Market Updates: Feb. 13th, 2024

Trucking —

  • As of February 12th, the national average price of diesel is $4.109. Seeing a 21 cent increase, compared to the week prior.
  • FMCSA rulemaking on truck speed limiters is delayed again, set to be published in May.
  • Northbound 710 Freeway set to close on Tuesday (2/13) at the Port of Long Beach – due to roadway inspections. Drivers are being advised to use alternate routes, as inspections may take the entire day.

Rail —

  • NTSB is expected to release their findings on the East Palestine, Ohio train derailment this summer, during their final board meeting on the incident. 
  • Norfolk Southern will stop domestic/international intermodal service to Birmingham, Alabama and New Orleans on February 19th, due to low volumes transiting through cities – per the JOC. NS also plans to re-route traffic between Allentown, PA; Memphis, Kansas City, and St. Louis, and between Elizabeth, New Jersey; and Toledo, Ohio.

Cross-Border —

Canada:

  • Federal officials are being brought in to help assist negotiations between dockworkers and the Port of Montreal.
    • Strikes/lockouts cannot occur until the Canada Industrial Relations Board rules it’s deemed “essential.” The board is asking for more information – by mid-February – from all parties involved. 

Mexico:

  • U.S.-Mexico cross-border trade nearly reaches $800 billion in 2023.
  • The Mexican Tax Authority plans to launch Carta Porte 3.0 with new regulations for compliance – starting April 1st, 2024. 
    • Two new requirements: Mexican Importer Information and the Mexican Material Code (MMT).
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