Trucking Industry Sees Sharp Spot Rate Increase

Spot rates surge by 8% in two weeks, indicating a more volatile trucking industry. Despite expectations of a balanced market by 2025, the market remains in a holding pattern. Over 100,000 new motor carrier authorities were issued in 2021-2022, contributing to a surplus of capacity. However, this surplus has been decreasing since early 2023. Weakening demand has also played a role, with truckload tender volumes down 5-10% year over year since mid-February. Carriers are hesitant to raise prices, potentially masking a tighter underlying market and setting the stage for more volatility in the coming year.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.