As we did with our Fall 2022 update, today’s blog article will look into the current state of the trucking industry, including its most immense problems, and what the foreseeable future looks like for truckers. If that sounds interesting keep reading below, or for more information about us here at Freight Checkers – just get in touch with us! Call 662-932-3775 or submit a contact form with your information here. We look forward to hearing from you!
Ongoing Complications
While it’s no question that the COVID-19 pandemic has impacted a vast number of industries, the trucking industry is one of the most negatively affected. Since the pandemic, much uncertainty and turbulence have been brought to the industry, particularly in supply chain issues, an unstable workforce, and an overall higher cost of doing business. Now, experts are saying that shipping rates are decreasing – something that affects many across the industry.
“Shipping rates that spiked during disruptions caused by the pandemic have plummeted — some are now calling it a “freight recession” says Thomas Black of Bloomberg News. These circumstances are expected to continue for the foreseeable future. “[This] has placed the sector at a disadvantage during annual contract negotiations now in full swing”, Black continues, “but means retailers and other customers will benefit from lower transportation costs.”
Black also highlighted other obstacles that many brokers at the moment. “There’s also a shakeout among the brokers who match trucking companies with loads that need to be shipped. Silicon Valley entered the fray a few years ago and digitized what had been a transaction done with phone calls and paper. Large and established brokers have also bolstered their technology, leaving the 17,000 smaller firms that haven’t evolved vulnerable.”
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