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Rising truck freight rates

     Truck rates

Driven by a surge in consumer demand, a rise in the cost of fuel and capacity tightness years in the making, trucking rates are rising substantially to begin 2021.

Adding to the usual constraints of driver supply, the Coronavirus pandemic has meant fewer new drivers while more retirements and career changes are leading to the aforementioned truck driver shortage.

Increased spending on goods which began in the second half of 2020 has catapulted the need to get more trucks on the road but, with a shrinking pool of potential operators to pull from, rates could realistically reach record levels in 2021.

Industry experts expect overall rates to increase anywhere from 5 to 11% during 2021, when compared to 2020.  Experts indicate that, as the economy continues to rebound from the doldrums of last spring, the potential for further increases is not out of the question.

The effects of the climbing costs are being felt in both cross border and domestic shipments and as the COVID-19 vaccine rollout is being implemented and expanded, consumer confidence is surely going to continue to grow, putting more pressures on the supply and demand of trucks and drivers alike.

For more information, contact William Sanchez, Manager – Truck Services.

Quick Tip #32
Understanding Incoterms 2010

Whether you are buying or selling, negotiating favourable commercial terms of sale is the most effective way to cut costs and optimize transit times.

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