The Weekly Freight Report for October 1, 2020
The Top 6 Stories in Freight
The HOS rule change is here… West Coast ports see all-time high congestion… ‘shippers of choice’ expected to navigate peak easier… warehouse demand continues… and three things smart shippers are doing now to prepare for peak season.
The hottest stories in freight can be found here, in the Weekly Freight Report:
1. The HOS Rule Change is Here
Changes to the HOS 30-minute break requirement will go into effect tonight at 12:01 AM. This long-awaited update will allow drivers to fulfill their breaks by splitting them up throughout the day. Drivers will be able to take breaks and continue “on duty” status. This means more flexibility for carriers and faster deliveries for shippers. Get the full details here.
2. Import Volumes Double With No Signs of Slowing Down
US import volumes have doubled and are up 91%. Pre-peak imports combined with restocking volumes has led to all-time high congestion at trans-Pacific ports. This is bad news for shippers as competition for trucks continues to push availability and rates. You’ve heard it before, but this is another reason to prepare for high rates and potentially delayed freight over the next few months. Get the details.
3. Shippers of Choice to Better Navigate Peak
Shippers are suffering from a painful lack of capacity going into peak season. And trucking execs anticipate shippers of choice will navigate the upcoming peak season with more success. With volumes soaring and ports completely backed up, shippers and receivers who work to reduce dwell times could help lighten up this capacity crunch nightmare. Get the details.
4. Demand for Warehouse Space Continues to Rise
The industrial warehousing space has become the new gold rush of commercial real estate. As consumer purchasing patterns continue to shift, retailers have had to rethink sourcing strategies, and obtaining appropriate warehousing space is at the top of their list. And this trend is expected to last well into 2021. Get the full story.
5. 3 Things Smart Shippers Are Doing to Prepare for Peak
Peak season will be brutal this year. That’s right, in under 90 days we’re going to be in the tightest freight market since 2017. And let’s remember, 2017 was a year that ended with a load to truck ratio of 9.0 and left scars on a lot of financial statements. It’s safe to say it was a disastrous time for logistics planners. The best plan for 2020 is to get ahead of the chaos. Here are 3 things smart shippers are doing right now to prepare.
6. Trucks Moved 67% of All North-American Freight in July
According to a new DOT report, $91 billion in cross-border freight was moved in North America this past July… 67% of which was moved by trucks. Computer parts, electrical machinery and vehicles were the top three commodities hauled across the North American borders. All modes continue to show month over month improvement, but trucking remains the leading mover of North American freight. Get the full details here.
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