Well, I do not think anyone is surprised. 2020 started out with a bang. The coronavirus pandemic decimated the economy and really caused mass panic. As if that was not enough, protests turned to riots across the United States after George Floyd was killed by a police officer in Minneapolis in late May. What began as peaceful protests soon turned to full out riots in nearly 40 cities in the United States with looting, violence and the destruction of thousands of businesses.
Truckers have not been exempt from this violence. A Fed-Ex driver was caught in a riot in St. Louis, where protesters began looting his truck. As protesters reportedly began beating on the windows of the truck and banishing firearms, the trucker decided to pull away from the protesters, striking and killing one. Another trucker in Minneapolis nearly escaped with his life after traveling into a protest in Minneapolis. This trucker was pulled from his truck, severely beaten and then turned over to police, who placed him under arrest. The driver is reportedly being held without bail even as officials publicly state they do not feel the driver was acting deliberately. Other drivers reported bricks and other items being thrown from overpasses in several states.
Applications for New Authority
This week applications for new broker authority and property carrying authorities increased this week with 243 new applications filed by people looking to become freight brokers. 2,046 applications were also filed for people looking to start trucking companies in the past week alone. As the economy start trending up, it appears more people are looking to start in the trucking industry.
Rates are finally looking up, according to DAT Solutions, the leading freight data and analytics providers. According to DAT, spot market recovery sped up last week, with large increases in load-to-truck ratios, indicating higher demand for dry van, refrigerated and flatbed shipments. Truckload rates followed suit, rising on most lanes and gaining momentum as we head into June, typically a peak month for the spot market.
Freight rates also seem to be normalizing, with DAT showing a large rate increase for Flatbed and Van modes. Reefer holds firm with a $2.00 National Average.
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National Diesel Price
The national diesel average price fell last week $.004 to a national price of $2.38. Highest price is in California at $3.18