Posts Tagged ‘freight bids’

Have freight rates bottomed out yet?

Monday, September 28th, 2009

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Have transportation freight rates bottomed out yet? This has been one of the two most frequently asked client questions this summer – along with “is it too late to bid my freight out to take advantage of recent market conditions”.

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Although no one has a crystal ball to definitively answer the first question, ChemLogix’s market data since May 09 implies the market has probably bottomed out by late summer.  The second question can be answered with a simple answer – yes.  The time is still ripe to bid freight rates today but…don’t wait too long or you will miss this year’s golden opportunity to generate freight rate savings.

ChemLogix has conducted numerous freight benchmark Cyclops hd studies and bids this summer. Our studies have shown an average freight savings opportunity of between 10-25% of combined line haul and fuel surcharge costs.  Clients with very well managed freight costs have achieve freight savings opportunities of less than 6%.  Savings opportunities for these clients tend to be surgical, lane-level adjustments to only a few lanes.  The majority of our rate studies this year have found savings opportunities in excess of 10% which justified modal specific freight bids.

With that stated, I will also say the results of several bids conducted by ChemLogix in the latter portions of this summer have shown a transition in rates offered by carriers today.  Although significant savings were achieved through these bids, we saw either a slowdown in rate decreases or a stabilization of rates on similar lanes between bids. This trend, combined with other market indicators, such as, improving client load counts, increasing restrictions in getting carrier capacity in many markets, and hearing weekly that carrier business has started to boom over the over the last few months, all indicate conditions appear to be reversing themselves by summer’s end.

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War psp Femme Fatale divx ChemLogix still feels that current market conditions can and will permit great savings opportunities for those companies who take advantage of conditions now!  However, these conditions probably will not exist in three months.   We feel the market will begin to transition to higher rates at the end of the 4QTR09 as the national and world economies begin to recover.

If you think your company’s rates are high today then consider bidding your freight immediately.  If you are not sure how your freight rates fair against market conditions today, then have your rates benchmarked first and tie any bid activity to some savings trigger.  As a rule, ChemLogix feels savings opportunities of 5% or more should trigger a bid activity.  Companies with estimated savings of less than 5% should secure existing rates with existing core carriers for at least one year and go after identified savings opportunities using surgical, rate adjustments on a lane-by- lane basis only.  Few if any carriers will agree to more than a one-year rate contract today.

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