Q2 Was Strong. What Comes Next in Q3-Q4?

Four carriers. Ten signals. What comes next is already visible.

Four very different carriers have now reported Q2 results.

CMA CGM shows how higher rates turned into margin.

ONE shows how rising costs absorbed much of the recovery.

OOCL shows where demand accelerated.

Matson shows the value of premium positioning.

Together, they reveal 🔟 signals shaping Q3 and Q4.

Here is what could define the rest of 2026.

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*Unless stated otherwise, all changes compare Q2 2026 with Q2 2025.

1️⃣ The recovery arrived late in Q2

💡 ONE: demand strengthened in May–June; freight rates reached $1,300/TEU.

2️⃣ Shipping revenue rose faster than cargo

💡 CMA CGM shipping revenue +22% vs volume +6%; OOCL liner revenue +19.8% vs liftings +8.8%.