"Don't you ever have any good news??". A few folks have asked me that lately and the good news is YES! Spring is in the air, the Masters is on, and my baseball season starts tomorrow. So there!
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Tags: Freight Class, Accessorials, LTL, Freight Rates, LTL Carrier Cost, Rules Tariff, Logistics, LTL Service, Limited Access, Freight Technology, TMS, Freight Insurance, Freight Claims, Freight News, Freight Update
It's hard to keep saying over and over again "The sky is falling"! We try and search for the light at the end of the tunnel but it seems they keep extending the length of the tunnel. At this point, we'd have to conclude we will be in a rising rate environment with very tight TL carrier capacity and sub-standard LTL carrier performance thru the end of 2021.
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In an article published by Freightwaves this week, Todd Maiden of Freightwaves, interviewed Recon's own Curtis Garrett (VP Pricing and Carrier Relations). Curtis sheds some light on the volatile LTL market including suggestions on how LTL carriers can improve their service. It's a good read for those deeply involved in LTL shipping as well as those concerned about the chaos in the industry today.
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Pretty simple message here and I'll let Zach Strickland describe it below in his own words for FreightWaves.
The basic principle is when the going gets tough, contract carriers may get going. They reject contract rates to move to the spot market and when spot rates move down they are more than happy to handle the contract rates they rejected previously.
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We all know the weather that pounded the entire country last week, but I find the DAT Capacity weekly graph below fascinating.
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This is always a good report to go over. We've also included the monthly contract rates vs. spot rates charge per DAT. It's showing contract rates are resuming their traditional "lead" over spot rates. Rates ebb and flow with market conditions, but contract rates are traditionally higher.
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Just as rates seem to stabilize a bit and LTL performance improves, mother nature hits and messes it all up. Certain areas of the country are taking a beating which is having an impact on capacity, service, and rates. If it ain't one thing, it's another!
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Signs continue to be encouraging for some relief (hopefully not temporary) from the record high rates and record low LTL performance of late. The path ahead still is murky, but should be much more calm vs. the recent 6-7 months.
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Dare we say there is some light showing down that tunnel? Our estimate is that there is indeed some light, although it may be more a signal light before the tunnel takes another turn.
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Welcome to 2021!
Kind of sad when we are hoping to see LTL carrier performance get back to the mid-'80s! But as long as COVID and its disruptions persist and the TL market remains tight we remain a broken record.
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Tags: Freight Class, Accessorials, LTL, Freight Rates, LTL Carrier Cost, Rules Tariff, Logistics, LTL Service, Limited Access, Freight Technology, TMS, Freight Insurance, Freight Claims, Freight News, Freight Update
