The Industry is Currently Facing Distress: Insights from Teo Balev, CIC, TRS is the Founder and CEO of Colonial Insurance Services, host of the Logistics Leaders Conference.

At the recent Logistics Leaders Conference, Teo Balev highlighted crucial issues troubling the industry. After a post-Covid high in mid-2022, the logistics sector has faced significant turbulence. Key points include:

Decline in Truckloads & LTO Shipments

Truckloads have dropped 73% since mid-2022, with Less-Than-Truckload (LTO) shipments also declining, affecting various industry segments.

Plummeting Spot Market Rates

Spot market rates have fallen, intensifying pressure on trucking companies trying to balance pricing and costs.

Excess Trucks

Oversupply of trucks adds to operational inefficiencies and lowers freight rates further.

Looking Ahead: The Road to a Stronger Industry

Teo Balev suggested that industry consolidation might be essential for a healthier market. This adjustment could lead to a more efficient industry, better equipped for future demands and disruptions.

See the latest numbers and trends in the logistics industry in our special booklet that we produced for the Logistic Leaders Conference 2024 in Chicago.

Click on the magazine cover to view your presentation:

Source: American Trucking Association