Is the 2026 Peak Season Already Over?
Rates are still high. But much of the cargo expected in July may have already moved in May and June.
There is too much noise around freight rates.
Hormuz remains disrupted.
Carrier revenues are rising.
And spot rates are still far above last year.
Yet the market has now fallen for two consecutive weeks.
The reason is not that the crisis is over.
It is that the peak season may have arrived early—and may now be fading early.
The cargo did not disappear. It moved sooner.
Now carriers are trying to remove capacity before rates follow demand lower.
So has the 2026 peak already passed?