Industry Indicators: July 17-24
Industry Indicators: July 17 - July 24
iLevel Logistics presents intriguing data that offers a snapshot of notable industry changes and events during the week of July 17th through July 24th.
Moving Violations, Contract and Spot Markets, Costs of Shipping from China, Diesel Fuel Prices, Class 8 Orders, Bridge Conditions, Detention and Demurrage Costs, Crop Shipping Costs, LMI Index, Warehouse Rents, Buy Big Online, Off-Site Audits, New For-Hire Trucking Companies, Trailer Orders, Driver Shortage Forecasted, Owner-Operators preferred Compensation Method, Domestic Freight Expenditures
Moving violations issued to truckers
Source: OverDrive
US truckload freight contract and spot markets nearing parity
Source: Supply Chain News
Costs of Shipping from China – in perspective
Source: Logistics Management
More Shipping Rates – in historical context
Source: AJOT
Diesel Fuel Prices Up Across Nation – U.S. $3.44
Source: EIA
Class 8 Truck orders in June – 27,700 units up 13% from May
Source: HDT
Top 10 States – highest % of Bridges in Poor Condition
Source: OverDrive
Detention and Demurrage significantly more costly in 2021
Source: SupplyChainDive
Average combined demurrage and detention charge across shipping lines and container types after 2 weeks in USD, import and export combined.
Crop Shipping Costs Surging
Source: Reuters
Logistics Industry growth Continues – spurred by demand for warehousing and transportation – Logistics Manager’s Index climates reaches second highest reading.
Source: DC Velocity
Transportation and warehouse capacity tight - while Inventory costs increase:
“Essentially, the changes to logistics demand over the last year mean that it has become significantly more expensive for supply chains to hold and move each unit of inventory, even in cases where they have less inventory than they did before. This will continue until supply chain networks, which are still configured for pre-pandemic business cycles, can be adjusted to better reflect our post-pandemic reality.”
Warehouse rents increase from 2021 Q1 to Q2 – vacancy rates hits record low of 4.5% in Q2
Source: SupplyChainDive
Consumers say they will continue to buy big online
Source: Reuters
COVID increases offsite audits
Source: HDT Trucking Info
New for-hire trucking companies increase notably in late 2020 and into 2021
Source: OverDrive
Yet, with chip shortage, production of Class 8 trucks drops.
Trailer orders beginning to recover from 2020 rollercoaster
Source: Fleetowner
Driver Shortage Forecasted to be 160,000 by 2028
Source: Transport Topics
Percentage of load/revenue most preferred by owner-operators
Source: OverDrive
Freight Shipping Expenditures Reach All-Time High
Source: SupplyChainDive
The dollars spent on domestic trucking shipments attained record levels in 2021 Q2 – according to U.S. Bank Freight Payment Index. Q2 index increased 10.1% from Q1 to 233.6. U.S. Bank noted,
“These robust gains stem from extremely tight truck capacity due to a profound driver shortage, as motor carriers have been unable to increase supply sufficiently to meet the growing demand.”
That’s it for this week, thanks for reading!
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