Market Updates

LTL and Truckload Monthly Market Update

June 2023

Tonnage across all modes has been in a steady decline for several months. We're starting to see a slight uptick as we get further into the produce and summer seasons, but the expected volume increases are lagging relative to historical expectations. Technology providers in the logistics space that rely on transactional charges are also seeing reduced revenues and layoffs on the tech side. Carriers and technology providers who kept their growth under control during the pandemic will be well-suited to weather the reduced tonnage and shipment volumes that we are seeing.

International Market Update

June 2023

In mid-May, the Panama Canal Authority announced they were instituting weight restrictions effective immediately. Rainfall has dropped by over 50% compared to the average, and the water shortage is projected to surpass 2019’s record low by July. This weight reduction will result in a 40% drop in cargo on global liners through the Panama Canal. Many carriers are announcing surcharges starting at $500 per container, and shippers are seeking alternate water routes to the US to avoid the canal. Further restrictions are possible if the drought continues.