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With the explosive growth of the freight market during the COVID-19 pandemic, cargo theft and fraud surged. Thieves stole more than $31 million in shipments just in the third quarter of 2023.
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While 2022 was a challenging year for trucking, there was still growth in revenue, tonnage, employment, and other areas. In mid-2023, a number of data points appear to indicate that the current freight cycle is bottoming out. How fast it will head back up is another question.
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"Freight brokers appear unfazed by the collapse in spot truckload rates and the effects of moderating economic activity on demand, contractual rates and gross margins," Bloomberg Intelligence officials said.
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Recession and inflation concerns are weighing on the profitability of small carriers in the spot market, according to a survey of owner-operators and small fleets.
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Data shows that more than half of the owner-operators surveyed would reconsider their profession if they could not take their pet with them on the road.
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Truckstop.com's new Rate Insights platform allows users to see same-day spot market rates instead of 30-day lane-level rates.
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Spot truckload freight hit new highs in January, nearly $1 a mile higher than a year ago, according to DAT Freight & Analytics, even as the number of loads moved dropped throughout the month.
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While some have predicted a cliff-event drop in spot rates like in 2018, there is evidence that we may instead see more of a contract rate extended plateau, similar to what we saw in 2011-2012, Jeff Kauffman suggests.
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According to DAT Solutions, spot truckload rates for van, refrigerated, and flatbed have all seen increases since last month, with supply chain disruptions caused by COVID-19 pushing more freight to the spot market at a time when demand for truckload capacity usually declines.
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Spot market freight levels were down for the Independence Day holiday week, but rates were up, according to DAT and Truckstop.com, two major services tracking spot market data.
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