Global Freight Market Update – September 2026
Global freight markets remain resilient despite ongoing disruption risks. Strong air cargo demand, elevated ocean network uncertainty related to the Strait of Hormuz and Panama Canal restrictions and continued tightening in the U.S. truckload market are creating planning challenges as shippers move into the final quarter of the year.
Market Summary
September freight markets reflect a mixed but generally firm operating environment across transportation modes. Air cargo demand continued to outpace capacity growth, supporting elevated yields and tighter market conditions, particularly on Transpacific lanes. Ocean freight remains affected by geopolitical risks in the Middle East, Panama Canal draft restrictions, and anticipated network disruptions surrounding China’s Golden Week holiday period. U.S. containerized imports reached one of the highest monthly levels on record, highlighting resilient consumer and industrial demand despite ongoing uncertainty. In domestic transportation, truckload contract rates continue to rise as capacity constraints persist and carriers face higher operating costs, including labor and insurance expenses. Recent trade and policy developments, including guidance for Golden Week planning and new Russia-related sanctions legislation, underscore the increasing importance of proactive supply chain risk management heading into year-end.
AIR
International Air Freight News
Air freight conditions remain firm as demand continues to outpace capacity growth, particularly on Transpacific lanes. With fuel costs rising and load factors tightening, shippers should secure capacity early, maintain routing flexibility, and expect continued pricing pressure as peak-season activity builds.
What's changing
Global air cargo demand increased 3.9% year-over-year, outpacing 1.7% capacity growth, resulting in tighter market conditions and higher load factors.
Transpacific trade remained the strongest performing corridor, with Asia-North America volumes rising 9.2%, supported by continued growth in dedicated freighter operations.
Jet fuel prices increased 12.2% month-over-month, keeping airline operating costs elevated and contributing to sustained pricing pressure across global air cargo markets.
What shippers should do
Shippers are encouraged to secure space early and maintain routing flexibility, particularly on Transpacific and Middle East-linked trade lanes
OCEAN
International Ocean Freight News
Ocean freight markets continue to face disruption risks from the Strait of Hormuz, where security concerns and elevated war-risk surcharges persist despite ongoing diplomatic discussions. Additional pressure is coming from Panama Canal draft restrictions, which are forcing carriers to reduce vessel utilization, adjust networks, and in some cases reroute services. U.S. imports remained strong in August, reaching 2.6 million TEUs, while transit delays increased across major U.S. gateways. Looking ahead, carriers are preparing for schedule volatility tied to China’s Golden Week factory shutdowns, vessel deployment changes, and potential capacity adjustments on Asia-Europe trade lanes.
What's changing
The Strait of Hormuz remains a key source of uncertainty for global shipping, with security concerns continuing to support elevated war-risk insurance and surcharge levels.
Ongoing Panama Canal draft restrictions are reducing vessel capacity and forcing some carriers to reroute services, resulting in longer transit times and network disruption.
U.S. containerized imports reached 2.6 million TEUs in August, marking one of the highest monthly totals on record and highlighting resilient import demand.
Carriers are preparing for potential schedule volatility surrounding China's Golden Week holiday, as factory shutdowns, vessel repositioning, and capacity imbalances could disrupt Asia-Europe services during October.
What shippers should do
Shippers should book ahead, confirm inventory and sailing plans early, and prepare contingency options for potential disruption tied to Panama Canal restrictions, Middle East security risks, and Golden Week-related schedule volatility.
GROUND
U.S. Domestic Ground Freight News
The U.S. truckload market is showing signs of recovery, with contract rates rising, tender acceptance improving, and shipments returning to year-over-year growth. However, capacity remains constrained by driver availability, regulatory pressure, and elevated operating costs, making proactive contract management and carrier alignment important heading into Q4.
What's changing
Truckload linehaul rates increased 11% year-over-year in August, reflecting continued capacity constraints and a stronger contract pricing environment.
Many shippers completed network repricing efforts earlier in the year, leading to improved tender acceptance rates and a slowdown in mini-bid activity.
Spot market activity softened as more freight moved back under contract, although driver shortages and regulatory pressures continue to limit available capacity.
Freight shipments posted their first year-over-year increase since early 2023, signaling improving market conditions as inventory destocking trends ease.
What shippers should do
Shippers should review contract coverage, prioritize carrier alignment, and plan ahead for tighter capacity as improving shipment volumes, rising contract rates, and ongoing driver and cost pressures continue to shape the domestic ground market.
Policy spotlight
Latest Policy & Trade Developments
Evolving trade policy and seasonal production slowdowns are creating added complexity for global supply chains, making early planning, compliance visibility, and sourcing flexibility critical as shippers prepare for Q4 operations.
What's changing
China Golden Week 2026 Shipping Advisory: Manufacturers and logistics providers are preparing for reduced factory output and shipping schedule disruptions during Golden Week. Shippers should secure bookings early, confirm inventory strategies, and anticipate potential congestion before and after the holiday period.
New Russia Sanctions Law Creates Potential Tariffs: New legislation introduces the possibility of tariffs of up to 500% on Russian imports and up to 100% on imports from certain purchasers of Russian energy products. Companies should evaluate sourcing exposure, landed cost implications, and compliance requirements as implementation guidance develops.
What shippers should do
Shippers should proactively review sourcing and compliance exposure, confirm inventory and booking plans early, and prepare contingency options for potential tariff, sanctions, and seasonal disruption impacts.
Solution spotlight
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