Passport Research

The future of alternative meat and its growing threat to the trucking industry

The alternative meat industry is a market that goes by a variety of names, including lab-grown meat, artificial meat, meatless meat, faux meat, plant-based meat, cultured meat – trumped only by the wide range of opinions that this futuristic menu option has met with from consumers. 

Though the appeal of alternative meat is not brand-new, the quality of meat replacements in the market today has never been better. Alternative meat today has progressed from the rubbery meat substitutes of the last...

https://www.freightwaves.com/news/the-future-of-alternative-meat-and-its-growing-threat-to-the-trucking-industry

Tracking retail and freight

Perhaps it goes without saying that the relationship between consumer spending, retail spending, and freight volumes seems intuitive, but is actually unclear. After all, consumer spending fell 13.6% in April compared to the month prior, and is expected to be negative on a year-over-year basis in May, but truckload volumes are up.

The particular features of the coronavirus-induced economic crisis also play a role in how freight volumes are affected. In 2008-9, a financial crisis froze credit and...

https://s29755.pcdn.co/news/tracking-retail-and-freight

Intermodal markets: Grinding upward

Intermodal volumes continue to improve, down 10.6% year-over-year but beating the trailing four-week average as they have in prior weeks. But keep in mind that 2019 was a weak year for freight markets and a soft year for intermodal volumes: The mode is well into a multiyear volume decline that will likely only be reversed by a significant inflection in trucking markets. All of that adds up to a very weak Q2 for intermodal marketing companies and their railroad partners.

We view rising tensions...

https://s29755.pcdn.co/news/intermodal-markets:-grinding-upward

Trucking Markets: the bid-ask spread widens

The transportation industry is bifurcated by opposing views of spot rates’ direction during the second half of 2020. Shippers have started asking carriers for longer contract periods, looking to lock in very low rates. They’re putting pressure on carriers by tendering spot loads at prices well below agreed-upon contract rates. In turn, tender rejections crept up to 5% during the month of May, but have now stalled.

On the other hand, carriers by and large expect a ‘rate parade’ in the fall,...

https://www.freightwaves.com/news/trucking-markets-the-bid-ask-spread-widens

Asset operators: turbulent seas

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https://s29755.pcdn.co/news/asset-operators-turbulent-seas

Intermodal markets: Volatility out of L.A.

Intermodal volumes are improving, but they’re still double-digit percentages below 2019 levels, which was not a great year for the railroads. Because volumes are low and intermodal capacity is easy to secure, tender rejections are insignificant — intermodal marketing companies (IMCs) are taking all of the contracted freight they can get — and rates have remained stable and low.

Except for last week in Los Angeles, where intermodal spot rates on the vital lane to Chicago jumped 45 cents per mile....

https://www.freightwaves.com/news/intermodal-markets-volatility-out-of-l-a

Trucking markets: Digging out of a hole

Despite noisy holiday volume data, by most measures trucking markets are continuing their recovery. Week-over-week comparisons look dramatic and make that progress look faster than it actually is: remember that rates are relatively low, capacity is relatively loose, and spot volumes—but not contracted volumes—are soft relative to last year.

That said, we are watching spot rates on lanes heading into undesirable backhaul markets. Those lanes tend to be the first markets where carriers recover...

https://www.freightwaves.com/news/trucking-markets-digging-out-of-a-hole

Passport Research: Auto cybersecurity practices are woefully inadequate and in desperate need of regulation

As connected vehicles increasingly become mainstream, the importance of cybersecurity within the automotive space grows. Connected vehicles link to the cloud in real time, and this wireless communication exposes the vehicle to cyberattackers who can subvert the vehicles’ operations and gain illegal control.

Such possibilities have resulted in the immediate need for auto cybersecurity measures. This imperative has spun off a niche segment within the auto industry that received roughly $380...

https://s29755.pcdn.co/news/passport-research-auto-cybersecurity-practices-are-woefully-inadequate-and-in-desperate-need-of-regulation

Reefer markets: enjoying a positive setup

Outbound refrigerated freight from California is surging, driving up rates and tender rejections. Reefer capacity tightened in the middle of the country, too, but loosened slightly in Florida.

In our discussion of spot rates below, brokers told us that in some important lanes, spot rates are actually higher year-over-year. We believe that sets up refrigerated transportation providers for a good year, despite the overcapacity plaguing dry van markets and overall dismal macroeconomic conditions.

But...

https://www.freightwaves.com/news/reefer-markets-enjoying-a-positive-setup

Passport Research: Intermodal Markets: Signs of life?

Intermodal volumes were stronger than their four-week trailing average in week 20, though still down 14% compared to the same period in 2019. Air pockets remain in containerized freight networks — there will be soft periods on a lag to demand going forward — but it seems clear to us that the bottom is in.

Barring a severe second wave of infections in the fall, we are increasingly confident that the worst public health and economic impacts of the coronavirus occurred in April. On April 14, Bank...

https://www.freightwaves.com/news/passport-research-intermodal-markets-signs-of-life

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