Check out last month's new transportation updates in the shipping industry.
President Joe Biden officially requires essential, nonresident travelers, such as truck drivers and government/emergency response officials, crossing U.S. borders to be fully vaccinated beginning January 22nd, 2022. This vaccination requirement includes travelers entering by ferry as well.
This new rule only pertains to non- U.S. residents. American citizens and permanent residents can still enter the U.S. regardless of their vaccination status. However, additional testing hurdles are still in place for non-vaccinated people.
With ongoing nationwide supply chain issues, Governor Mike DeWine reinstituted a pandemic-era order, allowing trucks to carry an additional 10,000 pounds of freight without obtaining a permit beforehand. This new permit is said to go on indefinitely. DeWine has also written to the Biden administration and many other governors, asking for further changes to ease transporting and distributing goods disruptions.
Tom Balzer, president and CEO of the Ohio Trucking Association said, anything that helps address the supply chain problem is helpful. "None of it's going to be the silver bullet that fixes all the ills," Balzer said. "It's a whole bunch of little things that help move things along faster."
According to the data issued by the Energy Information Administration (EIA), the national average for diesel came in at $3.724 per gallon, which marked the first decrease in diesel in ten weeks, decreasing the national average by .01 cents.
This week's national diesel average is up to $1.262 annually, which is a direct result of the tight market and concerns about the Delta variant of the coronavirus slowing the global economic recovery. As a result, the White House has announced that the Department of Energy will release 50 million barrels of oil from the Strategic Petroleum Reserve to lower the process for Americans.
The American Transportation Research Institute (ATRI) has released the results of its annual Trucking Top Industry Issues Survey. This survey includes information on driver shortages and retention, truck parking, detention time, and more. Register for the webinar on December 2nd to learn how your fleet can use technology to address these issues better.
Read more and register today here.
The PLS Market View is a monthly report presenting insights from research and critical market indicators as to the current conditions of the transportation and logistics industry. In this report, you will find valuable insights from the following market indicators: the Cass Truckload Linehaul Index, the U.S. Energy Information Administration's Short-Term Energy Outlook, DAT's Trendline Report, and two surveys from Morgan Stanley's Equity Research division.
Truckload Freight Index (TLFI) Morgan Stanley's index fell sequentially for the second time in a row, experiencing seasonal underperformance driven by both demand and supply components. Morgan Stanley's Flatbed and Reefer indices also declined sequentially, as the Flatbed Index performed in line with seasonality and the Reefer Index underperformed.
Truckload Sentiment Survey (TLSS) In this update, Morgan Stanley reported that the current sentiment continued to be soft as demand and supply underperformed, while rates outperformed seasonality. Forward sentiment underperformed across the board, and Morgan Stanley saw an uptick of neutral comments, although the overall tone remains constructive. Rate expectations fell sequentially, declining to ~+5.4 percent.