Pat's off today...so I present PatGPT's updates:

Weekly Updates

12/13/2024

Parcel

• UPS Expands Electric Vehicle Fleet: UPS has introduced over 100 new electric delivery vehicles in Paris, with plans to deploy more than 600 across Europe by the end of 2024, aiming to reduce emissions and enhance sustainability.
• OnTrac, GLS Announce '25 GRIs: OnTrac (5.7%) and GLS (5.9%) announce 2025 rate hikes, mirroring FedEx and UPS adjustments for competitive alignment.

LTL (Less-Than-Truckload)

• Driver Shortage Eases Amid Freight Downturn: The American Trucking Associations report a third consecutive year of easing in the truck driver shortage, attributed to a prolonged downturn in freight demand rather than improved driver recruitment.

Truckload

• Spot Market Rates Increase Post-Thanksgiving: Following Thanksgiving, dry van spot rates rose by 5.6 cents, reaching their highest level since early July. This marks the fifth consecutive year of post-Thanksgiving rate increases.
• Diesel Prices Decline: As of December 9, 2024, the U.S. average diesel price decreased to $3.54 per gallon, down 8.2 cents from the previous week and 52.9 cents lower than the same time last year.
• FMCSA Updates Hours of Service Rules: The Federal Motor Carrier Safety Administration has modernized hours of service regulations to enhance safety and flexibility for commercial drivers.

Drayage

• Port Congestion Reduces: Drayage operations at major U.S. ports saw a 20% improvement in average container dwell times due to coordinated scheduling efforts.
• California Compliance Costs: Drayage carriers in California face higher operating costs with new CARB emission compliance requirements set for 2025.

International (Ocean and Air)

• Ocean Freight Rates Plateau: After months of fluctuation, transpacific ocean freight rates have stabilized, supported by moderating demand and adjusted capacity by carriers.
• Air Cargo Faces Capacity Challenges: Increased demand for air cargo in the holiday season is straining capacity, with rates rising by 6% compared to last year.
• Automation Discussions Continue: Port labor negotiations remain tense as unions push back against automation proposals at U.S. East and Gulf Coast ports.

Supply Chain

• Visibility Technology Adoption Increases: 3PLs are leveraging real-time tracking tools to enhance shipment transparency and reduce delays.
• Inventory Strategies Shift: Companies are prioritizing just-in-case inventory strategies to mitigate supply chain disruptions seen earlier in the pandemic.

Trucking

• Holiday Freight Peaks: The peak season continues with strong demand for expedited freight services in December.
• Infrastructure Investment Announced: The Department of Transportation earmarked $1 billion for rural highway improvements, expected to ease transportation bottlenecks.

Would you like any refinements or additions?