WEST LONG BRANCH, N.J. , Sept. 08, 2022 (GLOBE NEWSWIRE) -- Book Your Cargo, an industry-leading premium drayage service provider, today released the September 2022 forecast for the BYC Drayage Spot Market Index, with nationwide rate hikes and tight trucking capacity predicted heading into peak season.
According to Book Your Cargo’s data, the Drayage Spot Market Index found a 20% rate increase since September 2021.
The BYC Drayage Spot Index predicts Q4 rate increases to be upwards of 11% nationwide, similar to the 12.5% rate hike experienced in Q4 of 2021.The most affected areas are expected to be the Pacific Southwest, Pacific Northwest, and East Coast ports.
As International Longshore and Warehouse Union (ILWU) negotiations surrounding the AB5 law and trucker protests at West Coast ports continue, the result is a significant capacity crunch. In addition, given the service gaps on the West Coast, some freight is being diverted to the Gulf and East Coast ports and rails.
“With the ongoing ILWU negotiations and protests at West Coast ports — especially in the wake of holiday season — we continue to foresee chassis and equipment shortages and rate increases across the country throughout Q4. To make matters worse, cargo is still being diverted to Gulf and East Coast ports,” said Chief Executive Officer of Book Your Cargo (BYC), Nimesh Modi. “With our customers, we take a proactive approach to securing drayage carriers in order to manage logistics costs and ensure prompt movement of their containers.”
BYC’s September 2022 Forecast
- September 2022 drayage spot rates are 20% higher than this time last year.
- The most congested ports are: Savannah (36 vessels adrift or at anchor), Houston (24 vessels adrift or at anchor), and NYC/NJ (22 vessels adrift or at anchor).
- Northeast region rates are predicted to rise more than 25% above this time last year, with carrier availability one week out, low capacity, and tight chassis availability.
- Southeast region rates are predicted to rise more than 27% above this time last year, with carrier availability one week out, low capacity, and tight chassis availability.
- Midwest region rates are predicted to rise more than 19% above this time last year, with carrier availability one week out, low capacity and tight chassis availability.
- Pacific Southwest region rates are predicted to rise more than 24% above this time last year, with carrier availability one week out, very low capacity and extremely tight chassis availability.
- Pacific Northwest region rates are predicted to rise more than 28% above this time last year, with carrier availability two weeks out, very low capacity, and extremely tight chassis availability.
The BYC Drayage Spot Market Index tracks data and metrics from BYC customers and partners in real time to produce monthly rates dating back to 2016. These rates accurately predict average load costs and potential delays in the coming months for drayage transportation across various North American regions. For a complete outlook and to see all of BYC’s most recent drayage forecasts, visit https://bookyourcargo.com/drayage-index.
About Book Your Cargo
Book Your Cargo (BYC) is a dedicated trucking partner for drayage operations across the US for customers around the globe. As a one stop shop, BYC delivers a tailor-made supply chain solution with its nationwide vendor network of over 2500 trucking partners and a proprietary, state-of-the-art Transportation Management System. BYC’s cloud-based portal optimizes the drayage process with instant rate quotes, operational optimization, service integration, as well as order visibility, and real-time milestone updates transmitted through API integrations. The company’s team of drayage experts offers a white-glove service touting a less than 1% track record of service failures. Learn more about BYC, its Digital Drayage Platform, and the BYC Drayage Spot Market Index at https://bookyourcargo.com/.
An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/deec28ee-a2d6-4a54-80a6-f6f16ad6e973
