The pandemic has made planning for 2021 extremely difficult for businesses, and shippers are no different. As they look to lock in capacity and rates for next year, several unanswered questions are complicating the process:
- Are we in a freight peak?
- Is COVID-19 driving rates artificially higher?
- Is this the new normal for freight rates?
Management from some of the nation’s largest truckload carriers spoke recently during the Stephens Annual Investment Conference, and the conclusion they have reached? No one knows. Werner Enterprises (NASDAQ: WERN) CEO Derek Leathers said peak season ramped sooner than normal this year and Schneider National (NYSE: SNDR) CEO and President Mark Rourke said it was “hard to tell the difference” between peak conditions as the company’s business hasn’t seen much seasonality since July.
Leathers noted that drivers are in short supply due to higher retirement rates and driver…