spot freight

Understanding Spot Freight

In truck freight, most shipping agreements involve contracts that span anywhere from 12 to 24 months, securing consistent cargo movement at predetermined rates. However, not all freight operates on such fixed schedules. Spot freight provides an alternative for shippers who need to move a single shipment without committing to a lengthy contract. It’s like the one-night stand of cargo: it’s very transactional. You need what you need where you need it, and you may never see it again.You may even...

https://www.freightwaves.com/news/understanding-spot-freight

Honoring contracts puts brokers in position to take advantage of the spot market

When Doug Waggoner became the CEO of Echo Global Logistics in 2006, the company was a small startup with just 30 employees. Today, Echo is an industry leader, employing nearly 3,000 people and working with over 50,000 carriers. 

Echo started its life with venture capital as a true startup, spent several years as a publicly-traded organization, and is now privately owned again and still growing. 

Reflecting on the environment in which Echo was founded, Waggoner says there was a transition period...

https://www.freightwaves.com/news/honoring-contracts-puts-brokers-in-position-to-take-advantage-of-the-spot-market

Truckload linehaul spot rate drop accelerates under pressure from surging diesel prices

Stormy weather for the trucking industry. Photo: Jim Allen (FreightWaves)

FreightWaves’ Future of Supply Chain summit is being held this week in Northwest Arkansas, the epicenter of North American supply chains. If you aren’t able to attend, you are welcome to tune into our free live stream that will carry all of the content from the main stage. The event kicks off on Monday at 9 a.m. ET.

At the event, we will be introducing several new data products, including a new national index that is assessed and published every day (NTID.USA). This is based on the FreightWaves...

https://www.freightwaves.com/news/truckload-linehaul-spot-rate-drop-accelerates-under-pressure-from-surging-diesel-prices

DHL Supply Chain partners with Emerge for spot market offering

Global logistics provider DHL Supply Chain announced last week it had integrated with digital freight marketplace Emerge’s Spot Marketplace platform to provide its customers with live spot market coverage through its Lead Logistics Provider (LLP) Control Tower and transportation management system.

Jim Monkmeyer, president of transportation for DHL Supply Chain North America, told FreightWaves the company’s LLP Control Tower and TMS provide customers access to its network of carriers to procure...

https://www.freightwaves.com/news/dhl-supply-chain-partners-with-emerge-for-spot-market-offering

Volatile markets here to stay: How shippers can mitigate further impact

Produce freight rates skyrocketing

The tables have drastically turned since last spring when the economic shutdowns led to a drop in demand, causing truckload rates to plummet to under $1 dollar per mile. For the past year, transportation costs for shippers have spiked, as spot market rates are well above $3 per mile, causing contract rates to rise as well.

As long as the current high-demand environment persists, spot rates will stay elevated. While orders for new trucks and the end of social distancing promise an influx of new...

https://www.freightwaves.com/news/volatile-markets-here-to-stay-how-shippers-can-mitigate-further-impact

Sharp increase in shippers turning to automation for spot-buy freight procurement

Spot market activity often reveals the well-being of the freight industry as a whole ⁠— a fact reiterated throughout 2020 as shortages in airfreight capacity, containers and semiconductors forced shippers to buy capacity and rely more heavily on the spot market. Capacity shortages coupled with fast fluctuations in demand put the entire global supply chain under pressure. 

There’s a positive correlation between the rate at which carriers reject load requests from shippers (tender rejection rates)...

https://www.freightwaves.com/news/sharp-increase-in-shippers-turning-to-automation-for-spot-buy-freight-procurement

Cargobase reports 273% growth in automated spot freight procurement

In a press release on Oct. 13, Singapore-based logistics tech company Cargobase — a leading spot-buy freight platform — reported a year-over-year 273% increase in revenue in “Pandemic Procurement,” a facet of its platform which automates the manual procurement of freight. 

Overall transactions on the platform have also increased by 240%, marking these figures as the highest record of growth since the platform’s inception in 2013. Most of this growth occurred in the third quarter of 2020, and...

https://s29755.pcdn.co/news/cargobase-reports-273-growth-in-automated-spot-freight-procurement

Trailer orders roar back in June

U.S. trailer orders rose a head-snapping 333% in June over May as the improving freight market encouraged fleets to spend money on equipment.

Orders of 13,441 units beat June 2019 by 112% after removing canceled orders, according to ACT Research.

“June was much better than previous months and July is shaping up to be even stronger,” said Sean Kenney, a spokesman for trailer builder Hyundai Translead.

“Many customers have re-engaged and are responding to the current freight environment,” Kenney...

https://www.freightwaves.com/news/trailer-orders-roar-back-in-june

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