Transportation & Logistics Weekly Fast Track: Constructive Import Update from PoLA, Perspectives on Procedural Timeline for UP/NS

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Transportation & Logistics Weekly Fast Track: Constructive Import Update from PoLA, Perspectives on Procedural Timeline for UP/NS

J P M O R G A N North America Equity Research

19 June 2026

Transportation & Logistics

Weekly Fast Track: Constructive Import Update from

PoLA, Perspectives on Procedural Timeline for UP/NS

This weekly publication highlights current transports and logistics trends across a Airfreight & Surface Transportation /

wide range of truckload, intermodal, LTL, ocean, and airfreight market metrics. Shipping

The rail section also includes a report card that simplifies how the network is Brian P. Ossenbeck, CFA AC

performing relative to history and peers while also tracking carload trends versus (1-212) 622-1023

consensus expectations. brian.p.ossenbeck@jpmorgan.com

Grady Carr

Key topics of the week: Port of LA Executive Director’s comments, import (1-212) 622-1251

grady.carr@jpmchase.com

update. Earlier this week we spoke with Gene Seroka, Executive Director of the

Brandon WexlerPort of Los Angeles, as part of our Summer Expert Series to discuss a wide range

(1-212) 622-1956

of topics including the net impact of tariffs and trade policy, factors potentially brandon.wexler@jpmchase.com

driving an earlier international import peak, and complications involved in re- J.P. Morgan Securities LLC

opening the Strait of Hormuz (see replay here and recap note here). We came away

incrementally positive for freight relative to recent NRF commentary calling for

a softer 2H, as Seroka is not seeing PO cancellations from American importers and

May volumes were the second strongest on record and +17% YoY, but -5% MoM

from the second strongest April on record. Seroka noted that shipper conversations