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US container ports warn against Trump budget cuts

Pier 300 Port of Los Angeles

WASHINGTON — Executives from the largest US container and energy ports that had been set to receive close to $330 million this year for maintaining key infrastructure are warning Congress not to accept the Trump administration’s plan to cancel the money.

In a letter sent Thursday to lawmakers responsible for appropriating the Harbor Maintenance Trust Fund (HMTF), the American Association of Port Authorities (AAPA) and 22 port directors asked that they restore requirements agreed to by Congress in 2020 – but which the administration has stripped from its FY25 and FY26 budgets – that allow “donor” ports, which typically include large container ports, along with ports that specialize in energy cargo, to receive a more equitable share of the trust fund as well as to be able to use it for projects other than harbor maintenance.

Donor and energy ports historically have contributed considerably more to the HMTF than they get back in project revenue. 

In FY24, approximately $332 million was awarded to such ports to carry out “expanded use” projects across the country.

“Unfortunately, the Administration opted to ignore Congressional intent … when making spending allocations of HMTF funding” for FY25, the letter stated. “Donor and energy ports, which were expecting to receive nearly $330 million … ultimately received no funding for this program. Similarly, the FY26 budget request includes no funding” to carry out the new funding provisions approved by Congress, the letter states.

“Ports need consistent and predictable funding to plan and execute the billions in additional expanded-use projects in their pipelines,” the port directors assert. “These projects are critical to supporting a robust and resilient supply chain infrastructure as well as our economic, energy, and national security.”

During a water resources budget hearing in June, U.S. Senator Patty Murray, D-Wash., called it “troubling” that the Trump administration believes it’s not the federal government’s responsibility to provide the funding “even though that is one of the explicit purposes Congress passed into law,” she said. “That is really unacceptable.”

At the hearing, Murray asked Lee Forsgren, acting assistant secretary for the U.S. Army’s civil works division, which is responsible for overseeing the HMTF, if he would commit to ensure donor ports receive their full share from the fund.

“I will commit to working to ensure that the [HMTF] is used to the maximum extent it possibly can,” Forsgren responded. “We understand the [HMTF] is the backbone of the commercial navigation system for our ports and that system has to be able to be functional across all of the nation’s ports. 

“But I will say,” he added, “there needs to be a primary focus on the principal federal responsibility which is the mainline channels.”

Click for more FreightWaves articles by John Gallagher.

Running on Ice: The cold chain goes to space

NASA is pushing the boundaries of cryogenic technology with a groundbreaking test at its Marshall Space Flight Center in Huntsville, Alabama. Dubbed “Stay Cool: NASA Tests Innovative Technique for Super Cold Fuel Storage,” the project aims to achieve zero‑boiloff storage of liquid hydrogen by deploying a novel two‑stage active cooling system, offering a lifeline to future long‑duration missions to the Moon, Mars, and beyond.

The challenge is deceptively simple: keep liquid hydrogen boiling at roughly −424 °F. Cold long enough to prevent boiloff caused by solar heating, spacecraft exhaust, and onboard systems. The NASA article explains, “In the vacuum of space, where temperatures can plunge to minus 455 degrees Fahrenheit, it might seem like keeping things cold would be easy. But the reality is more complex for preserving ultra‑cold fluid propellants.” 

To combat this, NASA engineers have developed a “tube‑on‑tank” method, in which chilled helium circulates through tubes affixed directly to the outer wall of the propellant tank. A multi‑layer insulation blanket, including a thin aluminum heat shield, surrounds the tank; a second layer of helium tubing carrying fluid at about −298 °F intercepts incoming heat before it reaches the tank, reducing the load on the inner system.

“Technologies for reducing propellant loss must be implemented for successful long‑duration missions to deep space like the Moon and Mars,” said Kathy Henkel, acting manager of NASA’s Cryogenic Fluid Management Portfolio Project. “Two‑stage cooling prevents propellant loss and successfully allows for long‑term storage of propellants whether in transit or on the surface of a planetary body.” 

The test hardware entered a vacuum chamber in early June and is undergoing a 90‑day test campaign slated to conclude in September. If successful, this technology could eliminate the need to vent cryogenic propellants during extended missions.

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California trucking company closes after 40 years in business

Fresno, California-based drayage trucking company TGS Transportation has closed.

The company announced Thursday that it would be closing its operations effective that same day, according to a letter posted on LinkedIn by TGS President Peter Schneider.

