Report: Softening Freight Market Conditions Ahead, but Spot Market Holding Up  

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Speakers at an industry outlook conference cautioned that trucking conditions are likely to remain challenging into next year, but there are signs that some regional spot market rates are gaining some strength, while even flatbed recorded a tiny gain in the most recent week, reports Trucknews.com

Truck orders also suggest fleets are still confidently looking to add new equipment, albeit at a pace below replacement levels. And a survey of freight brokers reveals most feel the worst is behind us.

Industry forecaster ACT Research brought together trucking thought leaders at its recent semi-annual seminar, where Ryder CFO warned that weak freight conditions are likely to continue.

“We’ve been living at a level of uncertainty. Hopefully, rates will begin to stabilize. We will see weakening conditions in the freight market into the beginning of the year. As you’re looking to replenish your fleet, now is the time to do it,” Diez said, according to a recap from ACT Research.

“Rising interest rates and insurance are always struggles,” Teuton said. “Increased truck costs and labor costs. Those things are a concern. But we go to work every day, and that will never change. We manage those challenges.”

Truckstop and FTR Transportation Intelligence have reported the week ended Sept. 1 saw an expected increase in U.S. spot market rates. It was the second straight week of modest total market rate increases – the first back-to-back weeks of increases since May.

It was also the first time since May that rates were higher over the previous week across all equipment types. However, flatbed — which has lagged dry van and reefer — saw only a “tiny” gain, the companies said.

Full story here.

 

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