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Speaker 1: Hi everyone, this is Lee Clasgow when We're Talking Transports.

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Speaker 1: Welcome to Bloomberg Intelligence Talking Transports podcast. I'm your host,

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Speaker 1: Lee Klaskow, senior Freight, transportation and logistics analysts at Bloomberg Intelligence,

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Speaker 1: Bloomberg's in house research arm of almost five hundred analysts

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Speaker 1: and strategists around the globe. Before diving in a little

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Speaker 1: public service announcement, your support is instrumental to keep bringing

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Speaker 1: great guests onto the podcast like the one we have today.

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Speaker 1: We really do need your support, so please, if you

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Speaker 1: enjoyed this podcast, please share it, like it, and leave

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Speaker 1: a comment. Also, if you have any ideas for future

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Speaker 1: episodes or just want to talk transports, please hit me

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Speaker 1: up on the Bloomberg terminal, on LinkedIn or on Twitter

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Speaker 1: at logistics Lead. Now on to our episode, We're delighted

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Speaker 1: to have Gene Soroka, Executive Director of the Port of

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Speaker 1: Los Angeles, with us today. As executive director of the

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Speaker 1: busiest container port in North America, Gene is responsible for

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Speaker 1: managing a two point six billion dollar budget, advancing major

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Speaker 1: capital projects, growing trade volumes, and promoting innovative sustainable practices

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Speaker 1: that strengthen the region's economy. Prior to joining the Port,

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Speaker 1: Jane held several key positions both nationally and internationally in

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Speaker 1: sales and marketing for American president Lines Limited or APL

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Speaker 1: healed a MBA and Bouchelors of Science and Marketing from

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Speaker 1: the University of New Orleans. Gene, thanks so much for

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Speaker 1: being with us today. Thanks Lee, appreciate you having me on.

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Speaker 1: So the Port of Los Angeles, I know all about it.

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Speaker 1: Can you tell the listeners a little bit about the port.

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Speaker 2: We're one hundred and seventeen years old this year, seventy

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Speaker 2: five hundred acres of property, forty three miles of waterfront,

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Speaker 2: and the cargo that traverses our port reaches each and

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Speaker 2: every one of our nations four hundred and thirty five

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Speaker 2: congressional districts.

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Speaker 1: A little bit.

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Speaker 2: Closer to home, fifteen working Angelinos today has a job

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Speaker 2: related to the port, and it's one to nine in

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Speaker 2: the five counties Southern California region, meaning that about a

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Speaker 2: million of us go to work every day relying on

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Speaker 2: the great efforts here at the Port of Los Angeles.

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Speaker 1: So, you know, twenty twenty four was a pretty good

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Speaker 1: year for the port. I know, you know, time we're

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Speaker 1: recording this it's late February, but can you just talk

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Speaker 1: about twenty twenty four before we get into this year.

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Speaker 2: We closed out last year LEE with ten point three

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Speaker 2: million container units going through the port. That was our

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Speaker 2: second best year ever, and to me more importantly, we

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Speaker 2: moved more cargo during the traditional summertime peak season than

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Speaker 2: we did at any other point, including those COVID years

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Speaker 2: without one ship backed up. Truly a remarkable year. Also,

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Speaker 2: in parallel with that high level of cargo volume, pollution

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Speaker 2: from port activities is at the lowest it's been since

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Speaker 2: we began measuring almost twenty years ago.

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Speaker 1: So in twenty twenty four, what was driving the volume

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Speaker 1: increases eight that you saw at the port.

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Speaker 2: A number of factors, but led by a strong underlying

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Speaker 2: US economy, the American consumer continued to purchase even beyond

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Speaker 2: some experts opinions. We also had a protracted labor negotiation

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Speaker 2: of dock workers on the East and Gulf Coast, drought

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Speaker 2: conditions in the Panama Canal, and security concerns in the

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Speaker 2: Red Sea that led to Suez Canal crossings dropping by

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Speaker 2: some eighty percent. That pushed more and more cargo over

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Speaker 2: the West Coast. Specifically, to Los Angeles and Long Beach.

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Speaker 1: And can you talk a little bit about the share

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Speaker 1: gains that maybe you benefited from because of those port negotiations,

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Speaker 1: you know, was it a significant amount of share? Is

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Speaker 1: that share now like leaking back to those ports.

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Speaker 2: We saw several percentage points of cargo share come our way,

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Speaker 2: but it's a fluid situation, as you well know, based

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Speaker 2: on those geopolitical issues, and even in more recent times,

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Speaker 2: from the campaign trail last summer until inauguration, some importers

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Speaker 2: started front loading inventory or advancing it ahead of what

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Speaker 2: they perceived to be a new terriff regime and trade

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Speaker 2: policy coming out of Washington. So a lot of factors,

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Speaker 2: and while we gained a little bit of share for

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Speaker 2: folks who wanted to balance out their risk on imports

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Speaker 2: and exports, what we see now is this week the

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Speaker 2: International Longshore Association of dock Workers on the Eastern Gulf

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Speaker 2: Coast will have their rank and file vote on a

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Speaker 2: new six year agreement with the United States Maritime Exchange.

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Speaker 2: When that agreement goes through, we'll see a little more

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Speaker 2: balancing of cargo through major gateways, and I believe you'll

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Speaker 2: see some of that cargo that came our way move

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Speaker 2: back to its natural flow over east and Gulf coastports.

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Speaker 1: So you know, you kind of have a competitor right across.

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Speaker 1: Is it the Bay, I don't know, it's the Port

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Speaker 1: of Long Beach? Is that the bay? I guess you

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Speaker 1: would say the bay.

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Speaker 2: Yes, it's called the San Pedro Bay. And the ports

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Speaker 2: in LA and Long Beach combined account for about forty

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Speaker 2: percent of our nation's imports and roughly thirty percent of

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Speaker 2: our exports. Some call it coopetition. We work very closely

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Speaker 2: on areas of infrastructure, environmental strategy with respect air and

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Speaker 2: water quality as well as safety and security. And it's

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Speaker 2: my view that Long Beach needs to be operating at

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Speaker 2: top speed at the same time Los Angeles does to

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Speaker 2: give the greatest benefit to the American economy.

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Speaker 1: Right And so you know, obviously geography a location, location,

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Speaker 1: location is a big decider on which port people use.

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Speaker 1: You mentioned, you know, there are some things that can

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Speaker 1: shift share earlier, whether it's potential for a port strike

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Speaker 1: with your competitors or you know, geopolitical issues. So when

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Speaker 1: you're competing against other Western West Coast ports, whether it's

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Speaker 1: the Port of Prince Rupert up in Canada or closer

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Speaker 1: to home, the Port of Long Beach. How does LA's

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Speaker 1: Port of La stack. What are your competitive advantages versus

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Speaker 1: those other ports?

