Full Truckload Regions are Twinning
Welcome to the week of August 9th edition of the Transfix Take! Gear up for the latest updates and trends in the trucking industry. In this issue, we're revving up with industry news, sprinting through regional breakdown highlights, and putting the spotlight on what's on the horizon for truckers.
Industry Insights: Unpacking the Road Ahead
Yellow's Shuts Its Operations: While the news of Yellow officially declaring bankruptcy was a shock to the trucking world, other LTL providers stepped in to handle the freight in anticipation of the news.
A Full View of the Truckload Sector: The full truckload sector isn't experiencing much turbulence lately. Volumes are maintaining steady momentum, but rates are trending in starting to show early signs of volatility due to a late start in produce season and a possible uptick in West Coast imports. Carriers are working hard to stay in the driver's seat of profitability, while tender rejections remain on cruise control.
Fuel Price Acceleration: Diesel prices hit the gas pedal, recording their sharpest single-week increase since October. This increase adds on to the challenges carriers face when balancing the books.
Regional Roadmap: Where the Rubber Meets the Road
Source: Transfix Internal Data
West Coast: Southern California and the Pacific Northwest are revving their engines with rate increases. Market shifts and produce seasonality are defining rate trends for truckers in these areas.
Midwest and Northeast: Despite cross-country runs taking a detour, these regions are rallying with overall rate increases. Carriers are strategically steering toward more carrier-friendly zones, shaking up rate dynamics.
Coastal Region: Though facing slim declines, local and city-run rates are accelerating due to higher volume.
Southeast: The Southeast region is experiencing overall rate decreases, largely driven by freight leaving the area. While local and short-haul runs show slight increases, truckers are encountering pockets of tightening in specific low-volume markets.
The South: Similar to the Midwest and Northeast, long haul and cross-country freight in the South are taking a different route with declines.
On the Horizon: What Lies Ahead in the Trucking Terrain
With Labor Day on the horizon, the trucking landscape is gearing up for a potential shakeup. Carriers have the chance to kick their rates into high gear during this period, potentially setting the tone for rate trends into Q4’s much anticipated holiday season. As the road ahead twists and turns, staying vigilant and responsive is crucial for both carriers and shippers.
That's the wrap for this edition of the Transfix Take Newsletter. We'll continue to keep you in the driver's seat with the latest news, trends, and insights in the supply chain. Until the next pit stop, drive safe and stay ahead of the curve.
DISCLAIMER: All views and opinions expressed in this podcast are those of the speakers and do not necessarily reflect the views or positions of Transfix, Inc., or any parent companies or affiliates or the companies with which the participants are affiliated and may have been previously disseminated by them. The views and opinions expressed in this podcast are based upon information considered reliable but neither Transfix Inc. nor its affiliates nor the companies with which the participants are affiliated warrant its completeness or accuracy, and it should not be relied upon. As such, all views and opinions are subject to change.