Of the 750 million annual truck deliveries, up to 10% — or 75 million — are rejected
If you had told carriers they would see $3 a mile at any point during a global event like this, I believe many would have questioned your sanity. Yet, here we are with the Truckstop.com national spot rate average sitting at $2.93 per mile on Oct. 1.
The carriers gained pricing power this week on the back of surging volumes. Capacity remains loose although tightening each of the past five weeks.
This week the carriers gain some pricing power on the back of surging volumes. Tender rejections are beginning to show signs of life and spot rates are up in most markets.
The DHL Supply Chain Pricing Power index moved up for the first time since the volume surge in March. The index now sits at 15, which is still positions the shippers comfortably in bid negotiations.
Pricing power shifts towards the shippers in a major way this week. Contract freight volumes are now at Labor Day 2019 levels and are poised to go lower. Rejection rates are encroaching on a rare 4% mark, and spot rates are in the bin.
Carriers give back pricing power as volumes and rejections rates plummet. Spot rates are negative week-over-week for 95% of lanes from Truckstop.com.
National freight volumes and tender rejections are falling as fast as they rose. Carriers remain in slight pricing power position, but their footing is slipping with each passing week,
