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Logistics Intelligence Brief
Tuesday, January 18, 2022

Trucking

Record high rates keep pricing power in carriers’ hands

Freight Waves Tony Mulvey January 14, 2022

The Truckstop.com national spot rate, based on the top 100 lanes on Truckstop.com’s load board, bounced back as capacity remained tight last week. The national spot rate increased by 2 cents per mile to $3.83, including fuel surcharge and other accessorials. The recent increase brought two consecutive all-time highs, breaking the previous high set around Labor Day.
Of the 102 lanes from Truckstop.com’s load board, 53 reported increases last week. Rates on lanes destined for Los Angeles all took steps backward last week as capacity returned to the large Southern California markets.
Contract rates climbed by 6 cents per mile over the past week at $2.80. Contract rates are reported on a two-week lag, so holiday impacts are starting to show up in the data. The recent increase brings contract rates to the highest level in the dataset that dates back to January 2017.

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Industry

Union Pacific Weighs Avoiding Los Angeles as Cargo Theft Rises

Bloomberg Brendan Murray January 17, 2022

Subscription-Based

Union Pacific is considering changes to rail operations including avoiding Los Angeles County as a rise of cargo theft in the area hurts business.
It’s not exactly clear how the Omaha, Nebraska-based company would carry out such a threat and use alternatives to the nation’s largest gateway for imported goods. But what’s obvious is the railroad’s frustration with the lack of deterrents for committing crimes like trespassing and theft along the current route.
Widely tweeted footage by a CBS journalist last week showed the extent of the security breaches, with hundreds of opened packages looted from rail-borne shipping containers strewn around the tracks.

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Port Congestion Growth in the U.S. (Video 7:09)

Bloomberg Markets January 17, 2022

Craig Fuller, FreightWaves Founder and CEO, joined Guy Johnson to discuss supply chain constraints.

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As time goes on, so do supply chain and logistics challenges and issues

Logistics Management Jeff Berman January 17, 2022

What’s more, this situation, once again, serves as a potential jumping off point for North American shippers, manufacturers, and logistics services providers to again take a hard look at bringing sourcing and manufacturing operations closer to home, in order to help mitigate these types of situations.
This is not to say it would act as a panacea, of sorts; it won’t. But it certainly could help and would not hurt either.

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Freightos acquisition expands US digital air cargo footprint

The Journal Of Commerce Greg Knowler January 17, 2022

Subscription-Based

Freightos Group has acquired North American rate management company 7LFreight, giving forwarders across the United States instant access to air cargo pricing across dozens of airlines via Freightos’ online booking platform, WebCargo.
“This acquisition is a major milestone in our digital air cargo development in North America,” Camilo Garcia Cervera, global business vice president at WebCargo, told JOC.com Monday. “The US market is enormous in exports but also in domestic business, and the 7LFreight acquisition brings in 1,200 forwarder branches that operate in the US.”

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Workforce

Texas, Arizona Have Recovered All the Jobs Lost When Covid-19 Hit

The Wall Street Journal Bryan Mena January 18, 2022

Subscription-Based

The U.S. as a whole lost more than 22 million jobs in March and April of 2020 and at the end of 2021 still had 3.6 million fewer positions than in February 2020, before the pandemic hit the U.S. economy. As of November—the latest available state-level data—Texas had about 28,000 more jobs than in February. Arizona had nearly 5,000 more, Idaho had 14,500 more, and Utah leads with about 61,000 more.

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Shippers/3PLs

LM Podcast Series: TIA’s Reinke addresses the state of brokerage and freight economy market

Logistics Management Jeff Berman January 17, 2022

Anne Reinke was named TIA President and CEO in October 2020. Previously, she served at the U.S. Department of Transportation (USDOT) as the Deputy Assistant Secretary – Congressional Affairs. She started her service at USDOT in April 2019, initially as the Deputy Assistant Secretary for Intergovernmental Affairs, and transitioned to Congressional Affairs in November 2019.

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