Freight volumes and spending fell sharply in May, but Cass Information Systems maintains an outlook that the bottom of the cycle is near.
Load board fraud is gaining attention after The Wall Street Journal reported Truckstop, a leading load board provider, found reports of fraud increased 400% from Q4 2021 to Q4 2022, the highest level since 2004, when it began tracking the data. This article prompted Craig Fuller, CEO and founder of FreightWaves, to write an article on Tuesday arguing for massive load board providers to take greater responsibility for instances of fraud that take place on their platforms.
Data published Monday from freight payments provider Cass says the industry may be close to entering a new cycle.
Transportation shipments and rates back up during March, according to Cass Information Systems.
Last month, CloudTrucks surveyed 1,000 U.S. adults about general perceptions of truck drivers and if they have heard of the truck parking shortage. The results, published in CloudTrucks’ 2023 Truck Parking Shortage Survey, highlight that while Americans generally have a positive view of truck drivers, most respondents didn’t know that the parking shortage had a major impact on their quality of life.
A report from Cass Information Systems suggests the current softness in freight markets is likely to hang around for “several more months.”
On Thursday, according to a news release, BP Products North America Inc., a subsidiary of BP, reached an agreement to purchase TravelCenters of America for $1.3 billion in cash. The purchase of TA is expected to add around 280 travel centers and double BP’s global convenience gross margin.
A Tuesday report from Cass Information Systems showed freight shipments in January were flat with December on a seasonally adjusted basis.
A Republican-backed bill introduced by U.S. Rep Brian Mast, R-Fla., seeks to exempt underage truck drivers from rules that prohibit them from hauling containers to and from marine terminals.
Shippers are seeing relief in freight costs for the first time in more than two years, according to the December Cass Freight Index.
Cass said Monday that positive trends in freight shipments and expenditures are likely to turn negative year over year in December.
The American Trucking Associations’ (ATA) seasonally adjusted For-Hire Truck Tonnage Index increased 2.8% in August after a disappointing 1.5% drop in July. The ATA data primarily relates to contracted freight tonnage volumes and is a useful indicator of shipping activity.
Cass data shows freight volumes reached a more than four-year high in August. But linehaul rates slid for the third straight month.
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Cass data shows changes in freight shipments and expenditures during July were less volatile when compared to prior months.
June shipments data from Cass shows the fourth decline in six months from 2021 levels.
Cass freight data shows shipments recovered in May as costs stepped down from record levels.
Freight data from payments management platform Cass showed April volume declines were worse than normal seasonal trends.
March data from Cass shows a deceleration in shipment growth and a higher chance of a freight recession, although “it is too early to call.”
The Cass Freight Index recovered some of the January volume decline tied to omicron absenteeism throughout the supply chain.
