Welcome to the WHAT THE TRUCK?!? Newsletter presented by Redwood Logistics. In this issue, WTT shop opens; what Cass data says about the market; AI load booking.
WTTGear.com
Spring/summer — WTT fans rejoice: You can now buy shirts, hats, slides and more in the brand new WHAT THE TRUCK?!? shop we launched Wednesday. We’re currently featuring our spring/summer collection that includes both our classic logo and our Miami Vibes design.
Expect new and limited-edition drops like our WTT Los Angeles, Atlanta and Chicago logos as well as featured artist designs.
We didn’t forget about the ladies either. We now feature a line of crop tops for the most fashionable women in freight. Browse the collection here or visit WTTGear.com.
What the data says about the market
The trough? — Optimism may be giving way to disillusionment as the freight recession persists. Cass’ prior forecast that the market could see improvement by June isn’t looking so hot.
FreightWaves’ Todd Maiden reports, “The shipments component of the Cass Freight Index fell again in the month, down 1.6% seasonally adjusted from March and 4% lower year over year (y/y).”
Spot + contract — Freight volumes slid back into the late 2023-January 2024 cycle trough. Spot rates have remained steady for the past few months, but that has created another dynamic worth watching.
“Private fleets are now more actively competing for spot freight to fill empty backhauls, lengthening below-trend for-hire demand levels” — Cass report
How could this impact the market? FreightWaves Market Expert Thomas Wasson warns that this could further depress rates.
“When larger fleets decide to take more spot market freight, it can create added pricing pressures for smaller fleets and owner-operators.
From my experience, if a fleet of 2,500 trucks who turns around three to four loads per truck per week and needs around 7,000 to 10,000 loads per week for those trucks, decides to dip into spot, they will be much more aggressive on pricing, dragging down the market.”
What are you seeing from your desk? Is the spot market getting even more challenging with large fleets adding capacity? How are your contacts going? Email me.
On a more positive note, FreightWaves’ Eric Kulisch reports, “Global airfreight volumes didn’t subside after China’s Lunar New Year holiday in February, as many industry professionals anticipated, and are still going strong, albeit with ebbs and flows.”
Dashcam video from Louisville bridge crash
Hang tight — Dashcam video has been released from the March 1 vehicle accident that led to a semitruck hanging off the George Rogers Clark Memorial Bridge. It’s just as harrowing as you can imagine. Take a look.
A pickup driver has been charged for his role in the crash. According to The Associated Press, “Court records show Trevor Branham, the driver of the pickup truck, was charged with four counts of wanton endangerment and one count of operating on a suspended license.”
Witnesses say that Branham was driving recklessly by speeding and switching in and out of lanes before he collided with a stalled vehicle.
AI may not be ready to book loads
WTT Friday
Is there a Zyn supply chain crisis? — This Friday on WHAT THE TRUCK?!?, I’m taking a deeper look at the curious case of missing Zyn from gas station shelves.
Trucker and influencer Clarissa Rankin is a celebrity judge for Relay Payments’ Haul of Fame awards. Later this year, Rankin, NASCAR’s Jeff Gordon, Relay’s Ryan Droege and I will be selecting the best drivers in the industry based on your nominations. We’ll find out how to nominate your drivers and we’ll get into what the judges are looking for.
Entrepreneur, tech-savvy executive, founder of Savant, Rott-Father, gamer and motorcycle enthusiast Juan Baena stops by the show to share his founder story and talks about a global workforce for a global supply chain.
CtrlChain’s Nicole Slavin talks about trust in freight. With all the talk of fraud and double brokering in freight, are we becoming a low trust-industry? We’ll find out what the biggest challenges are for building and maintaining trust with customers.
Plus, latest news, weirdness and trends.
Catch new shows live at noon EDT Mondays, Wednesdays and Fridays on FreightWaves LinkedIn, Facebook, X or YouTube or on demand by looking up WHAT THE TRUCK?!? on your favorite podcast player and at 5 p.m. Eastern on SiriusXM’s Road Dog Trucking Channel 146.
Now on demand
Trump vows to abolish EV mandates; EVs at diesel prices; Kindness for Truckers
How a cargo theft ring in California is keeping shippers on edge
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Subscribe to the show
Or simply look up WHAT THE TRUCK?!? on your favorite podcast player. Or, if you have SiriusXM, tune in to the show Monday, Wednesday and Friday at 5 p.m. Eastern time on Road Dog Trucking Channel 146.
Exit through the gift shop: WTTGear.com
Don’t be a stranger,
Dooner