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Speaker 2: Well, we cater to three major segments of cargo here

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Speaker 2: at the Southern California's San Pedro Bay Ports. One is

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Speaker 2: the twenty million of us that live in Southern California

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Speaker 2: consuming and bringing things to market, whether it be produce

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Speaker 2: or manufactured goods. The second segment is about fifty to

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Speaker 2: sixty miles away from our ports, the inland empire of

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Speaker 2: Southern California, where we have approximately two billion square feet

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Speaker 2: of warehousing under roof, and think of this as storage facilities, crosstocks,

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Speaker 2: the ability to get cargo out on deconsolidation to the

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Speaker 2: interior of the country, and fulfillment centers for all of

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Speaker 2: those now that buy online here in the United States.

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Speaker 2: The third segment is that intact ocean box that starts

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Speaker 2: in Asia and goes to Chicago, Memphis, Dallas among fifteen

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Speaker 2: different major distribution centers in the country. So number one

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Speaker 2: on our list, as you rightly says geography, we're open

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Speaker 2: seven days a week, three hundred and sixty five days

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Speaker 2: a year. Second is that we have the ability to

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Speaker 2: bring in major NonStop services from key Asia locations and

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Speaker 2: driving those export containers back to those key locations. Thirdly,

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Speaker 2: is the long standing institutional knowledge from our dock workers

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Speaker 2: at the International Longshore and Warehouse Union, the broker and

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Speaker 2: forwarder community, the marine terminal operators and shipping concerns that

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Speaker 2: bring this cargo to market. That stacks us up against

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Speaker 2: anyone else in this port business.

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Speaker 1: And you mentioned, you know, intact containers moving eastward. I

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Speaker 1: guess so I'm assuming both major railroads service the port,

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Speaker 1: Burlington Northern and Union Pacific.

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Speaker 2: That's correct, And this is really their biggest market to

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Speaker 2: distribute goods throughout the country, connecting line agreements that bring

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Speaker 2: cargo to the East Coast as well, and with more

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Speaker 2: than sixty percent of all cargo that leaves California by rail,

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Speaker 2: two important partners in the success of this port complex.

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Speaker 1: Great, And you know you mentioned earlier, you know, maybe

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Speaker 1: the pull forward demand on tariffs. Obviously tarifs are or

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Speaker 1: the talk of tariffs are more fluid than the water

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Speaker 1: at the port. Can you talk about you know, I

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Speaker 1: don't know if you have an opinion about you know,

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Speaker 1: some of the new stuff that they're talking about about,

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Speaker 1: you know, Trump floating the idea on service or fees

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Speaker 1: for you know, Chinese ships coming into the port. Is

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Speaker 1: that just gonna force shippers to bring their products into

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Speaker 1: you know, I guess Canada and Mexico and then ship

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Speaker 1: them into the US. Or do you think that that's

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Speaker 1: really not going to be a huge event for the port.

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Speaker 2: Well, with this recent announcement, certainly there are discussions across

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Speaker 2: board rooms to operating centers, across our supply chain as

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Speaker 2: to how to handle this latest overture. A million a

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Speaker 2: million five dollars per vessel call is a big number

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Speaker 2: on a ship that holds fifteen to sixteen thousand containers.

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Speaker 2: Will that cost effectively be absorbed by the shipowner or

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Speaker 2: will it be passed on to the import export community

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Speaker 2: or even out to US as American consumers. I don't

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Speaker 2: think any determinations have been made right now, but it's

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Speaker 2: yet another variable in this extremely complex equation of supply

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Speaker 2: chain and costs that have people looking very closely right

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Speaker 2: now at our key transpecific market.

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Speaker 1: This might be a silly question, but like you know

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Speaker 1: that the increased talk of protectionism by the new administration,

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Speaker 1: the talk of tariffs. You know this other duty that

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Speaker 1: they're talking about. Are those all headwinds for the parts?

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Speaker 1: Can they betail winds? Is there any benefit that you

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Speaker 1: might get from that.

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Speaker 2: Well, we're going to stay engaged, nimble, and agile when

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Speaker 2: it comes to this discussion. And here is my point.

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Speaker 2: When we saw the first round of tariffs implemented back

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Speaker 2: in the springtime of twenty eighteen, we saw disruptions to

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Speaker 2: the supply chain, heavy runoffs before tariff milestone date of

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Speaker 2: cargo volume, and then really big drop offs after those

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Speaker 2: new tariffs went into place, so much so that in

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Speaker 2: the fourth quarter of twenty nineteen, after we had gone

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Speaker 2: through fifths and starts of bringing a lot of cargo,

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Speaker 2: in that fourth quarter showed us sixteen percent drop in

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Speaker 2: cargo with the Port of Los Angeles because we had

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Speaker 2: all the brake pads and computer keyboards and tires in

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Speaker 2: our warehouses that we could possibly hold. Similarly, today, the

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Speaker 2: speed component has been our value proposition to market for decades.

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Speaker 2: Getting cargo from North Asia through the Los Angeles gateway

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Speaker 2: to the consuming public of the United States has been

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Speaker 2: our hallmark. And yet since that twenty eighteen first trade

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Speaker 2: policy change, we saw China, which was fifty seven percent

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Speaker 2: of our business portfolio, dropped down to forty five percent

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Speaker 2: in recent months. Yet we've still grown here in LA

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Speaker 2: because we've chased the cargo. As sourcing and manufacturing has

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Speaker 2: migrated to Southeast Asia, more NonStop services and additional capacity

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Speaker 2: have been put in play by the liner shipping companies,

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Speaker 2: and it's availed us the opportunity to continue pursuing cargo growth.

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Speaker 2: So there's a lot to be done. We've got some experience.

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Speaker 2: We've got to keep our heads about us and make

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Speaker 2: sure that we find the best way to get products

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Speaker 2: into the United States for the American manufacturer and consumer

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Speaker 2: as well as that export market which is so important

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Speaker 2: to the US economy.

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Speaker 1: So, you know, you mentioned earlier that you know, you

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Speaker 1: had a really busy year and you know the backlogs

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Speaker 1: were I believe you said that there were none, you know,

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Speaker 1: which is fantastic. Obviously during the pandemic, there were a

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Speaker 1: lot of backlogs at the ports, and you know it

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Speaker 1: wasn't just the Port of LA that it was a

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Speaker 1: systematic through most ports in the US. What did you

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Speaker 1: guys learn from that in terms of maybe you're operating

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Speaker 1: a little differently so that doesn't happen again or it's minimized.

