Shippers moved less freight in the second quarter and paid sharply more to do it. Tightening truck capacity, not fuel, did most of the damage to their transportation budgets.
Rising fuel prices and shrinking carrier capacity are driving a rapid increase in shipper spending.
Spot and contract rates climb amid tighter capacity and stricter regulatory pressures on carriers
In the wake of the 2024 presidential election, trucking industry groups see new opportunities to change the regulatory and legislative landscape.
The Convoy saga has taken another turn as venture-backed freight forwarder Flexport announced Wednesday that it has acquired Convoy’s technology stack for an undisclosed sum. This comes after Convoy, which was valued at $3.8 billion from its final funding round 18 months ago, shuttered operations on Oct. 19.
Media outlet TMZ reported that singer-songwriter Taylor Swift gave each truck driver who worked as part of her Eras Tour a bonus check of $100,000 before her Santa Clara, California, show last Saturday.
SONAR ocean container booking data suggests that the predicted freight rebound in the second half of 2023 may be increasingly unlikely. Import and ocean container booking data is typically used as a leading indicator for future truckload volumes, as containers are offloaded in ports and transferred into intermodal or truckload orders.
Christopher Thornycroft, executive vice president at Redwood, joined us to talk about the Lunar New Year and what it means for freight demand. For those unaware, the Chinese Lunar New Year holiday began Jan. 22 and typically lasts two weeks. This year, it will end with the Lantern Festival on Sunday.
Freight payments data from U.S. Bank showed sequential increases in volumes and costs during the second quarter.
Declines in trucking shipments and spend, current and future, highlight the takeaways from U.S. Bank’s first-quarter Freight Payment Index report.
Shipper insights and sentiment for freight rates and volumes over the next three months
US Bank reports declines in freight payment transactions during the fourth quarter. The report signals an improvement on the horizon as truck capacity declines.
