EXPD · 10-Q · 2026Q2 · Full report

Ocean Capacity and Pricing

EXPEDITORS INTERNATIONAL OF WASHINGTON INC · 2026-08-05 · Importance 51 · Surprise 64

Ocean supply-demand conditions shifted from excess capacity in the first quarter to a more balanced environment in the second quarter as demand improved. Carrier blank sailings and other restrictive capacity measures contributed to higher buy rates, which increased faster than sell rates during the quarter. Ocean consolidation average buy and sell rates rose 10% and 3%, respectively, and the company could not fully pass through higher carrier costs because of timing and buy-rate mix. Additional vessels expected in 2026 and 2027 and potential resumption of Red Sea traffic may add capacity and pressure future rates.

Key facts

• Ocean freight consolidation revenues and expenses decreased 18% and 16%, respectively, for the six months ended June 30, 2026 due to 17% and 14% decreases in average sell and buy rates and a 2% decrease in containers shipped. source
• Ocean freight consolidation revenues and expenses increased 3% and 10%, respectively, for the three months ended June 30, 2026, while ocean containers shipped remained flat. source
• For ocean freight consolidation, average sell rates and buy rates increased 3% and 10%, respectively, for the three months ended June 30, 2026 compared to 2025. source
• Ocean freight consolidation represented 62% of ocean freight and ocean services revenue for the six months ended June 30, 2026. source