CV International & Capes Shipping Agencies Newsletter | Summer 2025
At CVI, we strive to keep our customers updated on current trends & events impacting their supply chain. We send regular Client Alerts but encourage you to also follow us on LinkedIn for all the details in between. On LinkedIn, we provide you with Customs updates, company updates, port closures, rate fluctuations, and much more.
Dear Valued Colleagues, Clients, Partners, and Friends,
As we reach the midpoint of 2025, this year has already brought meaningful transition and continued momentum for both CV International and Capes Shipping Agencies. In a market that remains uncertain and increasingly complex, shippers are seeking trusted partners who can help them navigate the many challenges. We remain focused on expanding our reach and delivering the service excellence and expertise our customers count on—now more than ever.
On that note, I’m excited to share that Capes continues to expand its Gulf Coast presence with the opening of a new office in Corpus Christi. This follows recent openings in Houston and Mobile and reflects our strategic commitment to the region. Together, these locations bring Capes’ personalized service model, local expertise, and strong industry relationships to key Gulf ports, positioning us to better support our clients throughout Texas and the broader Gulf Coast.
As we grow and welcome new leadership, we also say farewell to trusted colleagues. After seventeen years as Chief Financial Officer of CVI and Capes, Michael King has stepped down from his role. Michael has left an indelible mark on both companies over the course of his tenure. He has been both a right-hand and a mentor to me as we have run and expanded the business. He is one of the most selfless and hard-working people I have ever known, and he will be missed. We are very happy that he has agreed to continue to serve as a member of our Board.
Stepping into the CFO role is Jeff Underwood, who brings deep experience in both finance and the maritime industry. We’re excited to welcome Jeff to the team and look forward to the leadership and perspective he brings as we continue to grow and navigate an increasingly complex global trade landscape.
We also extend our best wishes to our Wilmington Branch Manager, Josef Fellhofer, who is retiring at the end of this month. Josef began his journey with CVI in 2007 as Vice President of Transportation. I had the pleasure of traveling around the world with Josef, growing our agent network and global capabilities. We had some incredible experiences together, enjoyed a lot of success, and developed a lasting friendship. He made a tremendous impact, and I am very grateful for his contributions over the years. He will be missed, and I wish him the very best in his retirement.
With these transitions and continued growth, we’re well-positioned for what’s ahead. While change is part of any healthy organization, one thing that doesn’t change is our commitment to our core values—especially stewardship, and our focus on delivering for customers in every market condition. No matter how the landscape shifts, our priority remains the people who trust us to move their business forward.
Sincerely,
Mike Coleman
President & CEO
CVI and Capes Shipping
The Asia-US trade remains soft while tariff policy uncertainty continues. Shippers seem to be back in a holding pattern, pausing some orders, especially larger ones, as the industry awaits further trade decisions.
Carriers continue to rebalance supply to better match demand through blank sailings. With tariffs changing so quickly, there is concern that another sudden pick up in demand could materialize, and carriers want to be prepared for that as well. The significant, frequent shifts in volumes are nearly impossible to manage efficiently.
Congestion continues at most major North European ports. Expect delays on shipments transiting this region.
Rachel Shames,
Vice President, Pricing & Procurement
Bond Insufficiencies on the Rise
One of the many inconveniences of the additional tariffs implemented this year is their effect on the Customs bonds held by importers. Virtually all import entries must be covered by a bond, and all regular importers have, or should have, a continuous bond in place. Continuous bonds, also known as annual bonds, are used to cover Customs’ bond requirements for an importer’s entries over a 12-month period, beginning on the effective date. A continuous bond eliminates the need and expense of filing a single-entry bond with each importation. Under Customs regulations, a continuous bond must have a coverage amount equal to 10% of an importer’s annual Customs outlay. This amount covers all base duties, fees, and additional tariffs collected by Customs (simplified to ‘duties’ for this article).
To enforce the coverage requirement, Customs will regularly review all collections for an importer over the previous 12-month period. If this review shows that the payments are close to exceeding the bond coverage requirement, then Customs will notify the importer that their bond is insufficient for their level of imports and that a new bond with a higher coverage amount is required. This notice will indicate only the amount required to meet the coverage requirement, but this should not be taken as the coverage you may actually need. At this point, an importer should reassess their level of imports and the duty requirements they may have for the coming twelve months. There is little benefit—and added cost—in obtaining a new bond only to have it deemed insufficient in a few months. Within 30 days of the notification, Customs will terminate the current bond, and the importer will need to have their new bond in place to avoid a lapse in coverage. A lapse would mean that the importer would need to file single-entry bonds until their new continuous bond is in place. In addition to the added expense, this becomes problematic since surety companies will only allow an importer to file five single-entry bonds annually, and they may refuse to accept even one single-entry bond for a high-value shipment.
