Freight volume

Finding the best lanes doesn’t require a crystal ball—the process is just different now than before COVID-19 and requires better communication and coordination between shippers and carriers. The only thing predictable with the freight market today seems to be its unpredictability. Before COVID-19, there was some ability to foresee highs and lows in freight volume based on seasonality and historical trends, adjust available capacity, and anticipate rates to be paid. That’s no longer the case.

Seemingly overnight, volumes go from all-time highs to record lows and rate structures respond accordingly. Yesterday’s readily available carrying capacity quickly becomes a lack of empty trailers today. There’s been the need to operate more maintenance-intensive older equipment while new truck and trailer production slowly returns to normal, the ongoing driver shortage, and still historically high prices for fuel.

Like never before, analyzing freight trends and predicting rates needs to be proactive. When you have a lot of transaction data across tens of thousands of lanes contributed daily from different sources, you can more accurately track and benchmark your rates against the broader market. Rates averaged over the short term can indicate which direction prices are moving. Carriers need to know their costs or “they need to know their numbers” to see if the freight they are accepting is profitable. Typically, you will see a head haul paired with a backhaul and average the two rates. Then you can compare that to your costs to analyze profitability. Оne of the top business challenges for a carrier is consistency in freight volumes.

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