The Weekly Freight Report for July 16, 2020
The Top 8 Stories in Freight
It’s Safety Week.. there’s been an unexpected summer bump… trucking cashed in on the PPP… and the logistics industry sees a promising recovery. Every headline you need to know about can be found here, in the Weekly Freight Report:
1. Law Enforcement to Crack Down on Speeders this Week
It’s Operation Safe Driver Week. And law enforcement throughout North America will be looking for unsafe driving behaviors. Shippers, don’t be surprised if there is a pinch in capacity as speedy drivers lay low this week. Get all the details here.
2. FMCSA Puts Driver Safety First
Several road blockades resulting in cargo left has put drivers at risk. And The FMCSA is responding in favor of protecting truckers. They are reminding drivers that when faced with a true emergency, they are allowed to break hours of service requirements to get themselves, and their cargo, to a safe location. Get the full details here.
3. Declining Consumption and Overproduction Suppress Prices
Decreased demand has plummeted the price of oil. And for shippers and carriers, the decreased price of diesel has been a win. But how long are these low gas prices expected to last? Well… that answer depends on when demand will pick back up. And experts say that could be a while. Get the full report.
4. Volumes Remain High Following Holiday Weekend
Historical data shows a drop in volumes following July 4th weekend. But this year is different… the summer slump isn’t going to happen. Volumes remain elevated and tender rejections are expected to stay in the double-digits well into fall. Get the full story.
5. Carriers Benefit from $12 Billion in PPP Loans
New data from CCJ shows that over 100,000 trucking companies received loans from the PPP program. And the overall sentiment of the PPP program is that it’s a life-saver for carriers. According to 60% of the carriers who applied for PPP, that money is necessary for their survival. The funds are helping small and large carriers alike keep employees on the payroll and their trucks moving. Get more on PPP here.
6. Supply Chains Try Improving Performance in Lean Times
According to a recent study, 76% of supply chains are readjusting their 2020 budgets to invest in operational and human resources agility and efficiency. Why? Because this year has changed the game for transportation. And now for than ever before, it’s crucial to have a plan and staff that can switch resources and remain resilient. Here are some of the changes being made.
7. The Shipper’s Guide to NAFTA 2.0
Worried about adapting to the new trade agreement? Don’t be. The Shipper’s Guid to NAFTA 2.0 covers everything cross-border shippers need to know about USMCA-CUSMA-TMEC. Stacked with the 8 key changes… Industry tear out sheets covering the impact for each industry… Documentation changes and more, we’ve got you covered. Get your copy here.
8. LMI Indicates Promising Industry Comeback
The logistics industry is making a strong comeback. How do we know? June’s Logistics Management Index hit its highest score since February. Transportation utilization and prices were in the double digits. And warehouse capacity got crushed. And while experts aren’t sure this trend will remain, July’s kicked off with a lot of promise. Get the full report.
Need help moving freight across North America? FLS can help. Our network of 54,000 carriers and 400,000 trucks is a great asset to any shipper… and our service levels are impeccable. Give us a try… Get a quote today!
