COLUMBUS, Ind. — ACT Research recently gathered trucking industry leaders to share insights and outlooks about the industry’s future.
The event, hosted in early February, included Bill Kretsinger, chairman and CEO at American Central Transport, Joe Vitiritto, president and CEO at PAM Transport and Marshall Franklin, CEO and CFO at Highway Transport, among many others.
Regarding the freight downturn, Kretsinger shared, “I’ve been in the industry 40 years, have seen many different cycles, and this downcycle has been the worst one.”
The sentiment was mutual among the other trucker panelists: This downcycle has been one of, if not the, worst experienced in their careers so far; however, they are feeling optimistic about the road ahead.
Their boots-on-the-ground perspective supports ACT’s thesis of a 2024 freight recovery.
Tim Denoyer, ACT Research’s vice president and senior analyst, added, “Freight markets have been bouncing along the bottom for a while, but there are positive signs that this is turning. Conditions for a transition into early cycle are still not all in place, but rebalancing is progressing.”
Across the board, panelists indicated a slight improvement in volumes so far in 2024, and this was confirmed in ACT’s For-Hire Trucking Index, with volumes up by 1.7 points in January.
“Freight demand continued its gradual recovery in January with just the fifth reading at or above the neutral 50 level in the past 22 months. Though, the improvement may be partly temporary due to the cold snap,” he said.
Regarding equipment purchases, all panelists shared that fleets generally didn’t get the allocation they expected during the pandemic, and now it’s time to catch up. Fleets are right sizing their fleets now, getting back to a regular trade cycle.
ACT’s next seminar is scheduled for Aug. 21-22.
Born in Pine Bluff, Arkansas, and raised in East Texas, John Worthen returned to his home state to attend college in 1998 and decided to make his life in The Natural State. Worthen is a 20-year veteran of the journalism industry and has covered just about every topic there is. He has a passion for writing and telling stories. He has worked as a beat reporter and bureau chief for a statewide newspaper and as managing editor of a regional newspaper in Arkansas. Additionally, Worthen has been a prolific freelance journalist for two decades, and has been published in several travel magazines and on travel websites.
