White Paper: State of the Industry – May 2025

The May 2025 “State of the Industry Report” — presented in affiliation with Ryder — shares an
in-depth overview across the trucking, maritime and intermodal markets, as well as what to
expect in the coming weeks. The data contained within the report provides breakdowns of
capacity, volumes and rates.

In this report, you will find:

• Truckload demand has waned in April and, unless the U.S.-China trade war abates, will be largely dependent on warehoused imports in the coming months.
• Intermodal demand, though having taken market share from trucking, will be highly vulnerable to the drying up of maritime imports.
• Ocean spot rates have stabilized somewhat from their earlier freefall, but remain depressed as import demand stagnates.
• Though most macroeconomic data is surprisingly positive, sentiment has plummeted among consumers and producers alike.
• Continued resilience in the labor market will likely persuade the Federal Open Market Committee to maintain its wait-and-see approach to interest rates in May, with previous remarks from Fed Chair Jerome Powell implying that the impact of tariffs will influence future policy to a high degree.

Download the complimentary report today to access the full insights.