Industry Insights
July 2024
By PGL
Welcome to the PGL Industry Insights report for July 2024.
The gulf coast got it’s first taste of the NOAA’s predicted “aggressive” hurricane season in early June, as Hurricane Beryl rocked the Texas coast on July 8, leading to multiple temporary port closures and at least 20 Houston area deaths.
A new bill proposed by Representative David G. Valadao introduced the bipartisan Safeguarding our Supply Chains Act to combat organized cargo theft. The bill aims to improve coordination between the Department of Homeland Security and the FBI, establishing the Supply Chain Crime Coordination Center and a Supply Chain and Theft Task Force.
In Ocean Freight, spot rates are soaring, driven by continued hostilities in the Red Sea and limited capacity. We’re about halfway through the traditional busy summer in preparation for the holiday season, so it will be interesting to see how this plays out.
There is trouble brewing in Canadian rail labor, as Canada’s Minister of Labour asked the board to decide on maintaining critical shipments during a work stoppage, delaying potential strikes by the Teamsters Canada Rail Conference to August 9th.
In trucking, reporting has shown a lack of capacity growth for the first time in two years. This could be an indicator of normalization for the trucking industry, leading to fewer empty trailers and stabilization of pricing.
The diesel benchmark price has fallen a bit after 4 weeks of increases, but still short of the $4.00 mark. With high inventory and lowering demand, speculation is pointing to lower prices ahead.
Lastly, with a supply chain industry that seems to be contracting, PGL is growing and hiring. If you are a logistics operator or sales representative, we want to hear from you!
As always, PGL will be here to keep you informed and will keep delivering peace of mind, 24/7/365.
Follow us at @shipPGL and visit our website at www.shipPGL.com.
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