Data suggests cautious optimism for recovery within freight sector, looking forward
CHICAGO — February 29, 2024 — Leading real-time supply chain visibility provider FourKites today published its global Premier Carrier List (PCL), recognizing the growing community of brokers, carriers and 3PLs who are achieving the highest standards of visibility-related operational excellence across all modes of transport. Carriers featured on FourKites’ PCL deliver high-quality and consistent shipment data, facilitating faster turnaround times and optimized performance for shippers and carriers alike.
FourKites’ latest data reaffirms the importance of providing market-leading shipment visibility to customers, highlighting outsized growth amongst members of the Premier Carrier List. For instance, FourKites’ data indicates that new carriers who qualified for the PCL in H2 2023 saw an 11% month-over-month increase in shipment volume in the second half of 2023 compared to the overall network average. Further, the data shows that carriers on the PCL have approximately 4.5 times more shipper customers than non-PCL carriers. The H2 PCL list includes 750+ carriers, representing a 7% increase from the first half of 2023. Notably, the number of premier carriers offering service in Europe grew by 21% since the first half of 2023.
“We’re delighted to be named to FourKites’ Premier Carrier List,” said Stefan Barten, Global Key Account Manager for Gebrüder Weiss GmbH, a leading transportation company in Europe. “FourKites helps us spend less time managing administrative tasks and more time booking high-paying quality freight.”
“FourKites has become essential for our business communication,” says Matthew Schore, Vice President of Sales and Marketing at A.N. Webber Logistics. “A.N. Webber Logistics takes great pride in being named a FourKites Premier Carrier. This recognition is the culmination of all the hard work our team has done for its carriers and customers. It shows our commitment to the success of our business partners.”
The findings from FourKites’ latest PCL run in parallel with early indications that freight sector recovery may lie ahead in 2024. FreightWaves’ Freight Sentiment Index shows cautious optimism about recovery among carriers, as well as strong year-over-year improvements in expectations for long-term profitability. In addition, DAT Freight & Analytics recently reported a 61% increase in the flatbed load-to-truck ratio from December 2023 to January 2024, commonly interpreted as a leading signal of impending rate changes.
“We may now be looking at the bottom of the freight market,” says Jason Eversole, VP of Professional Services Solutions at FourKites. “As carriers and brokers emerge from a difficult market looking toward the future, it’s important to note that shippers have also evolved and changed their expectations during this time. Over the past 18 months, shippers have been in a strong position and demanded visibility. Many carriers adapted to meet those expectations in tracking quality and service to survive, and visibility became more important than ever. As the market recovers, carriers that deliver value by providing visibility will be best-positioned to win business with high-quality shippers and grow.”
FourKites’ latest Premier Carrier List is accessible here, where users can search based on carrier capabilities, transportation modes, serviced geographies and other relevant criteria. Additionally, users can identify carriers that are registered as partners in the US Environmental Protection Agency’s SmartWay® program, which helps companies advance supply chain sustainability by measuring, benchmarking and improving freight transportation efficiencies.
About FourKites
Leading global supply chain visibility platform FourKites® empowers business leaders with comprehensive visibility into transportation, yards, warehouses, stores and beyond. Tracking more than 3.2 million shipments daily across road, rail, ocean, air, parcel and last mile, and reaching over 200 countries and territories, FourKites combines real-time data and powerful machine learning to help companies digitize their end-to-end supply chains. More than 1,200 of the world’s most recognized brands — including 9 of the top-10 CPG and 18 of the top-20 food and beverage companies — trust FourKites to transform their business and create more agile, efficient and sustainable supply chains. To learn more, visit https://www.fourkites.com/.
