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The Supreme Court’s decision on President Donald Trump’s sweeping tariffs may drive up cargo volume, Port of Los Angeles Executive Director Eugene Seroka said.

The Trump administration is likely to face legal obstacles if it argues against refunds for the tariffs struck down by the Supreme Court — thanks to statements by Justice Department lawyers.

Panamanian President José Raúl Mulino ordered the temporary occupation of two ports run by a unit of CK Hutchison Holdings after a Panama court ruled against the firm’s concession.

The gauge — which contains industry stalwarts such as CSX, FedEx and Old Dominion Freight Line  — has been catapulted higher by strong data and a pivot away from the big tech winners of the last few years. 

The warning came after Panama authorities invalidated CK Hutchison’s contract to operate the Balboa and Cristobal ports, seeking Maersk’s APM Terminals to run them in a transition phase.  

The report on Feb. 5 also showed hiring intentions slid 13% from a year earlier to 5,306 — marking the weakest total for any January in the firm’s records back to 2009.

The Hong Kong-based conglomerate said in a separate stock exchange filing that it will “vigorously pursue” the case under the rules of the International Chamber of Commerce.

Supply continues to expand at a record pace, with a projected 36% surge in new vessel capacity from 2023 to 2027. On the flip side, demand for container shipping is expected to contract 1.1% in 2026.

Earnings reports from some large U.S. manufacturers and transportation companies drove home how President Trump’s policies on trade and energy are putting a squeeze on the sector’s profits.

The voyage marks another step toward normalization of global supply lines, after Yemen-based Houthis in 2023 began attacking vessels, forcing shipowners to sail south of Africa.