In the letter addressed to vendor partners and industry friends, TGS stated that the decision to close was difficult and “influenced by the challenging market conditions facing the industry.” The letter was signed by Peter, CEO Timothy Schneider and Chief Operating Officer Robert Loya.

“To Our Valued Customers: We extend our heartfelt thanks for your unwavering trust and partnership over the past 40 years,” TGS’ letter stated. “The relationships and friendships forged have been the foundation of our success.”

The letter also thanked employees for their hard work and dedication over the last year and a half – a period which has been especially challenging for the company. It also hinted at members of its team continuing to serve the industry “under a new flag.”

TGS was founded by Timothy on May 1, 1985, according to the company’s website. His son Peter joined the company in 1993.

“We will be sharing more detailed information about these new opportunities and how you can continue to receive exceptional service in the very near future,” TGS continued.

According to SAFER data, TGS carried general freight, metal sheets, building materials, large machinery, liquids and gasses, intermodal containers, chemicals, paper products and farm supplies.

The company also carried fresh produce, grain, meat, dry bulk commodities, refrigerated food and beverages. TGS employed 20 drivers and operated 20 power units.

TGS Transportation’s closure comes a little over a year after fellow California trucking company Tony’s Express ceased operations after 70 years in business citing market challenges.

Trump sets new tariffs on global trade partners, stock market drops

President Donald Trump announced on Thursday steep tariffs on exports from dozens of U.S. trade partners that have not confirmed a trade pact in advance of a Friday deadline.

About 40 countries that the U.S. runs a trade deficit will now face a minimum 15% duty rate on exports. 

Some U.S. trade partners will be hit with even steeper rates, such as 50% for goods from Brazil, 39% for Switzerland, 35% for Canada, 25% for India and 20% for Taiwan, according to a presidential executive order.

U.S. stocks were sinking in early trading on Friday, with the Dow Jones Industrial Average dropping around 1.6%, the S&P 500 down 1.73%, and the tech-heavy Nasdaq Composite falling 2.33% as of 10 a.m. EST. 

The latest round of “reciprocal” import tariff rates will start around Aug. 7, White House officials said.

Trump, in a phone interview with NBC News following the order, said he would be open to more trade negotiations, but it was “too late” for other nations to avoid tariffs set to kick by next week, CNBC reported.

“It doesn’t mean that somebody doesn’t come along in four weeks and say we can make some kind of a deal,” Trump said.

Canadian Prime Minister Mark Carney has said he was “disappointed” by the increased tariff on Canadian goods shipped to the U.S.

“While the Canadian government is disappointed by this action, we remain committed to the [United States-Mexico-Canada Agreement], which is the world’s second-largest free trade agreement by trading volume,” Carney said in a statement posted on social media.

“While we will continue to negotiate with the United States on our trading relationship, the Canadian government is laser focused on what we can control: building Canada strong.”

Canada ranked No. 2 for trade with the U.S. in May at $57.6 billion. Exports from Canada to the U.S. that could be impacted by the tariffs include aluminium, steel, lumber, cars and auto parts.

Goods that are covered by the United States-Mexico-Canada Agreement will not be affected by tariffs, according to authorities in Canada and the U.S.

David French, executive vice president of government relations at the National Retail Federation, said tariffs are taxes that are eventually passed onto consumers.

“We encourage the administration to negotiate binding trade agreements that truly open markets by lowering tariffs, not raising them,” French said in a news release. “Tariffs are taxes paid by U.S. importers and are eventually passed along to U.S. consumers. These higher tariffs will hurt Americans, including consumers, retailers and their employees, and manufacturers, because the direct result of tariffs will be higher prices, decreased hiring, fewer capital expenditures and slower innovation.”

Mike Short, president of global forwarding at C.H. Robinson, said the recent surge in U.S. trade and tariff policies could create a lot of uncertainty for shippers.

“Companies just experienced a very concentrated burst of trade policy activity and most of them have exceptions and nuances,” Short said. “Safe to say our customs team is very busy. Everyone is wanting to understand how these new impacts affect them and we’re working with our customers to educate them not only on their impacts but also provide solutions that could help them reduce exposure.”

The latest tariff increases and the Trump administration’s recent suspension of de minimis exemptions for low value imports will further reshape supply chain strategy, according to Short.

“Tariffs have reshaped how companies approach supply chain planning and global sourcing. The conversation has evolved beyond a simple ‘China +1’ or ‘+2’ diversification model,” Short said.