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Speaker 2: Yeah, Lee, I think number one, we got a lot smarter,

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Speaker 2: smarter how to engage. This is still to me a

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Speaker 2: relationship business, and when one part of our supply chain

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Speaker 2: is hurting or feeling some impediments, we've all got a

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Speaker 2: rally to help support. Secondly, data flow has been really

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Speaker 2: important to us. Our port optimizer, co developed with the

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Speaker 2: wab Tech Company, can now see cargo forty days before

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Speaker 2: it arrives Los Angeles and that allows us to better

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Speaker 2: plan our great skilled labor, the land, and our machinery

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Speaker 2: to handle that cargo. No surprises here. And then thirdly,

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Speaker 2: what we saw is that we needed to maintain a

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Speaker 2: high level of velocity for the cargo crossing our docks.

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Speaker 2: This is not meant to be a warehouse, but a

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Speaker 2: transit facility. And what we saw over the last eighteen

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Speaker 2: months is that the cargo that moves out by truck

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Speaker 2: sits fewer days than it did even before COVID nineteen,

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Speaker 2: so meaning that we're moving the cargo in and out

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Speaker 2: very quickly. And those long shoremen I continue to mention,

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Speaker 2: are averaging about eleven to twelve thousand containers exchange per

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Speaker 2: vessel call. That's the best in the business today.

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Speaker 1: So, you know, speaking of longshoremen, obviously, automations always a

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Speaker 1: sticking point with unions and sometimes understandably so can you

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Speaker 1: can you talk about, you know, the transition that the

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Speaker 1: port has done to be more productive with technology. You

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Speaker 1: know what has I guess labor embraced or been willing

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Speaker 1: to work with you on and kind of what are

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Speaker 1: the red lines for labor when trying to you know,

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Speaker 1: you know, leverage that technology at.

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Speaker 2: Least on the West coast of the United States, covering

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Speaker 2: twenty nine ports and twenty two thousand aisle w DOC workers.

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Speaker 2: Negotiations took place to codify this technology language in the

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Speaker 2: two thousand and eight Collective Bargaining Agreement, and what we've

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Speaker 2: seen from then till now, quite honestly, are mixed results.

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Speaker 2: We know here at the Port of Los Angeles that

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Speaker 2: we will never see it's on where technology is moving

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Speaker 2: faster than it is right now, but we cannot leave

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Speaker 2: the worker behind. In part, driving more cargo means more jobs.

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Speaker 2: For every four containers that go through our port complex,

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Speaker 2: we create one job, and that is SACRISANCT to us.

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Speaker 2: But with technology comes an opportunity to increase capacity and

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Speaker 2: the number of containers moved. It allows companies to get

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Speaker 2: a pop to their top line revenue and improve margin play.

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Speaker 2: We don't necessarily have to see the drastic cuts of

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Speaker 2: existing workers that have been the case in some of

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Speaker 2: these operations, and that's going to take a lot of

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Speaker 2: work from policymakers, to labor leaders and private sector companies

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Speaker 2: to help move this along in a little bit different

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Speaker 2: fashion that we've seen so far and give a line

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Speaker 2: of sight to the worker that careers will be able

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Speaker 2: to continue. In our part here in Los Angeles and

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Speaker 2: Long Beach, we're developing the United States first goods Movement

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Speaker 2: training campus. The initial idea is to upscale and reskill

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Speaker 2: workers for the new age of technology, whether it be

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Speaker 2: robotics or green technology, and if you're of my vintage,

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Speaker 2: you need to relearn those skills to be competitive for

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Speaker 2: the years ahead. We also want to attract, retain, and

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Speaker 2: recruit new folks for that next generation of workforce, whether

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Speaker 2: you're coding today for today's technology or you're out there

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Speaker 2: moving all this cargo through the comp So there's a

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Speaker 2: lot of work to do again on a relationship based

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Speaker 2: approach to bring necessary parties together to make sure that

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Speaker 2: one advance is not leaving others behind.

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Speaker 1: And so you know the technology that you haven't adopted

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Speaker 1: over the last I don't know, five or ten years.

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Speaker 1: What's been the biggest game changer in terms of throughput

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Speaker 1: at the port?

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Speaker 2: A couple things. I think number one, when I said

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Speaker 2: earlier that we got smarter about business, we're seeing the

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Speaker 2: productivity gains on the number of containers that we can

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Speaker 2: move through this complex.

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Speaker 1: It wasn't but.

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Speaker 2: Ten or fifteen years ago we're at eight million container units.

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Speaker 2: We thought we had met capacity and really we were

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Speaker 2: blocked down in the number of container ships we could welcome.

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Speaker 2: And then we pierced that ten million TEU level not once,

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Speaker 2: but twice. Now you're at the Port of Los Angeles

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Speaker 2: and it's my estimation that even with our second busiest year,

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Speaker 2: we probably ran at about eighty percent of solutions capacity,

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Speaker 2: meaning we've still got upside to grow because we know

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Speaker 2: how to do this business better and better every day

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Speaker 2: with the great institutional knowledge that we have across the harbor.

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Speaker 2: The gains on the automation side may mean for longer hours,

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Speaker 2: lower cost per unit. But again that knowledge about how

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Speaker 2: to drive the cargo through and make sure that we're

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Speaker 2: an employer of choice is also very important to our local,

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Speaker 2: municipal and regional economies. Keeping people on the job and

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Speaker 2: keeping people moving forward is what we're all about.

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Speaker 1: So through moving stuff through the port, you know, on

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Speaker 1: the trucking side, on the drade side, can you talk about,

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Speaker 1: you know, how the port's improved that productivity and kinon

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Speaker 1: of what's been driving it.

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Speaker 2: Yeah, and we're very pleased with improvements, but we know

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Speaker 2: we can't stop here. On average, a container that comes

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Speaker 2: in waiting to move by trucks, it's for three days.

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Speaker 2: That's better than it was prior to the pandemic time.

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Speaker 2: I'd like to see that number drop down a little

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Speaker 2: bit more more dual transactions. If a trucker is coming

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Speaker 2: to get an import container, let's bring in an empty

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Speaker 2: an export load and do that transaction simultaneously. We've also

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Speaker 2: just introduced in the last couple of months, the first

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Speaker 2: ever truck reservation system as a module of the port optimizer.

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Speaker 2: What this will do is allow us to be more

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Speaker 2: efficient on the available truck appointments every single day. We've

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Speaker 2: been measuring this now for the better part of five years,

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Speaker 2: and on average, we here at the Port of Los

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Speaker 2: Angeles use about fifty percent of available truck appointments, meaning

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Speaker 2: we've got about half of that capacity available to the marketplace.

