The Load Letter — May 21, 2026

Oil jumped to $108 overnight, the DOJ just indicted four major Chinese container manufacturers on global price-fixing charges, and the ocean-to-air freight story is flipping in ways that will hit your domestic book within 60–90 days. Today's briefing covers what air-to-ocean conversions mean for West Coast drayage and intermodal volume, why a muted ocean peak season actually creates domestic spot market volatility that rewards brokers with carrier relationships already in place, and the reefer seasonal handoff — Florida pulling back sharply while California surges. We also get into trucking liability premiums outpacing inflation by five points as carrier fixed costs climb, what Target's push for supply chain reliability means for brokers trying to get on preferred programs, and why the container indictments are about to make already-nervous import shippers even harder to manage. The Iran conflict is reshaping freight flows in real time. Here's where it's showing up on your board.