TL rates

Bid season off to bumpy start, trucking heads say

A bout of harsh winter weather temporarily pushed truckload metrics higher in January, but fundamentals have receded back to trough levels, carriers said at a pair of investor conferences this week.

J.B. Hunt Transport Services (NASDAQ: JBHT) said its intermodal volumes have not been as strong as the increases reported at the ports of Los Angeles and Long Beach in January, where volumes were 20% higher year over year (y/y), or at its primary rail partner BNSF (NYSE: BRK-B), which witnessed a...

https://www.freightwaves.com/news/bid-season-off-to-bumpy-start-trucking-heads-say

Freight markets still bottoming out, Cass data shows

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Freight shipments and expenditures continued to fall in January, according to data compiled in the...

https://www.freightwaves.com/news/freight-markets-still-bottoming-out-cass-data-shows

Morgan Stanley sees inventory restock producing freight upcycle soon

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An end to a prolonged freight recession could be approaching sooner than some investors may think,...

https://www.freightwaves.com/news/morgan-stanley-sees-inventory-restock-producing-freight-upcycle-soon

Trucking fundamentals unlikely changed in first half of 2024, Hutto says

This fireside chat recap is from FreightWaves’ Domestic Supply Chain Summit on Wednesday.

FIRESIDE CHAT TOPIC: Freight market conditions and what to keep an eye on in 2024.

DETAILS: Brent Hutto, chief relationship officer at Truckstop.com, explains the recent spot market cycle and why current conditions will likely linger through the first half of 2024.

KEY QUOTES FROM HUTTO:

On why this spot market cycle has been different:“What’s not been normal is fuel. What’s not been normal is inflation and...

https://www.freightwaves.com/news/trucking-fundamentals-unlikely-changed-in-first-half-of-2024-hutto-says

Trucking heads kick can further into 2024

Truckload carriers and 3PLs have seen little change in demand halfway through the fourth quarter, and some are pointing deeper into 2024 before the market corrects.

The comments came from heads of some of the largest publicly traded TL providers at Stephens 25th Annual Investment Conference in Nashville, Tennessee, on Tuesday. The sentiment aligns with a Tuesday report from freight payments platform Cass Information Systems (NASDAQ: CASS), which said October produced a cycle low for shipments.

Fre...

https://www.freightwaves.com/news/trucking-heads-kick-can-further-into-2024

‘Freight recession’ snares J.B. Hunt in Q1

A falloff in container imports into the nation’s West Coast along with weaker domestic trucking volumes pushed J.B. Hunt Transport Services’ first-quarter results lower compared to a year ago.  

J.B. Hunt (NASDAQ: JBHT) reported earnings per share of $1.89 Monday after the market closed, 40 cents lower year over year (y/y) and 12 cents below the consensus estimate.

In addition to the softer freight trends, the company contended with EPS headwinds that weren’t there last year. It took a loss...

Freight shipments, costs sag in March

Freight shipments fell in March alongside transportation costs, according to payment services provider Cass Information Systems.

The shipments component of the Cass Freight Index declined 1% from February, 4% lower year over year (y/y). The expenditures subindex, which measures the total costs associated with shipping freight inclusive of fuel, fell 1.5% sequentially and 12% y/y.

“Soft real retail sales trends and ongoing destocking remain the primary headwinds to freight volumes, and sharp...

Truckload rates ‘tumbling’ in Q2, report says

A predictive rate index released Tuesday showed truckload pricing “tumbling” further in the second quarter while less-than-truckload rates stabilize from a “sharp drop” in the first quarter.

The TD Cowen/AFS Freight Index — a compilation of data from third-party logistics provider AFS Logistics and investment bank TD Cowen (NYSE: TD) — showed excess truck capacity and soft demand had carriers competing for loads, driving rates lower during the first quarter.

The index captures trends from AFS...

Weakness in freight shipments to linger, Cass says

Shipment data captured by payment services provider Cass Information Systems was only off modestly in February while freight costs plummeted on a tough comp.

The Cass Freight Index registered a 0.3% year-over-year (y/y) decline in shipments while the expenditures component of the data set, which measures the total costs associated with shipping freight, fell 9.7% y/y. The costs index was up against a tough comp (up 42.2% y/y in February 2022).

Shipments were up 3.8% from January after five months...

Landstar reports solid Q3, comps to freight boom ahead

A Landstar trailer being pulled by a carrier on the highway

Landstar System noted a deceleration in trends during the 2022 third quarter on a call with analysts Thursday. However, the freight broker’s rate and load metrics have remained firm compared to the broader spot truckload market.

Landstar (NASDAQ: LSTR) reported earnings per share of $2.76 Wednesday after the market closed. The result was in line with analysts’ expectations but at the low end of management’s $2.75 to $2.85 guidance range. The result was a record for any third quarter in company...

https://www.freightwaves.com/news/landstar-reports-solid-q3-comps-to-freight-boom-ahead

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