Air Freight & Logistics

The Securities and Exchange Commission, or SEC, announced civil penalty action against three wrongdoers for jointly creating price or trading volume in the shares of NCL International Logistics Public Company Limited, or NCL, ordering payment of civil penalties totaling 4,894,925.04 baht. The three wrongdoers are Ms. Phattheera Homwilai, Mr. Pongthep Wichaikul, and Mr. Pornthap Wichaikul, who are linked both personally and financially. Each must pay a civil fine and reimburse the SEC's expenses of 1,631,641.68 baht each. They are banned from trading securities or derivatives for 8.5, 14, and 8.5 months respectively, and barred from serving as directors or executives for 17, 28, and 17 months respectively, following behavior of submitting buy orders to push up the price of NCL shares between June 21 and October 26, 2023. NCL informed the Stock Exchange of Thailand that the incident does not affect its business operations, and Mr. Pongthep Wichaikul has resigned from his positions as director and chief executive officer, effective from September 16, 2026 onward. The company still has four authorized directors with signing authority and will expedite the search for suitable individuals to fill the vacant positions.

The Securities and Exchange Commission, or SEC, announced that its Civil Sanction Consideration Committee has resolved to impose civil sanctions on three offenders for jointly creating the price or trading volume of shares of NCL International Logistics Public Company Limited, or NCL, between 21 June and 26 October 2023. The three offenders are Ms. Phattheera Homwilai, Mr. Pongthep Wichaikul, and Mr. Pornthap Wichaikul, who are linked both personally and financially. They used Ms. Phattheera's securities trading account to place buy and sell orders, and the funds used were found to have come from the bank deposit accounts of Mr. Pongthep and Mr. Pornthap. The SEC stated that such conduct constitutes an offence of jointly creating the price of securities under the Securities and Exchange Act B.E. 2535. The Committee therefore ordered all three to pay civil fines and reimburse the SEC's investigation expenses, amounting to 1,631,641.68 baht each, for a total of 4,894,925.04 baht. They are also prohibited from trading securities or derivatives for 8.5, 14, and 8.5 months respectively, and banned from serving as directors or executives of securities-issuing companies or securities companies for 17, 28, and 17 months respectively. These measures take effect from the date the offenders sign the acknowledgement of compliance with the civil sanctions. If they do not consent, the SEC will ask public prosecutors to file a case with the Civil Court to impose civil sanctions at the maximum rate prescribed by law, but not lower than the rate set by the Committee. The civil fines are state revenue remitted to the Ministry of Finance.

The Securities and Exchange Commission, or SEC, has imposed civil penalties on three individuals who are connected both personally and financially, for jointly creating the price or trading volume of shares of NCL International Logistics Public Company Limited, or NCL. The SEC received information from the Stock Exchange of Thailand in April 2024 and further investigation found that the actions occurred between June 21 and October 26, 2023. The three offenders are Ms. Phattheera Homwilai, Mr. Pongthep Wichaikul, and Mr. Pornthap Wichaikul. They divided their roles, using Ms. Phattheera's securities trading account to place continuous buy orders to push up the share price, repeatedly buying at the same price by splitting orders into multiple orders, submitting large-volume bids at multiple price levels, and placing buy orders at prices higher than the last price before the pre-close period, causing the expected closing price to rise and become the closing price of the day during that period. This constitutes an offense of jointly creating the price of securities under the Securities and Exchange Act B.E. 2535 (1992). The Civil Penalty Consideration Committee resolved that all three offenders must pay civil fines and reimburse the SEC's investigation expenses in the amount of 1,631,641.68 baht each, totaling 4,894,925.04 baht, along with a prohibition on trading securities or derivatives for 8.5, 14, and 8.5 months respectively, and a prohibition on serving as a director or executive in a securities-issuing company or securities company for 17, 28, and 17 months respectively. The civil penalty measures will take effect from the date the offenders sign the memorandum of consent to comply with the civil penalty measures. If they do not consent, the SEC will send a letter requesting the public prosecutor to file a case with the Civil Court to determine civil penalty measures at the maximum rate prescribed by law, but not lower than the rate set by the Civil Penalty Consideration Committee. The civil fines are state revenue remitted to the Ministry of Finance.

