Domestic Market Updates –
U.S. Labor Talks: Great news – the ILA union and USMX have reached a tentative agreement just days before the existing Master Contract was set to expire on January 15th. Specific details of the contract have not been released yet.
Weather:
Winter Storms – Significant winter storms made their way to various parts of the U.S., creating delays and disruptions. Several southern and eastern U.S. states saw significant snow, ice, and cold temperatures, making travel challenging.
California Wildfires – wildfires in parts of southern California (Palisades, Eaton, and other regions) have been raging on since early last week. Various highways and Interstates have been closed due to these circumstances.
Commerce Express extends our condolences to all those affected by this tragedy and expresses our gratitude to the first responders who have been working tirelessly to bring the situation under control.
Truckload Rates & Capacity: FreightWaves SONAR data show tender volumes (load offers) have recovered from the holiday season, but the beginning of the year is off to a slower start – which isn’t out of the norm. On a similar note, accepted tender volumes (accepted loads via contracts) slightly increased week-over-week but still down year-over-year. Furthermore, as two major winter storms hit last week, along with destructive fires in parts of California, the market has shown some volatility on the capacity side of things.
Cross-Border: A proposed federal rule by U.S. Customs and Border Protection (CBP) would mandate the electronic submission of rail export cargo manifest data. This includes filing 24 hours before departure, followed by a final data transmission at least two hours prior to departure. CBP states that the rule will enhance cargo security while improving efficiency in trade operations.
Diesel Update: The average price of diesel increased 4.1 cents a gallon, putting the average price of diesel at $3.602 a gallon, according to the U.S. EIA.
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