Trucking capacity

Between the record exodus of fleets of late and a ‘bottoming’ spot market—and trends are developing in other modes. Also like ports and rail that affect over-the-road freight-hauling. Trucking capacity—because of a variety of factors such as a record exodus of fleets and a bottoming spot market—is bleeding capacity, one industry analyst said.

Fleet failures and the flailing spot market for freight continue to be the story in trucking. And capacity is becoming a concern. An exodus of fleets that reached record levels in the first quarter of 2023 and repeated indicators about the spot market. It’s larger carriers are starting to see more pain.

It is being speculated that the spot market and spot rates should recover from the monthslong slump by the middle of the third quarter this year. Total spot-market rates in the Truckstop system were essentially unchanged during the week ended June 2, with broker-posted dry van and flatbed spot rates each easing a fraction of a cent while refrigerated spot rates continued to fall modestly. Spot rates have bottomed out, and we will at worst flatten out.

The industry is closing in on this cycle’s downward inflection point as strong vehicle production. Sales continue in the face of weak freight creation and the exhaustion of pent-up demand in 2023. Collectively, lower freight rates, shrinking carrier profits, higher equipment and borrowing costs. Improved equipment availability put downward pressure on demand overall.

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