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Speaker 2: If we could better point truckers in a direction of

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Speaker 2: when they can get in and out the quickest, have

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Speaker 2: the surety that an appointment means a container, and give

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Speaker 2: them confidence to keep coming back and getting a greater

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Speaker 2: number of truck turns every day, the truck community can

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Speaker 2: make more money as well, and it also grows our

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Speaker 2: capacity by better utilizing these open appointments. Now, it's an

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Speaker 2: imperfect science. We're the first to do this, may stub

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Speaker 2: our tow here and there, but if we can go

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Speaker 2: from fifty percent truck appointment utilization to sixty percent, that's

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Speaker 2: a gain that we want to build.

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Speaker 1: And can you you know you mentioned earlier that pollutions

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Speaker 1: at the at the lowest level that it has been

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Speaker 1: in some time. What's driving those improvements now?

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Speaker 2: I think it was the vision of leaders more than

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Speaker 2: two decades ago to create what we call the Clean

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Speaker 2: Air Action Plan, and it was a way not only

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Speaker 2: to grow jobs and cargo, but to reduce pollution, and

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Speaker 2: in cooperation and partnership with original equipment manufacturers for both

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Speaker 2: trucks and on port cargo handling equipment, we found cleaner

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Speaker 2: technology to do business, whether it's renewable diesel or low

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Speaker 2: Knox engines. Today, now we've taken a step way outside

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Speaker 2: our comfort zone. And in twenty seventeen, the mayors of

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Speaker 2: Long Beach in Los Angeles resolved that by twenty thirty

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Speaker 2: ports in the San Pedro Bay would be the first

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Speaker 2: ever zero emission cargo handling ports. That means that about

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Speaker 2: five thousand units of cargo handling equipment would be moved

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Speaker 2: into the zero emission category. Then by twenty thirty five,

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Speaker 2: that resolution called for all twenty thousand heavy duty Class

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Speaker 2: eight trucks to be zero emission. Again, no one else

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Speaker 2: has stepped into an arena like this, but the ports

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Speaker 2: of Long Beach and Los Angeles. There have been some strides. Today.

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Speaker 2: Out of those twenty thousand trucks, we have almost five

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Speaker 2: hundred that are classified as ZE, and about ten percent

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Speaker 2: of the overall equipment on the terminals is now of

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Speaker 2: the ZE variety. Too long way to go. We've got

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Speaker 2: to build infrastructure for fueling and energy transmission, storage and

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Speaker 2: off take. We've moved into an arena where we're testing

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Speaker 2: hydrogen as well for longer haul trucks and cargo handling

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Speaker 2: equipment on the docks. A deal with the DWP Los

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Speaker 2: Angelus Department of Water and Power called Zeppio Project five

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Speaker 2: hundred million dollars to generate transport and store more electricity

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Speaker 2: than ever to help feed our marine terminals is in

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Speaker 2: progress right now with a due completion date of twenty thirty.

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Speaker 2: And lastly, we're also creating green shipping corridors. This is

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Speaker 2: now between eight ports in Asia and the ports of

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Speaker 2: Long Beach and Los Angeles to try to affect change

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Speaker 2: with the ocean going vessels who in their own category

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Speaker 2: emit the most pollution of any other the supply chain

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Speaker 2: conveyance machines. If we were to reduce the pollution in

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Speaker 2: the trade from Shanghai to the southern California ports by

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Speaker 2: ten percent, that would be the equivalent of all the

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Speaker 2: pollution at the Port of Los Angeles in one year.

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Speaker 2: So the stakes are pretty high, but we've already seen

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Speaker 2: proof of concept the Alete mirsk called Los Angeles last summertime,

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Speaker 2: transiting all the way from Jahmen in Fujian Province in

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Speaker 2: China sixteen days with a sixteen thousand TEU vessel to

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Speaker 2: Los Angeles, the first ever zero emissions port call here

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Speaker 2: in La So now we've got a long way to

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Speaker 2: go to manufacture this renewable energy, make it available and

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Speaker 2: cost effective for the liner shipping companies. But we're now

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Speaker 2: showing that the new built ships have the capability and

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Speaker 2: technology to move in a ze environment. A lot of

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Speaker 2: upside here, but plenty of work for us to do.

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Speaker 1: So when you mentioned the twenty thousand Class eight trucks

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Speaker 1: to get to zero, these are the dreage operators that

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Speaker 1: going out of the ports. Correct.

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Speaker 2: That is correct?

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Speaker 1: And then like so, a lot of these are owner operators.

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Speaker 1: They don't have a lot of capital. How are they

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Speaker 1: going to be able to afford a truck that could

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Speaker 1: be two or three times more than the cost of

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Speaker 1: a traditional diesel truck.

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Speaker 2: It certainly is a postgraduate case study on how we

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Speaker 2: transition this entire industry. But what I can say is

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Speaker 2: this that incremental gains are very important to build confidence

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Speaker 2: in both private sector interests as well as what we

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Speaker 2: can get done on the grounds here. First, we've collected

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Speaker 2: a clean truck fee now for about forty four and

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Speaker 2: a half years. That money is intended to help bridge

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Speaker 2: the gap between a new build, zero emissions truck and

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Speaker 2: that which is of the garden variety today that moves

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Speaker 2: all this cargo so effectively. We've partnered with the State

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Speaker 2: of California on a voucher stacking program that helps cut

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Speaker 2: that gap down even more so and giving advantage to

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Speaker 2: those smaller operators for early takeup on these vouchers and

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Speaker 2: grant capabilities. Still, the gap is big. The average battery

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Speaker 2: electric truck is about five hundred thousand dollars. The average

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Speaker 2: hydrogen fuel cell electric truck is about eight hundred thousand

402
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Speaker 2: dollars in pre production stage. While that current rig that

403
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Speaker 2: is operated by the owner operator, the small business person

404
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Speaker 2: costs about fifty thousand dollars on the tertiary market. There's

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Speaker 2: a long way to go. Oh, So we've got to

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Speaker 2: continue to make these gradual advances, knowing that we've got

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Speaker 2: milestone dates in the future, and in partnership with the

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Speaker 2: OEMs helped drive interests so we can bring down the

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Speaker 2: commercially available costs at the same time, it doesn't just

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Speaker 2: stop with the unit itself. We've got to build the infrastructure,

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Speaker 2: in part charging, in part fueling for hydrogen fuel cell rings.

