22 Mar From the Summit – 3/22/19
Summit Expedited’s newsletter featuring current market trends and other exciting news at Summit.
We have been anticipating a rise in the spot market towards the end of this month. However, due to extreme weather conditions in the Midwest, there has been a temporary stall.
History has shown that rates consistently start to climb each year around March and top out during peak produce season. Looking at the rates last year, we saw the spot market start at $2.13 per mile in February and max out at $2.32 per mile in June. Although this pattern was disrupted this year due to weather, rates will begin to increase as we move into April.
Hours-of-Service Regulations Temporarily Lifted
The weather has gone beyond solely impacting the rates within the country. The FMCSA has lifted the HOS regulations for any driver involved in flood relief efforts. The states that are being affected by this include; Arkansas, Illinois, Iowa, Kansas, Kentucky, Louisiana, Minnesota, Mississippi, Missouri, Nebraska, Ohio, Oklahoma, South Dakota, Tennessee, West Virginia, and Wisconsin.
To be within regulations, drivers must be directly involved with relief efforts. When they begin hauling interstate commerce to transport freight that is not supporting the relief effort, they are to resume standard HOS rules.
The hours of service lift will last until April 18th or until the emergency is declared over, whichever event occurs first.