EXPD · 10-Q · 2026Q2 · Full report

Ocean Freight Demand Recovery

EXPEDITORS INTERNATIONAL OF WASHINGTON INC · 2026-08-05 · Importance 49 · Surprise 32 · From source text

Ocean freight and ocean services revenue increased 5% in the second quarter of 2026, although first-half revenue declined 10% because excess capacity pressured rates during the first quarter. Ocean freight consolidation containers shipped were flat in the quarter, while average sell and buy rates increased 3% and 10%, respectively. Demand recovered in North and South Asia beginning in May as customers accelerated shipments to manage potential tariff exposure and geopolitical disruptions. South Asia ocean revenue increased 15% in the quarter and 7% in the first half, while North Asia revenue declined 4% and 24%, respectively, reflecting weak demand during the first five months and lower rates.

Key facts

• Ocean freight and ocean services revenues for the three months ended June 30, 2026 were $710,922 thousand, a 5% increase versus $675,782 thousand in 2025. source
• North Asia ocean freight and ocean services revenues decreased 4% for the three months and 24% for the six months ended June 30, 2026 versus 2025; containers shipped increased 2% in the three-month period and decreased 5% in the six-month period (overall decline noted). source
• South Asia ocean freight and ocean services revenues and expenses increased 15% and 16% for the three months ended June 30, 2026 and 7% and 5% for the six months ended June 30, 2026, driven by 6% and 9% increases in containers shipped. source
• Ocean freight and ocean services revenues and expenses both decreased 10% for the six months ended June 30, 2026 compared to the same period in 2025. source
• Six months ended June 30, 2026 direct ocean freight forwarding revenues increased 1% and expenses increased 2% versus the same period in 2025. source

Impact estimates