ACT Research’s semi-annual seminar in February hosted industry leaders such as Bill Kretsinger, Chairman and CEO at American Central Transport, Joe Vitiritto, President and CEO at PAM Transport, and Marshall Franklin, CEO and CFO at Highway Transport, among many others, who presented their insights and outlook on the trucking industry.

Regarding the freight downturn, Kretsinger said, “I’ve been in the industry 40 years, have seen many different cycles, and this downcycle has been the worst one.”

The sentiment was mutual among the other trucker panelists: This downcycle has been one of, if not the, worst experienced in their careers so far; however, they are feeling optimistic about the road ahead.

Their boots-on-the-ground perspective supports ACT’s thesis of a 2024 freight recovery. Tim Denoyer, ACT Research’s Vice President and Sr. Analyst, added, “Freight markets have been bouncing along the bottom for a while, but there are positive signs that this is turning. Conditions for a transition into early cycle are still not all in place, but rebalancing is progressing.”

Across the board, panelists indicated a slight improvement in volumes so far in 2024, and this was confirmed in ACT’s For-Hire Trucking Index, with volumes up by 1.7 points in January. “Freight demand continued its gradual recovery in January with just the fifth reading at or above the neutral 50 level in the past 22 months. Though, the improvement may be partly temporary due to the cold snap,” he commented.

Regarding equipment purchases, all panelists shared that fleets generally didn’t get the allocation they expected during the pandemic, and now it’s time to catch up. Fleets are right sizing their fleets now, getting back to a regular trade cycle.