Book Your Cargo Forecasts Rise in Drayage Rates Amidst Reduced Capacity & Equipment Availability
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National Drayage Spot Rate Increases 32% Since July 2021, According to Book Your Cargo’s Monthly Drayage Index
WEST LONG BRANCH, N.J., July 12, 2022 (GLOBE NEWSWIRE) -- Book Your Cargo, an industry-leading premium drayage service provider, today released the July 2022 forecast for the BYC Drayage Spot Market Index, forecasting a continued increase in rates and significant, ongoing supply chain disruptions.
According to Book Your Cargo’s data, the Drayage Spot Market Index found a 32% rate increase since July 2021. Over the course of Quarter 3 of 2022, the national drayage spot rate is expected to increase 17.1%.
Since April of this year, the Northeast and Southeast regions have both seen a 15% increase compared to last year's drayage rates over the previous three months.
“Although the container volumes in the ports have been dipping recently, the tightening of capacity and equipment availability is expected to cause significant disruptions for third quarter. As a result, our monthly index forecasts a continued surge in drayage rates across all US regions through the rest of 2022,” said Chief Executive Officer of BYC, Nimesh Modi. “The supply chain challenges are not letting up. The sooner companies arrange their cargo transportation, the more likely they are to reach their destination in a timely manner and at a more reasonable cost.”
BYC’s Forecast for July 2022
- July 2022 drayage spot rates are 32% higher than this time last year.
- The most congested ports are: Savannah (34 vessels adrift or at anchor), Los Angeles & Long Beach (28 vessels adrift or at anchor), and NYC/NJ (22 vessels adrift or at anchor).
- Northeast region rates are predicted to rise more than 35% above existing levels with carrier availability two weeks out, low capacity and tight chassis availability.
- Southeast region rates are expected to rise more than 35% above existing levels with carrier availability two weeks out, low capacity and tight chassis availability.
- Midwest region rates are predicted to rise more than 30% above existing levels with carrier availability one week out, low capacity and tight chassis availability.
- Pacific Southwest region rates are predicted to rise more than 25% above existing levels with carrier availability one week out, very low capacity and extremely tight chassis availability.
- Pacific Northwest region rates are predicted to rise more than 35% above existing levels with carrier availability two weeks out, very low capacity and extremely tight chassis availability.
The BYC Drayage Spot Market Index tracks data and metrics from BYC customers and partners in real time to produce monthly rates dating back to 2016. These rates accurately predict average load costs and potential delays in the coming months for drayage transportation across various North American regions. For a complete outlook and to see all of BYC’s most recent drayage forecasts, visit https://bookyourcargo.com/drayage-index.
About Book Your CargoBook Your Cargo (BYC) is a dedicated trucking partner for drayage operations across the US for customers around the globe. As a one stop shop, BYC delivers a tailor-made supply chain solution with its nationwide vendor network of over 2500 trucking partners and a proprietary, state-of-the-art Transportation Management System. BYC’s cloud-based portal optimizes the drayage process with instant rate quotes, operational optimization, service integration, as well as order visibility, and real-time milestone updates transmitted through API integrations. The company’s team of drayage experts offers a white-glove service touting a less than 1% track record of service failures. Learn more about BYC, its Digital Drayage Platform, and the BYC Drayage Spot Market Index at https://bookyourcargo.com/.
Lisa Lazarczyk Tel: 617.838.7327/[email protected]
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