Highlights from the American Trucking Associations’ seasonally-adjusted For-Hire Truck Tonnage Index, released today.
It dropped 0.8% in September, down to 11.8 from 112.7 in August. ATA chief economist Bob Costello: “As anticipated, the year-over-year gains have slowed on strength a year earlier, but there is no doubt that freight softened in August and September.”
The full third quarter still was up 0.1% from the second quarter. July was strong, and that helped propel the small rise from 2Q. The August index was revised down 2% from July; the original report was that August dropped 1.8% from July.
The index also up 5.2% from the third quarter of 2017.
The September number was up 2.9% from the corresponding month a year ago. But that is a slowing rate of growth; August was up 4.2% from a year ago.
The index without the seasonal adjustment was way down from August, a drop of 8.2%. The ATA defines not seasonally adjusted as “tonnage actually hauled before any seasonal adjustment.”
The ATA did not cite this but any comparison to September 2017 needs to recognize that particular month was affected by emergency-related deliveries from Hurricane Harvey.
Winds close to 150 mph, major storm surge about to slam parts of Africa never hit by a cyclone in modern times.
World’s largest ocean freight forwarder sees volume growth thanks to Asian export markets and its niche plays in pharma and healthcare.
Sluggish demand in the export trades from Asia to Europe has seen carriers blank nine sailings for the month of May 2019, taking out 115,000TEU in capacity, in an effort to bolster rates against slow growth.
Bottom line comes in light. Investors wary to unimpressed.
The expanded Neopanamax locks of the Panama Canal, which debuted in June 2016, have been a boon for many shipping sectors, but they were specifically designed with container shipping in mind. Lock capacity is measured in twenty-foot-equivalent units (TEU).
Ford invests $500M in electric pickup maker; plus U.S. may be pulling freight from trucking, India seeks logistics technology upgrades, and scientists call for unity on electric vehicles.
Intermodal business surges from acquisitions made during 2018.
Landstar’s President and Chief Executive Officer Jim Gattoni said that he is “comfortable” with the current full-year consensus EPS estimate of $6.41.
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