Trucking news and briefs for Friday, Oct. 25, 2024:
FTR’s Trucking Conditions Index Improved in August but stayed negative
Market conditions for carriers were better in August than in July, but they remained in negative territory, according to FTR.
FTR's Truck Tonnage Index improved in August but remained in negative territory.FTR
FTR forecasts TCI readings to remain mostly negative to neutral through the beginning of 2025.
“Trucking is en route to more favorable conditions next year, but the road remains bumpy as both freight volume and capacity utilization are still soft, keeping rates weak,” said Avery Vise, FTR’s vice president of trucking. “Our forecasts continue to show the truck freight market starting to favor carriers modestly before the second quarter of next year.”
The TCI tracks the changes representing five major conditions in the U.S. truck market: freight volumes, freight rates, fleet capacity, fuel prices, and financing costs. The individual metrics are combined into a single index indicating the industry’s overall health. A positive score represents good, optimistic conditions. Conversely, a negative score represents bad, pessimistic conditions. Readings near zero are consistent with a neutral operating environment, and double-digit readings in either direction suggest significant operating changes are likely.
Schneider enhances owner-operator load board
Schneider National announced this week it is enhancing how it conducts business with owner-operators with its Schneider FreightPower load board platform.
The newly expanded and updated platform offers owner-operators significantly more access to Schneider’s diverse range of freight options, the company said. It also includes easy-to-use functionality and search features designed to provide flexibility and help supercharge the owner-operator's business operations.
Schneider said FreightPower offers owner-operators:
- Increased access to freight: Owner-operators now have access to more of Schneider’s expansive freight offerings, including traditional owner-operator loads and other freight managed by Schneider.
- Enhanced features: Accessible on any device -- mobile, desktop or tablet -- the platform offers better functionality and provides detailed load information, favorite searches and reload options for better planning and fewer deadheads.
- High drop-and-hook rate: Over 95% of the freight opportunities available to owner-operators on the platform are drop-and-hook shipments, which can help increase efficiency and productivity.
- Trip planning: Loads posted will now show road miles, a user-friendly change that can help owner-operators perform more accurate trip-planning.
“Collaborating with owner-operators is an important component in the success of our business and the reliable service we can provide customers, which is why the network has grown tremendously in the last 25 years,” said Schneider Senior Vice President and General Manager of Truckload and Mexico John Bozec. "We want to invest in tools that support owner-operators in running and growing their businesses. With Schneider FreightPower, they gain access to better load management, increasing their productivity and revenue potential.”
Fleet owner sentenced for bribery
A trucking company owner in Utah involved in a bribery scheme pleaded guilty and was sentenced Oct. 1.
Alexsander Vasiliyevich Barsukov, along with others, owned Salt Lake Trucking Group (SLTG), which is comprised of several trucking companies that contract to carry packages for FedEx Ground (FXG).
An investigation found that SLTG paid bribes to FedEx Ground employees who manipulated FXG’s process governing the awarding of new runs. An employee also helped the co-conspirators grow their business larger than FXG allowed by submitting false information to FXG. During the approximate 10-year conspiracy, SLTG received about $108 million in FXG revenue.
After pleading guilty, Barsukov was sentenced to three years of probation, including six months of home detention; was ordered to pay $1,378,702 in restitution; ordered to forfeit $6,754,845; and pay a $100 special assessment.
In February, two other owners in the SLTG were convicted in the scheme. The case dates back to 2019 when a FedEx Ground manager and nine STLG trucking company owners were charged in a “pay-to-play” scheme.
The Department of Transportation Office of Inspector General conducted the investigation with the Internal Revenue Service-Criminal Investigation, the Federal Bureau of Investigation, and the Defense Criminal Investigative Service. The case was prosecuted by the U.S. Attorney’s Office for the District of Utah.
