tighter capacity pushed up quotes to freight forwarders.

Xeneta expects air freight rates to decline in 2027, although uncertainty around capacity and geopolitical developments could complicate contract negotiations.

The Surface Transportation Board will accept comments on Union Pacific’s proposed $85 billion purchase of Norfolk Southern through Nov. 18, including parties that missed the original Sept. 30 deadline to file a notice of intent. The board acted over concerns that remarks by UP CEO Jim Vena discouraged shippers from opposing the deal.

Key Details: In a March 17 keynote to the Southwest Association of Rail Shippers, Vena said he would “probably” raise rates by “3 or 4 extra percent” on customers who didn’t want a seamless railroad, “to teach you a lesson.” The board ordered UP to make the recording public. It said it “will not tolerate actual or threatened retaliation against a stakeholder” and asked participants to report any retaliation.

Deadlines Ahead: By Nov. 19, UP and NS must answer CPKC’s Oct. 30 request to dismiss the application. By Dec. 4, UP must hand over documents and sworn statements on any efforts to influence customers’ participation. The board said evidence of retaliation could shape how the case proceeds.

According to UP, Vena was joking and that a customer’s position on the merger won’t affect its rates or service. It says more than 500 customers, representing over 30% of its volume, support the deal.

UPS has sued the U.S. government and Customs and Border Protection (CBP), asking the U.S. Court of International Trade to order refunds, with interest, on tariffs imposed under the International Emergency Economic Powers Act (IEEPA) that the Supreme Court struck down in February.

Key Details: The lawsuit covers tariff entries that CBP's automated refund system cannot process on its own, including entries that have been finally liquidated and those filed under protest. UPS says these cases require a court order before Customs can reopen them and return the duties.

Balancing Act: The company has already received approximately $500 million in refunds through CBP's Consolidated Administration and Processing of Entries (CAPE) system.

However, it had passed only about $230 million to customers by the beginning of October, with another $270 million still owed, according to its third-quarter filing. Much of the money at issue belongs to UPS customers rather than the carrier itself.

UPS says it often acted as the importer of record on behalf of customers who ultimately bore the cost of the tariffs, and it intends to pass the refunds on once the government returns the money.