What is FreightWaves?

What is FreightWaves?

FreightWaves is a data and content forum that provides market participants with near-time analytics on the state of the freight market. The company offers current digital intelligence and context to the freight community on a central platform.

Why has freight slowed down?

That could be due to a “major consumer slowdown” brought on by inflation and climbing oil prices, Freightwaves CEO Craig Fuller reported in March. The result is weakened demand, delays in rail, rising truck capacity and softening truck rates, the Bank of America survey found. There are two types of trucking markets.

Will freight rates go up in 2022?

After a year in which freight rates continued to set new highs, spot rates are on the decline in 2022 with experts pointing to a series of factors likely contributing to an ongoing decline.

Who started FreightWaves?

Craig Fuller is the founder and CEO of FreightWaves, the leading provider of global supply chain market intelligence and news.

Why is freight going up?

Truck drivers and ship crews couldn’t cross borders because of public health restrictions. Pent-up demand from huge stimulus programs during extended lockdowns overwhelmed the capacity of supply chains. Besides causing delays in getting goods to customers, the cost of getting them there surged.

What is a freight market?

The freight market consists of shipowners, charterers and brokers. They use four types of contractual arrangements: the voyage charter, the contract of affreightment, the time charter and the bareboat charter.

What truck loads pay the most?

Top 5 Highest Paying Trucking Jobs

• Ice Road Truck Driver.
• Tanker Hauler.
• Hazmat Truck Driver.
• Oversized Load Hauler.
• Owner Operator Driver.

How is the trucking industry doing right now?

Among the findings in trends: In 2020, trucks moved 10.23 billion tons of freight – down from 11.84 billion tons the previous year. The industry collected 80.4% of the nation’s freight bill, unchanged from the previous year, while generating $732.3 billion.

What is the average cost per mile for trucking?

The latest data from the National Private Truck Council (NPTC) says the average trucking cost per mile in the U.S. for private fleets is $2.90. So, if one of your trucks drove 100,000 miles last year, you spent $290,000 to keep that single truck on the road.

Will the trucking industry crash?

Since trucking rates are contingent upon the balance of supply and demand, if volumes were to drop back to pre-pandemic levels (with far more capacity in the market), rates would collapse. But even more worrisome is that the operating expenses of carriers are at much higher levels than before COVID.

Why are truck loads so cheap?

Supply, Demand, and Spot Freight. The low rates were triggered by a supply and demand situation driven by the unprecedented economic shutdown caused by the COVID-19 pandemic.

Will freight prices come down?

It is estimated that freight rates will be corrected and will drop by 30-40% in 2022. The fact that freight rates drop is good news, especially for importers. However, it is highly unlikely that they will drop back to the 2019 level.

How big is FreightWaves?

FreightWaves media properties have more than one million unique visitors per month, in excess of 30,000 viewers per day on its streaming TV offering, and nearly 100,000 podcast downloads per month.

Who founded Uber freight?

Brian Cristol and Charlie Bergevin have come a long way since 2015, when they didn’t know what LTL (less-than-truckload) meant and hung out at a truck stop to learn what the pain points were for drivers and shippers.

Why are shipping costs so high 2021?

The question remains: why is shipping so expensive in 2021? The primary reason for the sudden spike in the price of shipping is the world’s ongoing nemesis: COVID-19. The pandemic affected global supply chains in 2020, and shipping prices reflect that.

Why is trucking so expensive?

Is it because demand is high? Answer: Many factors contribute to why transportation costs have been increasing. The shipping industry is experiencing a tight capacity market, which means there is strong freight demand, but a low supply of drivers and carriers. An important factor is the driver shortage.

Why are freight rates from China so high?

A trade imbalance is nothing new (especially between China and the US), but global Chinese exports soared 60.6 percent over the first two months of 2021, when a lot of Western economies started to recover from the pandemic and demand for Chinese goods skyrocketed.