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Industry Insights

Shared truckload offers pricing benefits to shippers, carriers

The only thing anyone can say for certain about the transportation markets is that they change. Whether due to global disruptions like pandemics or simple seasonality, volumes and capacity are constantly in flux. When these shifts get especially volatile, the whole industry feels the effects. Shared truckload (STL) offers a way for shippers and carriers alike to make the most of any market conditions.

Shared truckload enables multiple shippers to share trailer space in one multi-stop full truckload. Ultimately, this allows shippers to eliminate wasted space, drives revenue gains for carriers and even reduces the environmental impact of moving goods.

The concept of shared truckload isn’t new. It has been around for years in the form of multi-stop truckload, often facilitated by consolidators who handle products through regional warehouses or brokerages that manually pair freight on load boards. These methods, however, come with no guarantees.

Flock Freight created an algorithm that allows the company to optimize shared truckload. The first-of-its-kind technology automates and guarantees STL services, ensuring customers always get what they’re promised. To date, Flock Freight has executed over 13,000 shared shipments.

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South Carolina ports were on record pace before pandemic

The South Carolina Ports Authority (SCPA) was on track for a record fiscal year — until the coronavirus spread across the globe.

SCPA President and CEO Jim Newsome said during a livestreamed interview staged by SC Biz News on Thursday that the COVID-19 pandemic has dealt a blow to container volumes during the fiscal year, which runs from July 1 to June 30.

“If you look through February of our fiscal year, which was eight months, we were 25,000 containers ahead of our plan, a record pace,” Newsome said. “We were headed easily to $100 million cash flow. And then China really never came back from Chinese New Year for six weeks and then the Western world shut down due to the pandemic.

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Old Dominion’s conundrum: Revenue falls as weight per shipment soars

A sharp decline in the amount of freight hauled by Old Dominion Freight Line this month has been accompanied by an unexpected shift: a big increase in the weight per shipment.

For an LTL carrier like ODFL, that increase can create problems for maintaining its yield as measured by revenue per hundredweight. In its first-quarter earnings, ODFL management cited an increase in weight per shipment as a reason why revenue per hundredweight had deteriorated during the period.

In the call with analysts that accompanied the release of the earnings, CFO Adam Satterfield laid out some of the numbers the company has seen in its business, many of which don’t logically tie together but are coming out of a market that is unprecedented in the body blows and disruptions it has dished out.

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FMCSA loosens enforcement of driver violation reporting

Recent action by the Federal Motor Carrier Safety Administration (FMCSA) to ease the burden levied by COVID-19 could leave motor carriers vulnerable to adding disqualified drivers to their ranks.

In a notice posted on April 17, the FMCSA informed state driver licensing agencies (SDLAs) that they will not be penalized if they’re not able to notify the federal government of driver violations, convictions and disqualifications within 10 days, as required by law.

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Air forwarders want financial relief in next federal aid package

After being left out of a recent multibillion-dollar federal aid package for the domestic airlines, airfreight forwarders are now asking the U.S. government for aid to be set aside for their industry in the next economic stimulus legislation.

Specifically, the Airforwarders Association is requesting $1 billion in cash grants be available for the country’s estimated 3,500 air forwarders and their 6,500 trucking partners to help them stay in business through the economic downturn caused by the COVID-19 pandemic.

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Freight executives give feedback to White House on economic restart

Several titans of freight transportation are part of the White House’s council of business leaders asked to provide advice on how to reopen parts of the economy after lockdowns aimed at stopping the spread of the coronavirus were put into place.

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