truckload pricing

Truckload carriers see market moving toward equilibrium

A couple of truckload carriers said the bottom of the cycle has likely occurred but acknowledged that any material positive inflection in fundamentals won’t happen until sometime in 2024. That likely means a “muted peak season” again this year.

“I think there will be some signs of seasonal activity across September, October, November,” Schneider National (NYSE: SNDR) CFO Steve Bruffett said at a Morgan Stanley (NYSE: MS) investor conference Tuesday in Dana Point, California. 

“I think that sets...

https://www.freightwaves.com/news/truckload-carriers-see-market-moving-toward-equilibrium

The insider’s guide to booking spot market loads

Truck driver who just booked a load on the spot market

If Shakespeare were a trucker, he would ask, “What’s in a load?” While I’m not as eloquent, I hope to answer this question from the standpoint of what a carrier should look for when booking spot market freight. Load bidding can be as much an operational art as a science. Below are a few key factors to consider when slumming it on the load boards looking to book some spot market freight.

(Disclaimer: Things I won’t cover include how to leverage dropped trailers to get extra revenue; how to wait...

https://www.freightwaves.com/news/the-insiders-guide-to-booking-spot-market-loads

Truckload van spot rates fall even faster

Trucks use highways to move America's goods. (Photo: Jim Allen/FreightWaves)

Over the past four days, the deterioration in truckload van spot rates has accelerated, falling over $.02 per mile per day on the FreightWaves National Truckload Index Linehaul Only ([fuel removed] 7-day moving average (SONAR NTIL.USA). In the past seven days, van truckload spot rates fell by $0.011/day and $0.007/day in the prior three weeks. 

The blue-shaded area is the National Truckload Index Linehaul Only (NTIL), which is based on an average of booked spot dry van loads from 250,000 lanes...

https://www.freightwaves.com/news/truckload-van-spot-rates-are-falling-even-faster

Rapid cost inflation hits small carriers and businesses harder

Chart of the Week:  ACT Research 3 Year Old Used Truck Prices, Van Contract Rate Per Mile Initial Report – USA  SONAR: UT3.USA, VCRPM1.USA

The cost of used 3-year-old Class 8 trucks (UT3) has increased 70% over the past year, according to ACT Research. The average rate per mile for contracted van freight (VCRPM1) has only risen 20% over the same time. The disparate rate of increase between costs of operating and the sell rate for truckload capacity will curtail small business growth in the long...

https://www.freightwaves.com/news/rapid-cost-inflation-hits-small-carriers-and-businesses-harder

P.A.M. Transportation posts big Q4

PAM closes 2021 on a high

P.A.M. Transportation Services rode higher rates to improved margins and better-than-expected results again during the fourth quarter.

The Tontitown, Arkansas-based truckload carrier reported adjusted earnings per share of $2.85 Wednesday, more than double the year-ago amount and 88 cents better than the consensus estimate. The adjusted result excludes $5.5 million in settlement and reserve expenses related to losses in excess of insurance limits.

PAM (NASDAQ: PTSI) saw TL revenue increase 44%...

https://www.freightwaves.com/news/pam-transportation-posts-big-q4

FreightWaves releases FreightWaves’ TRAC Spot Rates and Market Dashboard

FreightWaves has formed the Trusted Rate Assessment Consortium (TRAC) to provide the freshest view of spot rates in the U.S. inside the new Market Dashboard application in SONAR. Combined with its database of millions of data points, SONAR has the most comprehensive view of the transportation markets available.  

Craig Fuller, FreightWaves founder and CEO, stated, “Working alongside dozens of spot market participants, FreightWaves has created the freshest and most relevant set of data in the...

https://www.freightwaves.com/news/freightwaves-releases-freightwaves-trac-spot-rates-and-market-dashboard

P.A.M. Transportation’s Q3 well ahead of forecasts

P.A.M. Transportation truck on highway

P.A.M. Transportation Services (NASDAQ: PTSI) reported a “marked improvement” during the third quarter as the truckload (TL) industry distanced itself from a second quarter that displayed steadily improving demand trends, albeit off of a low base, and incremental costs associated with COVID-19.

The Tontitown, Arkansas-based carrier reported net income of $6 million or $1.04 per share. Excluding losses from investments in equity securities, the carrier reported adjusted net income of $6.4...

https://s29755.pcdn.co/news/pam-transportations-q3-well-ahead-of-forecasts

Freight volumes and expenditures advance further during September

Unidentified truck on highway

The Cass Freight Index continued to improve in September with the shipments index climbing 7.1% compared to August and the expenditures component advancing 7.2%.

On a year-over-year basis, shipments were down only 1.8%, the best year-over-year comparison since November and much improved from the 7.6% decline last month. The index is up 28% from the COVID-induced April trough and it is expected to remain “strong through year-end, as inventories remain relatively lean, and we expect freight to...

https://www.freightwaves.com/news/freight-volumes-and-pricing-advance-further-during-september

Truckload tightness to continue, U.S. Xpress report says

U.S. Xpress truck on highway

In its September industry forecast, Chattanooga, Tennessee-based truckload (TL) carrier U.S. Xpress (NYSE: USX) identified three primary catalysts – higher driver turnover, declining TL capacity and “overwhelming” volumes – that will place upward pressure on rates through 2021.

“Each of these three themes will greatly influence trucking rates over the next four to six quarters. It’s becoming increasingly clear that high tide conditions will persist for a long while, so shippers and carriers will...

https://www.freightwaves.com/news/truckload-market-tightness-to-continue-us-xpress-report-says

Cass sees freight trends accelerate sequentially in August

Unidentified truck on highway

Cass Information Systems’ (NASDAQ: CASS) August report showed further sequential gains in the freight markets with shipments increasing 8% and expenditures climbing 9.9% from July.

Data for the month echoes other recent bullish trends and commentary from the trucking sector, showing that April was the bottom for volumes with continual improvement in freight demand since. Cass’ expenditures index shows freight payments troughed in May, improving each month after.

“This supports what we have heard...

https://s29755.pcdn.co/news/cass-sees-freight-trends-accelerate-sequentially-in-august

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