{"id":22625,"date":"2023-10-01T20:00:31","date_gmt":"2023-10-01T20:00:31","guid":{"rendered":"https:\/\/www.odysseylogistics.com\/?post_type=blog&#038;p=22625"},"modified":"2024-11-19T14:56:03","modified_gmt":"2024-11-19T19:56:03","slug":"north-american-market-update-october-2023","status":"publish","type":"blog","link":"https:\/\/www.odysseylogistics.com\/blog\/north-american-market-update-october-2023\/","title":{"rendered":"North American market update: October 2023"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"22625\" class=\"elementor elementor-22625\" data-elementor-post-type=\"blog\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ff0e82b e-flex e-con-boxed e-con e-parent\" data-id=\"ff0e82b\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2768370 elementor-widget elementor-widget-heading\" data-id=\"2768370\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Transportation Update<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-73fff75 elementor-widget elementor-widget-text-editor\" data-id=\"73fff75\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>DAT Freight Summary<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-056d1b4 elementor-widget elementor-widget-text-editor\" data-id=\"056d1b4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Market recovery in 2023 unlikely.<ul><li>A muted peak import season and lower production in freight-centric sectors, including the manufacturing of paper, wood, plastic, and rubber products, suggest a freight recovery in 2023 is improbable.<\/li><\/ul><\/li><li>Dry van spot market load posts lost the prior week\u2019s gain following last week\u2019s 11% week-over-week decline.<ul><li>Load posts are 40% lower than last year and 25% below 2019 levels.<\/li><li>At just over $1.57\/mile, dry van linehaul spot rates are 15% (or $0.28\/mile) lower than last year.<\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-51f016f e-flex e-con-boxed e-con e-parent\" data-id=\"51f016f\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8a785f2 elementor-widget elementor-widget-image\" data-id=\"8a785f2\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"624\" height=\"264\" src=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Van-to-truck.png.webp\" class=\"attachment-full size-full wp-image-22627\" alt=\"graph titled &quot;Van load-to-truck ratio&quot;\" srcset=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Van-to-truck.png.webp 624w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Van-to-truck.png-300x127.webp 300w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa3aedf elementor-widget elementor-widget-image\" data-id=\"aa3aedf\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"317\" src=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/van-rates2.png.webp\" class=\"attachment-full size-full wp-image-22629\" alt=\"chart titled van rates (comparing spot rates to contract rates)\" srcset=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/van-rates2.png.webp 624w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/van-rates2.png-300x152.webp 300w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-d6558be e-flex e-con-boxed e-con e-parent\" data-id=\"d6558be\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ffd3b78 elementor-widget elementor-widget-heading\" data-id=\"ffd3b78\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h5 class=\"elementor-heading-title elementor-size-default\">National Fuel Average<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6b10785 elementor-widget elementor-widget-image\" data-id=\"6b10785\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"288\" src=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/money-map2.png.webp\" class=\"attachment-full size-full wp-image-22632\" alt=\"US state map of national van rates by region\" srcset=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/money-map2.png.webp 624w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/money-map2.png-300x138.webp 300w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Source: DAT Freight &amp; Analytics<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-4b6e5eb e-flex e-con-boxed e-con e-child\" data-id=\"4b6e5eb\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-4112380 elementor-widget elementor-widget-text-editor\" data-id=\"4112380\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Fuel<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-a30f72a elementor-widget elementor-widget-text-editor\" data-id=\"a30f72a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Fuel has leveled off at an average of $4.60\/gal over the past month.<ul><li>This is up $0.007 from a week ago.<\/li><li>This is down $0.243 from last year.<\/li><\/ul><\/li><li>The average retail price of diesel, the primary fuel for Class 8 trucks, has increased 16% since the end of July.