Chart of the Week

Refrigerated market flatlines in the spring

Chart of the Week: Reefer Tender Reject Index, Reefer Truckload Index – USA  SONAR: ROTRI.USA, RTI.USA

The refrigerated (reefer) truckload market has settled after showing signs of destabilizing in front of the broader market last fall.

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https://www.freightwaves.com/news/refrigerated-market-flatlines-in-the-spring

Fuel costs show why transportation market is so challenging for providers

Chart of the Week: Diesel Truck Stop Actual Price Per Gallon, National Truckload Index – USA  SONAR: DTS.USA, NTI.USA

Retail diesel fuel costs (DTS) are up 33% versus April 2019, while the National Truckload Index (NTI) that measures all-in spot rates are only up 16% over the same time. The implication is that carriers are in a far worse position on the spot market than they were in 2019 as they are unable to fully pass along operating costs.

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https://www.freightwaves.com/news/fuel-costs-show-why-transportation-market-is-so-challenging-for-providers

Tractor demand no longer necessarily a gauge for market health

Chart of the Week: ACT Research Equipment Orders – Class 8  SONAR: ORDERS.CL8

Class 8 truck orders remained unseasonably strong through the first few months of 2024, outperforming last February by over 20%, according to ACT Research. Freight-hauling semi trucks typically dominate this category and have been a good indicator of industry health, but like many indicators, this value’s implications have changed.

Ask transportation service providers the state of the national freight market, and they...

https://www.freightwaves.com/news/tractor-demand-no-longer-necessarily-a-gauge-for-market-health

Is Mexico becoming the new China?

Chart of the Week: Import Ocean TEUs Index – China to Mexico, China to USA  SONAR: IOTI.CHNMEX, IOTI.CHNUSA

Import bookings have doubled from China to Mexico compared to the same period in 2019, with the bulk of the increase coming in the past year. By contrast, import bookings from China to the U.S. are up a still-impressive approximately 40%, but nothing like the Mexico figure. What does this mean for the U.S. freight market?

The Inbound Ocean TEUs Indices (IOTI) measure bookings of...

https://www.freightwaves.com/news/is-mexico-becoming-the-new-china

Is the rate rollercoaster about to turn

Chart of the Week: Van Contract initial report of average base cost per mile, Van Outbound Tender Rejection Index – USA  SONAR: VCRPM1.USA, VOTRI.USA

The post-pandemic trend of pricing long-term or contract rates to the floor is not over, but the data shows this is slowly ending.

Looking at the past six years of dry van contract rates (VCRPM1) and van tender rejection rates (VOTRI), we can see a lagging correlation between the two. Rejection rates tend to lead the slower-to-move contract rates.

https://www.freightwaves.com/news/is-the-rate-rollercoaster-about-to-turn

Have inventories found their sweet spot?

Chart of the Week: Logitics Mangers’ Index – Inventory Levels, Total Business Invetory to Sales Ratio – USA  SONAR: LMI.INVL, TBIS.USA

Inventories appear to have stabilized after years of volatility. The Logistics Managers’ Index (LMI) Inventory Levels component hovered in slight contraction territory last year while the Census Bureau’s Business Inventory to Sales (TBIS) fell into a more stable pattern.

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https://www.freightwaves.com/news/have-inventories-found-their-sweet-spot

Import demand growth robust leading into Lunar New Year

Chart of the Week: Inbound Ocean TEUs Volume Index – Port of Los Angeles, Port of Savannah, Port of New York/New Jersey, Port of Long Beach  SONAR: IOTI.USLAX, IOTI.USSAV, IOTI.USNYC, IOTI.USLGB

Bookings for twenty-foot equivalent units (IOTI) spiked well above last year’s levels for freight bound for the nation’s top four port complexes heading into Chinese New Year (CNY). 

The IOTI is an index that measures container volumes being booked by departure date from the port of origin, about 15-30...

https://www.freightwaves.com/news/import-demand-growth-robust-leading-into-lunar-new-year

Trucking authority correction accelerates

Chart of the Week: Carrier Details Net Changes in Trucking Authorities – USA  SONAR: CDNCA.USA

Since the start of November, net active truckload operating authorities have dropped by 9,000 — an approximately 12% increase over the same period last year, according to Carrier Details’ analysis of Federal Motor Carrier Safety Administration data. 

The operating authorities measured here are Motor Carrier of Property authorizations. These are specific to for-hire truckload companies, which can...

https://www.freightwaves.com/news/trucking-authority-correction-accelerates

Why it still feels like a recession for many

Chart of the Week: Inbound Ocean TEUs Index, Outbound Tender Volume Index – USA  SONAR: IOTI.USA, OTVI.USA

Import demand based on bookings of twenty-foot equivalent units heading into the U.S.

(IOTI) remains down compared to two years ago, but only slightly. Truckload tender volumes (OTVI) are down roughly 25% compared to the same period in 2022. These two figures are effective indicators of goods demand in the U.S. This is the perspective of deterioration that many businesses are still coping...

https://www.freightwaves.com/news/why-it-still-feels-like-a-recession-for-many

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