Thanksgiving Week in Trucking: Navigating Challenges, Finding Gratitude, and Charting the Road Ahead – December 1, 2023

DOK Insurance Agency

Acknowledgement: Special thanks to Trucking Made Successful on YouTube for valuable insights.

In a recent update as of November 24th, the trucking industry faced a substantial setback with a loss of 2087 carriers’ nets. This unfortunate turn of events marks the highest number of carrier losses in the industry’s history, prompting a closer look at the challenges and dynamics at play.

Performance Overview (2010 until Now)

Despite the significant losses in carrier numbers, there’s a silver lining in terms of overall performance. The freight volume continues to outpace the levels observed in both 2019 and 2022. Additionally, tender rejections, a crucial metric in assessing market conditions, maintain an average of 3.61%, reflecting a positive trend amid the challenges.

 

Diesel Price Landscape

On the fuel front, there’s a glimmer of good news. Diesel prices currently stand at $4.25 per gallon, providing a welcome respite. 

A closer look at the accompanying map reveals an interesting correlation – the darker the blue, the higher the fuel prices, offering valuable insights for industry stakeholders.

Spot Market Rates for Different Hauls

Flatbed

Last week saw a modest increase in flatbed rates, with averages reaching $2.28 per mile. This aligns with a consistent 5-year pattern, showcasing the resilience of this segment despite recent industry hiccups.

Reefers

Unfortunately, reefers experienced a dip in spot rates, dropping to $2.30 from the previous week’s $2.45. This downturn raises questions about the immediate future of this segment and necessitates a closer examination of the factors influencing these fluctuations.

Dry Vans

In a more positive turn of events, dry van rates surged from $1.80 to $2.00 over the past week. This upward trajectory follows a 5-year pattern, instilling a sense of optimism for stakeholders in this category.

As the trucking industry grapples with unprecedented challenges, these updates shed light on the evolving landscape. While carrier losses present a formidable obstacle, the resilience displayed in other key performance indicators and market segments hints at the industry’s ability to adapt and overcome. Industry players are advised to stay vigilant, leveraging insights from these updates to navigate the complexities of the road ahead successfully. For more in-depth analysis and discussions on the trucking industry, be sure to check out “Trucking made successful” on YouTube.

If you want to hear more about this, click on the YouTube link below:

Trucking Update December 1: We Just Lost A Huge Number Of Authorities

T: (425) 242-5252
O: 425-242-5252
E: dom@dokagency.com
A: 1500 Benson Road South, Suite 201 Renton, WA 98055

Dominik Kunigk

Managing Broker & President

Dominik was a German exchange student in high school before graduating from the University of Washington in Business Administration – Information Systems and Retail Management. His insurance career started in 2008 when he decided leave his retail management career behind to start his own business. His American Family Insurance agency quickly grew to service 700 clients and families. While the idea of becoming an independent broker started in 2010, a horrific car accident put that plan on hold. In 2014, Dominik and his wife Michele changed from a captive agency to become the independent agency that you see today.

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