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Wednesday, April 28, 2021

Logistics Intelligence Brief

Trucking

Yellow Boosts Fleet, Deploys More Than 1,200 New, State-of-the-Art Peterbilt Tractors on The Road

Yellow Press Release April 27, 2021

Yellow Corporation (NASDAQ: YELL) is proud to announce the purchase of more than 1,200 new tractors from Peterbilt Motors Company. The new equipment, Peterbilt’s flagship Model 579 Day Cab, is coming off their Denton, Texas assembly line daily and is making its way to Yellow facilities and drivers across the country. “I’m thrilled to provide this brand-new equipment to our drivers and buy it from a great American company. We are proud to refresh and modernize much of our fleet,” said Yellow Chief Executive Officer Darren Hawkins. “This is not only a boost for our employees but it’s a win for the economy and America’s frontline workers.” In the first quarter of 2021, Yellow took delivery of more than 1,100 tractors, 1,600 trailers and 140 containers. The Company’s capital expenditures in 2021 are expected to pump at least $450 million into the U.S. economy. “It’s an honor to work with Yellow as they begin the process of refreshing their fleet. The Peterbilt Model 579 Day Cab with PACCAR MX Engine and PACCAR transmission is a perfect truck for their applications,” said Jason Skoog, Peterbilt general manager and PACCAR vice president. The new equipment will upgrade Yellow’s aging tractor fleet. The oldest pieces of equipment will be among the first to retire. “This is much needed and rolling off the Peterbilt assembly line at just the right time,” said Yellow Vice President of Equipment Joe Sturtz. “Pristine equipment will strengthen customer service and reduce downtime. The new tractors and trailers are more fuel efficient with industry-leading fuel economy standards. That is essential for cost savings while helping to ensure that we are good stewards of the environment,” said Sturtz. Related: Peterbilt Press Release Peterbilt Receives Order For 1222 Model 579s From Yellow Corporation

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U.S. Truck Boom Shows Why Oil’s Demand Comeback Is Here to Stay

Bloomberg Jeffrey Bair April 27, 2021

“It is getting easier to see freight shipments continue at their peak-season-like levels through 2021 because U.S. consumers seem capable of sustaining the current demand for goods, even as our wallet share begins to shift toward services.” said Matthew Muenster, head economist at fuels consultant Breakthrough in Green Bay, Wisconsin. ‘Unprecedented Levels’ Restocking is a key factor driving increased confidence among truckers. The latest Bloomberg Intelligence/Truckstop.com truckload survey of owner operators show that 71% anticipate load growth over the next six months, up from 50% during the fourth quarter of 2020.

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Truck pricing, as it hits new peaks, has staying power: Landstar (Subscription Based)

The Journal Of Commerce William B. Cassidy April 27, 2021

A 41-year high-water mark “We don’t see any change until at least the fourth quarter, if that at all,” Brent Hutto, chief relationship officer at Truckstop.com, said in an interview last week. “The spot market is at a 41-year high-water mark.” Last week, the average all-inclusive dry van rate on Truckstop.com’s load boards rose 2 percent to $2.93 per mile. That’s a 72.5 percent increase from the same week in April a year ago. New economic forecasts suggest the US economy is heating up faster. IHS Markit, the parent company of JOC.com, now expects US real gross domestic product (GDP) to rise 6.2 percent in 2021, a 0.5 percentage-point upgrade from the company’s expectations for the US economy a month ago. US imports from Asia have risen by double-digit percentages in every month since August 2020.

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Shippers/3PLs

C.H. Robinson’s profits soar on higher truckload and ocean rates

Freight Waves John Paul Hampstead April 27, 2021

“We are proud of our first-quarter results,” said Bob Biesterfeld, chief executive officer of C.H. Robinson. “As global shipping markets remain disrupted, our team around the globe stayed focused on serving the needs of our customers and delivering innovative solutions to keep global supply chains moving. During the quarter, we delivered strong financial results, while continuing to deliver against many of our initiatives related to growth, productivity and the advancement of our digital strategy.” NAST truckload volumes fell 6.5% year-over-year, the second straight quarter of year-over-year declines in truckload volume and the third decline in the past four quarters. But Robinson charged its customers far more to move those truckloads, raising prices by 33% as its own purchased transportation costs increased 33.5%. It’s become clear over the past few quarters that Robinson is growing its less-than-truckload business a bit more aggressively than its truckload portfolio: LTL shipments per day were up 17% compared to a year ago.

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Industry

Intermodal Woes Challenge Logistics and Supply Chains

Freight Waves Deborah Lockridge April 27, 2021

Inland Intermodal Ports Too Inland rail intermodal ports have also been affected. Domestic intermodal volume was up 7.7% between June 2020 and February 2021 compared with the same nine months a year earlier, according to the Intermodal Association of North America. The Journal of Commerce reported that shortages of containers, chassis, terminal appointments, and draymen limited freight rail capacity in major intermodal markets such as Chicago, Dallas, Memphis, Jacksonville, and Kansas City during the first quarter. JOC said that shippers could be saving more money than ever on intermodal – if they could find enough equipment and drayage drivers to move their cargo to and from rail terminals. In short, the entire supply chain is inundated with cargo. Costs for shippers have gone up, and even worse for some is the delay in delivering goods to customers and resulting buyer disatisfaction. Some shippers have lost patience with delays and have been trying to shift freight to other transportation modes, including trucks, but trucking is also experiencing tight capacity and a truck driver shortage.

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Government/Safety

FMCSA Encourages Drivers to Practice Work Zone Safety

Transport Topics Eleanor Lamb April 27, 2021

There were 842 work zone fatalities in 2019 (the most recent year of data available) and 757 work zone fatalities in 2018, according to Federal Highway Administration data — an 11.2% increase. FMCSA Deputy Administrator Meera Joshi noted that while large trucks make up about 5% of vehicular traffic, they are involved in 33% of fatal crashes that occur in work zones. “Fatal crashes occurring in work zones are both tragic and absolutely preventable,” Joshi said. “I am especially concerned that large trucks continue to have a disproportional involvement in fatal crashes occurring in work zones.”

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