If you are a shipper who thought that your freight trucking rates in 2014 were high, then get ready for a bigger increase in 2015. The Journal of Commerce reported on a senior transportation analyst who believes that trucking rates are expected to be about 5% higher than last year during 2015. For many shippers, this is rather alarming. After all, numerous trucking carriers enjoyed great profits last year, and raising rates seem arbitrary. However, when you look at the facts, the 5% rate increase might be justified.
There are numerous economic factors contributing to the anticipated rate increase in 2015. Truckload capacity in 2015 is anticipated to be slimmer than ever before. The reason for the lower truckload capacity is because of the truck driver shortage that is being exacerbated due to retiring drivers and a lack of new drivers. There are also other factors impacting truckload capacity, such as regulations like the hours of service rules that limit how long a truck driver can be on the road.
Meanwhile, the growing US economy is also forcing an increase to trucking rates. There is a stronger consumer demand due to lower energy prices and higher savings. Interest rates are also low, although this could chance in 2015. For now, high demand from consumers and a low supply of truckload space is forcing rates to increase. Meanwhile, truckers and shippers are hopeful to see a bigger demand from international markets to further change the transportation landscape.
While a trucking rate increase seems inevitable, shippers should speak to a trusted freight forwarder who might be able to find them the best freight rates possible.