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ITS Logistics

Global freight recession to persist in 2024: CNBC Supply Chain Survey

A view of the automated container port in Qingdao in east China’s Shandong province.

November 6, 2023
Lori Ann LaRocco

The CNBC Supply Chain Survey was conducted October 21-October 31 among logistics executives who manage freight manufacturing orders and transportation, including those at C.H. Robinson, SEKO Logistics, DHL Global Forwarding Americas, Kuehne + Nagel, OL USA and ITS Logistics. These companies have insight into the orders shippers place into manufacturing companies around the world because they pick up the product from the ports as well as distribute products from warehouses to retailers.

This part of the trade pipe gives investors a three-to-four-month advance insight into retail consumer expectations based on the number of orders placed and the amount of product they have truckers move from the warehouses to the stores. It also provides a read on freight rates and what kind of freight volumes will be moved by truck and by rail — two key revenue drivers for companies in the shipping sector...

...“Unfortunately, we are going to see significant challenges in volumes, and this will continue to cause more providers to exit the market or implement significant layoffs,” said Paul Brashier, vice president of drayage and intermodal at ITS Logistics. “This is not 2008-2009 by any means but it sure feels like it.”

Read the full article here.

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