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-53f0726 elementor-widget elementor-widget-image\" data-id=\"53f0726\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"275\" src=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Weekly-fuel-report.png.webp\" class=\"attachment-full size-full wp-image-22634\" alt=\"chart titled weekly fuel report from freightwaves dated October 3, 2023\" srcset=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Weekly-fuel-report.png.webp 624w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Weekly-fuel-report.png-300x132.webp 300w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Source: Freightwaves.com<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8e3d4a0 e-flex e-con-boxed e-con e-parent\" data-id=\"8e3d4a0\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ebf5c81 elementor-widget elementor-widget-text-editor\" data-id=\"ebf5c81\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Forecasts from the EIA<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0a9b3c7 elementor-widget elementor-widget-text-editor\" data-id=\"0a9b3c7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li><strong>Global oil production.\u00a0<\/strong>This\u00a0<em>Short-Term Energy Outlook<\/em>(STEO) incorporates Saudi Arabia\u2019s September 5 announcement to continue its voluntary crude oil production cut of 1 million barrels per day (b\/d) through the end of this year. Previously, the voluntary cut was set to expire at the end of September. Global oil inventories in our forecast fall by 0.2 million b\/d in the fourth quarter of 2023 (4Q23) based on the extension of this production cut.<\/li><li><strong>Crude oil prices.\u00a0<\/strong>We expect the Brent crude oil price to average $93 per barrel (b) during 4Q23, up from $86\/b in August. A decline in global oil inventories in the coming months supports the Brent price in our forecast. The price eases to an average of $87\/b by the second half of 2024 because we expect global oil inventories to rise during that period.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-45bb84b elementor-widget elementor-widget-text-editor\" data-id=\"45bb84b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<table width=\"100%\"><tbody><tr><td><strong>Notable Forecast Changes<\/strong><p>\u00a0<\/p><p>The current STEO forecast was released September 12.<\/p><p>The previous STEO forecast was released August 8.<\/p><\/td><td><strong>2023<\/strong><\/td><td><strong>2024<\/strong><\/td><\/tr><tr><td><strong>Total U.S. liquid fuels consumption (current forecast)<\/strong> (million barrels per day)<\/td><td>20.1<\/td><td>20.3<\/td><\/tr><tr><td>Previous Forecast<\/td><td>20.5<\/td><td>20.7<\/td><\/tr><tr><td>Percentage Change<\/td><td>-1.6%<\/td><td>-2.2%<\/td><\/tr><tr><td><strong>U.S. gasoline consumption (current forecast)<\/strong> (million barrels per day)<\/td><td>8.9<\/td><td>8.7<\/td><\/tr><tr><td>Previous Forecast<\/td><td>8.9<\/td><td>8.9<\/td><\/tr><tr><td>Percentage Change<\/td><td>-0.4%<\/td><td>-2.0%<\/td><\/tr><tr><td><strong>U.S. diesel retail price (current forecast)<\/strong> (dollars per gallon)<\/td><td>$4.31<\/td><td>$4.07<\/td><\/tr><tr><td>Previous Forecast<\/td><td>$4.17<\/td><td>$3.94<\/td><\/tr><tr><td>Percentage Change<\/td><td>3.5%<\/td><td>3.4%<\/td><\/tr><tr><td><strong>U.S. real gross domestic product (current forecast) <\/strong>(percentage)<\/td><td>2.2%<\/td><td>1.4%<\/td><\/tr><tr><td>Previous Forecast<\/td><td>1.9%<\/td><td>1.2%<\/td><\/tr><tr><td>Percentage Point Change<\/td><td>0.3<\/td><td>0.2<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f56d4ea elementor-widget elementor-widget-text-editor\" data-id=\"f56d4ea\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The current STEO forecast was released September 12.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-17640d5 elementor-widget elementor-widget-text-editor\" data-id=\"17640d5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\tThe previous STEO forecast was released August 8.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d69229f elementor-widget elementor-widget-text-editor\" data-id=\"d69229f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Source:<\/strong> <a href=\"https:\/\/www.eia.gov\/outlooks\/steo\/index.php\" target=\"_blank\" rel=\"noopener\">Short-Term Energy Outlook \u2013 U.S. Energy Information Administration (EIA)<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-38652ef e-flex e-con-boxed e-con e-parent\" data-id=\"38652ef\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-69ae065 elementor-widget elementor-widget-text-editor\" data-id=\"69ae065\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>Freight Tonnage<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b13195c elementor-widget elementor-widget-text-editor\" data-id=\"b13195c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>American Trucking Associations\u2019 advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 0.2% in August after rising 1.1% in July. In August, the index equaled 115.3 (2015=100) compared with 115 in July.<\/li><li>Compared with August 2022, the SA index fell 2.3%, which was the sixth straight year-over-year decrease. In July, the index was down 1.2% from a year earlier.<\/li><li>According to ATA Chief Economist Bob Costello, \u201cThe evidence is growing that tonnage hit bottom in April and continues its slow climb upwards. However, year-over-year comparisons remain difficult as tonnage peaked in September of last year. As a result, it is unlikely that tonnage turns positive compared with a year earlier for at least a month or two longer. Most recently, freight continues to be mixed, with consumer spending and factory output flat to down.