Monthly Supply Chain Tracker

Research evidence excerpt

Monthly Supply Chain Tracker

Global Research INDUSTRY UPDATE

June 29, 2026

■Air Freight Monthly Supply Chain Tracker

■Airfreight & Surface Transportation:

Trucking

■Airfreight & Surface Transportation: Rail

■Airfreight & Surface Transportation: Air

Freight & Logistics

TD SECURITIES (USA) LLC THE TD COWEN INSIGHT

EQUITY RESEARCH

We update our supply chain tracker as we exit June. Freight demand trends are fairly

Jason H. Seidl encouraging with rail volumes gradually accelerating and the Cass truck shipment index

646 562 1404 declines moderating. Trucking spot rates remain tight post Road Check week. Ocean rates

jason.seidl@tdsecurities.com

have also tightened sharply with some reports pointing to early peak dynamics.

Oliver Chen, CFA

646 562 1424 U.S. rail volumes are +4.9% YTD and +6.8% over the past four weeks, as rail demand further

oliver.chen@tdsecurities.com improves through June. Intermodal volumes are +11.9% over the last four weeks in the U.S.,

Tom Fitzgerald, CFA driven by demand strength and share shift given elevated OTR pricing. U.S. rails are optimistic

646 562 1304 about carloadings coming in ahead of expectations; multiple rails called out a widening

tom.fitzgerald@tdsecurities.com breadth of core strength.

Krista Zuber Dry van spot rates excluding fuel fell modestly through the first half of June, due primarily to a

646 562 1331 normalization of rates following Road Check in May. Spot rates continue to track well above

krista.zuber@tdsecurities.com last year's levels; the rate strength is almost entirely driven by capacity reductions. This is

evident when looking at the Cass Freight index, which shows shipments improving but still

TD SECURITIES INC. - CANADA

negative y/y. The data points to a gradual recovery in freight demand but the vast majority of