IMAGE: JIM ALLEN/FREIGHTWAVES
Post by FreightWaves’ Lincoln Duff
I hope you had a great long weekend and enjoyed some time with family, football and good food. Although I bet if you were anything like us here at FreightWaves, the threat of a category 5 hurricane barreling towards the 3rd largest port in the US probably kept you pretty busy.
We’ve already seen tender volumes shift out of Savannah and up into Elizabeth, New Jersey as container ships bound for for Savannah audibled north. Now there’s a ton of freight in that EWR market. The total market share for Elizabeth has gone up from 2.75% two weeks ago, to over 3% today. The Outbound Tender Volume Index for Elizabeth (OTVI.EWR) shows tender volumes up almost 20% in the last couple weeks, measuring at an all time high in that market, as far back as our data goes.
CHART: FREIGHTWAVES SONAR
Don’t be afraid to accept loads that take you into the Northeast, specifically the New York//New Jersey area. There are plenty of loads available, and you should have no problem getting out pretty quickly.
Longhaul Outbound Tender Rejections (LOTRI) out of Elizabeth have also risen sharply over the last few weeks, from around 3% to over 7.5% currently. This means shippers are having a harder time covering that longhaul freight, and you should be able to push pricing a bit more on those loads as well.
Please let me know if you have any questions about the data, or navigation of SONAR in general. Remember, if you are not a SONAR subscriber, the platform is FREE this week, as we’ve opened it up in anticipation of the hurricane and trying to help companies stay informed. Please reach out if you have any questions, I’m always happy to help.
