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Rob Carpenter shares what the non-domiciled CDL ruling means for fleets, compliance, and rates.
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Today, we're examining last month's steep decline in rates. Plus, Uber Freight's ambitious expansion in Europe, the performance of U.S. imports in February, and the implications of the MOVE Act on truck weight limits.
Today, we're examining last month's steep decline in rates. Plus, Uber Freight's ambitious expansion in Europe, the performance of U.S. imports in February, and the implications of the MOVE Act on truck weight limits.
In today's email:
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*Greenscreens.ai, forecasts real-time truckload buy prices that are suited to each freight brokerage's purchasing power using AI and machine learning. Its engine takes into account over 130 attributes and data points in each rate forecast.
🐔 WHAT’S COOKIN’ IN FREIGHT
🇪🇺 Uber Freight Sets Eyes on European Market. Uber Freight is betting big on Europe, aiming to boost its freight under management from 200 million euros to 2 billion euros by 2028. This move comes amid a backdrop of financial challenges in the U.S., where the company faced a 16.8% revenue drop in Q4 2022 and a near 25% decrease in freight revenue in 2023. Despite these hurdles, Uber Freight is banking on its technological prowess and a strong focus on sustainability—especially in CO2 emissions management—to carve out a significant presence in Europe.
🚢 February Imports Dip Amid Strong YoY Performance. In February, the U.S. saw a 6% dip in container imports from January, yet year-over-year figures show a solid 23.3% increase to 2.14 million TEUs. This surge, while impressive, comes with a Lunar New Year asterisk—adjustments reveal a more grounded 13% growth. Amid this, the IOTI.USA index (which tracks booked ocean container volumes) recorded more than a 40% drop post-holiday, its steepest in five years. Despite these fluctuations, the East and Gulf Coast ports' increased import share to 44%, alongside Mexico's growing manufacturing role, indicates a resilient and adapting U.S. freight market.
🏋️ Heavier Loads Ahead? The MOVE Act is stirring the pot in trucking, proposing states have more wiggle room to waive federal truck weight limits in response to emergencies or supply chain hiccups. This bill could extend waivers up to 270 days, with an option for a 90-day extension, easing supply chain pressures. However, safety advocates raise the alarm over potential risks, citing concerns that heavier trucks could lead to more accidents.
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Chris Pickett, the COO of Flock Freight and Founder of Pickett Research, released his latest February market analysis. Here is our summary. Read the entire report, by clicking here.
February 2024 turned out to be surprisingly chaotic for the freight industry. US Spot Linehaul rates, after a consistent rise from November, experienced a significant drop in February.
Even though rates fell significantly, people are still hopeful that things will improve and rates will go back up by the end of the year. They've had to push back their predictions about when the market will improve because of the disappointing month in February, but they still think things will start looking up soon.
Americans are still buying lots of physical goods, even though there was worry that people would start spending more on services, like dining out or travel, instead of goods. This hasn't happened. Also, while manufacturers had a bit of a mixed performance, there's hope that this will improve, which should mean more freight.
Looking at how many new trucks (Net Class 8) are being ordered and the rollercoaster of diesel fuel prices, the situation is a bit complicated. Orders for new trucks are getting back to normal, but the up-and-down fuel prices have been a challenge for the freight market.
For an in-depth analysis of these factors, read the excerpt from The Pickett Line.
TOGETHER WITH RELIANCE PARTNERS
Borderless Coverage powered by Reliance Partners launches the Mexico Cargo Hijacking Data Portal to tackle the high risk of cargo hijackings in Mexico. Providing in-depth analysis, the portal reveals a significant increase in hijackings, particularly in central and southern regions, and underscores the need for enhanced security measures. This tool is vital for businesses to strategize safer operations and navigate Mexico's challenging logistics landscape. Read more about the data portal here, then get in touch with Reliance Partners today at 877.668.1704!
AROUND THE FREIGHT WEB
📦 Port Chaos: Gangs attacking Port Au Prince's main container terminal prompt carriers to divert to the Dominican Republic, risking basic goods shortages. Terminal impact feared.
🚚 SuperTruck 2 Sighting. Catch a glimpse of the PACCAR/Kenworth SuperTruck 2, which debuted in October 2023, in the wild.
🤝 TFI Acquires Hercules Forwarding. TFI acquires Hercules Forwarding, enhancing its cross-border less-than-truckload services in North America with the addition of 31 terminals and over $100 million in annual revenue.
🧻TP Spill. A truck spill on I-5 turns into a bizarre scene with hundreds of toilet paper rolls sprawled across the roads.
⚡ Electric Truck Charging Plan Unveiled. The Biden administration launches a 16-year plan to establish battery-charging and hydrogen-refueling stations across 12,000 miles of freight-heavy interstates and major container ports to support electric trucks.
🎣 FREIGHT CAVIAR CORNER
🇷🇸 FreightCaviar Trip to Serbia (Photos). Last week, we visited an outsourcing broker and carrier hub: Serbia. Check out our photos from the trip and stay tuned for our documentary and podcast from the trip, coming out in the next few weeks.
FREIGHT MEME OF THE DAY
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In just three years, we have moved from an industry that relied heavily on manual phone calls and emails to one where many of us use AI to some extent to support the above.
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