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Date Posted: 8:53:06 5/01/23 Mon
Author: Jasper
Subject: contract shipping woes continue.

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Contract Load Accepted Volumes (CLAV) is an index that measures accepted load volumes moving under contracted agreements. In short, it is similar to OTVI but without the rejected tenders. Looking at accepted tender volumes, we see a rise of 3.41% w/w as well as a fall of 9.4% y/y. This y/y difference confirms that actual cracks in freight demand — and not merely OTRI’s y/y decline — are driving OTVI lower.

The not-so-recent round of earnings calls from major carriers confirmed what our data had been showing for the past year: Namely, weak truckload volumes and a sharp decline in ocean imports, particularly on the West Coast, are forcing the market into a downturn — or, as J.B. Hunt titled it, a “freight recession.” Talking to their customers, carriers widely reported that shippers were continuing to struggle with high inventory levels. Retailers especially expressed uncertainty about consumer activity in the near-term future and had accordingly adopted a cautious stance.

https://www.freightwaves.com/news/the-more-things-change

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