Ryan Petersen

We're doing a few things. I created this program. We call it the Marco Polo program, but it's basically to take flexporters from around the company and move them into these new emerging markets. We have about 400 employees in China. We got 50 in Vietnam and then a lot of the other Southeast Asian countries. We only have a handful of folks trying to serve that giant market.

We're doing a few things. I created this program. We call it the Marco Polo program, but it's basically to take flexporters from around the company and move them into these new emerging markets. We have about 400 employees in China. We got 50 in Vietnam and then a lot of the other Southeast Asian countries. We only have a handful of folks trying to serve that giant market.

We're doing a few things. I created this program. We call it the Marco Polo program, but it's basically to take flexporters from around the company and move them into these new emerging markets. We have about 400 employees in China. We got 50 in Vietnam and then a lot of the other Southeast Asian countries. We only have a handful of folks trying to serve that giant market.

So we're shifting, trying to move talent, create incentives for people, the leadership program to go down there and help us grow in those regions. We're getting a lot more focus on intra-Asia moves. One of the interesting things that's not intuitive at all here is that trade might actually increase from this. The market finds a way.

So we're shifting, trying to move talent, create incentives for people, the leadership program to go down there and help us grow in those regions. We're getting a lot more focus on intra-Asia moves. One of the interesting things that's not intuitive at all here is that trade might actually increase from this. The market finds a way.

So we're shifting, trying to move talent, create incentives for people, the leadership program to go down there and help us grow in those regions. We're getting a lot more focus on intra-Asia moves. One of the interesting things that's not intuitive at all here is that trade might actually increase from this. The market finds a way.

And so if you put heavy duties on Chinese products, you now created this incentive to move components from China down to Southeast Asia. assemble them, do what's called a substantial transformation. You have to do enough value-added work and add other components that this can now be, say, made in Vietnam, and then you ship it to the US. Well, now you've got two logistics moves.

And so if you put heavy duties on Chinese products, you now created this incentive to move components from China down to Southeast Asia. assemble them, do what's called a substantial transformation. You have to do enough value-added work and add other components that this can now be, say, made in Vietnam, and then you ship it to the US. Well, now you've got two logistics moves.

And so if you put heavy duties on Chinese products, you now created this incentive to move components from China down to Southeast Asia. assemble them, do what's called a substantial transformation. You have to do enough value-added work and add other components that this can now be, say, made in Vietnam, and then you ship it to the US. Well, now you've got two logistics moves.

Your trade has gone up, even though the system is far less efficient. So we're doing a lot of stuff like that, like help people with tariff engineering, help people understand the advisory role of things, like what qualifies as substantial transformation, that stuff. And then the biggest thing you see behind me, I have this model airplane.

Your trade has gone up, even though the system is far less efficient. So we're doing a lot of stuff like that, like help people with tariff engineering, help people understand the advisory role of things, like what qualifies as substantial transformation, that stuff. And then the biggest thing you see behind me, I have this model airplane.

Your trade has gone up, even though the system is far less efficient. So we're doing a lot of stuff like that, like help people with tariff engineering, help people understand the advisory role of things, like what qualifies as substantial transformation, that stuff. And then the biggest thing you see behind me, I have this model airplane.

Flexport has three 747s dedicated that we fly a lot of Chinese e-commerce goods. And that, we're modeling that business to go down between... go down 60% to 95%. We don't know, but it's going to drop dramatically. So we're reconfiguring our network on that. They've been flying South China to U.S. We've got one of them going to redeploy from South China to Europe.

Flexport has three 747s dedicated that we fly a lot of Chinese e-commerce goods. And that, we're modeling that business to go down between... go down 60% to 95%. We don't know, but it's going to drop dramatically. So we're reconfiguring our network on that. They've been flying South China to U.S. We've got one of them going to redeploy from South China to Europe.

Flexport has three 747s dedicated that we fly a lot of Chinese e-commerce goods. And that, we're modeling that business to go down between... go down 60% to 95%. We don't know, but it's going to drop dramatically. So we're reconfiguring our network on that. They've been flying South China to U.S. We've got one of them going to redeploy from South China to Europe.

We got one that's going to go Vietnam, stop in Korea. We got one that's just going, I mean, we're making deals right now trying to figure out, hey, how do we keep these planes full? We try to be asset light, but we made those deals during COVID when there were no capacity of passenger airplanes available. 50% of the world's air freight flies in the belly of passenger planes.

We got one that's going to go Vietnam, stop in Korea. We got one that's just going, I mean, we're making deals right now trying to figure out, hey, how do we keep these planes full? We try to be asset light, but we made those deals during COVID when there were no capacity of passenger airplanes available. 50% of the world's air freight flies in the belly of passenger planes.

We got one that's going to go Vietnam, stop in Korea. We got one that's just going, I mean, we're making deals right now trying to figure out, hey, how do we keep these planes full? We try to be asset light, but we made those deals during COVID when there were no capacity of passenger airplanes available. 50% of the world's air freight flies in the belly of passenger planes.

So when there was no capacity, we went out and signed these long-term deals. So we're sort of, I wouldn't say stuck with it because I would do that deal again 10 times out of 10. It's made a lot of money over its lifetime. But at the moment, we have some assets that are, it's the asset-owning logistics companies that are going to feel the pain here.

So when there was no capacity, we went out and signed these long-term deals. So we're sort of, I wouldn't say stuck with it because I would do that deal again 10 times out of 10. It's made a lot of money over its lifetime. But at the moment, we have some assets that are, it's the asset-owning logistics companies that are going to feel the pain here.