Carriers gobble up contracted freight, leaving the spot market barren for the holiday week. While not overtly obvious, there is still some semblance of hope for a decent peak season for carriers.
Since the pandemic started, many shippers found their existing contracts unable to ensure carrier compliance. Supply and demand were especially volatile, and so spot rates, which are more sensitive to changing market conditions, handily outpaced contract rates.
Phoenix and Denver are both seeing an uptick in outbound volumes days after the holiday drop, and capacity in Elizabeth, New Jersey, handles the increased port volume.
Containerized imports to Savannah were increasing before the holiday, and rejection rates out of Dallas fell 100 basis points since Monday.
Nashville, Tennessee’s, rejection rates have crashed to their lowest values since April 2020, putting downward pressure on spot rates, but in Kansas City, Missouri, rejections and rates are both rising.
The rate at which carriers are rejecting freight out of LA is pushing spot market rates upward, while the opposite is happening in Detroit.
Since the pandemic started, many shippers found their existing contracts unable to ensure carrier compliance. Supply and demand were especially volatile, and so spot rates, which are more sensitive to changing market conditions, handily outpaced contract rates.
At the start of September, outbound volumes in Indianapolis dropped 4.5% overnight. Meanwhile, in Greenville, South Carolina, they increased 14.5% overnight.
Salt Lake City is seeing increased outbound volume to start September, while Denver continues to experience a decline.
Outbound volumes from New Orleans are rising sharply at the end of the month while they plunge in San Antonio.
FreightWaves founder and CEO Craig Fuller provides insight into the state of trucking contract rates.
The West Coast ocean container volume drop is here and will continue for months to come.
Dwell times in the Port of Los Angeles dropped below four days, and outbound volumes are up in Savannah, Georgia, due to more imports being sent to the East Coast.
Outbound volumes in Allentown continue to rise at the start of the week, and Detroit levels are nearing a record since 2018.
Importers have been shifting to the East Coast since 2021, but the full realization of this has peaked over the summer. The shifting import pattern has strong downstream effects for surface transportation providers.
Outbound volumes in Ontario are up after a 12.3% drop earlier this month but decline in the formerly greener pastures of South Carolina.
Contract and spot rates continue their downward trend despite volume levels and rejection rates flattening out…
Imported twenty-foot equivalent units cleared through customs to the Port of New York and New Jersey fell last week, and truckload volumes in St. Louis are climbing this week.
Outbound volumes are their highest on record in Las Vegas, but Austin, Texas, sees an even larger increase.
Reefer volumes in Northern California start to fall, and Bowling Green, Kentucky, shows signs of a headhaul market.
