European Transportation: Global Freight Data Book

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European Transportation: Global Freight Data Book

Equity Research

9 June 2026

European Transportation

Global Freight Data Book

May/June seafreight rates strong and ahead of seasonality on

early peak + solid TP demand. May air rates also strong +40%

YoY, +c40% vs Feb ahead of fuel (c20% fuel, c5% seasonality, European Transportation NEUTRAL

rest underlying improvement). May Air and Sea vol remained European Transportation

strong, +4% YoY. Marco Limite

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marco.limite@barclays.com

Air/Sea rates momentum continues in May/June. Air  Freight Data Book – June BBI, Milan

rates remain elevated in May (+1% MoM, as highlighted by 2026 Helene IselinWorldACD with rates running c40% above Feb levels and

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YoY. Air volume remains solid in May (+4% YoY) broadly in

helene.iselin@barclays.com

line with April at +3% (March -3% on ME disruption). In sea Barclays, UK

freight, April volumes remain resilient +4% YoY, while sea freight rates show a continued strong

Emilie Fungmomentum driven by early seasonality picking up which we are still witnessing in early June

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with WCI still up DD % WoW on the 1st week. As highlighted in our Sea freight rates seasonality

emilie.fung@barclays.com

analysis for June, the key question remains whether May strength reflects an early peak season Barclays, UK

(implying softer Jun-Aug), carriers successfully pricing in RS disruption, or genuinely stronger

Andrew Lobbenbergunderlying demand which will continue into July/August. Xeneta analysts also highlight some

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frontloading behaviour in sea ahead of an expected hike in bunker costs and ahead of

andrew.lobbenberg@barclays.com

traditional peak season surcharges. Spike in sea rates in May/June partially visible in 2Q but also Barclays, UK