This week things are shifting in the E Commerce world where FedEx has decided not to renew its U.S. air delivery contract with Amazon. E Commerce is expected to grow from 50 – 100 million packages a day in the United States by 2026.
The American Trucking Associations (ATA) estimated that there are roughly 500,000 over-the-road for-hire truckload drivers in the U.S. The ATA also estimated that segment of the industry is currently over 50,000 drivers short, and that number is projected to balloon as high as 175,000 by 2026.
Portugal has declared a nationwide energy crisis this week after all of their fuel truck drivers have gone on strike, threatening to cripple the infrastructure of the nation. The organization representing the interest of 700 of the 1,000 working in the sector, The National Union of Dangerous Goods Drivers, is demanding higher wages and recognition of its members’ special status.
Tri-State commuters, get ready for more toll increases. Starting March 31st. tolls will go up at the Metropolitan Transportation Authority (MTA) bridges and tunnels. For travelers to New York, the most expensive toll on the Verrazzano-Narrows Bridge will go up from $17 to $19. Tolls on the Bronx-Whitestone, Throgs Neck, Robert F. Kennedy bridges and the Hugh Carey and Queens-Midtown Tunnels will increase from $8.50 to $9.50 for tolls paid by mail. At $17 per trip, the 55-year-old Verrazzano is already ranked among the priciest crossings in the country. For reference, Virginia's 23-mile-long Chesapeake Bay Bridge-Tunnel increased to $18 in January.
This Friday, March 29th, will mark the launch date of the world’s first financially settled Trucking Freight Futures market. The market will be a partnership between Nodal Exchange, FreightWaves and DAT. The goal of this newly created market is to provide a way for carriers, shippers and 3PL providers to hedge their financial exposure to truckload spot rate volatility. According to Craig Fuller, CEO of FreightWaves “Nearly every industry with a commoditized product benefits from a futures market – except for trucking.” However, the questions posed are “why now?” and “if Trucking Freight Futures are such a good idea, then why hasn’t anyone done it before?” The answer is two-fold.