Transportation & Logistics: Weekly Fast Track: Import Update, ALJ Decision Shows UP/NS Still Not on Fast Track, Rail Inflation Rising

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Transportation & Logistics: Weekly Fast Track: Import Update, ALJ Decision Shows UP/NS Still Not on Fast Track, Rail Inflation Rising

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

26 June 2026

Transportation & Logistics

Weekly Fast Track: Import Update, ALJ Decision Shows

UP/NS Still Not on Fast Track, Rail Inflation Rising

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: Ocean rate, import update. Earlier this week (Week 25) (1-212) 622-1251

grady.carr@jpmchase.com

were up +11.3% YoY and +6.3% WoW, which outperformed seasonality by

Brandon Wexler+156bps, bringing cumulative outperformance over the past 6 weeks to ~+600bps.

(1-212) 622-1956

YTD import activity inflected positive at +0.1% YoY for the first time this year as brandon.wexler@jpmchase.com

comps are easier in the summer months due to the implementation of tariffs this J.P. Morgan Securities LLC

time last year. Containership bookings from China to the U.S. increased +9.7%

WoW to -19% YoY, and all bookings to the U.S. were up +6.4% WoW to -9.1%

YoY. On ocean rates, the World Container Index (Figure 145) assessed by Drewry

reports actual spot container freight rates for major East West trade routes,

consisting of 8 route-specific indices representing individual shipping routes and

a composite index, is up +27% YoY to the 2nd highest value over the past 4 years.