B1 visa drivers and illegal operators are not the same thing. Here's the difference and why conflating them is hurting the industry.
FMCSA cracks down on MC numbers. A $158M trucking Ponzi. Middle East surcharges.
We're giving you a look at spot market changes over the last year. Plus: Why Target stock hit a 52-week high, IKEA's legal battle with Convoy, and a celebration of women in freight.
Happy International Women's Day. We're giving you a look at the national and regional spot market changes over the last year, curated by greenscreens.ai. Plus: Why Target stock hit a 52-week high, IKEA's legal battle with Convoy, and a celebration of women in freight.
🤔 Question of the Day: The _________ region had the steepest year-over-year drop in spot rates for February. Scroll to our main story to find the answer.
In today's email:
TOP LANE MOVERS POWERED BY GREENSCREENS.AI
*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
🎯 Bullish on Retail. Target's quarterly report shows sales jumping to their peak since Q1 2022 and gross margins rebounding to 2021's prosperity. This led the stock to its highest level since April 2023. Q4 figures suggest shoppers were not shy this holiday season, indulging in high-margin goods and dispelling gloomy consumer spending speculations. Behind the scenes, Target's stockpiles are back to a pre-pandemic pace, hinting they've conquered their inventory excess. Supply chain expert, Jason Miller, says Target's triumph hints at a robust consumer comeback.
⚖️ IKEA vs Convoy Continued. IKEA has turned to the courts for a verdict on who should receive payment in the wake of digital freight broker Convoy's bankruptcy. As truckers wait for nearly $500K owed for completed deliveries, IKEA's action aims to resolve whether the payment should go directly to the carriers or to Hercules Capital, which has a financial interest in Convoy's assets. Meanwhile, the funds remain caught in a legal stalemate, leaving the truckers in suspense.
♀️ Celebrating Women in Freight. March 8 is International Women's Day and we're spotlighting the role of women in our traditionally male-dominated freight industry. We're looking at the women who have blazed trails and are actively shaping the future of freight in the U.S. From the first female truck driver Luella Bates, to the founder of the Women in Trucking Association, Ellen Voie – here's to the women who have transformed the industry and continue to break barriers.
TOGETHER WITH ARMSTRONG TRANSPORT GROUP
Are you an experienced freight agent looking to take your career to the next level? Or perhaps you're relatively new to the logistics industry and want to learn from the best. Whatever your background, Armstrong Transport Group is the partner you need to succeed. Click here to learn more.
Greenscreens.ai published an interesting report showcasing a year-over-year look into spot rate changes for Dry Vans, Reefers, & Flatbeds and then dove into specific changes by region. Here is a summary of their findings.
The latest national data showed a descending trend for spot rates, with van, reefer, and flatbed rates experiencing a 6-7% dip compared to the previous year.
The worst-hit region of the US in terms of spot rates in the last year was the South, while the region least affected by spot rate fluctuations was the Southwest.
Greenscreens also provided an overview of spot rate price changes from the second half of 2023 until now. The fluctuations weren't as large as those between early 2023 and today. Certain regions and modes, like Reefers in the South and Southeast, experienced an uptick since mid-2023. This is a good sign that the market is stabilizing.
Comparing the current carrier spot rates to the second half of 2023, there were only single-digit shifts, indicating a slow and sustained fall rather than an abrupt drop.
To sum up, we're still seeing the dust of the chaotic COVID-19 era settle, and signs point towards a wave of normalization. Again, the data indicates that this change won't be an instantaneous turnaround but more of a steady and mindful navigation.
TOGETHER WITH TURVO
Invite your shippers, carriers, and partners on to your Turvo Network to share, communicate, and solve supply chain issues in real time. Turvo’s unique collaboration technology unifies people, processes, and data, bringing together everyone involved in a shipment for 100% visibility, better on-time deliveries, and a superior customer experience.
Join all-size companies using Turvo’s TMS Platform, Mobile App, and the most popular Driver App in the industry. Ask For A Turvo Demo Here.
AROUND THE FREIGHT WEB
💼 Echo Named Top Workplace. Echo Global Logistics has been honored on the Top Workplaces USA 2024 list, showcasing its workplace culture and employee engagement as key to its success.
🔧 Steel Transport Insight. Learn why steel coils are transported standing up on flatbed trucks in this video showing everything that can go wrong.
⚠️ Against Price Floors. A critical look at the consequences of implementing price floors in trucking, reveals how such measures could harm small carriers and disrupt freight economics.
🚨 Florida's Towing Reforms. Pending legislation in Florida aims to protect truckers from predatory towing practices by setting maximum rates and ensuring transparent billing, a move expected to be endorsed by Gov. Ron DeSantis.
💻 Freight Software Reform. Y Combinator-backed Reform introduces a new way for logistics companies to upgrade their software infrastructure, blending flexibility with efficiency in transportation management.
🕵️ Espionage Alert at Ports. A congressional probe has uncovered potentially risky communications devices on Chinese-built cranes at U.S. ports, providing evidence for earlier security concerns.
FREIGHT MEME OF THE DAY
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