SUMMARY
Across modes, fuel is the common thread. Crude above $100 per barrel and record diesel are lifting surcharges and operating costs in air, ocean and trucking, and shippers should be aware that these pressures may persist while Hormuz and Red Sea risks remain unresolved.
Capacity conditions differ by mode. Air cargo demand is growing faster than capacity, ocean carriers are actively managing supply through blank sailings ahead of Golden Week, and trucking capacity has loosened slightly week over week even as rates stay well above last year. Transit planning around holiday-related congestion and storm disruption in Asia is worthwhile.