\u201d<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-14aacf9 elementor-widget elementor-widget-text-editor\" data-id=\"14aacf9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"color: #ff0000;\"><strong>Index 2.3% Below August 2022<\/strong><\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-d333db3 elementor-widget elementor-widget-image\" data-id=\"d333db3\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"292\" src=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Truck-Tonnage.png.webp\" class=\"attachment-full size-full wp-image-22637\" alt=\"graph of truck tonnage index\" srcset=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Truck-Tonnage.png.webp 624w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Truck-Tonnage.png-300x140.webp 300w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Source: <a href=\"https:\/\/www.trucking.org\/news-insights\/ata-truck-tonnage-index-rose-02-august\" target=\"_blank\">ATA Truck Tonnage Index Rose 0.2% in August | American Trucking Associations<\/a><\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-277f9f8 e-flex e-con-boxed e-con e-parent\" data-id=\"277f9f8\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-616e100 elementor-widget elementor-widget-text-editor\" data-id=\"616e100\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Truckload<\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-b87a2b7 elementor-widget elementor-widget-text-editor\" data-id=\"b87a2b7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>The truckload market is still deteriorating.<\/li><li>Spot rates are still trending lower but are being masked by higher fuel prices.<ul><li>This is atypical for end of quarter.<\/li><li>This could possibly increase the amount of capacity existing the market.<\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-91f6758 elementor-widget elementor-widget-image\" data-id=\"91f6758\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"278\" src=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/volume-index.png.webp\" class=\"attachment-full size-full wp-image-22638\" alt=\"graph titled outbound tender volume index, United States of America\" srcset=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/volume-index.png.webp 624w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/volume-index.png-300x134.webp 300w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Source: <a href=\"https:\/\/www.freightwaves.com\/\" target=\"_blank\">Freightwaves<\/a><\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1ebe8f7 elementor-widget elementor-widget-text-editor\" data-id=\"1ebe8f7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Demand has been slowly increasing since April, as shown in the white in the chart above.<\/p><ul><li>Total tenders have increased 15% since then.<\/li><li>This has had a negligible impact on carrier availability, as rejection rates remain below 4% (shown in green on the chart) which is considered deflationary.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2d87a08 elementor-widget elementor-widget-text-editor\" data-id=\"2d87a08\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In conclusion, there is still not enough freight to support the available capacity. Sharply rising fuel prices will only make the environment more challenging for carriers, especially ones who rely on spot market volumes. Carrier costs have risen quickly in a market that does not allow for price increases.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c61641c elementor-widget elementor-widget-text-editor\" data-id=\"c61641c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Shippers should prepare for a tighter market in 2024. Even if demand does not hold, the rate of capacity\u2019s exodus will eventually catch up.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2b9ee89 elementor-widget elementor-widget-text-editor\" data-id=\"2b9ee89\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Source: <\/strong><a href=\"https:\/\/www.freightwaves.com\/news\/fuel-price-jump-boosts-rates-but-hurts-carriers\" target=\"_blank\" rel=\"noopener\">https:\/\/www.freightwaves.com\/news\/fuel-price-jump-boosts-rates-but-hurts-carriers<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-397f0d6 e-flex e-con-boxed e-con e-parent\" data-id=\"397f0d6\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-91cc712 elementor-widget elementor-widget-text-editor\" data-id=\"91cc712\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>LTL<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-883e040 elementor-widget elementor-widget-text-editor\" data-id=\"883e040\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>The fallout from the Yellow bankruptcy is still coming into focus 2 months after the fact.<ul><li>35% of all shippers are looking for a new permanent carrier for their shipments.<\/li><li>Pricing, service, and network fit are the main drivers of this.<\/li><li>Half of the 35% said that they want to make a carrier change in Q4.<\/li><li>The other half stated that they would wait until the first half of next year.<\/li><\/ul><\/li><li>LTL Carriers were easily able to absorb the freight although it may not have happened as expected.