U.S. trucking CEOs expect to maintain pricing power even with volumes softening as retailers, manufacturers and consumers adjust to disruptions.
Earlier this year there were concerns about a"freight recession" because of falling rates in the so-called spot market for trucking. According to the most recent data from Evercore ISI, those rates are down more than 11% year over year. The spot market provides on-demand freight transportation, and pricing varies based on supply and demand.
The leading companies in the three major segments of trucking make the majority of revenue from contracts — Knight Swift ,"We believe the contract rates will hold up. We believe contract rates are going to be at a place that is going to allow trucking companies to be remarkably profitable." Deustche Bank transportation analyst Amit Mehrotra told CNBC.
The chief executive of one of the largest trucking brokerages in the United States is also watching consumer spending.CEO Bob Biesterfield told CNBC's"Squawk on the Street" on Tuesday. The outcome of the West Coast port labor negotiations is another big question mark for the trucking industry.
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