Trucking Fleets Are Expanding Amid Freight Slowdown
Currently fleets are desperate for new trucks after all of the recent supply chain crunches that have impacted manufacturing. These supply chain crunches made it nearly impossible to get a new truck for the past 2 years. But all of that is soon to change. Manufacturers have delivered 81,000 trucks to fleets in only the past three months. This is up 30% compared to this same time period last year. Many small fleet owners are eager to expand their business and are more than happy to drop cash on some new trucks.
This news is likely very surprising to those who have read recent industry headlines of the oncoming freight and macroeconomic recession.
Dry van spot rates in the U.S. hit $2.53 per mile on Monday. That’s down 23.3% from the same day last year. Contract rates are also starting to weaken, though not at the same sharp declines.
FreightWaves’ National Truckload Index
Pay for trucking services has steadily declined in the spot market whereas expenses have increased overall. This is especially the case when it comes to fuel, which has reached as high as $5.41 per gallon across the United States on Monday. (Roughly a 50% increase from last year)
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