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Thursday, October 15, 2020
Logistics Intelligence Brief
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Trucking

Trucking Industry Economy Outpaces US Economy as Capacity Tightens

Transport Topics Dan Ronan October 13, 2020

Bob Costello, chief economist at American Trucking Associations, told Transport Topics capacity in the industry is as tight as it has been in years. “The spot markets are very strong because there is a lot of spillover freight, Costello said. “Contract freight is up, but I think capacity has a much bigger impact on this issue.”

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What to expect in Q4 for freight markets

DAT.com Dean Croke October 14, 2020

As more of us spend more time at home during the pandemic for studies, work and entertainment, demand for electronic equipment has skyrocketed. Global shipments of televisions hit a historical high in the third quarter of this year. According to Trendforce, global TV shipments were just over 62m in the third quarter, of which 31% (19 million) were shipped to the US. Of those shipped, 63% came from China, and 65% of that volume landed in Los Angeles. This is just one example of how the pandemic has increased demand for certain commodities and driven important truckload volumes higher in specific markets, and it looks set to continue well into 2021. For truckers, this all will likely mean a continuation of what we've been seeing for the past five months - tight capacity and high demand for fast-moving consumer goods, and sluggish demand in the industrial manufacturing sector.  

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Trucking Market Update on the State of Freight Podcast

FTR Transportation Intelligence October 14, 2020

This week’s Trucking Market Update discusses a change in the spot market and reviews the unemployment situation, preliminary data on inventories, and the final report on U.S. trade in goods in August. The Trucking Market Update is hosted by FTR’s Vice President of Trucking, Avery Vise. As this information is presented, you are welcome to follow along and look at the graphs and indicators yourself by downloading the presentation.  

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US truck rates to settle in 2021: Transplace

The Journal of Commerce William B. Cassidy October 14, 2020

Shippers should expect an additional six to 12 months of uncertainty as supply chains disrupted by the COVID-19 pandemic and subsequent recession continue to recover and realign, speakers at the 2020 Transplace Shipper Symposium said Wednesday. “There’s going to be additional realignment and uncertainty,” Matt Harding, senior vice president of data science for the third-party logistics (3PL) provider, told more than 700 shippers watching the virtual event. Moderate, however, does not mean slump. “The rate of growth will slow but the level (of freight demand) will be high,” Costello said. “How long does this (high freight demand) continue? I think until we can stop social distancing and we start traveling more and spending on vacations and experiences. Once we get a (COVID-19) vaccine or cure, that’s when it’s going to end.”  

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Industry

Class 8 sales signal an end to the freight recession

Transport Dive Jim Stinson October 14, 2020

The Class 8 sales numbers indicate fleets are readying for a more vigorous market, after a freight recession began in late 2018 and lasted through the initial stage of the pandemic, Denoyer said. September's sales show a dramatic turnaround from the weeks following the onset of the COVID-19 pandemic in the United States. Class 8 orders in April were the lowest since September 1995, ACT Research said, and not just because of the pandemic.  

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What replacing older assets can bring to your fleet

Fleet Owner Michael Roeth October 14, 2020

This is somewhat of a variation on my recent blog in which I talked about why sitting on the sidelines when it comes to electric trucks is not necessarily a good idea. But this time I want to talk more broadly about asset replacement in general. What sparked the need to talk about this was the release of the latest Truck Lifecycle Data Index from Fleet Advantage. The index compares what the company calls “the all-in operating costs of older model Class 8 trucks to 2021 model-year replacements.” The index shows that fleet operators can see a first-year per-truck savings of $16,856 when upgrading from a 2016 sleeper model-year truck to a 2021 model year truck. The company says for a fleet of 100 trucks that savings can reach $1.7 million.  

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US Oil Production Has Already Passed Its Peak, Occidental Says

Bloomberg/Transport Topics Kevin Crowley October 14, 2020

America’s oil production will never again reach the record 13 million barrels a day set earlier this year, just before the pandemic devastated global demand, according to Occidental Petroleum Corp. “It’s just going to be too difficult to replace the 2 million barrels a day of production that we’ve lost, and then to further grow beyond that,” CEO Vicki Hollub said Oct. 14 at the Energy Intelligence Forum. “Over the next three to four years there’s going to be moderate restoration of production, but not at high growth.”  

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National diesel average rises for the first time in six weeks, reports EIA

Logistics Management October 14, 2020

Following five consecutive weeks of declines, the national average price per gallon of diesel gasoline headed up, for the week of October 12, according to data issued this week by the Department of Energy’s Energy Information Administration (EIA). With a 0.008-cent increase, the national average came in at $2.395 per gallon. This followed a 0.007-cent decline, to $2.387 per gallon, for the week of October 5.

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Rising e-commerce tide strands oversized goods at shoppers’ homes when returns fall short

DC Velocity Ben Ames October 14, 2020

A Texas logistics startup says shippers of oversized goods like furniture could tap into a new stream of revenue by using its network of regional warehouses to enable e-commerce returns that turn into online resales. Emerging today from its “stealth phase” of development, FloorFound says it has built a nationwide network with the third party logistics providers (3PLs) J.B. Hunt, Pilot Freight Services, and Metropolitan Warehouse & Delivery. Those three partners use FloorFound’s software platform to orchestrate oversized e-commerce returns and to enable resales on the vendors’ own websites, the Austin, Texas-based firm said.  

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Technology/Innovation

Supply-Chain Tech Firm E2open to Go Public in SPAC Deal

The Wall Street Journal Jennifer Smith October 14, 2020

Supply-chain software provider E2open LLC plans to go public through an agreement with a blank-check company, making it the latest in a stream of companies bypassing the traditional path to a Wall Street listing. Austin, Texas-based E2open is set to merge with CC Neuberger Principal Holdings I, a special-purpose acquisition company, or SPAC, in a deal that would value the company at about $2.57 billion, the companies said Wednesday. The transaction is expected to close in the fourth quarter, with the company to be listed on the New York Stock Exchange under the symbol ETWO.

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Government/Safety

DOD Contractors Face Oct. 23 Deadline to Purge Chinese Tech

Transport Topics Eric Miller October 14, 2020

The U.S. Department of Defense has issued a reminder to defense contractors that they have until Oct. 23 to certify they are not using the technologies of five Chinese providers suspected of hacking into sensitive government files. The 10-day reminder, issued Oct. 13 by DOD’s Surface Transportation Command, warned contractors that they must certify they are not using the technologies or risk being “disapproved” by DOD — meaning they could immediately be dropped as a government contractor as soon as Oct. 24.  

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Workforce

Make the Most of Learning Styles When Training Drivers

Truckinginfo.com Jane Jazrawy October 15, 2020

A basic principle of education is that everyone learns at a different pace and has a different learning style. Visual learners learn best through diagrams, pictures, and reading text. Auditory learners like listening to someone speak or with music playing in the background. Kinesthetic learners like to “just do it” and figure it out as they go. Most of us have one dominant style and one other one we prefer. It’s a natural instinct for driver trainers to teach according to their preferred learning style. Visual teachers use video and presentation tools, auditory teachers lecture, and tell stories, and kinesthetic teachers ask learners to get up and participate. As a learner, you don’t get much of a choice in the matter and you learn to cope. The good instructors try to vary their teaching styles to help everyone learn.  

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