State of the Global Transports Union

Research evidence excerpt

State of the Global Transports Union

Update

July 16, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMFreight Transportation | North America Ravi Shanker

Equity Analyst

State of the Global Transports Ravi.Shanker@morganstanley.comMorgan Stanley Asia Limited+ +1 212 761-6350

Qianlei Fan, CFA

Equity AnalystUnion Qianlei.Fan@morganstanley.com +852 2239-1875

Together with our Global Freight Transportation colleagues, we Morgan Stanley MUFG Securities Co., Ltd.+

Takuya Osaka

Equity Analysthighlight important topics and updates that occurred over the

Takuya.Osaka@morganstanleymufg.com +81 3 6836-5438

past month.

Morgan Stanley & Co. International plc+

In order to get a better sense of the Global Freight Transportation space, we update Cedar Ekblom, CFA

our monthly State of the Global Transports Union report. This includes data for Equity Analyst

Cedar.Ekblom@morganstanley.com +44 20 7425-4623

domestic and international freight transportation companies and trends.

See below for key highlights this month:

United States: The Truckload Freight Index (TLFI) underperformed and decreased

seq. amid tightening capacity and increasing rates, despite reaching the highest level

for this time of year for the eighth update in a row. Spot rates rose ~45% y/y, while

contract rates increased ~12.9% y/y, further indicating a tightening market and rising

costs.

Europe: European freight markets remain constructive, with strong Asia headhaul

container volume growth and higher ocean freight rates driven by an earlier-than-

usual peak season. Air cargo demand remains healthy across most regions, partially

offset by continued weakness in the Middle East due to the Iran conflict.

Japan: Shipping stocks could benefit short term from geopolitical disruptions and