“What we’re seeing now is a more intentional, tiered sourcing hierarchy that prioritizes geopolitical stability, business continuity, and cost efficiency. We’re working closely with customers to reassess their entire supply chain architecture — from sourcing origins to downstream logistics, port selection, and even last-mile delivery.”

Trucking jobs bucked the tide, rising in July; warehouse employment is plummeting

In a monthly employment report that was mostly considered disappointing in its estimate of jobs as a whole, the data for truck transportation was solidly positive.

Seasonally adjusted truck transportation jobs rose 3,600 jobs to 1,523,300 jobs, according to data released by the Bureau of Labor Standards Friday.

Truck transportation jobs in July were 6,600 jobs more than a year earlier. In the interim, more months showed a decline in truck transportation jobs than an increase. But two months in particular offset that: the just-released July numbers, and the 8,000 jobs reported as added for March. Those two months alone accounted for more than the total increase over the last 12 months. 

The biggest transportation-related shift in the latest report came in the category of warehouse jobs. They took a big hit, down 6,400 jobs after a large 12,000 jobs downward revision for June. 

What is striking about the warehouse jobs numbers is that at 1,818,300 jobs, they are at a level that has not been this low since October 2021, when the industry was ramping up month after month to deal with the surge in freight demand following the pandemic. October 2021 jobs were 1,797,600 jobs. Every month after that exceeded the figures for July reported Friday. 

The BLS data does not include independent owner operators. And the reports of higher employment are coming even as reports of company closures continue to roll in. 

Rates still not covering costs

Mazan Danaf, an economic analyst with Uber Freight (NYSE: UBER) said in an email to FreightWaves that Uber Freight estimates are that “current trucking operating costs still exceed spot rates by about 20% and even slightly surpass contract rates. This suggests that carrier margins are largely disappearing.” 

The up and down nature of recent reports on truck transportation employment was noted by David Spencer, director of business intelligence at Arrive Logistics.

“From month to month we are seeing swings back and forth, from positive to negative and back,” Spencer said in an email to FreightWaves. “The inconsistent trends point to both the challenges and opportunity that the trade war and its downstream effects is having on trucking. For many, three years of poor rate conditions have eroded profits made throughout the pandemic and have limited options for how carriers can adjust to survive in today’s market.”

Overall, a depressing report

The bleakness of the report in general was noted by independent economist Aaron Terrazas. He noted that not only were the employment numbers down for July, but there were significant downward revisions for prior months. 

“Combined with inflation data from earlier this week, we are now facing the contradictory trends many economists fretted over earlier this year — a visible slowdown in the job market and an acceleration in inflation — sharpening the edge of the Fed’s next interest rate decision,” Terrazas said in an email to FreightWaves. “A single data point is not a trend, and we’ll have another jobs report before the Fed meets next. But today’s BLS data raise the stakes for both hiring and pricing decisions in August.”

Terrazas also cited two other numbers in the report. The new entrant share of those who are unemployed was 13.4%, the highest since April 1988. The share of the unemployed who have been out of work for 15+ weeks was 40.9%, a number not seen since the end of 2021 when the economy was shaking off the impact of the pandemic.

In other data from the monthly report:

  • After breaking through the $31/hour level in May, the average hourly wage of non-supervisory and production truck transportation employees–which would include drivers–fell back slightly. That data has a one-month lag from the general employment number. It came in at $31.04 in June, down from $31.09 a month earlier. But it has been on an upward trend even as the overall Producer Price Index for truck transportation, released in the first 10-15 days of the month, has been remarkably stable.
  • There was no movement in rail employment numbers. There were 153,200 workers employed in that sector in July. It was the same as June, though the initial June figure was revised down 700 jobs. The final May number was 153,400 jobs. But the number employed is 2,800 jobs less than a year earlier. 

More articles by John Kingston

Averitt pay increase could be a sign of some acceleration in driver wages

Sequential numbers at diversified trucking operator TFI International may mark a turnaround

At C.H. Robinson, improved profitability, productivity and a lot fewer workers

White Paper: State of the Industry – August 2025

The August 2025 “State of the Industry Report” — presented in affiliation with Ryder — shares an in-depth overview across the trucking, maritime and intermodal markets, as well as what to expect in the coming weeks. The data contained within the report provides breakdowns of capacity, volumes and rates.

