Transportation & Logistics: Summer Speaker Series: Highlights from Intermodal Expert Call with InTek & STG Logistics

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Transportation & Logistics: Summer Speaker Series: Highlights from Intermodal Expert Call with InTek & STG Logistics

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

18 June 2026

Transportation & Logistics

Summer Speaker Series: Highlights from Intermodal

Expert Call with InTek & STG Logistics

We hosted an expert call on the state of the intermodal market with Rick LaGore, Airfreight & Surface Transportation /

CEO of InTek Logistics, and Vince Paperiello, EVP and Group President of Shipping

Transportation at STG Logistics. Both speakers characterized the current market Brian P. Ossenbeck, CFA AC

as a supply-driven cycle and cautioned that shippers could misread or (1-212) 622-1023

underestimate the impact of FMCSA enforcement actions that are structurally brian.p.ossenbeck@jpmorgan.com

reducing capacity. Intermodal volumes are grinding higher sequentially, rail Grady Carr

service is the strongest in recent times, and modal conversion conversations are (1-212) 622-1251

picking up, though actual freight shifts remain limited. The emerging wildcard is grady.carr@jpmchase.com

drayage, where a sudden and sharp tightening over the past several weeks has the Brandon Wexler

(1-212) 622-1956

potential to become the binding constraint on conversion capacity, in a dynamic brandon.wexler@jpmchase.com

that is similar to the chassis shortage of 2022. Overall, we came away constructive J.P. Morgan Securities LLC

on the intermodal rate outlook but we reiterate that price realization for IMC will

not truly be reflected until 2H27 and recognize that a tight driver market will also

negatively impact drayage as well. A replay of the call is available here, and we

highlight our key takeaways below.

• A unique supply-driven cycle. Both speakers noted that the current