Most of the largest freight carriers underwent expansion over the previous year and continued to
experience quite a strong demand in most markets despite the changes being put in place on
international trade agreements. A majority of the companies listed in the top 50 accrued higher
revenues in 2018 compared to the previous year, despite the reports, whatever fate holds for the
companies is still in doubt as the US, and other nations realign their trade policies.

Several shippers have already come up with catalogs for their commodities and made necessary
amendments in their supply chains to protect themselves from the seemingly inevitable threat
that will emanate from the tension between the US and China with regards to trade tariffs. At the
same time, leaders in North America have already had talks to the US-Mexico-Canada
Agreement, which currently awaits approval. In Europe, things are also at a standstill with the
BREXIT in the equation.

FedEx Corp. and UPS Inc. still competitively hold the first and second positions at the top of the
Top 50, both undergoing massive growth over the previous year. China Railway Corp is at
number three, followed by The Maersk. North American trucking heavyweights including XPO
Logistics, J.B. Hunt Transport Services, YRC Worldwide, Knight-Swift Transportation,
Schneider, Old Dominion Freight Line, TFI International and Estes Express Lines, occupy
position 25, 26, 29, 30,34,35,37 and 46 respectively.

There are also newcomers on the list; General Logistics System occupies position 36. Qatar
Airways made its first appearance at the top at No. 47. Cargolux made it to No. 50. The ratings
are produced without considering the specific mode of operation of the company. The companies
are ranked based on the most recent revenues accrued over 12 months. The list was dominated by ocean carriers (14), followed by Railroads (12), then parcel carriers (10), eight trucking companies, and lastly, six freight carriers. The overall revenue earned by the Top %0 carriers totaled at $623.9 billion compared to the
previous year’s $573.8 billion.