In this report, you will find:

  • In the absence of geopolitical risk and a U.S.-China trade deal, ocean spot rates and bookings have tumbled in recent weeks.
  • Truckload demand is on an unseasonal decline, yet tender rejections and carrier rates suggest a nationwide tightening of capacity.
  • The rail industry is abuzz with merger speculation, which could exacerbate existing issues such as labor tensions and shipper-unfriendly operational decisions.
  • Macroeconomic data is wavering and has fallen to meet depressed sentiment among consumers, manufacturers and homebuilders.
  • The Federal Open Market Committee is unlikely to be persuaded by this concerning weakness until its September meeting, however, citing a stable (though arguably precarious) job market.

Download the complimentary report today to access the full insights.

Former U.S. shipping czar Sola joins D.C. lobby firm

Former Federal Maritime Commission Chairman Louis Sola has joined Washington lobby firm Thorn Run Partners as a partner.

Sola, who built a successful mega-yacht business before entering politics, was a Trump appointee to the FMC in 2018. He was re-appointed by President Joe Biden in 2024, then named by Trump to serve as chairman in 2025 before stepping down in June after a holdover period from his expired term.

The FMC oversees and enforces policy governing U.S. international ocean trade, including container shipping lines, most of which are based outside the U.S., as well as port terminal operators.

As FMC chairman, Sola led efforts during the Covid pandemic to safely resume cruise operations, Thorn Run said in a release, and was a strong advocate for development of liquefied natural gas fuel resources in ports. The release also said Sola was among the first federal officials to formally expose foreign influence in Latin American maritime infrastructure.

An Army veteran and counter-intelligence officer, at the FMC Sola helped defend U.S. national security interests against strategic encroachment at global shipping chokepoints.

Sola founded Evermarine, a global yacht and ship brokerage, and later consulted for the Inter-American Development Bank on Latin American port and infrastructure finance.

The lobby firm said Sola’s wide-ranging expertise will help it continue to expand its capabilities across key sectors.

“Lou Sola will add a unique and important capability to our firm,” said TRP Co-Founder Chris Lamond, in the release. “His experience and extensive network of relationships in the area of maritime trade and tariff policy will help us address a growing area of client need.”

“We are excited at the prospect of bolstering our firm’s offerings in such an important area as international trade,” said TRP Co-Founder Andrew Rosenberg, also in the statement. “Coupled with our current team of experts, Lou is going to instantly establish TRP as the leader in maritime and trade lobbying.”

Thorn Run has offices in Washington, Portland, Ore., and Los Angeles.

Find more articles by Stuart Chirls here.

Related coverage:

Why a French shipping magnate with US ties is interested in China-owned port terminals 

Rail deal will open new markets for top US container port 

Activist investor may target CSX, citing slumping financial performance

While shippers cite merger concerns, rival railroad looks instead to ‘collaborations’

eBook: Cargo at rest is cargo at risk

Cargo theft is more than an industry challenge – it’s a $700 billion crisis that threatens global supply chains. It isn’t just about stolen goods, either. Cargo theft creates a ripple effect that affects shippers, motor carriers, brokers, and yard operators alike.

Thieves are constantly adapting their tactics, targeting locations with known security gaps where theft is quick, low-risk, and highly profitable. Industrial outdoor storage yards (IOS) and parking facilities have become hotspots, often labeled as “secure” but lacking the infrastructure to deter criminals.

Don’t let your cargo become a target

This eBook takes a deep dive into this growing threat and explores what you can do to strengthen your defenses. You’ll gain a clear understanding of how theft tactics are changing, why traditional security measures are falling short, and what it really takes to protect high-value goods.

What’s in this eBook?

  • The urgent need for secure IOS: tactics, trends, and how to stay ahead
  • Check your cargo security readiness: is your facility a target?
  • The gold standard for IOS cargo security: key features to look for

Download the eBook now to learn the practical steps you can take to reduce risk and protect your cargo.

How to Scale Your Revenue Without Adding Any Trucks

When revenue stalls, most small carriers think: “I need another truck.” That logic is broken. Adding trucks before dialing in your business model just multiplies your problems—fuel, repairs, insurance, compliance, and payroll. A small operation with 1 to 3 trucks should be profitable before it ever considers scaling up.

Let’s make this clear: if you’re not maximizing revenue on the trucks you already own, adding more just scales your inefficiency. Scaling doesn’t mean more volume—it means more efficiency, better margins, and stronger systems. You can grow 30% without growing your fleet, just by eliminating waste and getting sharper with your numbers.

Here’s what actually moves the needle.

1. Know Your Cost Per Mile—Down to the Cent

You can’t scale what you can’t measure. If you’re not calculating your cost per mile weekly, you’re operating blind. Knowing your numbers isn’t optional—it’s the foundation. Most small fleets only track gross revenue and fuel. That’s not enough. Your profit lives in the details.

