Freight rates to stay high into 2022, Bloomberg and Truckstop.com say
Survey shows “tightest trucking market in a generation” as 74% of truckers expect rates to rise or stay steady next year.
Shippers will continue to see “robust” contractual pricing for moving their truckload freight heading into 2022 thanks to solid demand and lingering capacity constraints, according to a survey of owner-operators and small fleets conducted by Bloomberg and Truckstop.com.
"The survey data shows what has likely become the tightest trucking market in a generation and looks poised to keep supporting spot rates into 2022," Lee Klaskow, senior freight transportation and logistics analyst at Bloomberg Intelligence, said in a release. "We believe contractual pricing may increase in the mid- to high-single digits next year because of limited driver availability and the prospects for robust demand created by economic recovery and a prolonged inventory-replenishment cycle."
More specifically, the Bloomberg and Truckstop.com “Truckload 3Q-21 survey” also shows that 56% of respondents hauled more loads in the third quarter of this year than last year, 55% of truck drivers expect spot rates (excluding fuel surcharges) to rise in the next six months, and 74% expect rates will either rise or stay steady in 2022.
Those conditions are being triggered by forces including: steady demand due to restocking, structural shifts in e-commerce and peak-season preparation, and pent-up demand from increased port congestion, the researchers said. And those factors are expected to continue into the first half of 2022, reflecting the heavy demand put upon businesses and carriers, Truckstop.com CEO Paris Cole said in a release.
According to our latest survey with @business of owner-operators and small fleets, data shows what has likely become the tightest #trucking market in a generation. And roughly 74% of survey respondents expect rates to rise or stay steady in 2022. More: https://t.co/FPqgpXOxrl
— Truckstop.com (@trckstopdotcom) November 3, 2021