Spot loads hit new peak, contracted carriers refuse work

The eurozone manufacturing PMI rose to a 47-month high. The S&P Global Eurozone Manufacturing PMI rose from 51.6 in March to 52.2 in April, its highest level in close to four years. The output index also increased, reaching an eight-month high of 52.3.

However, S&P Global’s commentary was far from celebratory. The survey found that production and order books were being supported by customers buying early to get ahead of expected price increases and possible supply disruption. Input price inflation in the eurozone reached a 46-month high, while output charge inflation rose to a 39-month record.

The clearest warning came from supply chains: Eurozone factories raised their buying volumes in April to the greatest extent since mid-2022, while bulk ordering, Middle East-related logistics disruption and reduced raw material availability pushed vendor delays to their worst level since July 2022.

For transport markets, the pattern is important: more production and purchasing can lift freight activity in the short term, but when it is driven by defensive stockpiling rather than stable final demand, the order pipeline becomes harder to read.

Spot-market load offers rose sharply across 14 major European corridors in the first quarter of 2026. At the same time, contracted carriers rejected loads at record rates, while year-on-year rate growth moved into double digits in March on most of the analysed routes.

Trans.eu recorded more than 800,000 load offers in a recent week, around 12 to 13% above its previous peak. As fuel, wages and compliance costs rise faster than agreed prices, more carriers are simply refusing work that no longer pays.

Source: trans.info