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Speaker 2: That's a private public sector partnership that is ongoing. Again,

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Speaker 2: I said, this is a daunting task and the numbers

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Speaker 2: are huge, but every truck that we put on the

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Speaker 2: road takes a little bit more pollution out of the air,

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Speaker 2: and we're down to the last nine percent of that

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Speaker 2: tailpipe pollution to make it work.

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Speaker 1: So what is the port doing to make sure there's

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Speaker 1: an ample supply of these alternative fuels for the ships

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Speaker 1: or for the trucks, whether it's I guess, plug in

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Speaker 1: or hydrogen like you mentioned, or for the ship's ammonia

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Speaker 1: or great all the different green and blue fuels that

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Speaker 1: they have out there.

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Speaker 2: Right, And that's all the work that's taking place today.

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Speaker 2: This concept of the green Shipping Corridor originally started between

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Speaker 2: Shanghai and the ports here in southern California talking about

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Speaker 2: what we could do not only to bring the private

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Speaker 2: sector ship owners in but look closely toward their needs

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Speaker 2: of what we traditionally call bunkering. How can we build

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Speaker 2: the infrastructure necessary to manufacture the renewable energy like any methanol,

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Speaker 2: ammonia or others and derivatives that will be contemplated in

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Speaker 2: the years and decades to come. And how can we

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Speaker 2: give confidence that private sector that when their ship comes in,

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Speaker 2: we'll be able to fuel up. That's still work that's

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Speaker 2: taking place today. In fact, in combination with our friends

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Speaker 2: in Shanghai and the California Secretary of Transportation Tokesoma Shakan,

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00:25:48,880 --> 00:25:51,280
Speaker 2: we'll be having a discussion on that in the second

438
00:25:51,320 --> 00:25:54,160
Speaker 2: week of March right here in Long Beach to talk

439
00:25:54,160 --> 00:25:58,480
Speaker 2: about how we can continue to advance the green shipping corridors.

440
00:25:58,880 --> 00:26:01,040
Speaker 2: When it comes to the trucks and the rigs on

441
00:26:01,080 --> 00:26:05,360
Speaker 2: the ground, this truly is a private public sector engagement

442
00:26:05,680 --> 00:26:09,239
Speaker 2: that takes place across a wide geography. In fact, there

443
00:26:09,240 --> 00:26:14,240
Speaker 2: are only ninety two high speed chargers in the country

444
00:26:14,280 --> 00:26:18,360
Speaker 2: today for these big rig trucks, we've got to make

445
00:26:18,400 --> 00:26:21,320
Speaker 2: them more available. And you think about the traffic here

446
00:26:21,320 --> 00:26:24,560
Speaker 2: in southern California, about a third of all our cargo

447
00:26:24,720 --> 00:26:28,000
Speaker 2: goes out to that fifty sixty mile perimeter area known

448
00:26:28,040 --> 00:26:31,840
Speaker 2: as the Inland Empire. If we can just in your minds,

449
00:26:31,880 --> 00:26:36,399
Speaker 2: I think about put charging stations and hydrogen fueling capabilities

450
00:26:36,440 --> 00:26:40,639
Speaker 2: where truck stops and fueling stations are located today along

451
00:26:40,720 --> 00:26:44,320
Speaker 2: that normal path a trucker takes, where she has confidence

452
00:26:44,359 --> 00:26:47,760
Speaker 2: in getting fueling, getting her tires and brakes fixed, that's

453
00:26:47,800 --> 00:26:49,840
Speaker 2: going to go a long way. And we do have

454
00:26:49,960 --> 00:26:53,760
Speaker 2: data associated with the run rates of the trucks, the stops, etc.

455
00:26:54,040 --> 00:26:57,840
Speaker 2: And nothing proprietary, but enough to give us that confidence

456
00:26:57,880 --> 00:27:01,840
Speaker 2: where we can negotiate and begin discussion with private sector interests.

457
00:27:02,119 --> 00:27:05,399
Speaker 2: That too will help build up the capabilities and the

458
00:27:05,480 --> 00:27:07,960
Speaker 2: interest in migrating to these ze rates.

459
00:27:08,480 --> 00:27:11,280
Speaker 1: And so with a different administration in the White House

460
00:27:11,400 --> 00:27:14,919
Speaker 1: and there you know apparent love for fossil fuels. Is

461
00:27:14,960 --> 00:27:17,840
Speaker 1: the transition going to be more difficult and more expensive

462
00:27:17,920 --> 00:27:18,440
Speaker 1: for the port?

463
00:27:19,240 --> 00:27:21,720
Speaker 2: Well, that remains to be seen. But the way we

464
00:27:21,720 --> 00:27:26,679
Speaker 2: look at investments traditionally from an infrastructure standpoint, our community

465
00:27:26,720 --> 00:27:31,600
Speaker 2: and public access funding, or our environmental strategy, we don't

466
00:27:31,600 --> 00:27:35,200
Speaker 2: build on just one budget cycle, one economic cycle, or

467
00:27:35,240 --> 00:27:39,480
Speaker 2: even one election cycle. This is a multi decade approach

468
00:27:39,560 --> 00:27:42,040
Speaker 2: that's going to require a lot of input from so

469
00:27:42,200 --> 00:27:45,200
Speaker 2: many and the continued investment from the Port of Los

470
00:27:45,240 --> 00:27:48,320
Speaker 2: Angeles along with our friends in long beach, and as

471
00:27:48,320 --> 00:27:51,520
Speaker 2: long as that cargo volume can stay high, those revenues

472
00:27:51,520 --> 00:27:54,399
Speaker 2: get invested right back into these areas that are so

473
00:27:54,440 --> 00:27:55,320
Speaker 2: important to the port.

474
00:27:55,640 --> 00:27:58,800
Speaker 1: We'll continue on all right. So this year, the port,

475
00:27:59,240 --> 00:28:02,480
Speaker 1: you know, continue to see some good growth. I believe

476
00:28:02,520 --> 00:28:05,480
Speaker 1: it was like nine or ten percent for full containers

477
00:28:05,520 --> 00:28:08,359
Speaker 1: coming into the port. What is the outlook for twenty

478
00:28:08,359 --> 00:28:11,080
Speaker 1: twenty five? Obviously there's a lot of uncertainty out there

479
00:28:11,119 --> 00:28:14,600
Speaker 1: with the consumer. Are you guys expecting an up year,

480
00:28:15,160 --> 00:28:16,640
Speaker 1: a flat year, a down year.

