TCI Business Capital is pleased to present the latest trucking news & information for the US freight industry. The news and information are compiled from a variety of sources across the web.
Courtesy of US Energy Information Agency
|11/09/20||11/16/20||11/23/20||Week Ago||Year Ago|
|East Coast (PADD 1)||2.450||2.487||2.506||+0.019||-0.548|
|New England (PADD 1A)||2.554||2.552||2.558||-0.006||-0.505|
|Central Atlantic (PADD 1B)||2.645||2.684||2.705||+0.021||-0.542|
|Lower Atlantic (PADD 1C)||2.296||2.337||2.365||+0.028||-0.556|
|Midwest (PADD 2)||2.261||2.339||2.359||+0.020||-0.610|
|Gulf Coast (PADD 3)||2.132||2.180||2.210||+0.030||-0.566|
|Rocky Mountain (PADD 4)||2.372||2.490||2.515||+0.025||-0.731|
|West Coast (PADD 5)||2.937||2.990||3.007||+0.017||-0.713|
|West Coast less California||2.572||2.686||2.713||+0.027||-0.674|
November 17, 2020 – Courtesy of DAT Trendlines
November 2020 Freight Rates
|Nov 16 – Nov 22 vs Nov 09 – Nov 15||Oct 2020 vs Sep 2020||Oct 2020 vs Oct 2019|
|Spot Market Loads||+2.1%
|Spot Market Capacity||-1.6%||+9.7%||-17.0%|
|Van Rates (Spot)||+1.9%||+1.1%||+32.9%|
|Flatbed Rates (Spot)||+0.0%||+1.6%||+12.6%|
|Reefer Rates (Spot)||+4.2%||+0.6%||+22.2%|
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The four elements that affect the trucking market show inbound container shipments are up. Load volume is down, truck capacity is up, and fuel prices are up.
Freightwaves.com reports seven of the 15 markets they track were positive on a week over week basis. Market’s with the largest gains in Outbound Tender Volume Index include Miami, Houston, and Atlanta. The markets with the biggest declines were Cleveland, Indianapolis, and Los Angeles.
Freightwave’s analysts say a high number of new motor carrier authorities being granted suggest optimism for a strong freight market heading into 2021. However, the recent surge in Covid-19 cases across the country, and the potential for more shutdowns will have a dominant effect on the freight market.
DAT.com’s most recent trendlines report says van rates remain strong. The November 17th report shows national van rate averages are at $2.45 per mile, a $.05 increase from the October average. According to DAT, the Midwest and West coast have the highest average van rates at $2.66 per mile. The lowest average rates are in the Northeast at $2.05 per mile. DAT is reporting load-to-truck ratios are highest in the Northern plain’s states, the south-central, and the Southwest. The load-to-truck ratios are lowest in the New England states.
Van Rates – Source Dat.com
Reefer freight rates are averaging $2.67 per mile, an $.08 increase above the October average. Reefer rates are highest in the Midwest, averaging $3.04 per mile, and the lowest rates are in the Southeast, with an average of $2.22 per mile. Current load-to-truck capacity shows reefer demand is highest in the Rocky Mountain states, the lowest ratios are along the Atlantic seaboard.
Reefer Rates – Source Dat.com
National average flatbed rates are at $2.43 per mile, a $.01 decrease from the October average. The highest average flatbed rates are in the Midwest at $2.74 per mile, and the lowest rates are in the West, with an average of $2.15 per mile. Load-to-truck ratios are high throughout most of the country. California, Arizona, and the northeast states have the lowest ratios. For more details, visit Dat.com.
Flatbed Rates – Source Dat.com
Turning to fuel prices, the latest Energy Information Administration data shows the national average diesel price is at $2.44 per gallon. Regional diesel prices range from an average of $2.18 in the gulf coast states to $2.68 in the central Atlantic region. California diesel prices are averaging $3.24 per gallon.
Trucking and freight factoring is a type of financing commonly used by fleet owners to improve their cash flow. Factoring is simply the converting or selling of open receivables to a factoring company for immediate cash. Companies using invoice factoring have consistent cash to use towards fuel, payroll, maintenance, and more.
TCI Business Capital has been a leader in trucking and freight factoring since 1994. From the knowledge and experience built up from years of serving clients in the trucking industry, TCI Business Capital offers customized factoring solutions for each client. For more information on our factoring programs, fill out the form on our website or call (800) 707-4845.