Truckstop.com Spot Market Data Confirms Historic Levels Ahead of the Holidays
BOISE, Idaho, Oct. 28, 2021 /PRNewswire/ -- In the midst of the holiday freight influx and with port congestion at an all-time-high, data from Truckstop.com shows the spot market need for capacity, and rate increases at Southern California ports continue to climb.
Spot market need for capacity to remain steady ahead of the holidays
The need for spot market trucks grew more than 30% from 2018 to 2021 and has increased 11% since last September, remaining steady ahead of the holidays despite usual declines in July.
With the rate per mile for loads also increasing with growing load volumes, carriers are being paid approximately 50% more per mile, on average, than they were in 2019.
Southern California port congestion continues to add pressure to the spot market
As a backlog of goods purchased spurred by the pandemic hit Southern California ports ahead of the holidays, data from Truckstop.com shows congestion at both the Ports of Long Beach and Los Angeles are seeing 97% and 56% increases, respectively, in outbound loads compared to 2018 and compared to a mere 4% increase in inbound loads. Rates have also continued to balloon with both ports increasing rates by 46% since 2018.
Carriers are eager to help clear port congestion, but driver and chassis shortages and congestion at ramps means lower productivity and limited capacity.
Owner operators prepare for the holidays
New research from Truckstop.com revealed over 75% of owner operators have said they plan to take on additional shifts ahead of this holiday season to support struggling supply chains. Of that 75%, more than 56% said they plan to take extra loads so they can take part in delivering goods to fellow Americans during the holidays.
“As the supply chain struggles to keep up with demand, the spot market continues to outpace seasonal expectations,” said Paris Cole, CEO of Truckstop.com. “As the market changes, it’s crucial that we continue to provide our customers with solutions that help them find freight and simplify their day, enabling them to focus on what matters most – delivering loads in time for the holidays.”
Truckstop.com is a trusted partner for carriers, brokers and shippers – empowering the freight community through a platform of innovative solutions for the entire freight lifecycle to increase efficiency, automate processes, and accelerate growth. As one of the industry’s largest neutral freight marketplaces, Truckstop.com provides the customer service as well as scale of quality loads and trucks to give customers of all sizes, whether on the road or in the office, the transparency and freedom to build lasting relationships and grow their businesses. To learn how Truckstop.com is helping move the freight community forward, visit www.truckstop.com.
Survey carried out, on behalf of Truckstop.com, by Censuswide. 500 Truck drivers surveyed between 08.19.2021 - 08.31.2021. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles.
SOURCE Truckstop Group LLC