481
00:28:17,440 --> 00:28:20,159
Speaker 2: Will be competitive, But it is my view lead that

482
00:28:20,240 --> 00:28:23,520
Speaker 2: the second half of this calendar year we'll see a

483
00:28:23,560 --> 00:28:26,160
Speaker 2: bit of a drop in cargo. I'm estimating right now

484
00:28:26,200 --> 00:28:29,760
Speaker 2: about ten percent, simply because we've had so much product

485
00:28:29,800 --> 00:28:33,560
Speaker 2: shipped in already as a hedge against purported tariffs that

486
00:28:33,600 --> 00:28:37,199
Speaker 2: are now starting to become a little more clear. And

487
00:28:37,240 --> 00:28:39,600
Speaker 2: again it is going to be a cycle. We witness

488
00:28:39,680 --> 00:28:43,080
Speaker 2: this to an extent in twenty eighteen and nineteen. We'll

489
00:28:43,080 --> 00:28:46,520
Speaker 2: get our sea legs under US as manufacturing shifts. But

490
00:28:46,640 --> 00:28:52,000
Speaker 2: also today we're seeing procurement executives negotiate with manufacturers on

491
00:28:52,040 --> 00:28:55,200
Speaker 2: what all this means for the landed cost of their goods.

492
00:28:55,360 --> 00:28:57,920
Speaker 2: So there are a lot of different discussions happening in

493
00:28:57,960 --> 00:29:00,600
Speaker 2: the industry, but safe to say a lot of front

494
00:29:00,600 --> 00:29:02,800
Speaker 2: loading means will probably have a little bit of a

495
00:29:02,880 --> 00:29:07,200
Speaker 2: drop off, but nothing debilitating to the Port of Los Angeles, right.

496
00:29:07,080 --> 00:29:09,240
Speaker 1: And so a lot of people don't know how ports operate.

497
00:29:09,520 --> 00:29:11,840
Speaker 1: So are you more or less a landlord and you

498
00:29:11,920 --> 00:29:15,000
Speaker 1: kind of lease out the space to other operators that

499
00:29:15,440 --> 00:29:18,560
Speaker 1: operate the different parts of the port.

500
00:29:19,840 --> 00:29:22,760
Speaker 2: That's right today, on that seventy five hundred acres, we've

501
00:29:22,800 --> 00:29:25,960
Speaker 2: got twenty five marine terminals with two hundred and seventy

502
00:29:26,000 --> 00:29:31,000
Speaker 2: cranes leased out to private sector interests with the effort

503
00:29:31,080 --> 00:29:34,800
Speaker 2: to move international and domestic trade. We have some three

504
00:29:34,880 --> 00:29:38,720
Speaker 2: hundred leases that also include retail, dining, entertainment, and a

505
00:29:38,760 --> 00:29:42,480
Speaker 2: hotel right here on our waterfront. We've also got a

506
00:29:42,560 --> 00:29:46,080
Speaker 2: Harbord apartment staff that's made up of some industry folks

507
00:29:46,120 --> 00:29:49,120
Speaker 2: like Mike de Bernardo, Eric Harris, and Chris Chase who

508
00:29:49,120 --> 00:29:52,640
Speaker 2: have decades of experience in liner shipping, marine terminals, and

509
00:29:52,760 --> 00:29:56,479
Speaker 2: land transportation that are additive to these conversations with our

510
00:29:56,480 --> 00:30:00,400
Speaker 2: private sector partners to help LA become that the gateway

511
00:30:00,400 --> 00:30:04,720
Speaker 2: of choice for many of our import and export community, and.

512
00:30:04,720 --> 00:30:07,720
Speaker 1: These terminal leases, I'm assuming they're very long term in nature.

513
00:30:09,120 --> 00:30:13,240
Speaker 2: Yeah, they are. Typically they're twenty five to thirty year agreements,

514
00:30:13,560 --> 00:30:16,040
Speaker 2: and it allows us to amortize the works that we

515
00:30:16,080 --> 00:30:20,280
Speaker 2: do on infrastructure and for the audience. Typically, our responsibility

516
00:30:20,280 --> 00:30:23,080
Speaker 2: as the Port of Los Angeles is at grade and

517
00:30:23,200 --> 00:30:27,240
Speaker 2: below infrastructure, getting the electricity and the plumbing down, making

518
00:30:27,280 --> 00:30:30,120
Speaker 2: sure the terminal tarmacs are in place, and that the

519
00:30:30,160 --> 00:30:33,320
Speaker 2: wharfs are fortified to handle these big ships. The main

520
00:30:33,400 --> 00:30:37,680
Speaker 2: channel continues its deepening plant at fifty three feet across,

521
00:30:38,000 --> 00:30:40,280
Speaker 2: meaning the biggest ships in the world can come up

522
00:30:40,280 --> 00:30:44,400
Speaker 2: and down that main channel and berth alongside are marine terminals.

523
00:30:44,920 --> 00:30:47,920
Speaker 2: Those who we leased to are then responsible for the

524
00:30:48,040 --> 00:30:51,920
Speaker 2: ground up, putting in buildings, buying or leasing equipment, and

525
00:30:51,960 --> 00:30:55,840
Speaker 2: putting in the necessary capabilities from a human resource standpoint

526
00:30:56,080 --> 00:30:59,680
Speaker 2: to move all this cargo internationally. It's a great combination

527
00:30:59,800 --> 00:31:02,560
Speaker 2: that has been successful for over a century and the

528
00:31:02,560 --> 00:31:05,400
Speaker 2: work continues to help drive the American economy.

529
00:31:06,560 --> 00:31:09,640
Speaker 1: And I guess what's the port's role in attracting new

530
00:31:09,680 --> 00:31:12,440
Speaker 1: business to these terminals. Do you work with them in

531
00:31:12,560 --> 00:31:16,040
Speaker 1: tandem to you know, move shipping lines and things like that,

532
00:31:16,240 --> 00:31:17,840
Speaker 1: or like how does that work?

533
00:31:18,520 --> 00:31:20,920
Speaker 2: Very closely, and as you know, Lee, most of the

534
00:31:20,960 --> 00:31:24,120
Speaker 2: shipping lines today that we work with on the international

535
00:31:24,160 --> 00:31:28,320
Speaker 2: stage are headquartered in Europe and Asia. Last year alone,

536
00:31:28,360 --> 00:31:31,840
Speaker 2: I traveled to Asia seven times and Europe twice to

537
00:31:31,920 --> 00:31:34,160
Speaker 2: make sure that we're not only keeping up those strong

538
00:31:34,200 --> 00:31:37,400
Speaker 2: business relationships, but sharing the virtues of this port of

539
00:31:37,440 --> 00:31:41,520
Speaker 2: Los Angeles. Even with the shifting trade policies and migration

540
00:31:41,600 --> 00:31:45,080
Speaker 2: of cargo moving south, we still want to be front

541
00:31:45,080 --> 00:31:47,800
Speaker 2: and center with the shipping lines, the marine terminal operators,

542
00:31:48,040 --> 00:31:52,000
Speaker 2: and equally as important, the importers and exporters who make

543
00:31:52,040 --> 00:31:54,000
Speaker 2: the call on where their cargo goes.

