24 Jun From the Summit – Week of 6/24/19
Summit Expedited’s newsletter featuring current market trends and other exciting news at Summit.
Rates Rise after Road Checks
With numerous trucks off the road during the International Road Check earlier this month, capacity took a plunge which forced rates to rise across the country. We knew prices would spike and the road check brought the highest rates we have seen this year for both dry van and reefers. Dry vans took an 11 cent jump to $1.90 per mile and reefers rose to $2.26 per mile.
The Load-to-Truck ratio for dry vans jumped to 3.87 during inspection week. Since then, they have slowly dropped to the current ratio of 3.00. Although capacity is re-entering the market, rates are remaining elevated. Looking forward into the next month, we are anticipating rates to hold relatively steady, with some possible relief after produce slows down towards the end of the summer. We will make sure to keep you updated on any shifts in our next newsletter!
Round 2 in September!
We all felt the impact of our nation-wide road check and how much it can affect the market. As a forewarning, the Commercial Vehicle Safety Alliance is planning on conducting a second round of inspections September 15th to September 22nd. Unlike the recent inspections that focused on suspension components, these upcoming stops will focus on vehicle brake systems. We should anticipate the same market reaction for that week, including tighter capacity and potentially higher rates.
Company Outing at the Racetrack
Members of the SEL team and their families were invited to attend a company outing at the Arlington Racetrack. This activity was considered a tradition in the early years of SEL and we hope to bring this tradition back and continue the fun each summer! We value each and every one of our employees and we believe that company outings such as this can boost company morale and enrich the relationships we build amongst each other inside and outside of the office.
SEL Continues to Grow
We are pleased to announce the addition of three Account Executives, one Customer Service Representative, and one Carrier Sales Supervisor to the SEL team. We are excited and grateful for the opportunity to continuously grow our team! Pictured from left to right: George (Carrier Sales Supervisor), Vanessa (Account Executive), Alexa (Account Executive), Giovanni (Account Executive), and Oliver (Customer Service Representative stationed in the LAX office). Welcome to the team, everyone! We look forward to working with you.
Information in this newsletter was obtained from FreightWaves and DAT Solutions, LLC,
The CVSA logo in this letter was obtained from Wabco-auto.com.