Global Freight Market Update for February 2026

February 27, 2026

Global Freight Market Update

Key Takeaway

Global freight markets are in a delicate upswing. In February 2026, air cargo regained momentum on key lanes (especially within Asia) as airlines carefully restored capacity amid solid e-commerce flows. Ocean carriers confronted a glut of new ships but also pursued strategic consolidation (e.g. Hapag-Lloyd’s deal to acquire ZIM) to strengthen networks. U.S. trucking showed early recovery signs – winter storms tightened capacity and lifted spot rates, hinting at a bottoming-out of the market. Meanwhile, shifts in U.S. trade policy (ending one set of tariffs and adding a short-term import surcharge) and a transient bout of unrest in Mexico reminded stakeholders that external events continue to shape supply chain conditions.

Summary

February 2026 brought a mix of resilience and recalibration across global freight markets. Air cargo continued its recovery, with Asia-Pacific and Africa leading growth, driven by e-commerce and supply chain diversification strategies like “China+1.” Airlines cautiously restored capacity, maintaining balance despite ongoing pressure on cargo yields. In ocean freight, the industry faced a pivotal moment: Hapag-Lloyd’s planned acquisition of ZIM signaled consolidation, while a surge of new vessel deliveries raised concerns about overcapacity. Chinese New Year added seasonal disruption, with pre-holiday export surges followed by blank sailings, though overall maritime reliability remained strong.

In the U.S., domestic trucking experienced a temporary tightening due to severe winter weather, pushing some carriers toward the spot market. While contract rates edged up, broader freight demand stayed muted, and the market’s recovery remained fragile. On the policy front, the U.S. ended IEEPA-based tariffs and introduced a temporary 10% import duty under Section 122, reshaping import cost dynamics. Meanwhile, cartel-related violence in Mexico briefly disrupted freight flows through Guadalajara and Manzanillo, though operations resumed by month’s end.

Overall, February reflected a freight environment in transition—balancing early signs of demand recovery and improved reliability with structural challenges, policy shifts, and geopolitical risks that continue to shape the global logistics landscape.

International Air Freight News

Selective rebound: Global air cargo demand picked up modestly year-on-year, propelled by strong Asia-Pacific and African growth, even as flows in the Americas remained subdued.
Capacity vs. yields: Airlines have cautiously restored cargo capacity (keeping load factors steady), but freight yields are still softening compared to last year, underscoring a competitive market.
Shifting trade lanes: E-commerce and “China+1” diversification are reshaping air routes – intra-Asia and Europe–Asia lanes are outperforming, while traditional Asia–North America volumes face headwinds.

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International Ocean Freight News

Carrier consolidation: Hapag-Lloyd’s planned acquisition of ZIM will vault it into the global top five container lines and significantly expand its reach on trans-Atlantic, intra-Asia, and other key routes.
Managing overcapacity: With a surge of new vessels in service and few old ships retired, carriers are contending with a capacity glut – deploying tactics like blank sailings and slower steaming to stabilize freight rates.
Lunar New Year effects: Chinese New Year factory closures in mid-February triggered a rush of last-minute exports (congesting China’s ports) followed by a wave of void sailings, highlighting this holiday’s multi-week impact on global trade.

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U.S. Domestic Ground Freight News

Weather squeeze: Intense winter storms tightened U.S. truckload capacity in February, as some smaller carriers rejected contract loads to chase rising spot rates during the disruption.
Rates firming up: Truckload pricing is gradually rebounding – contract rates have inched higher, and spot rates are climbing faster (signaling a narrowing gap as the market moves off the bottom).
Cautious recovery: Despite these gains, freight volumes remain relatively soft, so the trucking market’s upswing is tentative and reliant on stronger demand to sustain momentum.

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Latest Policy & Trade Developments

The U.S. terminated IEEPA tariff collection on February 24, 2026, ending the extra import duties that had been imposed under emergency economic powers.[Read more]
A temporary 10% import surcharge (under Trade Act Section 122) took effect February 24, 2026, applying broadly to U.S. imports for up to 150 days as a balance-of-payments measure.[Read more]
Security unrest in Mexico (after a cartel leader’s death on Feb 22) caused fleeting disruptions around Guadalajara and Manzanillo, with roadblocks and port/airport delays until authorities restored order by late February. [Read more]

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