Market Updates: July 23rd, 2024

Domestic Market Updates –

Tech Outage: A global IT outage occurred early in the morning last Friday, impacting many companies, individuals, airlines, and beyond. Important to note that this outage was not due to cybersecurity reasons but instead a simple update rollout from CloudStrike.

In the shipping realm… this outage mainly impacted air freight, with no notable outages reported regarding rail/ocean freight. Some reports did state some trucking stakeholders experienced some impacts

Labor: Contract deadline is inching closer (Sept. 30th) as negotiations between the International Longshoremen’s Association and United States Maritime Alliance (USMX) are still far apart. Union President Daggett said the ILA will not seek to extend their current contract or look for assistance from outside parties to get involved in their negotiations.

Legislation: Implementation of a speed limiter rule is being pushed until May 2025, per the U.S. DOT. The new regulation would mandate the installation of speed limiters on trucks, buses, and other vehicles weighing 26,000 pounds or greater.

Diesel Update: This week the average price of diesel ­­decreased 4.7 cents. Making the average diesel price $3.779, per the U.S. EIA. 

Intermodal: Regarding the TCRC and CN/CPKC bargaining negotiations.. A ruling from the Canada Industrial Relations Board is expected by August 9th. The CIRB is deciding whether some critical shipments should be required to continue even in the event of a strike. The rail union has been operating without a contract since December 31st.

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