Sam McClure,
Director of Compliance & Customs Services
Big news about our leadership team at CVI and Capes! After 17 years with the company, Michael King—known to many as MK—officially stepped down as CFO on July 1. Michael’s steady hand was instrumental in guiding both companies through periods of significant growth and market disruption—notably over the past several years. Fortunately, we’ll continue to benefit from his expertise, as Michael will remain involved as a member of our Board of Directors.
“I’d like to thank the Colemans and CVI/Capes for the opportunity to be a part of this dynamic organization,” said Michael. “I’d also like to thank all of my fellow employees who’ve supported me and shared their time and effort with me. I’ll miss everyone, but look forward to staying connected with the company as a member of the Board.”
Stepping into the CFO role is Jeff Underwood, who brings more than 30 years of financial experience—including 23 years in the maritime industry, with roles at Maersk and, most recently, The Port of Virginia.
“I’m excited to be joining CVI and Capes and their entrepreneurial culture—grounded in expertise, focused on creating value, and driven by a clear appetite for growth,” shared Jeff. “I look forward to helping guide the company’s financial strategy as it continues to scale and build the infrastructure to support long-term, sustainable growth.”
“We are grateful for Michael’s service to the company and excited to welcome Jeff to the team,” said Mike Coleman. “We will benefit from his knowledge and experience and are thrilled for him to become an integral part of our team.”
We’re thrilled to welcome Jeff to the team, and we wish MK all the best in his retirement!
After many years of dedicated service, Josef Fellhofer, Branch Manager of our Wilmington office, will be retiring at the end of July. Josef joined CVI in 2007 and was stationed at both our corporate office in Norfolk, VA, and in Europe, where he led agent partner development efforts, prior to managing our Wilmington, NC, branch. Before taking on his role in Wilmington, Josef was stationed at both our corporate office in Norfolk, VA and in Europe, where he led agent partner development efforts. Throughout his career at CVI, he brought a thoughtful, steady leadership style that made a lasting impact on both colleagues and customers.
Originally from Austria, Josef forged especially strong ties with our many German and Austrian customers, blending professional insight with a personal connection that helped build meaningful, long-standing relationships.
One colleague put it simply: “Best boss I’ve ever had.” Another shared one of his favorite pieces of advice from Josef: “If you want to be successful in your career, leave your work at your desk.” It’s a perspective that resonates deeply in the high-pressure world of global shipping. And while he may have left his work at the desk, what Josef brought to it each day reflected the professionalism and commitment to service excellence that define CVI.
“I’ve truly appreciated my time with CVI and the many relationships I’ve built here over the years—it’s been a rewarding journey,” said Josef.
As Lisa Cook, our VP of Operations, put it best: “Josef, your contributions have been invaluable, and we wish you a retirement filled with fun, relaxation, and new adventures.” We couldn’t agree more.
We’re proud to share that Michael Coleman, President and CEO of CV International and Capes Shipping Agencies, was recently named to the Inside Business 75 Power Players List!
This recognition highlights Mike’s leadership, industry expertise, and continued impact on the maritime economy in Hampton Roads. We’re proud to see his dedication and contributions acknowledged alongside fellow leaders in the region’s business community.
Hats off to the Hampton Roads Global Commerce Council and The Port of Virginia on another successful State of the Port event in Virginia Beach!
As a Norfolk-based company and platinum sponsor, CV International hosted several customers at the luncheon that featured updates on “America’s Most Modern Gateway.” The 2024 metrics are impressive, with the port handling 3.5 million TEUs at 33 crane moves per hour, with 36-minute trucker turn times, all while achieving a 75% overall reduction in carbon emissions. We also want to congratulate Roger Giesinger, President Emeritus of the Hampton Roads Shipping Association, as this year’s recipient of the prestigious Commerce Builder Award. Thanks for your years of leadership in our maritime community…well deserved!
It was our pleasure to host Billy Wong and Alison Tan from CVI’s trusted partner in Asia, Orient Star Group, for our annual roadshow. Given that the trip coincided with the height of the ocean contracting season in the Trans-Pacific and a historic escalation in tariffs, the expertise and insight they shared during many customer visits over the past two weeks is greatly appreciated. Not to mention, it was fun to reconnect with old friends!
