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Overall, we are not seeing a significant amount of excess capacity in the truckload marketplace, but there are specific areas that are being impacted more heavily. While that is specific to Truckload, the same trends, although normally more muted will exist in LTL on a macro level. Dry van rates have risen about 4.5% since February nationally, flatbed rates have risen about 2.3% nationally, and refrigerated has risen 4.3%. Specific markets are seeing greater fluctuations.
Last week, the following States had more available trucks, which in this situation is likely driven by businesses shipping less;
• New Hampshire
• Rhode Island
Conversely, Arkansas had an imbalance of available loads compared to available trucks.
We have seen some changes this week, that we will continue to monitor;
• The Northeast continues to have excess capacity, which now includes Connecticut dropping to a lower ratio. Washington, Oregon, and Arizona join Utah as Western States with available truckload capacity.
• The middle of the country continues to be relatively balanced overall; however, the Laredo, TX market sticks out as having significantly more freight than trucks available. This is likely impacted by much of Mexico shutting down.
• Accessorial charges for storage/on-hand are being enforced, and will continue to as carriers cannot allow the supply chain to become congested.
• FedEx has implemented an additional surcharge for international air shipments at this time
Thank you all for keeping the country moving during such a difficult time for so many. Evans is running at full staff and is available for anything you may need, so please do not hesitate to contact our team!