In 2023, operational expenses in the freight industry saw moderate increases, with specific costs like truck and trailer payments, driver wages, and repair and maintenance costs all escalating. The industry also faced challenges such as higher deadhead mileage and driver turnover, impacting profitability and operational efficiency, but now costs seem to be continuing and accelerating. PRIMO’s extensive network and advanced load-matching capabilities can mitigate these rising costs, offering shippers a more streamlined and cost-effective freight management solution.

• Cost Increase: The American Transportation Research Institute (ATRI) reported a 6% rise in industry costs in 2023, with marginal trucking costs reaching $1.716 per mile.
• Operational Challenges: The freight market faced significant challenges, including a 5% increase in driver turnover and a rise in deadhead mileage to 16.3%.
• Expense Breakdown: Costs for truck and trailer payments grew by 8.8%, driver wages by 7.6%, and repair and maintenance by 3.1%.
• Insurance Premiums: Truck insurance premiums saw a notable increase of 12.5% after two years of minimal change.

Reference: bulktransporter.com