Truckers working the spot market in the reefer segment are likely reaping big rewards right now, with load volumes — and per-mile rates — skyrocketing over the past two weeks. Likewise, van haulers are benefiting from retailer and grocer restocking after panic buying emptied shelves across the country. An uptick in loads of medical supplies and hygienic products is keeping certain haulers busy.
Carriers not working those areas, however, are likely already feeling the pain of the sudden COVID-19 coronavirus-wrought global economic freeze as businesses and plants shut down, workers face job losses, restaurants close, events cancel and millions of individuals stay at home and buy only necessities.
Though the boom for van and reefer on the spot market could persist well into April, freight overall is in steep decline and is expected to further deteriorate. Consulting firm FTR, in its forecast issued Wednesday, using seasonally adjusted annualized rates, forecast GDP to fall 11% from the first to the second quarter. More dramatically, FTR forecast the GDP’s goods transport sector to decline by 24.1% in that period.
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