Increasing carrier insurance costs in combination with large “nuclear verdict” penalties have played a huge part in the abnormal amount of recent carrier bankruptcies. And, as more juries are awarding these types of verdicts, even some insurance companies are also being forced out of the industry. The extent of this legal issue and the resulting rise in insurance rates are posing a major threat to many trucking and shipper businesses.
Part 3 of a 3 part series of posts inspired by the 31st Annual State of Logistics Report
There’s a lot of data out there showing how improving efficiency can help shippers and logistics companies increase their profit margins and ultimately reach new heights of success. With the right technology, businesses can track shipments as they move through each step of the transportation process.
Recently the Council of Supply Chain Management Professionals (CSCMP) released their 31st Annual State of Logistics Report. This thorough industry analysis featured 63 pages of detailed information that dove into the logistics of 2019 and 2020 and offered valuable insight framing the industry’s future. As the group explored the devastating effects of the COVID-19 pandemic and examined the pros and cons of various leading players’ responses, it painted an image of tried-and-true resiliency.
Part 1 of a 3 part series of posts inspired by the 31st Annual State of Logistics Report
Despite the many disruptions introduced into shippers’ supply chains by the COVID-19 crisis, new research shows positive signs for the warehousing sector. Due to factors like an all-time low vacancy rate, the pre-coronavirus market could handle the short-term impacts of the pandemic.
According to a recent article published by Food Logistics, consumer demand for functional beverages, which provide additional energy or nutritional value for individuals, is skyrocketing due to current health trends and as a market response to COVID-19.
For the first time since 1938 when the hours-of-service (HOS) laws initially went into effect, the Federal Motor Carrier Association (FMCSA) temporarily exempted truck drivers transporting essential medical equipment and supplies on a federal level. This response is typical on a state or local level for emergency situations, like the current COVID-19 pandemic, because of the sheer amount of goods trucking companies are responsible for moving.