
2020 has been a challenging year for many businesses and the US trucking market is no different.
In the springtime many manufacturers reduced operations and manufacturing output, which in turn reduced the requirements for trucks to transport their products. The response by many trucking companies was to reduce their operating fleet, while others chose to simply park their trucks and trailers. The supply and demand brought rates down through the summer.
Many US manufacturers have since resumed normal operations, which is positive sign for the economy. However, the trucking capacity has been diminished and is out of sync with the required volumes to be transported. In response, we are seeing rates increase across all regions of the lower 48 states. In addition to that, we are seeing rates out West steadily increase with the wildfires that have plagued that region.
We anticipate trucking capacity will be challenging through the remainder of 2020. We are closely monitoring the Market and will continue to communicate these trends with Customers.