The Weekly Freight Report for May 27th, 2021
The Top 6 Stories in Freight
Here’s what’s happening this week:
- Drivers prepare for increased traffic and cargo theft this Memorial Day weekend
- Power only services are trending among shippers
- Rail backlog could be a big problem going into an early peak season
- Shippers shift import overflow to Port of Oakland
- The driver shortage is impacting cross border shipping rates
- Study finds import boom has helped support millions of U.S. jobs
The hottest stories in freight can be found here, in the Weekly Freight Report:
1. Drivers prepare for increased traffic and cargo theft this Memorial Day weekend
Memorial Day weekend is this weekend. And while many of us are already on vacation mode, on-duty carriers need to be ready for increased traffic and cargo theft. Cargo left was up 35% year over year last year- resulting in over $1 million in stolen goods. And holiday travel is expected to be up 60%. There’s more where that comes from… Here’s everything drivers need to prepare for.
2. Power only services are trending among shippers
As demand for goods continues to surge across North America, shippers and trucking companies are searching for means to expand capacity in numerous ways. And one means has been a power-only trend that’s grown by a 41-year high this past year. You see, it’s a win-win for everyone. Trucking companies can decrease their investment and capitalize on demand right now… and shippers can benefit from better rates and increased flexibility. Check out what power only has to offer here.
3. Rail backlog could be a big problem going into an early peak season
After 10 months of record-level import volumes, shippers are fulfilling peak orders 4-5 weeks early. This means peak could begin as early as July. No doubt LA-LB ports have conquered a lot this year. Longshore workers are back to work after Dec. COVID outbreaks. Chassis shortages have been corrected. And the number of container ships at anchor has decreased drastically. The new problem is rail dwell times. And it’s bad news with an early peak on the horizon. Get the details here.
4. Shippers shift import overflow to Port of Oakland
Normally a backhaul region, Shippers are booking 2x more freight at the Port of Oakland today than they were this time last year. It is anticipated that Northern California could see a massive increase in outbound freight volumes this summer if the rails are unable to convert quickly enough. But there are limitations on the infrastructure so shippers should keep that into consideration when scheduling their shipments. Get the details here.
5. The driver shortage is impacting cross border shipping rates
The ATA says the U.S. is short 60,000 drivers. And if the trend continues, the shortage could swell to more than 160,000 drivers by 2028. And the problem isn’t just in the U.S… Mexican carriers are also having a difficult time recruiting and retaining talent. This means less capacity and increased prices for cross-border shippers. But carriers know what drivers want… here’s how they are trying to appeal to those wants and needs to attract and keep quality drivers.
6. Study finds import boom has helped support millions of U.S. jobs
A new study conducted by eight trade associations found that increased imports have supported millions of American jobs. From retail to manufacturing and up and down the supply chain, imports have been fueling the U.S. workforce. The study shows that these jobs are good jobs that pay competitive wages and employ nearly 8 million minorities and 2.5 million union workers. And, 96% of companies who import are small or medium-sized businesses. Get the complete list of stats from the study 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!