Transportation & Logistics: Highlights from SMC3 Connections LTL Conference, Strong June Demand, No News From Amazon Freight

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Transportation & Logistics: Highlights from SMC3 Connections LTL Conference, Strong June Demand, No News From Amazon Freight

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

02 July 2026

Transportation & Logistics

Highlights from SMC3 Connections LTL Conference,

Strong June Demand, No News From Amazon Freight

This week we attended Connections by SMC3 which brings together less-than- Airfreight & Surface Transportation /

truckload carriers, brokers, and shippers as well as managed transportation and Shipping

technology providers. The tone at the event was one of growing optimism, with a Brian P. Ossenbeck, CFA AC

consistent sense that freight activity has finally inflected and momentum (1-212) 622-1023

accelerated through June after a multi-year downturn. The improvement was brian.p.ossenbeck@jpmorgan.com

attributed to a combination of increasing truckload spillover and the encouraging Grady Carr

but early signs of a modest pickup in industrial demand. Capacity was a focal point (1-212) 622-1251

of discussions as certain networks have filled up at a quicker pace than expected, grady.carr@jpmchase.com

with driver availability increasingly cited as the primary constraint. The pricing Brandon Wexler

(1-212) 622-1956

backdrop appears to be improving alongside demand, but at a much slower pace brandon.wexler@jpmchase.com

as contract renewals have yet to meaningfully accelerate. Amazon Freight’s J.P. Morgan Securities LLC

expanded LTL offering drew significant attention and the company presented at the

conference, although our conversations continue to suggest it looks more like an

asset-light broker than a carrier and not yet a threat to incumbents in its current

form. Overall, the combination of improving demand and elevated fuel makes for