The Weekly Freight Report for April 23, 2020
The Top 4 Stories in Freight
The importance of buyer-supplier relationships bubbles back up in times of volatility… the U.S. government provides relief to the transportation industry… and volumes continue to lay low. Shippers- get filled in on the top stories with the Weekly Freight Report.
1. Relationships Prove to Be Crucial in Volatile Times
It’s a tale as old as time. A black swan event strikes. Volatility flips the market. Contracts are ignored or cancelled. And once again… we’re reminded of the importance of buyer-supplier relationships. In today’s case, it’s too late to make friends… but that doesn’t mean shippers can’t better prepare for the future. Here’s where to start.
2. Freight Volume Expected to Remain Low Through May
Volumes have reached lows of 2009. And there is a clear divide between winners and losers in freight. Shippers and carriers providing essential goods are staying busy, while demand for retail, auto and restaurant supplies falls to nearly zero. Experts predict prices will remain low through May. But could a restocking event drive higher rates later in the year? It’s something to be on the lookout for. Get the full story here.
3. Transportation Sector Collects $10.6B of PPP Funds
The Paycheck Protection Program is providing big relief to the transportation industry. With $10.6 billion in loans going to transportation and warehousing companies, it’s keeping freight moving and employees on the payroll. As Congress plans to replenish the program with an additional $250 billion, it could be a huge win for small to midsize carriers facing recent volume dips. Get the full story here.
4. Carriers Notice Major Changes at Receiver Locations
How have receiving locations changed in light of the pandemic? According to a recent carrier poll… just about everything’s different. Closed break facilities, increased social distancing and being required to stay in the truck rank among the most noticeable shifts. And drivers seem to have mixed feelings about how each facility is handling it. Dive into what carriers are saying about the updates here.
Need help moving freight across North America? FLS can help. Our network of 54,000 carriers and 400,000 trucks is a great asset to any shipper… and our service levels are impeccable. Give us a try… Get a quote today!