We’re grateful for strong partnerships that help us bring shared expertise to our valued customers, especially in today’s ever-evolving global trade landscape.
With trade policy shifting rapidly and market conditions remaining uncertain, many shippers are looking to trusted industry experts for clarity and direction.
We’re pleased to have our own Rachel Shames, VP of Pricing & Procurement, and Sam McClure, Director of Customs & Compliance, stepping up to share their insights at recent forums hosted by organizations like the American Home Furnishings Alliance (AHFA), Virginia Economic Development Partnership (VEDP), the Dock to Door Coalition, the Virginia Maritime Association (VMA), and the Furniture Shippers Association (FSA).
These events are creating valuable spaces for discussion on tariffs, trade strategy, and what shippers can expect in the months ahead. We’re grateful to our industry partners for leading these conversations and inviting us to be part of them.
On May 18th, we celebrated the incredible women across the globe who help power the maritime and logistics industries from port operations and customs compliance to freight forwarding and ocean shipping. Their leadership and innovation are vital to keeping global trade moving smoothly every day.
At CV International and Capes Shipping Agencies, we’re proud to work alongside women who bring deep expertise, commitment, and a forward-thinking mindset to every challenge. They don’t just keep things running, they help shape the future of maritime. To all the women making waves in this dynamic industry: thank you for everything you do!
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We’re excited to announce the opening of our newest Capes Shipping Agencies office in Corpus Christi, Texas—bringing the Capes advantage to even more valued customers across the U.S. Gulf Coast.
This growth follows our Houston office launch last year and gives us the ability to cover all Texas ports. As our Gulf Coast operations grow, so does our leadership team. We are proud to welcome Rodell Duff, who will lead our overall efforts in Texas as Manager – West Gulf, and Gilbert Ortega, who will serve as Port Manager in Corpus Christi. Each brings a diverse set of maritime industry experience with them.
As Steve Hagen, Capes’ Vice President and General Manager, put it: “We’re excited to have Rodell and Gilbert join the Capes family. Their local expertise and strong industry relationships—combined with Capes’ personalized service model—will be a major asset to customers seeking top-tier port and vessel agency support in these key Gulf Coast markets.”
To see where Capes Shipping Agencies can work with you in the future, please refer to our list of locations at https://capesshipping.net/locations/
The Capes Shipping Agencies team recently attended the 2025 International Partnering Forum (IPF) Offshore Wind Conference. Hosted by the Oceantic Network, this year’s conference was a dynamic mix of panel discussions, exhibit hall presentations, and networking opportunities—bringing together industry professionals involved in offshore wind.
A standout moment for Capes Shipping was the boat tour along the Elizabeth River, hosted by the Southeastern Wind Coalition. The tour offered attendees a close-up view of the offshore wind terminals and featured Peter Hansen, who shared insights into Capes Shipping’s critical role in the Coastal Virginia Offshore Wind (CVOW) Project. His remarks highlighted our commitment to supporting the future of offshore wind through dedicated service and industry expertise.
We were also proud to have Bobby Scott and Rachel Upshaw representing Capes Shipping throughout the conference. A highlight of her trip was engaging with students through REpowering Schools. Many of these bright, ambitious individuals made long journeys just to attend, with some waking up at 2 a.m. to drive to the event. Their enthusiasm for renewable energy like offshore wind is one of many reasons why Capes Shipping is proud to be part of the momentum.
Recently, the Capes Shipping Agencies Norfolk team attended the annual Hampton Roads Coal Association Golf Outing, enjoying great weather and even better company. This event is always a highlight of the season—a valuable opportunity to connect with industry peers and strengthen relationships across the coal supply chain.
As a long-time partner of the HRCA, Capes values the organization’s commitment to responsible mining practices and industry collaboration. Our Director of Business Development, Bobby Scott, proudly serves as Vice President of the HRCA Board.
Capes is honored to support HRCA members as a shipping agent at the Port of Hampton Roads, the nation’s largest coal export hub—and we look forward to many more great outings ahead!
We were proud to have had Rachel Upshaw represent Capes Shipping Agencies at Nauticus’ Maritime Career Festival in Norfolk. In her presentation, Rachel shared how port agents like Capes serve as the eyes, ears, and voice of our customers during a vessel’s stay—coordinating with terminals, supporting crew, and ensuring smooth port calls from start to finish.
