Back It Up: March 2024 Market Report
From the Port of Baltimore cargo ship crash to the red sea decline, explore our March transportation market update.
From the Port of Baltimore cargo ship crash to the red sea decline, explore our March transportation market update.
Leveraging our carrier relationships in our Dry Van network, we have not only the capacity, but also the knowledge of what it takes to manage your truckload shipments.
We’re industry leaders in transporting pipe commodities. Our specialized equipment and experienced team ensure secure and efficient deliveries, meeting all your pipe transportation needs.
ROCHESTER, PA, February 12, 2024 — PGT Services is proud to announce its distinction as the recipient of the 2023 Home Depot Flatbed Broker of the Year award. This recognition highlights PGT Services’ commitment to operational excellence and its pivotal role in supporting Home Depot’s transportation network. PGT Services is honored to be recognized with this award, the second time since 2021.
With a focus on efficiency and reliability, PGT Services has established itself as a trusted partner of The Home Depot, providing essential logistics support to ensure the seamless flow of products across the retailer’s supply chain. Through meticulous planning and execution, PGT Services has helped optimize Home Depot’s operations, enabling the retailer to meet customer demands effectively.
One of the key factors contributing to PGT Services’ success is its commitment to proactive communication and transparency. This approach ensures that Home Depot receives timely updates and support throughout the transportation process, ultimately enhancing efficiency and customer satisfaction.
PGT Services’ dedication to excellence extends beyond its day-to-day operations. During times of crisis, such as natural disasters or emergencies, PGT Services has demonstrated its agility and resilience by swiftly adapting its logistics strategies to support Home Depot’s relief efforts. By leveraging its expertise and resources, PGT Services has played a crucial role in delivering essential supplies to affected areas, showcasing its commitment to community support and social responsibility.
“We are honored to receive the Home Depot Flatbed Broker of the Year award,” said Matt Lyons, PGT Services Account Manager responsible for The Home Depot Account. “This achievement reflects our team’s dedication to delivering reliable transportation solutions and supporting The Home Depot’s mission.”
PGT Services looks forward to continuing its partnership with The Home Depot and contributing to the retailer’s continued success in meeting the evolving needs of its customers.
Media Contact
Gracie Voigt
gvoigt@pgt-services.com
About PGT Services
PGT Services is a nationally recognized transportation brand with nearly 40 years of history and an industry expert in managing transportation solutions across the United States, Canada and Mexico. Headquartered just west of Pittsburgh, they serve the steel, pipe, building materials industries and more. PGT Services remains faithful to its fundamental values: personal customer service, relationships, employee professional development and profitability. They strive to build long-standing relationships through services that give their customers the assurance that PGT Services will handle their shipping needs with the utmost attention to detail. With solutions in all modes of transportation, their industry leading expertise in the steel, pipe, metals and retail supply chain gives customers the confidence that PGT Services will always uphold the integrity and quality of their brand.
As February draws to a close, we look back on a month filled with both challenges and success. State officials celebrated the Port of Baltimore’s remarkable cargo handling in 2023, indicating a robust recovery from global supply chain disruptions. $180 million in federal funding will create 920 truck parking spaces along Interstate 4, addressing long-distance trucker’s rest stop shortages, with construction set to begin in mid-2026 in Seminole County. Continuing on with shortages, CDL schools are essential for addressing industry concerns by providing comprehensive education, effective candidate assessment, and preparation for diverse career paths.
Additionally, Commerce Department reported 3.2% GDP growth from Oct–Dec, slightly down from initial estimate. Despite this, US economy maintains growth above 2% for six consecutive quarters, showing resilience. Top shipping container manufacturer sees revenue surge in hydrogen sector, with projections for further growth by 2025, unveiling crucial technology for green hydrogen production. Discussions underway for new $1 billion container terminal at Tradepoint Atlantic, aiming to create 1,100 jobs by 2028, contingent upon addressing environmental concerns. As winter wraps up, we anticipate the industry’s upcoming events and developments.
With a seasoned team and specialized equipment, we excel in transporting steel commodities on flatbed trailers, ensuring secure, efficient, and reliable delivery for your steel-related needs.
As January concludes, we reflect on a month filled with both challenges and triumphs. The transportation industry faced a tumultuous start with severe weather conditions across the country. Houthi attacks on Red Sea ships disrupted global trade, leading the temporary closure of Tesla’s German factory. Amidst these events, the Port of Baltimore achieved the top U.S. Coast Guard assessment, implementing enhanced security measures.
In response to extreme cold weather, several state governors waived truckers’ hours-of-service requirements to address fuel transportation challenges. Simultaneously, the autonomous trucking industry progressed for efficiency and safety, although deployment timelines remain uncertain. Trucking firms are expanding their market reach by utilizing branded trailers for increased brand recognition.
Furthermore, Norfolk Southern experienced a 33% drop in Q4 profits due to derailment cleanup costs, impacting strategic plans for managerial reductions, efficiency improvements, and a 3% revenue growth target in 2024 post the Cincinnati Southern Railroad acquisition. As winter continues, we anticipate the industry’s upcoming events and developments.
Although PGT Services specializes in flatbed transportation primarily focusing on steel, building products, pipe, heavy machinery, and drayage – we have the capabilities to move almost all commodities requiring flatbed.
As the year concludes and we look into the New Year, we reflect on the final month of the year—December and everything that occurred in the transportation and logistics world. To start we address the Pennsylvania Parking shortage with a report titled “expanding truck parking in Pennsylvania,” emphasizing public-private collaboration and designating PennDOT as an executive sponsor. Additionally, this year the progress for battery-electric trucks was slower than expected. Issues arose in both the Red Sea and the Panama Canal where there were attacks on commercial vessels in the lower Red Sea, and a drought in the Panama Canal forcing shippers to pick between extended wait times or high fees.
Amid Red Sea turmoil, LNG tanker rental rates have dropped below $100,000 a day in the Pacific basin due to reduced demand from mild weather and market segmentation. Finally, on a more positive note, Canada has allocated $3.9 million for safety improvements on the Alaska highway for safer roadways. As the heart of winter continues, and we reflect on December, we are excited for what’s to come in the industry.
As winter continues to approach, we saw many events take place to prepare the industry for long-term success. Winter driving demands caution due to challenging conditions and potential vehicle issues, necessitating comprehensive safety plans and effective communication between fleets and drivers. Meanwhile, DP World faces a 30,000-container backlog at Australian ports after a cyberattack, disrupting nearly 40% of the country’s goods flow. Ongoing investigations and security measures by DP World suggest potential trade disruptions lasting for days.
Despite economic uncertainties, 73% of merchants anticipate increased holiday sales, aligning with the National Retail Federation’s 3-4% YoY growth prediction in holiday spending. The trucking sector adopts smart camera technology, integrating AI and computer vision for enhanced safety. Gasoline prices in the U.S. have fallen for 60 consecutive days, potentially boosting retail sales during the holiday season. The USDOT mandates states to establish emission-reduction goals by Feb. 1, aligning with President Biden’s climate change efforts and offering federal funding for targeted emissions reductions in the transportation sector.