Freight Market Tightens Despite Subdued Volumes

The maritime freight market tightened in the fourth quarter of 2025 despite subdued shipping volumes, according to the latest U.S. Bank Freight Payment Index. The index, which tracks freight payment activity, showed that spot and contract rates climbed during the quarter even as overall freight volumes remained muted. This trend was driven by tighter capacity in the trucking and intermodal sectors, as well as stricter regulatory pressures on carriers. "The freight market is still feeling the effects of the pandemic, with volumes not yet back to pre-COVID levels," said Bobby Holland, vice president of U.S. Bank Corporate Payment Systems. "However, carriers are facing a number of challenges that are keeping rates elevated, including driver shortages, equipment imbalances, and new safety regulations." The U.S. Bank data aligns with other industry reports pointing to a tightening freight environment. FreightWaves, a leading maritime and logistics news source, noted that the tough market conditions have been particularly challenging for freight brokers, as evidenced by the recent fourth-quarter earnings of RXO, a major brokerage firm. "Brokers are feeling the squeeze as shippers push back on high rates and carriers have more leverage," said FreightWaves editor-in-chief Craig Fuller. "This is putting pressure on broker margins and profitability." Looking ahead, industry analysts expect the freight market to remain constrained in the near term, with capacity tightness and regulatory changes continuing to support elevated rates. Shippers and logistics providers will need to closely monitor these trends and adjust their strategies accordingly.