After almost two years, the freight market downturn brings steep challenges for carriers and shippers. As we stand on the threshold of an uncertain 2024, it’s time to leverage expertise built over eight decades and a national network that’s expansive and ready to serve. Here’s why Coppersmith Global Logistics is the partner you need right now.
While LTL rates are at all-time highs, FTL rates are falling steadily, down almost 30% from their highest points during the peak of September 2021. The list of reasons reads like a list of wishes made during the pandemic, including:
- Reduced demand for retail goods.
- More freight capacity with new trucks and drivers entering the market.
- Easing of supply chain disruptions that had been driving up costs and transit times.
- Higher interest rates, fuel prices, and inflation.
- The uncertain outlook for the freight market in 2024.
Some experts believe trucking will balance out before 2024 as demand increases during the holiday season. Despite the slowdown, companies will be hiring drivers in the fourth quarter. Coupled with more fluid operations at ports that reduce delays and waiting time, it could be a well-planned and hearty season. Cautioning against false hope, the downturn could last longer as the global economy faces complications worldwide, including volatile Trans-Pacific rates, rising fuel costs, and the war in Ukraine.
Carriers and shippers must carefully plan for contingencies in the coming months.
Coppersmith’s Expertise:
Coppersmith has been a leader in the logistics industry for nearly eighty years, fine-tuning solutions and strategies through countless market fluctuations. Our deep understanding of the market guides us and can be the information and solution your business needs today.
How Coppersmith Can Help:
- Strategic Rate Negotiation: Our team is ready to secure the most competitive rates for your shipments, backed by an extensive network of carriers that offers optimal capacity in a constrained market.
- Optimized Shipping Plans: Benefit from shipping plans designed to minimize costs and transit times, sidestepping potential bottlenecks to ensure a smoother supply chain operation.
- Real-time Tracking: We offer real-time updates on your shipments, allowing for necessary adjustments to avoid disruptions and maintain business continuity.
- Supply Chain Risk Management: We identify and help you avoid potential supply chain risks, developing solid contingency plans to safeguard your business from disruptions.
A market downturn is a challenge, but with Coppersmith by your side, it is one we will be equipped to meet head-on. We facilitate survival and growth through strategic support and resource allocation, even in a challenging market landscape. Reach out to Coppersmith today. Discover how our longstanding expertise and resources can support your business in turbulent times. Contact us to forge a path of resilience and success, even in a downturn.
