Tallies, totals and other trend data in the freight transportation realm
11/27/2024
-3.6
"U.S. transportation activity as reflected by the Cass Freight Index remained in negative territory in October. We measure a year-over-year decline in domestic freight costs of ~3.6%, while truckload linehaul rates in particular, isolated from other cost factors, have fallen ~2.2%." – Nov. 18 email from Cass Information Systems announcing its October report
-2.47
FTR’s Trucking Conditions Index declined in September to -2.47 from -1.39 in August as weakness in the principal freight dynamics – freight rates, utilization, and volume – offset lower fuel costs and slightly less unfavorable financing costs, the company announced on Nov. 20. “Our analysis indicates gradual but steadily rising capacity utilization leading to stronger freight rates in 2025," said FTR VP of Trucking Avery Vise. "Just like everyone else, we’ll be watching closely to see exactly what trade and other economic policies are implemented and over what time frame. Some freight disruptions are likely due to tariffs and other factors, but it is not yet clear that those actions will do more than shift the timing of activity.”
2
S&P Global Ratings forecasts the U.S. economy to "expand 2.0% in the next two years – incorporating partial implementation of President-elect Trump's proposed policies – following 2.7% growth this year," the firm announced in "Economic Outlook U.S. Q1 2025: Steady Growth, Significant Policy Uncertainty," an article it shared on Nov. 26. "Uncertainty around our forecasts are high given unknowns about how much of President-elect Trump's campaign promises will materialize," S&P officials said. "Trump's policy proposals from his campaign, at face value, could result in higher inflation in the near term and lower growth in the medium to long term. And the probability of a disruption to the Fed's easing bias over the next two years has risen."
4.6
FTR’s Shippers Conditions Index improved in September to 4.6 from the 2.9 reading in August "due to lower fuel costs, looser capacity and lower freight rates," FTR officials said on Nov. 26. “The fact that September’s index is the strongest since last December is not a sign that shippers’ market conditions are steadily improving," said FTR VP of Trucking Avery Vise. "September and May were modest outliers this year in a market that is at least becoming more balanced. We expect that trend to continue ... The supply chain implications of tariffs are a wild card for 2025 especially.”
5.1
On Nov. 26, the Equipment Leasing and Finance Association (ELFA) released the CapEx Finance Index for October. New business volume of surveyed ELFA member companies was up 5.1% month-over-month and 3.7%% year-to-date. “While the Federal Reserve’s 50bps rate cut provided a boost, the real story lies in the sector’s fundamental strength," said Leigh Lytle, ELFA's CEO and president. "Borrowers and lenders alike demonstrated resilience, with healthy credit approvals and robust balance sheets. Looking ahead, this momentum positions the sector to confidently navigate the challenges of 2025, whether it’s a slower pace of rate cuts or ongoing inflationary pressures.”
6
On the back of "strong Q3 results combined with strong market demand and the continuation of the Red Sea/Gulf of Aden situation," A.P. Moller - Maersk raised its financial guidance for 2024. The Copenhagen-based ocean carrier now expects global container market growth for the full year to be around 6%, up from previously 4-6%. company officials said on Oct. 31.
21
A.P. Moller - Maersk has transformed one of its warehouses at its Container Freight Station (CFS) in Ponneri, Chennai, India, into a women-operated facility, the Copenhagen-based ocean carrier announced on Nov. 21. The 125,000-square-foot warehouse facility will now employ women across all operational functions, including loading/unloading, picking, surveying, security, housekeeping, administration and forklift operations. "This strategic move will see one complete shift operated entirely by women employees, marking a significant step forward in Maersk's commitment to diversity and inclusion," company officials said. The initiative will increase women's representation at the CFS from 3% to 13% of the total workforce, with women making up 21% of the workforce in the warehouse.
34
In October, U.S. trailer net orders rose 34% month-over-month to 15,970 units, "reflecting typical seasonal trends," but were down 55% year-over-year, FTR officials said on Nov. 18. "This result marks the lowest October net order total since FTR’s trailer data tracking began in 2013. Despite the opening of 2025 order boards, net orders remain well below expectations, struggling to build momentum."
23 million
In his annual "state of the port" address on Nov. 20, Canaveral Port Authority CEO Capt. John Murray said the port recorded revenue growth in all business sectors, including cargo at $23 million. With 728 ship calls, the port handled 6.6 million tons of commodities, including 3.6 million tons of transportation fuels, 1.8 million tons of aggregates, and 732,000 tons of lumber and forest products, he said.
390 million
Schneider National Inc. entered into a definitive agreement to acquire Cowan Systems LLC for about $390 million, Schneider announced on Nov. 25. The sale includes separate agreements to purchase certain real estate assets relating to Cowan Systems’ business for about $31 million. Cowan Systems is a dedicated contract carrier and also provides brokerage, drayage and warehousing services. The company operates 1,800 trucks and 7,500 trailers across more than 40 locations throughout the Eastern and Mid-Atlantic regions of the United States.