544
00:31:54,520 --> 00:31:56,800
Speaker 1: Sounds like you probably have a lot of freaking flyer miles.

545
00:31:57,840 --> 00:31:59,600
Speaker 2: I do, But you know, Lee, the last thing you

546
00:31:59,600 --> 00:32:00,840
Speaker 2: want to do at the end of the year is

547
00:32:00,840 --> 00:32:03,160
Speaker 2: get on another airplane. So I'll take care of that

548
00:32:03,240 --> 00:32:05,600
Speaker 2: business during the year, stay on the ground and try

549
00:32:05,640 --> 00:32:08,040
Speaker 2: to work on that golf game when the warmer weather

550
00:32:08,120 --> 00:32:12,200
Speaker 2: months come around. What's your handicapped, Jean, Oh, it's really bad.

551
00:32:12,240 --> 00:32:15,200
Speaker 2: I'm playing to about a sixteen, but on any day

552
00:32:15,360 --> 00:32:17,640
Speaker 2: it could look a little bit worse than that. For sure,

553
00:32:17,720 --> 00:32:20,160
Speaker 2: so keep you humble, but you're out there trying.

554
00:32:20,360 --> 00:32:22,520
Speaker 1: You have to tell me as bad as yours are is,

555
00:32:22,880 --> 00:32:25,120
Speaker 1: mine's probably five or six strokes more than that, so

556
00:32:25,320 --> 00:32:28,240
Speaker 1: we'll just keep it there. So what's your favorite thing

557
00:32:28,240 --> 00:32:30,320
Speaker 1: about your cerone roll at the Ports?

558
00:32:31,200 --> 00:32:33,880
Speaker 2: Well, after eleven years on the job, I still run

559
00:32:33,920 --> 00:32:36,880
Speaker 2: to work every day, and it's because of these friendships

560
00:32:36,880 --> 00:32:39,200
Speaker 2: and relationship I've built over the past three and a

561
00:32:39,240 --> 00:32:42,800
Speaker 2: half decades. We have nine hundred and fifteen other colleagues

562
00:32:42,800 --> 00:32:45,320
Speaker 2: here at the Harvard Apartment of Los Angeles that I

563
00:32:45,440 --> 00:32:48,720
Speaker 2: look to for guidance and support every day. But it's

564
00:32:48,800 --> 00:32:51,720
Speaker 2: just been amazing to watch these folks grow into new

565
00:32:51,800 --> 00:32:55,480
Speaker 2: jobs and new responsibilities. Our budget is tripled in the

566
00:32:55,520 --> 00:32:58,040
Speaker 2: time that I've been here, meaning that we've become three

567
00:32:58,240 --> 00:33:01,880
Speaker 2: times more productive with the great Harvard Apartment staff that

568
00:33:01,960 --> 00:33:05,040
Speaker 2: we have, and whether it's working with people in Asia,

569
00:33:05,160 --> 00:33:08,640
Speaker 2: Europe or right here at home across a wide variety

570
00:33:08,680 --> 00:33:11,800
Speaker 2: of segments and industries, it's just so much fun to

571
00:33:11,880 --> 00:33:14,280
Speaker 2: sit down with people and talk about how we could

572
00:33:14,320 --> 00:33:17,600
Speaker 2: do more for this economy, this port, and the companies

573
00:33:17,600 --> 00:33:20,120
Speaker 2: that we serve. Just a blast every day.

574
00:33:20,560 --> 00:33:22,560
Speaker 1: And you know when we did the introduction. You know

575
00:33:22,600 --> 00:33:24,840
Speaker 1: you worked at APL. How did you get into the

576
00:33:24,960 --> 00:33:26,360
Speaker 1: transportation industry?

577
00:33:27,240 --> 00:33:32,680
Speaker 2: You know when you started, I got very lucky after

578
00:33:33,360 --> 00:33:36,280
Speaker 2: earning my MBA from the University of New Orleans. The

579
00:33:36,320 --> 00:33:39,680
Speaker 2: price of oil was below nine dollars a barrel. Unemployment

580
00:33:39,760 --> 00:33:42,480
Speaker 2: was rising, and it was just after the stock market

581
00:33:42,600 --> 00:33:45,360
Speaker 2: crash in the late eighties. I had a really difficult

582
00:33:45,400 --> 00:33:48,440
Speaker 2: time finding a job. At the request of my father,

583
00:33:48,800 --> 00:33:51,360
Speaker 2: I then went to a headhunter in New Orleans that

584
00:33:51,400 --> 00:33:55,160
Speaker 2: had done some business with APL got me an interview,

585
00:33:55,560 --> 00:33:58,280
Speaker 2: and I was able to get that interview because my dad,

586
00:33:58,360 --> 00:34:01,000
Speaker 2: working for American Airlines, got me a free ticket to

587
00:34:01,040 --> 00:34:03,840
Speaker 2: fly to Cincinnati, Ohio, and was told that if I

588
00:34:03,840 --> 00:34:06,680
Speaker 2: did well there, I'd use another free ticket to fly

589
00:34:06,760 --> 00:34:09,359
Speaker 2: to the big bosses home in Chicago to see if

590
00:34:09,360 --> 00:34:11,560
Speaker 2: I could earn a job. And that was an entry

591
00:34:11,640 --> 00:34:15,160
Speaker 2: level sales support position that allowed me to work with

592
00:34:15,200 --> 00:34:18,080
Speaker 2: some of the most professional folks in the steamship industry

593
00:34:18,080 --> 00:34:21,400
Speaker 2: that I'd ever seen, and learned as quickly as possible

594
00:34:21,400 --> 00:34:24,000
Speaker 2: on the ground. But it was by chance, yet with

595
00:34:24,080 --> 00:34:26,000
Speaker 2: a direction of a person who had been in the

596
00:34:26,000 --> 00:34:30,319
Speaker 2: transportation sector, my own dad, that guided me properly well,

597
00:34:30,800 --> 00:34:31,640
Speaker 2: thanks to dads.

