Dive Brief:
- Carriers reported different freight trends in November amid a sluggish market, with some seeing progress in shipments and tonnage.
- Notably, ArcBest and Saia both saw year-over-year improvement in those measures compared to a year ago. Saia’s LTL shipments per day improved by 2.6%, while ArcBest’s shipments and tonnage both increased by 3% for its asset-based segment, according to carrier reports.
- But ongoing challenges in market conditions are projected to drag Q4 operations more than usual, ArcBest said.
LTL firms report mix of freight volumes
Dive Insight:
Carriers looked to control what they could despite being pressured by market conditions, finding some successes.
“Old Dominion’s revenue results for November reflect ongoing softness in the domestic economy, which contributed to a decrease in our volumes,” Old Dominion Freight Line President and CEO Marty Freeman said in a statement Tuesday.
But the carrier’s revenue per hundredweight, excluding fuel surcharges, increased 5.2% during the quarter-to-date period.
“We continued to deliver best-in-class service, which supports our yield management initiatives and ability to increase our LTL revenue per hundredweight,” Freeman said.
In a similar thread, ArcBest projected a 4% sequential decline in the operating ratio of its ABF Freight subsidiary given the “continued softness in the broad freight market” and three fewer workdays. That decline is typically 1% or 2%.
