02 Aug From the Summit Week of 7/29
Summit Expedited’s newsletter featuring current market trends and other exciting news at Summit.
Pricing for all major equipment types have taken a drop as we approach the end of July. Currently reefer rates are five cents lower than compared to last month, indicating the big produce push we see every year has started to calm down. Since there isn’t as much reefer specific freight, these drivers are now competing for dry van loads, creating an overall more competitive market. This has helped contribute to the two-cent decline for dry van spot pricing.
To look at the data in a bigger scope, we can compare the current spot market to June 2018. Overall the spot market has 50% fewer loads, but almost 30% more available capacity. This change in the market is the explanation why rates have dropped so much since last year. Overall dry van & flatbed rates have dropped 18%, and reefer rates are down almost 17%.
Looking back at the past two years of data for dry vans it’s hard to tell if August will bring higher or lower rates. In 2018 we saw a continuous decline for a majority of the year in our load-to-truck ratio, mostly due to the scramble at the beginning of the year caused by ELD implementations. On the other hand, 2017 saw a decline in July, but a jump in August and September. Our inference would be prices may increase slightly as shippers push out more freight over the next couple of months, potentially tightening capacity. We will make sure to keep you updated on the most current market trends!
New Additions to the SEL Family
Summit would like to introduce you to our newest team members! We have three additions to the team eager to get started. We have another Account Executive joining our LAX office as well as two new Customer Service Representatives. Here at SEL we are always excited to grow our family and continue improving our service each day. Pictured from Left to right: Brian (Account Executive Stationed in LAX), Marissa (Customer Service Representative), and Luz (Customer Service Representative)