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.
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.
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.
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.
October saw many events take place to prepare the industry for long-term success as colder weather and winter approaches. Indiana adds 200 truck parking spaces at Kankakee Welcome Center to address shortages and create a safer environment. At the ports, port authorities are exploring real-time cargo tracking, with privacy concerns raised. American electric vehicle manufacturer, Rivian, plans to open Atlanta space to showcase its brand and confirms a $5 billion Georgia factory for R2 crossover production. These many advancements are encouraging for the transportation industry!
Additionally, Trucking fleets face complexities due to evolving emissions regulations in California and the need for zero-emission technology. UPS highlights renewable natural gas as a solution. CARB’s ACT rule may limit diesel truck availability, and congestion added significant costs in 2021. This congestion problem, cost the industry an enormous $94.6 billion. On a much more positive note, The Women in Motion group is expanding its memberships and resources to support female independent contractors. As the darkness roles in earlier, and we reflect on October, we are excited for what’s to come in the industry.
We bring reliable flatbed capacity to help our customers manage their transportation process. Learn more about the commodities our employees are trained in executing safely and efficiently for our customers.
A little snow this winter won’t stop us from transporting your most precious freight securely. We have the expertise to transport heavy machinery, building products, steel, road materials and many more commodities all times of the year!
As September ends and we get ready for fall to ramp up, we look forward to the busy transportation season that comes with it—let’s recap on the previous month! Shrinking US storage in Oklahoma impacts global oil markets, raising premiums for US crude in Asia and Brent-Middle East oil spreads despite. In Iowa, Governor Reynolds approved a 30-day grain harvest proclamation, allowing overweight loads for agriculture products until October 11. In addition to overall industry advancements, the Biden administration allocates $1.4 billion for railway safety and capacity projects across 35 states.
Still combating pandemic-related production issues, Trailer manufacturers explore automation, and prepare for electric trucks and more autonomous vehicles. Additionally, federal trucking regulators plan a study to investigate the impact of driver detention time on safety and operations. The 35th Annual National Truck Driver Appreciation Week took place the week of September 10–16, celebrating 3.5 million truck drivers through various events emphasizing the importance of recognizing truck drivers.