Track everything weekly:

  • Fixed costs: insurance, truck payments, permits, registration
  • Variable costs: fuel, maintenance, tires, repairs
  • Overhead: software, factoring, bookkeeping, office supplies
  • Labor: wages, payroll taxes, workers comp, benefits

Even small expenses add up—subscription fees, IFTA miscalculations, roadside service calls. Build a full-cost picture for each truck. Include downtime and opportunity cost in your model.

Use a simple TMS or spreadsheet, but do it consistently. Make it a routine every Friday. Create a “Revenue vs. Cost per Truck” dashboard. Overlay lane data, deadhead, and margin. If you’re not profitable at $2.75/mile, you’ll know it fast—and you’ll know what’s killing you.

2. Drop the Bad Lanes and Chase Profit, Not Miles

Chasing miles is how small carriers stay broke. More miles doesn’t mean more profit—it just means more wear and tear, higher fuel spend, and longer days. The real game is finding lanes that consistently pay above your cost threshold and don’t waste time at the dock.

Start by scoring your current lanes:

  • Rate per mile (loaded and total)
  • Deadhead percentage
  • Dwell time and wait hours
  • Profit per hour
  • Consistency (is it repeatable?)

Use load board tools to identify regional lanes that pay well and don’t stretch your hours. Look at seasonality—what pays in July may not pay in November. Know the patterns. Eliminate routes with high detention, high deadhead, or bad accessorial pay. Focus on 200–500 mile round trips you can complete in 1–2 days.

Build a “lane scorecard” every month. Sort lanes by profitability. Cut the bottom 20%. Double down on the top 10%. If it takes 12 hours to deliver a $1,000 load, that’s $83/hour. If it takes 4 hours to deliver a $750 load, that’s $187/hour. Choose better, not bigger.

3. Negotiate Every Load—Or You’re Leaving Money Behind

If you’re accepting the first rate a broker throws out, you’re not negotiating—you’re surviving. Load boards aren’t ATMs. They’re starting points. You don’t need to be aggressive, but you do need to be confident and clear on your numbers.

Build your negotiation process like you build a maintenance schedule. Do it every time. Track your outcomes. Improve with each call.

Your checklist:

  • Always ask: “What’s the best you can do on this?”
  • Reference lane history to justify your rate ask
  • Mention your clean DOT record, on-time rate, and equipment type
  • Push for accessorials: detention, layover, TONU, fuel surcharge

Create a negotiation script. Use it every time. Note the posted rate, what you asked, what you got, and who you spoke to. Look for trends—certain brokers may always cave $100 more. Certain lanes may have more wiggle room than others.

Track your average negotiated increase per load weekly. If it’s under $150, there’s money on the table. Get sharper.

Reflective Moment: If you’re not earning at least $0.25/mile more than the posted average on 60% of your loads, you’ve got room to grow—without turning a single wrench.

4. Build Direct Shipper Relationships

Direct freight is the fastest way to stabilize revenue and boost profit margins. No broker fees. No rate games. No fighting for load board scraps.

You don’t need a sales team. You need a simple outbound routine:

  • Identify repeat loads on boards—same origin/destination
  • Google the shipper or receiver and get the phone number
  • Call and introduce yourself as a local, reliable carrier with capacity
  • Offer to haul problem loads (short notice, off-hours, seasonal)
  • Follow up after each successful load—build trust

Keep a direct shipper log. Document every touchpoint, every call, every load. Once you’ve hauled for them, ask about volume freight. Offer flexible equipment or drop trailers if possible.

Most small carriers never even try. That’s your edge.

The carrier who builds a relationship today owns the lane tomorrow.

5. Eliminate Downtime and Empty Miles

Downtime, deadhead, and dwell time are the silent killers of small fleet profitability. Every unproductive hour is an expense with no return.

Start tightening your operation:

  • Plan load-backload pairs before booking anything
  • Prioritize routes that loop you back within 24–48 hours
  • Use your ELD geofencing to auto-track detention time—then bill for it
  • Get strict on preventive maintenance—use a calendar, not your memory
  • Track idle time and unauthorized stops

Use a 10% deadhead max rule. If a load sends your truck 100+ miles empty with no backhaul or strong follow-up, it’s not profitable—no matter how good the rate sounds.

Put weekly downtime and idle hour reports on your calendar. Don’t guess—measure.

