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State of Freight webinar for May: Not an inflection point yet but a benchmark turns higher

Five takeaways from the May edition, including a discussion of what’s the best benchmark, pricing or rejection?

John Kingston
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Zach Strickland (l) and Tony Mulvey sit down for this month's State of Freight webinar. (Photo: FreightWaves)

It isn’t much but a recent upward turn in the Outbound Tender Rejection Index in FreightWaves SONAR was a key focus of the discussion Wednesday in FreightWaves’ State of Freight webinar for May.

With Senior Analyst Tony Mulvey sitting in for FreightWaves CEO Craig Fuller alongside FreightWaves Director of Market Intelligence Zach Strickland, the focus was on whether there was enough statistical evidence that the turn that freight market participants have been waiting for seemingly forever had finally come. 

Here are five takeaways from the chat.

The OTRI is sending out bullish signals

Strickland and Mulvey displayed charts of the national OTRI, which measures the percentage of dry van contracted freight rejected by a carrier when tendered by a shipper. That percent was 3.08% as April drew to a close. But on Wednesday, it was up to 4.82%.

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    John Kingston

    John has an almost 40-year career covering commodities, most of the time at S&P Global Platts. He created the Dated Brent benchmark, now the world’s most important crude oil marker. He was Director of Oil, Director of News, the editor in chief of Platts Oilgram News and the “talking head” for Platts on numerous media outlets, including CNBC, Fox Business and Canada’s BNN. He covered metals before joining Platts and then spent a year running Platts’ metals business as well. He was awarded the International Association of Energy Economics Award for Excellence in Written Journalism in 2015. In 2010, he won two Corporate Achievement Awards from McGraw-Hill, an extremely rare accomplishment, one for steering coverage of the BP Deepwater Horizon disaster and the other for the launch of a public affairs television show, Platts Energy Week.