Just when you thought that trucking rates were high enough during 2014, get ready for another round of anticipated rate increases.
The National Industrial Transportation League (NITL) recently held their annual conference in Florida to discuss important shipping matters. One of the subjects discussed, involved trucking rates. While most shippers anticipate at least some increase in the future, the experts at the NITL conference predicted significant trucking rate increases for 2015, and perhaps for many years.
The Journal of Commerce, which covered the event, reported that many carriers introduced general rate increases for LTL in 2014, which is rare. At the conference, it was also reported that the entire domestic shipping process would see increased rates. Intermodal, also known as rail, will also have some rate increases next year. Overall, the question for domestic shipping is not if the rates will go up, but rather how severe they will be in 2015.
There are numerous factors contributing to the increase of trucking rates. There is an incredible demand right now from supply chains that is a factor. Perhaps the biggest issue regards the available capacity. As most people know, there is a capacity issue in the industry. Some refer to it as a “crisis”. This is the biggest contributor to the rate increases from trucking companies.
The only solution on the table is for a shipper to speak to a trusted freight forwarder. Yes, the rates might keep going up, but with a freight forwarder, you will receive the best rate possible.