Rates remain elevated across transportation modes & markets, though momentum is beginning to diverge as capacity constraints persist in trucking and air while ocean markets show early signs of stabilization
Key themes highlighted in this month’s update include:
- Global ocean freight rates appear to be plateauing after the earlier surge, as inventory front-loading activity moderates; however, blank sailings and ongoing network disruptions continue to restrict capacity and keep rates well above prior-year levels.
- Global air freight rates have eased modestly from peak levels but remain significantly above last year as AI and semiconductor demand continues to absorb available capacity, particularly amid ongoing network constraints in the Middle East.
- North American truckload markets remain tight despite relatively flat freight demand, with capacity reductions, carrier attrition, regulatory enforcement, and driver shortages continuing to support higher contract and spot rates. Although rates are down their highs in July 2026, they remain ~20% elevated year-over-year.
- North American rail volumes continue to strengthen, with intermodal traffic reaching record July levels and benefiting from shippers seeking lower-cost alternatives to trucking as truck capacity remains constrained.
- European truckload rates continue to increase; Domestic rates in Germany are increasing more sharply driven by low water levels on the Rhine limiting barge traffic
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