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As stay-at-home orders in response to the COVID-19 pandemic took hold across much of the country in the latter part of March, the level of freight available – and the rates to haul it – plummeted. This means many of the smallest companies that make up the vast majority of motor carriers are seriously hurting.
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While COVID-19 related demand boosted freight volume and spot freight in the first part of March, the latter part of the month saw a reversal, and April is looking ugly.
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Schneider has joined DAT’s pilot program to evaluate ways to provide faster, more accurate forecasts of truckload freight rates and market conditions.
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The pressure to restock grocery stores and distribution centers stripped by COVID-19 buying has quickly given way to a slump for truck freight. As March segued into April, the spot market took a tumble, according to figures from DAT Solutions and Truckstop.com.
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The looming business and economic impact on the trucking industry from COVID-19 pandemic is “kind of like there’s a big hurricane coming in, and it’s one of the nastier storms in history. But so far you’re just seeing some waves on the shore.”
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Kingsgate Logistics has joined a pilot program that provides early access to a suite of predictive rates and analytics tools from DAT Solutions.
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Barring the unexpected, trucking can generally expect flat to moderate growth in demand and rates in 2020, with most of the growth in the second half of the year.
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Transport Pro has announced a new e-signature tool to make it easier for brokers to share electronic rate confirmations with carriers.
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The latest reports from ACT Research show improvement in for-hire freight volumes, but also a slide in the Freight Rate Index in December and a slight improvement in the economic outlook for 2020.
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DAT Solutions is supplying Knight-Swift Transportation with a new rate forecasting tool to provide actionable short-term and long-term insights into transportation markets.
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