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For the past two years, shippers have had enormous leverage in the freight market, as excess capacity has kept rates under significant pressure. Shippers, who suffered under the weight of sizable market stress during COVID have inflicted “shippers revenge” on motor carriers.
Truckload spot rates, when adjusted for inflation, have plummeted to lows not seen since 2009.
In the first quarter of 2023, reassured that the Great Freight Recession was unlikely to end quickly, shippers started to insist on significant rate concessions from carriers. This process accelerated earlier this year. As a result, carrier profitability hit 14-year lows in the first quarter.
Like all commodity markets, rates become massively volatile when an unexpected sudden demand shock occurs. For trucking markets, no event has more short-term impact on demand than a major hurricane hitting a large U.S. city.
NOAA released its May hurricane forecast, where it spells a warning to shippers to prepare for significant disruptions. It is the most aggressive forecast on record. NOAA forecasts that there will be 17 to 25 named storms, with 4 to 7 being Category 3 or greater. On average, a hurricane season usually has 14 named storms and three Category 3 or greater storms.
Read more in an article from FreightWaves.