July 13, 2026 11:58 AM GMT On July 8, Fukuyama Transporting published June LTL business data. Daily volumes were +3.2% YoY, and unit prices were +0.9% (operating days were +4.6%). Our first impression is neutral. 1) YoY growth in daily volumes slowed considerably from +8.7% in April and +10.5% in May, but was broadly in line with our estimate. We view this as Middle East-related special demand that had benefitted the two LTL firms (Fukuyama Transporting and Seino HD) beginning to peak out. 2) Sales in the L ...