Hub Group anticipates receiving a delisting notification from Nasdaq after missing a Monday deadline to comply with the exchange's financial reporting requirements, following delays in submitting its financial reports tied to an accounting error identified earlier this year. The company said it will request a hearing to keep its stock listing intact and plans to seek a further extension of the filing requirements, noting that the hearing request automatically stays a delisting for 15 calendar days and that the process can take approximately 30 to 45 days to commence. Hub Group announced in February that it had identified a $77-million understatement in purchased transportation expenses during the first three quarters of 2025, and in May said "prematurely or incorrectly recognized" transactions were also discovered during 2023 and 2024, meaning those periods along with the first three quarters of 2025 would need to be restated; it plans to complete the restatement and file results for the outstanding periods during the fourth quarter. In a separate release, the company said Dave Yeager has returned as chairman and CEO, with Phil Yeager continuing as president and vice chairman, and that Patrick O'Donnell will become chief financial officer once the restatement process is complete and full-year 2025 results are filed, while interim CFO Todd Heeter continues in his current role through the restatement. Hub Group lowered its full-year 2026 revenue guidance range to $3.6 billion to $3.8 billion, down 3% from its prior outlook of $3.65 billion to $3.95 billion, and said it expects an operating loss for the 2026 first half before one-time charges, with first-half revenue likely in a range of $1.7 billion to $1.8 billion. Shares of HUBG were off 6.2% in early trading on Monday compared to the S&P 500, which was down 0.6%.

United Parcel Service carries a headline dividend yield of 6.56%, but that figure stems from a 34.3% share price decline rather than dividend growth, with the quarterly payout frozen at $1.64 per share for the seven most recent quarterly payments. UPS paid $5.398 billion in dividends last year against $5.470 billion in free cash flow, down 11.96%, consuming essentially all discretionary cash. Chief Financial Officer Brian Dykes confirmed the company still plans to pay out around $5.4 billion in dividends in 2026, subject to Board approval, even as consolidated volume fell 3.6% in the reported quarter and interest expense climbed 14.3% to $272 million. Chief Executive Officer Carol Tomé said the company now has a leaner, more automated, more agile network that will deliver operating leverage as volume grows. The number to watch is quarterly free cash flow against the roughly $1.35 billion quarterly dividend obligation, since two consecutive quarters below that line would move the payout from tight to unsustainable.

Pulutong, stock code 002769, issued a sudden announcement on the evening of September 11, stating that it plans to terminate the major asset restructuring involving the issuance of shares and cash payment to acquire 100% equity in Leqee Group Limited, also known as Leqee Cayman, and 8.26% equity in Lemai Information Technology Hangzhou Company Limited, also known as Hangzhou Lemai, along with the raising of supporting funds. The announcement said the direct reason for the termination is that after multiple rounds of communication and negotiation, the parties still failed to reach agreement on core commercial terms such as the transaction implementation path, transaction structure implementation arrangements, and delivery conditions. The company judged that continuing to advance the deal would significantly increase transaction complexity, time cycle, and various uncertainties, making it difficult to achieve the synergy benefits previously expected by all parties. The transaction was first disclosed in a draft plan on December 17, 2025, under which Pulutong planned to purchase 100% of Leqee Cayman from 16 counterparties including CMC Lollipop Holdings Limited, and 8.26% equity in Hangzhou Lemai from 6 counterparties including Liu Kai and Jiang Lili. It also planned to issue shares to related parties Guangzhou Zhidu Investment Holding Group Company Limited and Guangzhou Huadu Specialized and Sophisticated No.1 Equity Investment Partnership to raise supporting funds, constituting a related-party transaction and expected to constitute a major asset restructuring. Hangzhou Lemai is a controlled subsidiary of Leqee Cayman, which indirectly holds 91.74% of its equity. Hangzhou Lemai was founded by Pinduoduo founder Huang Zheng, with Li Ruigang serving as group chairman, and provides services to more than 150 global brands and over 300 online stores. For 2023, 2024, and the first half of 2025, Leqee Cayman reported operating revenue of 5.189 billion yuan, 4.995 billion yuan, and 2.586 billion yuan respectively, and net profit of 303 million yuan, 204 million yuan, and 58 million yuan respectively. Pulutong said the transaction was originally conducive to enhancing its sustainable operating capability, and the termination means its strategic upgrade path toward a supply chain plus e-commerce services transformation has been temporarily interrupted. In the first half of 2026, the company achieved revenue of 73.6746 million yuan, down 81.01% year on year, and net profit attributable to the parent company of 16.1742 million yuan, down 51.46% year on year.