<ul><li>The top 5 carriers had the ability to absorb the freight.\u00a0However, the freight was redistributed to many smaller, regional carriers.<ul><li>ArcBest reported a 20% increase in volume with its core customers.<\/li><li>Saia\u2019s shipments had a 14% YoY increase.<\/li><li>XPO had an over 8% increase in volumes as well.<\/li><\/ul><\/li><li>7% of carriers polled by Freightwaves said the ex-Yellow customers weren\u2019t a good fit for their network.<\/li><li>46% of all carriers stated that the pricing and freight mix was much worse than its base business.<\/li><li>Almost all shippers polled stated that they were at least somewhat happy with the service of their new provider.<\/li><li>Only 13% of shippers said that they were not at all happy with their new pricing.<\/li><\/ul><\/li><li>Estes has set the floor price for the Yellow terminals liquidation.<ul><li>Estes has offered $1.525 billion.<\/li><li>The deadline for the terminal bid is November 9.<\/li><li>The auction is scheduled for November 28, if needed.<\/li><\/ul><\/li><li>Yellow has set an Oct. 13 bid deadline for the roughly 11,700 tractors and 35,000 trailers.<ul><li>An Oct. 18 auction will follow as needed.<\/li><\/ul><\/li><li>Estes was hit by a cyberattack on Monday and is still reeling from the issue.<ul><li>The company is actively working to repair the IT infrastructure while continuing their core operations.<\/li><li>Estes stated, \u201cTerminals and drivers are effectively picking up and delivering freight while we work through this event.\u201d<\/li><li>Estes has requested to have any questions or concerns addressed to your account manager, preferably by text.<\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-2fe567f e-flex e-con-boxed e-con e-parent\" data-id=\"2fe567f\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-ee1f9ff elementor-widget elementor-widget-text-editor\" data-id=\"ee1f9ff\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><b>Bulk and Tank Truck<\/b><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2e38912 elementor-widget elementor-widget-text-editor\" data-id=\"2e38912\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Odyssey clients are curious as to why the bulk market doesn\u2019t always trend with the dry van market.\u00a0Prices tend to be more stable in the bulk world and here are some reasons why:<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-727c1dc elementor-widget elementor-widget-text-editor\" data-id=\"727c1dc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<ul><li>Driver Pay<ul><li>Drivers in bulk\/tank are paid approximately 10% higher than in other trucking segments in 2023.<ul><li>Compensation increases depend on pay structure.<\/li><li>per mile compensation \u2013 2%<\/li><li>percentage of revenue or load \u2013 2%<\/li><li>per hour \u2013 2%<\/li><li>salaried or per day \u2013 6%<\/li><\/ul><\/li><\/ul><\/li><li>Length of Haul<ul><li>57% of tank\/bulk haulers reported their average haul time as short haul (less than 200 miles).<\/li><li>31% reported they drove intermediate haul, or 201-500 miles.<\/li><li>As a result, tractors are actively on the road longer throughout their lives.<\/li><li>Due to recent supply chain issues, tractors are being utilized longer which means higher repair costs.<ul><li>On a year-over-year basis, combined parts and labor costs rose only 5.57% in Q2 compared with the same period last year<\/li><\/ul><\/li><li>This is far slower than the 15% increase in costs seen in 2022.<\/li><\/ul><\/li><li>Driver Benefits<ul><li>Bonuses<ul><li>Sign on bonuses have been level this year, but only after a 70% increase from 2021 to 2022.<\/li><li>Tenure bonuses can average a 2% increase.<\/li><li>Additional bonuses come in the form of safety, referrals, of fuel efficiency.<\/li><\/ul><\/li><\/ul><\/li><li>Company Subsidized Benefits<ul><li>Medical Plans<\/li><li>PTO in all forms; Vacation, holiday, and sick leave among others<\/li><li>Various insurances; Life, medical, and disability among others<\/li><\/ul><\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Market recovery in 2023 unlikely. A muted peak import season and lower production in freight-centric sectors, including the manufacturing of paper, wood, plastic, and rubber products, suggest a freight recovery in 2023 is improbable. Dry van spot market load posts lost the prior week\u2019s gain following last week\u2019s 11% week-over-week decline.<\/p>\n","protected":false},"author":8,"featured_media":22653,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"blog_category":[100],"class_list":["post-22625","blog","type-blog","status-publish","has-post-thumbnail","hentry","blog_category-market-update"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>North American market update: October 2023 - Odyssey Logistics<\/title>\n<meta name=\"description\" content=\"Review the October 2023 North American market transportation update to see market recovery expectations and fuel updates.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.odysseylogistics.com\/blog\/north-american-market-update-october-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"North American market update: October 2023 - 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