30 Aug From the Summit Week of 8/26
Summit Expedited’s newsletter featuring current market trends and other exciting news at Summit.
Spot Market Remains Calm
Truckload spot rates fell again this month, continuing the streak of a competitive market that we have seen most of the year. Dry van rates are down 8 cents per mile from their summertime high which peaked in June. Following the same trend, flatbed rates are down 10 cents and reefer rates are down 12 cents.
Shippers should anticipate a similar trend lasting most of September. Once we approach the holiday season we will likely see a rise in rates and possible capacity shortage as retailers prepare for their primary season.
First Hurricane to Impact the U.S.
Tropical storm Dorian will be the first tropical storm of 2019 to develop into a full-size hurricane. Currently the storm is classified as a Category 2 hurricane but, only 660 miles east of West Palm Beach, Florida, is expected to reach Category 3 standing as it approaches landfall with winds up to 110 mph.
The eye of the storm is expected to hit sometime Monday evening in the Palm Beach area but is not certain yet, we will be monitoring the storm using our FreighWaves SONAR tool as it progresses. At this point and time no official evacuations have been ordered but this is likely to change as the storms’ intensity increases. Dorian has the potential to be the first hurricane since 1950 of its size and intensity to make landfall in Florida and still has potential to reach Category 4 classification.
Summit Golf Outing
Recently, Summit spent a weekend at the BMW Championship at Medinah Country Club, our team members had the chance beat the heat and experience this tournament in a tent at the 17th hole, while joined by our Midwest Global Accounts Manager from AIT, Dave Brinker. From Phil Mickelson to Tiger Woods this experience sure was one to remember!