Here at Spot, we know how tight the current freight market is & that many shippers are facing significant challenges. Because of this, it’s important to stay up to speed on why the market is the way it is!
So, here’s your quick freight market update, including 4 key things to be cognizant of within the next few months.
Impacts of Hurricanes Harvey & Irma
“Trucking freight dynamics will shift as recovery and rebuilding efforts in Texas & Florida take shape following massive blows from Hurricanes Harvey & Irma. Such a shift will challenge the trucking industry capacity and will likely drive up rates both on the spot market & contract market.” Read the full article here.
“Hurricane recovery efforts will increase freight demand, which will pull trucks out of their normal cycle. That shift in freight patterns combined with the crimp of productivity likely associated with the coming ELD mandate deadline could prompt a capacity crisis to land sometime between March & July.” Read the full article here.
The State of Freight
“The number of U.S. freight shipments made and the amount of money spent to transport them both increased in August. The overall freight recession, which began in March 2015, appears to be over and, more importantly, freight seems to be gaining momentum in most segments.” Read the full article here.
“The cost to hire a flatbed truck, which can carry in equipment and haul out debris, could climb as much as 15 percent. That expected jump and increases of perhaps 10 percent for other types of trucking services will ripple through the industry nationwide.” Read the full article here.
Spot is here to help out with your logistics and transportation needs immediately…whether you need a short or long term solution! Contact us above at any time for a quote or to simply garner our insight on these freight market updates. Best of luck out there!