Teamsters General President Sean O'Brien is publicly threatening a strike against United Parcel Service when the current five-year contract covering 330,000 unionized drivers and warehouse workers expires on July 31, 2028, saying he is not optimistic about reaching a tentative agreement without a walkout. O'Brien laid out the union's demands on a series of self-produced Teamsters podcasts, including no automation or autonomous trucks, protection of health and pension benefits, organizing UPS Supply Chain Solutions and the Roadie gig-delivery subsidiary, and a new right for all four union regions to strike mid-contract over deadlocked grievances. UPS spokeswoman Gennevieve Bowman said the current agreement remains in place through July 31, 2028, and that the company remains committed to working with the Teamsters, pointing to top driver pay of $45.75 an hour and no-premium healthcare as evidence the contract is good for employees. The 2023 agreement, which the union valued at $30 billion, included a $2.75-an-hour first-year wage increase, raised part-time starting pay to $21 an hour, and ended a two-tier driver wage system. UPS reported $88.7 billion in revenue last year and spent $1 billion on stock buybacks in 2025, while parcel analyst Satish Jindel of ShipMatrix argued a strike would let UPS hire replacement drivers at much lower cost and break the union. The last national UPS strike, in 1997, shut the company down for 15 days and cost more than $600 million in lost business.

This year's severe and unusually frequent typhoon season is disrupting maritime shipping across Asia, especially at the Port of Shanghai, the world's busiest container port. Analysis from Sea-Intelligence, a shipping consultancy in Singapore, shows that in July only about one in five container ships, roughly 20%, arrived in Shanghai on schedule. Meanwhile A.P. Moller-Maersk, the global shipping giant, warned on Wednesday that several powerful typhoons sweeping through the region in recent weeks have caused congestion at many major Asian ports and reduced the share of vessels arriving on time. In August, as many as 12 tropical cyclones formed in the western North Pacific and the South China Sea, the highest number of tropical cyclones in a single month since 1961, according to the Hong Kong Observatory. China's Ministry of Transport said the frequent storms disrupted bulk cargo shipping along the coast, temporarily pushing up freight rates for iron ore, coal and grain. One key factor is the rapidly intensifying El Niño, which tends to favour the formation of powerful storms in the western North Pacific, and Tropical Storm Risk, a commercial weather forecasting firm in the UK, expects this year's typhoon season could be one of the most active on record.

Hub Group is expected to report fourth-quarter earnings this Friday after market hours, with the market anticipating revenue to decline 5.5% year on year. That would mark a further deceleration from the 1.2% decrease the logistics solutions provider recorded in the same quarter last year. In the prior quarter, Hub Group reported revenues of $934.5 million, down 5.3% year on year, beating analysts' revenue expectations with an impressive beat of EBITDA estimates but a significant miss of EPS estimates. Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Hub Group is the first among its peers to report earnings this season, and its peer group is down 7.4% on average over the last month, while Hub Group is down 6.8% during the same time.

Freightos Limited founder Zvi Schreiber has publicly called on shareholders to overhaul the board, citing the company's failure to meet its growth model. Schreiber, who left the board in February after stepping down as CEO in January, said revenue grew only 3% year-over-year last quarter, against a target of 25–30%, with Q3 guided to 1–2% growth. He noted that the Solutions segment, which the board prioritized, shrank 4%. Schreiber aims to return the company to platform-first, AI-native growth, starting with relaunching the Marketplace. Shares of Freightos have fallen more than 40% since his departure as CEO.