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LTL and Truckload Monthly Market Update
The effects of the Yellow closure are starting to become apparent in the LTL industry. Carriers are setting shipment count records each week, and rates are starting to climb. We expect rates to increase by 10 to 20% after the dust settles. Where each shipper lands will depend on their freight characteristics and ease of doing business.
Carriers are currently oversold and scrambling to service and mitigate the flood of freight hitting their docks. Auctions for Yellow's assets, including their terminals, real estate, trucks, and trailers, are just beginning. Expect carriers to act quickly to secure these assets, but rolling them into their operations will take months if not years. In the short term, service interruptions will become more frequent until carriers can secure the necessary assets and personnel to handle the additional shipments.
International Market Update
The Australian Department of Agriculture finalized measures for the Brown Marmorated Stink Bug (BMSM) for the 2023-2024 season. Sailings starting September 1st through April 30th, 2024, must be treated by an approved provider and accompanied by a signed BMSB Declaration. All bookings are placed on hold until the shipper provides the approved declaration.
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