Plus, FedEx and UPS harness AI in logistics, South America's trade scene challenges Panama Canal's constraints, and Estes navigates a disruptive cyberattack.
While trade activity escalates in South America, influenced by diversified sourcing strategies, the Panama Canal continues to face drought-induced challenges.
Estes grapples with a cyberattack. This comes just weeks after Yellow accepted Estes' $1.3B bid for its terminals.
Despite expectations, Class 8 truck orders remain steady. With all order slots filled, the production for Q4 2023 is anticipated to be strong.
FTR reported that June's Class 8 truck orders matched May's, totaling almost 13,800 units, despite a predicted drop. The figure is a 7% YoY decrease but exceeds replacement demand. With all 2023 orders filled and 2024 slots not yet fully open, it's uncertain when the trucks will be built. This implies solid Q4 production. FTR’s chairman, Eric Starks, suggested strong production and mid-year slowdown would normalize backlogs over the next months, currently under pressure from high backlog-to-build ratio. The OEMs' building activities are predicted to extend well into Q4.
Source: Fleet Equipment Magazine
Class 8 orders for June
— Thomas Wasson (@ThomasWasson7) July 20, 2023
The backlog-to-build ratio declined 80 basis points (bps) to 5.9 months (6.6 seasonally adjusted).
2024 outlook per ACT Research: orderbooks typically open in October, lately have seen them open as early as August pic.twitter.com/cwWkBUCkjs
Key trends in freight and shipping market of June 2023, with insights into spot market, carrier capacity, LTL sector and cross-border shipping.
Molson Coors, recognized as 2023's Shipper of Choice, excels in supply chain management, shipping 13M barrels of beverages annually.
Tornado damages Pfizer plant in North Carolina, affecting 50,000 pallets of medication and potentially impacting nationwide supply.
The US labor market is showing signs of stabilization as the rate of voluntary job quitting approaches pre-pandemic levels and employers implement better retention strategies.
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