{"id":14608,"date":"2023-02-14T12:39:43","date_gmt":"2023-02-14T17:39:43","guid":{"rendered":"https:\/\/trinitylogistics.com\/?p=14608"},"modified":"2023-02-14T12:39:44","modified_gmt":"2023-02-14T17:39:44","slug":"february-2023-freight-market-update","status":"publish","type":"post","link":"https:\/\/trinitylogistics.com\/blog\/february-2023-freight-market-update","title":{"rendered":"February 2023 Freight Market Update"},"content":{"rendered":"\n<p>Stay up to date on the latest information on conditions impacting the freight market, curated by Trinity Logistics through our <a href=\"https:\/\/sonar.freightwaves.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Freightwaves Sonar<\/a> subscription.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">SOMEWHAT HO-HUM<\/h2>\n\n\n\n<p>The current landscape for over-the-road freight looks like what it was a month ago. Freight volumes are lower year-over-year (YoY) but seem to have found a floor.&nbsp;&nbsp;<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>If anything, the flat lining of volume (Figure 1.1) we are seeing is eerily like what we saw in the early part of 2020. And that is not just relative to freight volumes.&nbsp;<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Back in \u201920, carriers were snatching up tenders as soon as they were offered, with rejection levels hovering in the five percent range.\u00a0Right now, we are just below that five percent mark. It\u2019s anticipated that freight flows will follow their seasonal patterns, albeit at reduced volumes compared to what we saw in 2021 and most of 2022. Spot rates continue to trend lower than contract rates, although that gap continues to shrink. It\u2019s also anticipated that contract rates will continue to slide while spot rates should be pretty near their floor.\u00a0\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"332\" src=\"https:\/\/trinitylogistics.com\/wp-content\/uploads\/2023\/02\/Picture1-1024x332.png\" alt=\"graph of outbound tender volume index\" class=\"wp-image-14609\" srcset=\"https:\/\/trinitylogistics.com\/wp-content\/uploads\/2023\/02\/Picture1-1024x332.png 1024w, https:\/\/trinitylogistics.com\/wp-content\/uploads\/2023\/02\/Picture1-300x97.png 300w, https:\/\/trinitylogistics.com\/wp-content\/uploads\/2023\/02\/Picture1-768x249.png 768w, https:\/\/trinitylogistics.com\/wp-content\/uploads\/2023\/02\/Picture1.png 1080w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Figure 1.1<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">DECLINING PORT ACTIVITY\u00a0<\/h3>\n\n\n\n<p>Imports will continue to weaken over the next several months. While some ports have seen slight increases in YoY volume, that increase is not indicative of an overall volume surge.\u00a0It\u2019s due to the shifting of where the freight is entering the U.S.\u00a0\u00a0<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>So, while ports like Houston (up 5.2 percent) and Baltimore (up four percent) are robust with above-average activity, major entry points like Los Angeles (down 30 percent), Oakland (down 58 percent) and Seattle (down 41 percent) are feeling the lack of volume. An opportunity should be seen with export activity (Figure 1.2).\u00a0\u00a0While the U.S. dollar losing value is not good for imports, it has the opposite effect on export activity.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"615\" height=\"303\" src=\"https:\/\/trinitylogistics.com\/wp-content\/uploads\/2023\/02\/Picture2.png\" alt=\"ocean shipments index\" class=\"wp-image-14610\" srcset=\"https:\/\/trinitylogistics.com\/wp-content\/uploads\/2023\/02\/Picture2.png 615w, https:\/\/trinitylogistics.com\/wp-content\/uploads\/2023\/02\/Picture2-300x148.png 300w\" sizes=\"auto, (max-width: 615px) 100vw, 615px\" \/><figcaption class=\"wp-element-caption\">Figure 2.1<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Stay Up To dAte<\/h2>\n\n\n\n<p>Looking for a more frequent update? Subscribe to our newsletter and receive Weekly News Updates every Friday by selecting &#8220;Weekly News Update&#8221; when you select your preferences. <\/p>\n\n\n\n<a href=\"https:\/\/trinitylogistics.com\/join-our-mailing-list\/\" class=\"btn custom-button--default\" target=\"_self\">Join Our Mailing List for Frequent News Updates<\/a>\n\n","protected":false},"excerpt":{"rendered":"<p>Stay up to date on the latest information on conditions impacting the freight market, curated by Trinity Logistics through our Freightwaves Sonar subscription. SOMEWHAT HO-HUM The current landscape for over-the-road [&hellip;]<\/p>\n","protected":false},"author":57,"featured_media":13969,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"footnotes":""},"categories":[16,19],"tags":[24,818,1003,1000,625,821,1005,819,999,1007,427,998,743,784,34,1004],"class_list":["post-14608","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-logistics","category-news","tag-3pl","tag-container-shipping","tag-east-coast","tag-export","tag-freight-rates","tag-freight-volume","tag-global-shipping","tag-global-supply-chain","tag-import","tag-long-hauls","tag-manufacturing","tag-maritime","tag-ocean-shipping","tag-port-activity","tag-supply-chain","tag-west-coast"],"acf":[],"yoast_head":"<!-- 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