598
00:34:32,320 --> 00:34:34,480
Speaker 1: What I guess, you know, being a leader of not

599
00:34:34,520 --> 00:34:37,000
Speaker 1: only you know, a large organization at the port, but

600
00:34:37,040 --> 00:34:40,040
Speaker 1: you know you're also responsible for a large chunk of

601
00:34:39,840 --> 00:34:42,960
Speaker 1: the US economy. What kind of keeps you up at night?

602
00:34:43,440 --> 00:34:44,040
Speaker 1: If anything?

603
00:34:44,880 --> 00:34:46,839
Speaker 2: Well, I sleep pretty good. And that's why I say

604
00:34:46,840 --> 00:34:49,839
Speaker 2: our run to work every morning, And really it's because

605
00:34:49,880 --> 00:34:52,400
Speaker 2: there's so much in front of us. We talk about

606
00:34:52,520 --> 00:34:57,719
Speaker 2: policy to business investment, what's happening on the international trade landscape,

607
00:34:57,719 --> 00:35:00,960
Speaker 2: and the fact that ninety percent of trade moves on water,

608
00:35:01,520 --> 00:35:06,439
Speaker 2: and the jobs that we help create and facilitate here

609
00:35:06,600 --> 00:35:09,960
Speaker 2: in the Port complex are all things that you carry

610
00:35:10,040 --> 00:35:14,759
Speaker 2: with a great deal of respect and motivation. A lot

611
00:35:14,760 --> 00:35:18,000
Speaker 2: of decisions we make here at the port affects somebody,

612
00:35:18,040 --> 00:35:21,279
Speaker 2: and I'm very cognizant of that. So the responsibilities that

613
00:35:21,320 --> 00:35:23,960
Speaker 2: have bestowed on me now for more than a decade,

614
00:35:24,280 --> 00:35:27,399
Speaker 2: I take super seriously. But the run to work every

615
00:35:27,440 --> 00:35:29,560
Speaker 2: day is about how we can make this place better

616
00:35:29,840 --> 00:35:32,640
Speaker 2: and how we can make our colleagues reach their heights

617
00:35:32,800 --> 00:35:36,479
Speaker 2: and aspirations. So it has been the most rewarding job

618
00:35:36,600 --> 00:35:39,839
Speaker 2: I've had in my career. And there's still so much

619
00:35:39,880 --> 00:35:40,359
Speaker 2: more to do.

620
00:35:41,400 --> 00:35:43,040
Speaker 1: And I like to ask all my guests of the

621
00:35:43,080 --> 00:35:46,719
Speaker 1: Talking Transport podcast this question about a book that you

622
00:35:46,800 --> 00:35:50,160
Speaker 1: might read, whether it's about leadership or transportation that's kind

623
00:35:50,160 --> 00:35:53,160
Speaker 1: of close to your heart because a lot of listeners,

624
00:35:53,200 --> 00:35:56,360
Speaker 1: are you know, aspire to get into the industry or

625
00:35:56,440 --> 00:35:59,000
Speaker 1: learn more about the industry or just become better leaders?

626
00:36:00,040 --> 00:36:03,799
Speaker 2: Well, I spend a lot of time driving in southern California,

627
00:36:03,840 --> 00:36:08,040
Speaker 2: as you could imagine, so listening to podcasts of leaders

628
00:36:08,120 --> 00:36:12,640
Speaker 2: and their own biographical depiction of how they got where

629
00:36:12,640 --> 00:36:15,160
Speaker 2: they got and what it took, but more importantly, what

630
00:36:15,239 --> 00:36:17,359
Speaker 2: mistakes have been made along the way that they've been

631
00:36:17,400 --> 00:36:20,880
Speaker 2: able to learn from, really continues to be motivating for me.

632
00:36:21,280 --> 00:36:24,000
Speaker 2: And whether that be the book about Nick Saban, the

633
00:36:24,480 --> 00:36:27,560
Speaker 2: long standing Alabama coach who was also at Michigan State

634
00:36:27,640 --> 00:36:31,680
Speaker 2: and LSU back in my home state, to Jamie Diamond

635
00:36:31,680 --> 00:36:34,319
Speaker 2: and others in between, listening to leaders and what their

636
00:36:34,360 --> 00:36:38,040
Speaker 2: experiences have been in a small way have helped shape

637
00:36:38,080 --> 00:36:39,560
Speaker 2: what I am today as a leader.

638
00:36:40,320 --> 00:36:42,200
Speaker 1: Well, I hope while Earn Traffick or also listening to

639
00:36:42,200 --> 00:36:48,560
Speaker 1: Bloomberg Talking Transports podcasts as well, absolutely fantastic. So are

640
00:36:48,560 --> 00:36:50,600
Speaker 1: you gonna be at TPM in next month.

641
00:36:51,400 --> 00:36:53,440
Speaker 2: Yes, looking forward to it. We should have a very

642
00:36:53,480 --> 00:36:56,239
Speaker 2: good turnout and it's always a great way, whether it's

643
00:36:56,280 --> 00:36:59,319
Speaker 2: in the sessions themselves and the sidebar meetings we have

644
00:36:59,480 --> 00:37:00,560
Speaker 2: with business partners.

645
00:37:00,920 --> 00:37:02,040
Speaker 1: It sure is the.

646
00:37:01,960 --> 00:37:04,759
Speaker 2: Event to be at here in southern California. When it

647
00:37:04,800 --> 00:37:07,320
Speaker 2: comes to the trans specific maritime trade.

648
00:37:07,320 --> 00:37:10,440
Speaker 1: Well, I hope we bump into each other at the show,

649
00:37:11,200 --> 00:37:14,000
Speaker 1: count on it. That'd be greatly all right, Well, Gine,

650
00:37:14,040 --> 00:37:16,000
Speaker 1: I really want to thank you for your time and

651
00:37:16,040 --> 00:37:16,840
Speaker 1: insights today.

652
00:37:17,600 --> 00:37:19,279
Speaker 2: This has been a thrill. Keep up the good work.

653
00:37:19,400 --> 00:37:22,080
Speaker 1: Thank you all right, Thanks Gene, and I want to

654
00:37:22,080 --> 00:37:24,080
Speaker 1: thank you for tuning in. If you liked the episode,

655
00:37:24,080 --> 00:37:26,759
Speaker 1: please subscribe and leave a review. We've lined up a

656
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Speaker 1: number of great guests for the podcast, so please check

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Speaker 1: back to your conversations with C suite executives, shippers, regulators,

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Speaker 1: and decision makers within the freight markets. Also, if you

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Speaker 1: want to learn more about the freight transportation markets, check

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Speaker 1: out our work on the Bloomberg Terminal at BIGO or

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Speaker 1: on social media. Take care and let's keep those supply

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Speaker 1: chains moving. Thanks everyone,