Transportation & Logistics Summer Speaker Series: Five Key Takeaways from Nine Expert Calls

研报英文原文证据摘录

Transportation & Logistics Summer Speaker Series: Five Key Takeaways from Nine Expert Calls

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

24 June 2026

Transportation & Logistics

Summer Speaker Series: Five Key Takeaways from

Nine Expert Calls

Last week we hosted our ninth expert call as part of our Summer Speaker Series Airfreight & Surface Transportation /

with industry-leading executives, economists, and market analysts across the Shipping

transportation and logistics landscape. The discussions spanned the truckload rate Brian P. Ossenbeck, CFA AC

cycle (Dean Croke and Chad Kennedy of DAT, Chris Pickett of Flock Freight), LTL (1-212) 622-1023

(Curtis Garrett of Lateral), intermodal and drayage (Rick LaGore of InTek and brian.p.ossenbeck@jpmorgan.com

Vince Paperiello of STG), broker liability post-Montgomery (Greg Feary and Grady Carr

Mike Kneller of Scopelitis), the macro and freight backdrop (Dr. Jason Miller of (1-212) 622-1251

Michigan State and Bob Costello of the ATA), global trade flows (Gene Seroka of grady.carr@jpmchase.com

the Port of Los Angeles), and AI in logistics (Sushanth Raman of Pallet). Across Brandon Wexler

(1-212) 622-1956

our discussions, nearly every freight-focused speaker pointed to a structural, brandon.wexler@jpmchase.com

supply-led capacity reset that will be difficult to reverse. The speakers generally J.P. Morgan Securities LLC

believe that freight rates have a positive skew over the medium term, although the

near-term gains will likely be muted with spot rates flat through July absent a

demand catalyst. Given this backdrop, J.B. Hunt is our favored way to play the

freight rate cycle as truck to rail conversion appears to have some momentum while

the company’s in-house dray fleet provides a relative advantage in a rapidly