European Transport & Logistics Anchoring the Trends: June Chartbook

Research evidence excerpt

European Transport & Logistics Anchoring the Trends: June Chartbook

J P M O R G A N Europe Equity Research

11 June 2026

European Transport & Logistics

Anchoring the Trends: June Chartbook

Anchoring the Trends is a compilation of the key industry data we track for our European Transport & Logistics

ACvarious sub-sectors across global air/ocean freight, European road, parcel delivery, Alexia Dogani

airlines and travel retail. Container freight volumes rebounded +4% y/y in April (44-20) 3493-3791

(vs. -2% in March), with container spot rates (SCFI) also continuing to increase alexia.dogani@jpmorgan.com

materially +36% y/y (+12% m/m; vs. March +25% y/y) driven by bunker price J.P. Morgan Securities plc

recovery, with the increase in May+38% y/y (+15% m/m) suggestive of improving Harry J Gowers AC

demand trends. This demand acceleration, seen in the surge in freight rates over the (44-20) 7134-7522

harry.gowers@jpmorgan.com

past four weeks, implies some signs of frontloading/ early peak season as J.P. Morgan Securities plc

beneficial cargo owners try to avoid the higher expected costs due to bunker

Shikha Khurana

adjustment factors repricing from 3Q on contract rates, concerns re physical fuel (91-22) 6157-5022

supply and potential inventory price increases from higher energy costs. In April, shikha.khurana@jpmchase.com

Asia-Europe and intra-Asia experienced the strongest volume increases, while the J.P. Morgan India Private Limited

Shanghai-Persian Gulf and Shanghai-LatAm trade lanes experienced the strongest Bhavpreet S Batra

increases in rates, given disrupted capacity for the Persian Gulf trade. Air freight (91-22) 6157-5046

volumes also rebounded in April at +4% y/y (vs. March -6% y/y), with Asia Pacific bhavpreet.batra@jpmorgan.com

accelerating to +11% y/y (vs.