Contents
Delivering Global Trade and Logistics Intelligence. Since 1827. January 5, 2026 • Vol 27 • Issue 1
Annual Review & Outlook 2026
COLUMNS
6 Less tonnage, more punch By Mark Szakonyi
104 Service under siege By Peter Tirschwell
101 By the Numbers 102 Commentary Index
EXECUTIVE COMMENTARIES
12 Shippers 38 Maritime 60 Government 72 Surface Transportation 80 Logistics 96 Air Cargo
IN PERSPECTIVE
28 A jolt of electricity By Susan Oatway
34 Apex capacity By Jeremy Masters
36 The reliability‘ doom loop’ By John McCauley
66 Pricing failure By Satish Jindel
67 In search of lost demand By Jason Miller
69 Two days of rain By Ted Prince
70 Slow train By Larry Gross
6 Cover Story Looking for a pulse Weak US freight vitals bode poorly for 2026
DEPARTMENTS
18 Maritime Into the red
A supply-demand imbalance has ocean carriers on course for heavy losses
Not-so-good tidings
China tariffs and economic uncertainty are depressing pre-Lunar New Year volumes
A reversal of fortune
Shippers will regain leverage in trans-Pacific contract negotiations
In excess
A trans-Atlantic capacity injection is overtaking market demand
Unplannable
A Red Sea return poses a disruption threat to the Asia – Europe trade
Competitive instability
Container sector pressure could upend the‘ stable’ MPV market www. joc. com January 5, 2026 | Journal of Commerce 1