Total operating revenue for 2025 decreased by $77.3 million, or 2.3%, to $3,344.5 million compared to $3,421.8 million in 2024. Net income for 2025 decreased by $31.6 million, or 6.6%, to $444.8 million compared to $476.4 million in 2024. Diluted earnings per share for 2025 decreased by $0.12, or 0.9%, to $13.81 compared to $13.93 in 2024. Ocean Transportation revenue decreased by $74.2 million (2.6%) primarily due to lower volume in China. Logistics revenue decreased by $3.1 million (0.5%) primarily due to lower revenue in transportation brokerage and supply chain management. Ocean Transportation operating income decreased by $45.3 million (9.0%) in 2025. Logistics operating income decreased by $6.2 million (12.3%) in 2025. The contribution from the SSAT joint venture increased to $32.5 million in 2025, up from a loss of $1.0 million in 2024, primarily due to an impairment charge in 2024 and higher lift volume in 2025. Capital expenditures for 2025 totaled $393.4 million, including $244.3 million for new vessel construction. The company repurchased approximately 2.7 million shares of common stock for a total cost of $307.4 million during 2025. A one-time tax adjustment of $18.5 million, or $0.59 per share, benefited the effective tax rate in the fourth quarter of 2025.