31 May From the Summit – Week of 5/27/19
Summit Expedited’s newsletter featuring current market trends and other exciting news at Summit.
Post-Holiday Market Shift
As we returned from the extended holiday weekend, the spot market experienced a last minute push in loads before end-of-month. Dry vans maxed out this past week with a load-to-truck ratio of 3.1. Reefer units also experienced their highest ratio on Wednesday of this week, hitting 4.6 loads to every truck.
The increase of loads in the spot market also caused an increase in rates. We saw a rise in reefer rates this month for the first time since November 2018, increasing by one cent to $2.16 per mile. Although there was a quick spike in rates over the past few days, dry vans are continuing their trend downward, currently at $1.80 per mile. See below for the National Average Rates between reefer (left) and dry van (right):
2019 International Road Check Next Week!
The Commercial Vehicle Safety Alliance will be kicking off June by conducting truck & trailer inspections next week, June 4th through June 6th. During this time, commercial motor vehicle inspectors will be stopping drivers to ensure that their equipment is operating within the requirements.
While these stops will review all safety and compliance measures, there will also be a focus on steering and suspension systems. This is due to the extreme importance of these components while hauling such heavy loads on our roadways.
A few byproducts of these inspections are a tightening of capacity and slower transit times. Last year, 67,502 roadside inspections were conducted; 11,897 vehicles were placed out of service; and an additional 2,664 drivers were put out of service. These numbers can cause carriers to become hesitant about moving freight, many grounding their units for the week.
When shipping loads next week, we advise that you be aware of the possibility for tighter capacity and slower transit times. Please reach out to us if you have any questions or need any assistance!
Summit Expedited in LAX
Over the last few months, SEL has built a team of employees to work on-site from AIT’s LAX station. In hopes of improving service and quality, we have created a well-rounded team with two Account Executives and one Carrier Sales Representative. Our objective is to provide direct SEL representation and to expand overall coverage. LAX is a large supporter of SEL’s business, and we hope to provide additional and exceptional support for their business. SEL strives to foster strong relationships within our industry and we believe that having teammates in the LAX office supports teamwork and collaboration to achieve a common goal for SEL and AIT.
Pictured left to right: Nolan Jones (Account Executive), Jonathan Abaud (Account Executive), and Marcus Howard (Carrier Sales Representative)