Lane Profitability · live data trace
Q4 FY26 · global trade lanes
Ocean · air · road · 40+ ports · 8 group entities
Reported margin
+12%
to the board this quarter
TMS-costedAgent accrual
AtlanticIndian OceanS. Atlantic RotterdamDubaiMundraMumbaiChennaiSingaporeShanghaiLos AngelesNew YorkSantosPiraeusDurbanMombasaHong KongTokyoSeattleManzanilloHoustonPanamaCallaoTangierLagosHamburgJeddahColomboKolkataBusan +18%+11%+12%+9%+15%+7%
Blended margin · all lanes weighted across the network
+12%−6pp · from 3 agent-accrued lanes
Margin you booked this quarter +12% reported · every lane "profitable"
$2.4Mon the books
2 lanes at a lossaccruals ≠ actual invoices
Healthy book — +12% blended, every lane profitable.Costed from your TMS and your agent accruals. Looks profitable… until the actual agent invoices land.
Every lane bleeding your margin is costed from agent accruals — not the actual invoice when it lands.
Your accruals never reconcile to the agent's actual debit notes, so 3 lanes are overstated and two run at a loss — about ~$1.2M of booked margin that isn't there. Reconcile each agent invoice to the job and the loss surfaces before the quarter closes.
Illustrative · representative model, not a client. World map: Natural Earth (public domain).