Trucking news and briefs for Wednesday, Nov. 23, 2022:
While conditions were difficult for trucking companies in September, with FTR’s Trucking Conditions Index falling from near-neutral to -2.35, conditions for shippers were even worse, the firm noted.
FTR’s Shippers Conditions Index (SCI) fell in September into negative territory at -3.1 from a positive 5.0 in August. The freight environment was tougher for shippers in September as capacity utilization tightened and freight volume increased. The monthly decline appears to be an outlier, the firm said, as conditions, although volatile, should generally improve as capacity utilization loosens. However, fuel costs will remain a major wild card.
“A slowing freight market will help ease shippers’ pain points over the coming weeks and months with the slow freight growth expected to continue for much of 2023,” said Todd Tranausky, vice president of rail and intermodal at FTR. “This will in particular give rail carriers an opportunity to hire to meet demand and use that headcount to improve service levels for the next upward cycle.” The Shippers Conditions Index tracks the changes representing four major conditions in the U.S. full-load freight market: freight demand, freight rates, fleet capacity and fuel price. The individual metrics are combined into a single index that tracks the market conditions that influence the shippers’ freight transport environment. A positive score represents good, optimistic conditions. A negative score represents bad, pessimistic conditions.
Saia, Inc. (CCJ Top 250, No. 21) this week announced the 20 students who were awarded scholarships totaling $75,000 as part of the company’s annual scholarship program.
Since its inception, the program has awarded $502,000 to 273 students, including this year’s recipients.
“We are proud to present these extraordinary individuals with a scholarship this year as all are remarkable,” said Saia President and CEO Fritz Holzgrefe, “The applications the committee reviewed were excellent and highlighted each student’s tremendous academic achievements and work within their respective communities.”
