The freight industry’s pandemic boom is long gone. According to Load Star, volumes declined so much that many expect a slow peak season.
Freight volumes traditionally peak from August to September as brands ramp up for holiday shopping. But, the typical peak freight surge softened last year, according to the Wall Street Journal, and signs indicate a similar situation lies ahead.
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The state of freight
According to the Wall Street Journal, freight operators brace for a weak peak season. “There’s no peak season to be expected in 2023,” said Stefan Paul, CEO of Kuehne + Nagel International.
Due to the sustained low volume, shippers spent 2023 locking in low-rate freight contracts. Every mode’s rates are down substantially in YoY comparisons, per DAT.
The freight industry is amid a sustained downturn since the pandemic boom. One reason may be due to industry competition. New operators can enter the market more easily than in other sectors and did so in record numbers to match pandemic-era demand, according to industry statistics.
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