Transportation & Logistics: Summer Speaker Series: Highlights from Truckload Expert Call with DAT Freight & Analytics

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Transportation & Logistics: Summer Speaker Series: Highlights from Truckload Expert Call with DAT Freight & Analytics

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

17 June 2026

Transportation & Logistics

Summer Speaker Series: Highlights from Truckload

Expert Call with DAT Freight & Analytics

We recently hosted a call on the state of the truckload market with Dean Croke, Airfreight & Surface Transportation /

Principal Analyst at DAT Freight & Analytics and Chad Kennedy, Senior Product Shipping

Manager. DAT operates the largest on-demand freight marketplace in North Brian P. Ossenbeck, CFA AC

America, with over 365mm loads posted annually and a database exceeding $1 (1-212) 622-1023

trillion in freight market transactions. The discussion centered on what Dean and brian.p.ossenbeck@jpmorgan.com

Chad characterized as a supply-led market reset unlike anything seen in prior Grady Carr

cycles, driven by a permanent narrowing of the driver pool through regulatory and (1-212) 622-1251

enforcement changes that are largely codified in law and will not be easily grady.carr@jpmchase.com

reversed. Spot rates across all three equipment types are running at or near record Brandon Wexler

(1-212) 622-1956

highs ex-fuel, contract rates are beginning to catch up, and DAT’s data shows signs brandon.wexler@jpmchase.com

of intermodal share gains in response to widening dry van premiums. Overall, we J.P. Morgan Securities LLC

came away incrementally more constructive on the durability of the truckload rate

upcycle and we also see DAT’s truckload-to-intermodal conversion data as the first

signal that shippers are shifting loads to the rails in a structurally tighter truck

market. Slides used in the presentation are available upon request, a replay of the