Freight Brokers Optimistic About Future Growth Despite Current Weakness
Despite current challenges in the trucking and transportation markets, a survey by Truckstop and Bloomberg Intelligence indicates that more than 60% of freight brokers and logistics professionals expect demand for their services to grow over the next six months. This optimism comes despite weaker demand, falling rates, and increased competition, with many believing that the market may be approaching a turnaround. Respondents also suggest that spot market rates may have hit bottom, and about 46% anticipate rate increases in the next three to six months. This positive sentiment follows an August Logistics Managers' Index report that showed industry conditions expanding after several months of decline, though the long-term trend remains uncertain.
Flexport has launched The Convoy Platform, a technology solution aimed at providing small carriers with access to freight while offering real-time competitive rates, shipment visibility, and on-time performance to shippers and brokers.