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The Daily Dash: How the largest truckload freight markets performed this week

Photo: Jim Allen/FreightWaves

The Daily Dash is a quick look at what is happening today in the state of freight.

11 of the 15 major freight markets post weekly gains yet again

11 of the 15 major truckload freight markets posted weekly gains yet again this week. Most truckload freight markets have been consistently posting gains recently and this week was no exception. Outbound tender volumes gained steam week-over-week in Laredo (20.10%), Cleveland (16.32%) and Elizabeth, New Jersey (7.39%). The markets with the largest declines this week were Savannah (-10.43%), Miami (-5.43%) and Fresno (-2.78%).

Seth Holm has more in his weekly freight market wrap-up, Outbound tender volumes stay strong. You can get more color on the spot market on this week’s episode of On the Spot, How long will the inflationary cycle last?, with JP Hampstead. 

How bullish is the trucking market right now? 

2020 is a much different bull run in trucking than in 2018 when the market was sparked by corporate tax cuts, hurricanes and changes to electronic logging device (ELD) rules. There was so much optimism in the air that the industry thought it could last for years. It only lasted for a few months though as new truck capacity flooded the market and crashed rates. 

This year the optimism is not there, but the load volumes and tight capacity are. 

How long these trends remain is the question and Zach Strickland takes a look at the correlation between new truck orders and spot rates in the Chart of the Week; Will capacity return to trucking?

Chart of the Week:  ACT Research Class 8 Truck Orders (SONAR: ORDERS.CL8), Outbound Tender Rejection Index – USA (SONAR: OTRI.USA)

Expect an increase in air cargo rates soon 

In his weekly air cargo weekly wrap up Air Cargo Market: Brace for big rate hikes, Eric Kulisch details exponential growth in volumes in Ontario, California where the airport has seen five consecutive months of at least 20% growth in cargo tonnage.

Focus will be on driver requirements during the next safety blitz

The Commercial Vehicle Safety Alliance (CVSA) has announced their annual 72-hour safety blitz. It is scheduled for Sept. 9-11, which gives carriers just a little over three weeks to prepare. 

The CVSA International Roadcheck, or Safety Week as it is often called, was cancelled in May due to COVID-19. Clarissa Hawes has more on what CVSA will focus on with drivers and inspections in her article, Inspectors to focus on driver requirements during 72-hour blitz

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Kevin Hill

Kevin Hill is the executive publisher at FreightWaves, where he formerly served as director of editorial and research. Kevin is also the host of Put That Coffee Down, the popular freight sales podcast, a former freight broker and the founder of CarrierLists. Kevin holds an MBA from the University of Oklahoma.