The IRU x Upply x Ti Q2 2026 report shows that European contract and spot markets have accelerated sharply, breaking with the softer conditions seen through late 2025 and in Q1 2026.
Contract rates rose to 148 index points, up 7.9 points quarter on quarter (QoQ) and 15.2 points year on year (YoY). Spot rates climbed even more steeply, reaching 146.8 index points, up 14.6 points QoQ and 13.9 points YoY, nearly double contract rate's quarterly pace.
After three quarters of divergence, both markets are now moving up together, driven primarily by cost rather than demand.
