NEWARK, N.J. — Recovery in the trucking industry may have lagged rail or marine shipping, but rates are now on the verge of propelling sharply.
According to a cover story in the most recent issue of the Journal of Commerce, U.S. shippers are scrambling to secure capacity and lock in prices.
Truckload, which has arguably struggled more than most freight sectors, is leading the industry with an overall rate increase of around 9 percent over 2009, according to the article, which is available here to JOC subscribers.
Demand has risen 24 percent from last year and 14.4 percent in May alone. For contract shippers, truckload rates are up 3 to 5 percent, 10 percent and higher for third-party freight brokers and several times that on the spot market.
Recent reports indicate that some spot market lanes in the U.S. are experiencing rate hikes between 20 and 30 percent.
"We have an explosive situation that’s just starting to ignite," said Data2Logistics’ Executive Vice President Harold B. Friedman. He said he expects overall rates will reach 10 to 12 percent in the next few months.
The longevity of the growth appears to be the x-factor, however.
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