U.S. trucking CEOs expect to maintain pricing power even with volumes softening as retailers, manufacturers and consumers adjust to disruptions.
Earlier this year there were concerns about a"freight recession" because of falling rates in the so-called spot market for trucking. According to the most recent data from Evercore ISI, those rates are down more than 11% year over year. The spot market provides on-demand freight transportation, and pricing varies based on supply and demand.
The leading companies in the three major segments of trucking make the majority of revenue from contracts — Knight Swift ,"We believe the contract rates will hold up. We believe contract rates are going to be at a place that is going to allow trucking companies to be remarkably profitable." Deustche Bank transportation analyst Amit Mehrotra told CNBC.
The chief executive of one of the largest trucking brokerages in the United States is also watching consumer spending.CEO Bob Biesterfield told CNBC's"Squawk on the Street" on Tuesday. The outcome of the West Coast port labor negotiations is another big question mark for the trucking industry.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Lawmakers question CEOs of gun manufacturers in wake of mass shootingsThe heads of two major gun manufacturers faced questions on Capitol Hill on Wednesday about assault rifle sales and their business practices in the wake of mass shootings around the country.
Read more »
Top gun CEOs testifying on Capitol Hill in wake of mass shootingsLeading gun manufacturing executives will testify Wednesday before a House panel investigating the role of the firearms industry in the nation's gun violence epidemic
Read more »
Potential recession a 'worry' for Dream Hotel Group CEO as Americans could curb spendingDream Hotel Group CEO Jay Stein noted that a potential recession is a concern, but highlighted that his hotels bounced back from the pandemic quicker than expected.
Read more »
TotalEnergies Q2 profits surge and company announces more share buybacksTotalEnergies posted a surge in second-quarter profits, joining others in its sector which have benefited from higher energy prices, and announced more share buybacks for the third quarter.
Read more »
‘Cryptojacking’ rises 30% to record highs despite crypto slump: ReportCryptojacking has reached record highs this year as cybercriminals switch from government, healthcare, and education sectors to target the finance sector.
Read more »