Last week we hosted a webinar addressing how the disruptions at the East Coast ports and hurricanes are impacting supply chains and freight costs. We received great feedback with several shippers telling us it was the most valuable and informative webcast they had heard all year.
Our outstanding resources did a great job! They talked about what has happened and also gave shippers very practical and useful tips about what they need to be doing right now - RIGHT NOW and not one week or one month or three months from now – to protect their supply chains and control their freight costs.
And with spot rates in the spot markets having increased 13% in the past three weeks, and with more increases on the horizon, shippers had better be paying attention to what is happening in the freight markets or be prepared to explain to their CFOs and CEOs why their freight costs will likely be soaring as we head in to 2025.
If you didn’t have a chance to register or attend the webinar, we encourage you to watch the recording and share it with others in your organization. And if you want our succinct list of three things that you should be doing right now, let me know.
One other very important topic that arose in the webinar was the importance of keeping the C-Level team informed to prevent surprises. With that thought in mind, we’d recommend sharing this webinar with people throughout your organization.
Overall with spot rates in the truckload market up by 13% in the past three weeks, some experts are stating that perhaps the hurricanes and disruptions at the ports will bring an end to the historic freight recession and the truckload carriers will be negotiating higher truckload rates for 2025.
Last week I attended the National Industrial Transportation League’s outstanding Engage conference. While there I had extensive conversations with James Ward, who heads up the Truckload Carriers Association (an organization with thousands of small to mid-size trucker members) and Avery Vise who covers the truckload market for FTR Transportation Intelligence.
What's their forecast? Shippers will see higher rates than they have been during this freight recession that’s lasted around 35 months. For those thinking that this tightening in capacity is temporary, guess again. With more small to midsize carriers leaving the market, we are likely to see a sustained period where tighter capacity will result in elevated rates.
TranzAct has been sharing strategies that have proven to be successful in helping shippers manage their freight costs. If you’d like to learn more about how your company can benefit from these strategies, get in touch with us. Having done billions of dollars worth of sourcing negotiations, TranzAct can definitely help you to secure capacity at reasonable rates.
Finally, TranzAct underwrote NIT League’s recently completed and very important study on effective procurement strategies for shippers who are in the truckload and LTL market. We’re enthusiastic about this study because it highlights how important it is to be proactive if you want to control your freight costs and protect your supply chains. There's room for improvement in this area and want to help shippers succeed.
I’d be happy to share more information about this study with you or connect about anything else. To get in touch, simply give us a call, send me an email or schedule a time to meet.
BY MIKE REGAN, CO-FOUNDER OF TRANZACT
CONNECT ON LINKEDIN
LET'S TALK! BOOK TIME WITH ME
