AROUND THE WORLD IN 80 CHARTS: What the global transport markets say

Research evidence excerpt

AROUND THE WORLD IN 80 CHARTS: What the global transport markets say

Equity Research

17 July 2026 | 6:00AM CEST

AROUND THE WORLD IN 80 CHARTS

What the global transport markets say

Air & Ocean freight volumes rebound in Q2, since then has been sharper than we had anticipated (cf. Patrick Creuset

+33(1)4212-1380 |

supported by data center-related volumes and US LMI: Exhibit 18), and the same indicators that pointed to patrick.creuset@gs.com Goldman Sachs Bank Europe SE - Paris

re-stocking Q2 volume upside earlier this year now suggest this might Branch

CoseruFollowing war-related disruptions in March/April, global air be a shorter restocking cycle than usual, coinciding with Dan-Arthur +44(20)7552-2216 | dan-

and ocean freight volumes have returned to robust growth in some frontloading of volumes ahead of the upcoming July arthur.coseru@gs.comGoldman Sachs International

Q2, with c.6%yoy growth in air cargo volumes Exhibit 27 and 24 deadline for Section 122 tariffs (capped at 150 days), Nathan Arnaud

3-4% in ocean (3% our IMF Portwatch-based tracker e.g. scheduled LA port calls turning negative yoy in August +33(1)4212-1691nathan.arnaud@gs.com|

Apr-Jun, Clarksons tracker c.4% Apr/May Exhibit 9). Based Exhibit 16 and US retailers forecast lower imports post July GoldmanBranch Sachs Bank Europe SE - Paris

on commentary from our covered companies, data Exhibit 17. Ben Andrews, CFA

center-related volumes are a significant driver of air cargo +44(20)7774-5489ben.andrews@gs.com|

demand - which is consistent with the close long-term Freight rates and upcoming Logistics earnings season Goldman Sachs International

Poppy Boyd-Taylor

relationship between the tech hardware and air freight cycle We’ve had an above-consensus view on Logistics earnings +44(20)7774-2994 | poppy.boyd-