Market Insights: What’s happening with freight Prices?
Using information from our carrier network, this article will provide the most up to date data on what’s happening with freight prices.
Many organizations we work with are experiencing the effects of market volatility. As a part of our account management practices, we want to share our insights with you and your team. These insights will be shared with additional guidance provided as disruptions occur. The information is built on market data from public sources and Freightquote by C.H. Robinson’s information advantage, based on our experience, data, and scale. Please use these insights to stay informed, make decisions designed to mitigate your risk, and avoid disruptions to your supply chain.
Truckload: Voice of the carrier.
- Carrier pay continues to increase. Many carriers have raised driver wages multiple times this year to incentivize driver retention.
- Signing bonuses and additional incentives are increasing, aimed at driver recruiting.
- Driver experience during load and unload is a priority.
- Carriers continue to favor shippers that offer better driver experiences even if it means discontinuing service for long standing relationships.
- Read more here.
LTL: Protect from freeze season is upon us.
- The protect from freeze season is upon us for many parts of the country in particular for Canada. This service is typically from October to mid-April. Requirements for protect from freeze demand the service expectation wording is notated on the Bill of Lading.
- Protect from freeze is NOT a temperature controlled heat service; It is ensured that the product temperature does not fall below freezing.
LTL: Rating changes.
- 5% increase in rates in Q3 with more increases expected in the 5-6% range over the next 6 months.
- On average over-length fees have increased 120% since August.
- Read more here.
Ocean imports volumes impact North American surface transportation:
- Length of time to unload vessels is increasing at the ports. Average days to unload in Sept was 7.5 days. The current average is at 18.5 days.
- Other ports are experiencing the same backlog that L.A. and Long Beach have been experiencing. Savannah, Houston and the Port of NJ as examples.
- Due to this high demand, port service providers are currently turning down new and transactional opportunities due to capacity constraints and driver availability.