She also highlighted Capes’ role in supporting major projects like Coastal Virginia Offshore Wind (CVOW), giving students a look at how port agency work connects to the future of clean energy and maritime innovation. Thank you to Nauticus for helping to inspire the next generation of maritime professionals!
Jeff Underwood, CVI, Chief Financial Officer, Norfolk, VA
Jeff will be serving as our new CFO, based in our Norfolk, VA office. Jeff brings more than 23 years of experience in the maritime industry and financial leadership. An Atlanta native, Jeff is a proud husband and father of two sons. Outside of work, Jeff enjoys strength training and conditioning, mountain biking, and supporting local theatre groups. He is also passionate about several charities, including ForKids, Equi-Kids/Equi-Vets, and Mercy Drops. It’s on his bucket list to get his motorcycle license, skydive, hike/camp the Grand Canyon, and see the volcanoes in Iceland! We’re thrilled to have him join the CVI team.
Shannon McPeek, CVI, Customs Brokerage Specialist, Norfolk, VA
Shannon joins us with over 20 years of logistics experience. A Norfolk native, she’s married with kids and two grandkids. She enjoys traveling, cooking, spending time with family, and cheering on the Philadelphia Eagles! She also hopes to check skydiving and a trip to Europe off her bucket list one day. Welcome to the CVI team, Shannon!
Myint Dwe, CVI, Import Transportation Coordinator, Charlotte, NC
Myint is the newest member of CVI’s Charlotte Ops team, bringing over 10 years of experience in freight forwarding. Originally from Myanmar, Myint is a proud wife and mother to one son. Outside of work, she enjoys cooking, reading, and listening to music. We’re glad to have Myint on board!
Shanika Martin, CVI, Accounting/Administrative Assistant, Norfolk, VA
Shanika joins us in an admin support role at our Norfolk HQ. Born in Blacksburg, VA, she enjoys spending time with her children and friends when she’s not working. She also loves to travel and cheer on Virginia Tech. Welcome, Shanika!
Gilbert Ortega, Capes Shipping Agencies, Port Manager, Corpus Christi, TX
Capes’ newest office in Corpus Christi is growing with the addition of its first port manager, Gilbert Ortega, who brings 20 years of experience in the maritime industry. He has a wife and two children, both of whom attend Texas Tech University. In his free time, he likes to play pool, travel with his family, and watch sporting events and concerts. He hopes to travel to Europe one day.
Tech giants shift production out of China as trade tariffs raise supply risk: analysis (JOC)
Escalating trade tensions and ongoing tariff uncertainties are adding to rising labor costs, prompting technology giants to accelerate the diversification of suppliers away from China, according to a new report from supply chain insight provider Everstream Analytics.
IMC’s Lemm says cargo theft is getting worse (AJOT)
The rise of cargo theft in the American supply chain has reached a crisis stage that urgently needs tougher federal legislation and more crime-fighting resources, according to Donna Lemm, Chief Strategy Officer, IMC Logistics, based in Collierville, Tennessee.
FMC probes legal standing of World Shipping Council agreement (JOC)
The Federal Maritime Commission (FMC) is reviewing why the World Shipping Council should fall under US shipping law, a probe that could end the antitrust exemption for the WSC’s ocean carrier members to discuss cooperative matters.
Shipper groups urge CBP to clarify tariff transshipment confusion (JOC)
A wide-ranging coalition of shipper and logistics service provider groups is urging US Customs and Border Protection (CBP) and the Department of Homeland Security (DHS) to clarify whether goods transshipped before the Trump administration imposed tariffs on most nations on April 5 will be subject to those additional costs.
Trans-Pacific sailing into slowdown; Asia-Europe outlook brightens: analysts (JOC)
China-US trade in the second half of 2025 will be characterized by sharply falling rates and volume as frontloading momentum peters out and shippers sit with bloated inventories, while the demand outlook for Asia-Europe is far brighter, shipping analysts say.
Changing US tariffs force structural shift in global supply chains: ASCM (JOC)
The US tariff whiplash is forcing those who manage supply chains to shrink planning horizons, increase inventory carrying costs and put strategic investment on hold, according to the CEO of the Association for Supply Chain Management.
“Brace!” Endless disruptions mark new path to supply chain resiliency (FreightWaves)
It’s a disrupted supply chain world, and we’re just living in it. Or are we? In a world increasingly marked by uncertainty and volatility, supply chain resilience is a critical focus for businesses worldwide.