It’s been a rough year for the trucking industry following the red-hot market conditions of late 2020 and 2021.
Since the beginning of the year, spot rates have declined by 27.6%, according to the FreightWaves National Truckload Index. On the contract market, which comprises a larger chunk of the trucking industry, the rate to move a truck declined by 6% over the same period.
The cost to run a trucking company, however, has sharply increased despite this slump in rates. The retail cost of diesel has had the most shocking uptick: 36% higher from the beginning of this year.
But compared to the “trucking bloodbath” of 2019, the industry hasn’t seen a wave of large firms declaring bankruptcy. Trucking companies,…
