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We have gotten word that carriers are holding capacity until the end of the day before auctioning it to the highest bidder. Rates are nearing $3 per mile on a national level, and rates are already above that in 51 of 100 Truckstop.com lane pairings.
In today’s edition of The Daily Dash, several safety groups have sued FMCSA to stop upcoming changes to HOS rules. Plus, Convoy seeks to eliminate the request for proposal process, FreightWaves announces enhancements to SONAR and a Stanford dropout reimagines loading docks.
Convoy has rolled out a program aimed at helping shippers secure freight capacity along lanes without the need for an RFP or long-term contract.
Accepted freight tenders are running up 18% year-over-year. Carriers are rejecting 1 in 4 contracted tenders and driving rates up. National spot rates above $2.75/mi. and trending higher.
Spot rates out of LA and Dallas are remarkably high and the tight capacity in those markets is driving the freight cycle.