Empty miles and missed maintenance aren’t just inefficiencies—they’re unpaid invoices you wrote to yourself.

6. Use Technology That Pays for Itself

You don’t need a $1,000/month TMS. But you do need tools that earn their keep. Tech should either:

  • Save you admin time
  • Prevent costly mistakes
  • Improve rate visibility
  • Track key numbers automatically

A solid tech stack for small fleets:

  • TMS with cost-per-mile tracking (Motive, TruckingOffice)
  • Load board with historical rate data
  • ELD with IFTA and DVIR support
  • Doc scanner (CamScanner, Adobe Scan) for PODs and BOLs
  • Spreadsheet or simple dashboard for lane and margin tracking

Audit your tech spend quarterly. Ask: is this tool saving me more than it costs? If not, drop it or downgrade.

Tech isn’t overhead—it’s a multiplier. But only if it saves time or boosts margin.

7. Protect Your Time—Run It Like a Business

You’re not just a driver. You’re the CEO. Every hour spent chasing paperwork, waiting on rate cons, or fixing admin errors is time stolen from revenue-generating activity.

Here’s how to protect your time:

  • Automate invoicing with templates and recurring reminders
  • Track payments weekly—don’t let unpaid invoices stack up
  • Use rate negotiation scripts to cut call time
  • Block 1–2 hours a week for admin—not during drive time
  • Use a digital folder structure so you don’t dig through emails

Build a weekly “CEO Block”—2 hours every Friday to review finances, lanes, and dispatch patterns. Look at what went well, what bled margin, and what needs to change.

The only thing more valuable than revenue is control. Own your schedule like you own your rig.

Final Word

Scaling revenue in a small fleet isn’t about growing your headcount—it’s about growing your margin. Every move you make should be measured, profitable, and tied to a system. Know your numbers. Pick better lanes. Negotiate with confidence. Reduce waste. Build direct freight relationships. And run your operation like the business it is—not a side hustle that drains your time and money.

You don’t need more trucks. You need better decisions per mile. Start there, and the growth takes care of itself.

For-Hire Trucking Index shows fourth month of volume declines

Tractor trailer driving down a highway

The for-hire trucking industry faced its fourth consecutive month of declining volumes in June, according to ACT Research’s For-Hire Trucking Index. The diffusion index is based on a survey of carriers and measures the degree and direction of changes in their operational statistics. A reading above 50 shows growth; below 50 is degradation.

The Volume Index posted a seasonally adjusted 41.5 in June, down from 42.5 in May. This downturn stems from tariff-related effects, particularly the early April tariffs and persistent overcapacity, extending the current freight market downcycle. 

Volumes are expected to improve, with the release noting, “Volumes should improve in July and August following the tariff reprieve, but the pull-forwards in freight demand in the first half of the year will result in paybacks.”

Particularly noteworthy is the Driver Availability Index, which tightened to 47.9 from 50.9, the first deterioration in driver supply in 38 months. “Given the duration of the downturn, current uncertainty, and a weaker freight outlook due to tariffs, we would expect the driver market to continue to tighten in the near term,” the report notes. “While a tighter driver supply is a potential catalyst for a new cycle, demand is needed too.” 

Other causes of tightening driver availability include cost-cutting measures, which are beginning to take drivers and driving schools out of the market.

Fleet purchase intentions rose 15.6% month over month in June, with 43% of respondents planning equipment purchases in the next three months. However, this remains significantly below the 54% long-term average as fleets deal with financial constraints and rising equipment costs.

The report adds, “Overall, buying sentiment is expected to remain below the long-term average as we enter the 13th quarter of a for-hire downturn, compared to the six- to eight-quarter historical average. Fleets are cash-strapped, and many are delaying or forgoing new equipment purchases altogether.”

The Pricing Index fell 3.6 points to 44.2 in June from 47.8 in May. The persistent overcapacity remains evident in soft spot trends during typically strong seasonal months. While volumes should improve following the tariff reprieve, multiple pull-forwards in freight demand earlier in the year will likely result in payback periods.

The Capacity Index increased slightly to 46.8 in June, up 0.4 points from May, but capacity continued to decline overall as publicly traded TL carriers’ profit margins remain near their lowest levels since 2009. 

The Productivity Index showed a substantial 16.3-point decrease to 47.6 in June, as the loosening capacity returned following May’s temporary tightness during Roadcheck week.

With tariff impacts expected to weigh on volumes through 2025, recovery prospects remain limited despite ongoing capacity attrition.