World Events and Slow Port Turnaround Times Have Led to Lower Freight Volume
Updated: Aug 24, 2022
Recent world events and cargo ships sitting at US ports for weeks on end have led to a significant decline in overall freight volume in the United States.
While the past year or so has had record highs when it comes to overall freight volume in the United States, the last few weeks have shown a significant decline in the amount of freight that is currently in the US.
Surprisingly, lower freight volume has not correlated to increased cargo load rates for transportation companies.
The transportation services business has noticeably slowed down relative to 2021's record freight volume highs and rates.
Even though the trucking and transportation business has slowed, there is still plenty of revenue to be made. However, transportation companies, owner operators, and drivers will have to work harder to maintain a solid level of profitability. Its simply harder to find cargo loads that offer good rates for a normal amount of miles.
However, we are hopeful that the transportation services business will improve quickly so that trucking companies can be more financially stable in the long run.