Highlights from Tuesday’s SONAR reports are below. For more information on SONAR – the industry’s fastest freight forecasting platform – or to request a demo, click here. Be sure to stop by too the latest SONAR update, TRAC — the most recent industry spot rate data.
Market observation for Nov. 8:
Atlanta volumes are picking up steam after falling to their lowest levels since April 2020.
Outgoing demand from the Southern Empire plummeted, falling 8.4% from Oct. 30 to Sunday. This week, however, things are finally looking up again.
The Outbound Tender Volume Index for Atlanta rose nearly 9 points, or 2.1%, to 426.53. That’s a modest increase for a market like Atlanta, but industry professionals working in the region are already feeling the effects.
“Atlanta’s outbound volumes along the east coast are looking great,” said Preston Pickett, logistics manager at Steam Logistics. “Capacity is readily available and prices are falling.”
The increase in volume moves rejection rates up. The Outbound Tender Reject Index is up 38 basis points to 3.5% this week and is still pointing to an uptrend, suggesting there is more than enough available capacity to handle the surge in volume.
Elizabeth, New Jersey
Rejects and truckload volumes in Elizabeth, NJ are in a stalemate as imports to the ports of New York and New Jersey drop.
The 7-day moving average for US Customs ocean import shipments destined for the Port of New York, New Jersey began falling on Oct. 27, falling 11.6% from that point through last Wednesday. Imports then fell sharply, falling another 28% from Wednesday to Friday.
The land transportation industry immediately saw imports fall, as evidenced by the Outbound Tender Volume Index in Elizabeth, which fell more than 44 basis points, or 14.2%, to 266.43 on Thursday.
Since then, truckload volumes have stagnated. The Outbound Tender Volume Index is up just 1.5 basis points over the past four days and rejections are following a similar trend.
The Outbound Tender Reject Index for Elizabeth rose 32 basis points to 4% on Wednesday and has since fallen slightly to 3.9%. The lack of movement over the last week suggests shippers are settling into their contracted cargo to secure cargoes during the steady volume.
NTI as a reference point
The National Truckload Index is a daily look at how spot rates are holding up in specific lanes compared to the national average, giving truckers and brokers an idea of which lanes to lean toward or avoid.
Train to see: From Atlanta to Orlando, Florida
Spot market rates from Atlanta to Orlando, Fla., are down 15 cents since the beginning of the month but are still at $3.24 per mile — 72 cents above the national average.
On the downside, however, outbound volumes from Lakeland, Fla. — the market that Orlando falls under — have seen relatively slow growth, up just 1.7% since Friday.
The better option would be to head to the Jacksonville, Florida market. Jacksonville posted a 9.1% increase in outbound volume over the past week and is still trending up, representing a better chance of booking a load out of Florida.
Watch: Carrier update