Welcome to the WHAT THE TRUCK?!? Newsletter presented by Chevron Renewable Energy Group. On this issue, is the market recovering?; freight broker attrition; rate the strap work gone unsuitable; FOSC24; and more.
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We’re so back, perhaps
From ship to shore — Don’t look now but container costs are soaring again with reports of $10,000 containers rolling in.
So what’s latest? Attacks within the Red Sea and low water levels within the Panama Canal are causing shippers to reply to longer lead times. With ocean freight getting pulled forward, produce season and Prime Day on tap, this elevation may proceed.
In response to freight YouTube superstar and Campbell University professor Sal Mecogliano, 66% fewer ships have voyaged through the Panama Canal in the course of the low-water-level backup.
Volume and space — Outbound tender volumes are ascending the SONAR charts in early June, and immediately we’re just below where volume was at at this point in 2022.
SONAR
Where’s the freight? — The Outbound Tender Volume Index map in SONAR is seeing a lot of elevated markets as much of the board turns green.
It isn’t just SONAR either. Through the keynote by UPS’ Bill Seward at Way forward for Supply Chain, he too said the basics are changing and that the corporate is seeing green shoots. Take a take heed to this clip with him from the session.
He also cautioned, “The overwhelming sentiment we hear from customers is considered one of caution. I don’t think you’re going to see plenty of daring moves before the U.S. election from customers that we’re talking to.”
Jobs fall — Freight is a capacity-driven world and in addition one where attrition and job loss may very well fuel recovery. We’ve beaten this drum 1,000,000 times, but considered one of the core issues at play in the course of the freight recession has been the huge influx of brokers and carriers over the pandemic years.
Regarding the drop in truck transportation jobs in May, FreightWaves’ John Kingston reports, “The decline is the third-largest since jobs began rising in 2020 after the tremendous drop first reported in April 2020.”
Freight broker attrition — Brush Pass Research has released its latest data on energetic freight brokerages, and it isn’t pretty. In response to Kevin Hill, “June 2024 data shows there are 10.9% fewer freight brokerages YoY and 10.3% fewer in comparison with two years ago.”
In reality, Brush Pass says the only time worse was in 2013, “when 7,991 authorities went inactive before the minimum on surety bonds were raised.”
Channel check — What are you seeing in the marketplace immediately? Let me know what’s occurring beyond the information and send your reply here.
P.S. You’re thinking that RoaringKitty could move this market like GameStop?
Rate the strap work gone unsuitable
2KUTV
Don’t do this at home — For those who follow me on social media, you might have seen a few of my rate the strap work posts. I make them A. because they’re funny and B. to bring attention to load securement so we don’t see incidents like this one which happened in Utah.
In reality, I even called out moving mattress through the use of yourself because the strap just per week ago. Unfortunately, Lydia Kessinger must not be a follower.
On Thursday, 2KUTV reported, “Authorities are reminding drivers to secure their load after a Utah bride-to-be was thrown from a truck while lying on a king-sized mattress in an try to keep it from flying away during transport.”
The Utah DOT says the couple was traveling down the road at 50 mph when the mattress and Lydia were yeeted into the road from the bed of a truck.
Fortunately, Lydia was capable of get out of the road before getting game overed like a nasty round of Frogger.
Sarcastically enough, Thursday was National Secure Your Load Day. Remember, everyone, when transporting goods at all times rate the strap work.
By the way in which, Rate The Strap Work shirts might be hitting the WTT Shop soon!
Way forward for Supply Chain ’24
An ideal time in ATL — Just got back from Atlanta and FreightWaves’ Way forward for Supply Chain. It was one other remarkable event with great vibes and even higher conversations. What really stood out to me this time, especially now that I’ve been going to events within the FreightTech space for half a decade, was the extent of positivity.
It’s no secret that FreightTech has gotten as beat up as anybody in the course of the freight recession, but as an alternative of being crammed with self-loathing and doubt, I saw fighters and survivors. The people make this industry, and those who’ve walked through the fireplace and are still standing are a few of the perfect minds on this space.
Some highlights were doing a pair of live WTT episodes, hosting the Shipper of Selection Awards, listening in to some amazing talks on the Fortis Evaluation stage, Ryan Petersen and Craig Fuller’s keynote, crashing a Porsche (fortunately it was in a simulator), almost getting hit by a train while in a bus on the strategy to crashing said Porsche, and FaceTiming my 7-year-old on Monday night so we could watch WWE RAW together.
Lowlights? Well, FreightWaves didn’t take home the win in the nice debate. Congratulations to St. Christopher Truckers Relief Fund, which might be getting a $10K donation because the named charity of the winner, Ken Adamo at DAT.
How could the controversy have been higher? Personally, I believe the information talk was interesting but what it lacked was a spotlight around the controversy that permeated social media. For instance, why DAT denied there was a freight recession for therefore long. In the event that they throw me up there to moderate a rematch, you’ll be able to bet your ass I’m bringing my spice rack.
Now on demand
WTT Live from FOSC24 Day 1
WTT Live from FOSC24 Day 2
The remaining of the noise
- – ANALYSIS: ATA’s Chris Spear earns $1.9M, but where are his results?
- – Fraudulent actors evolving across trucking industry, Highway CEO says
- – Postal Service cautions pet owners after logging 5,800 dog bites in 2023
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Don’t be a stranger,
Dooner
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