163,318 truckers risk losing their CDLs when the FMCSA's new Clearinghouse rule takes effect in November. Here's what it means and how it impacts the industry.
“Things have continued to decline, [but] as we get into the back half of next year, we would expect things to start to come back up.”
Insight: The company anticipates the freight cycle bottoming in Q4 2023 or Q1 2024, with a mix of sectoral performance. Sanchez highlighted strengths in CPG and automotive sectors, despite overall softness in transports and retail.
Schneider National - 2024 as a Transition Year
EVP Jim Filter:
“We’re currently viewing 2024 as a transition year with freight market fundamentals slowly but steadily improving.”
Insight: Filter expects the current cycle's trough to last until early 2024. He emphasizes the unique nature of this cycle's overcorrection and the company's robust operational execution despite pricing challenges.
Werner Enterprises - Easing Pressure with Carrier Exits
CEO Derek Leathers:
“This is coming closer to balance than people realize.”
Insight: Leathers notes over 150,000 net deactivations of carriers, indicating a market move toward equilibrium. He emphasizes the impact of these exits on the market, coupled with company bankruptcies, predicting a nearing balance.
Overall Takeaway: Despite the challenges, there's a cautious optimism among trucking leaders. They anticipate a gradual improvement in the freight cycle, driven by various market dynamics and sectoral shifts.
Hi! I'm Adriana and I've been working for FreightCaviar as Head Writer for a little over a year now. Some of my favorite topics to cover are FreightTech, Green Freight, and nearshoring/reshoring.
This insightful glimpse into the world of contract versus spot freight markets is contributed by Ruslan Shamanov, the Founder & CEO of Kavkaz Express, LLC.