North America Transportation & Airlines: A State of Transport, May 2026

Research evidence excerpt

North America Transportation & Airlines: A State of Transport, May 2026

Equity Research

22 May 2026

North America Transportation & Airlines

A State of Transport, May 2026

Global trends generally positive for both ocean and air as the

Strait of Hormuz remains closed. Recent data including an

elevated US PMI, accelerating trucking rates and solid rail North America Transportation POSITIVE

volumes suggest more favorable outcomes could be ahead North America Airlines

for US freight carriers. POSITIVE

North America Transportation &

AirlinesGood afternoon,

Brandon R. Oglenski

+1 212 526 8903As the continued closure of the Strait of Hormuz permeates global freight markets, we thought it

brandon.oglenski@barclays.com

would be helpful to publish our latest edition of our ‘A State of Transport’ data book. We have

BCI, US

attempted to collect the most relevant data points across trucking, rail, airlines, airfreight and

ocean freight markets, with a focus on North America. Key takeaways this month: Eric Morgan, CFA

+1 212 526 9642

•• Global freight data is on balance positive despite the  A State of Transport, May eric.morgan@barclays.com

Middle East conflict and increases in fuel costs, with a BCI, US 2026

reopening of the Hormuz Strait potentially a positive David Zazula, CFA Condensed consolidated

catalyst. US truckload (TL) freight rates are accelerating summary of transportation data +1 212 526 5108

in May, with recent spot rates up nearly 30% vs. 2025; david.zazula@barclays.com

industry commentary and government data continue to BCI, US

suggest lower market capacity is driving elevated rates. May railroad demand is rebounding John Dorsett

from a softer April; the current run-rate implies 2026 growth in excess of 3%. Driven in part by +1 212 526 8487