U.S. Xpress Releases COVID-19 Impact Forecast
May 07 2020 - 4:00PM
Business Wire
Whitepaper examines future state of truckload
market, effect on shippers
U.S. Xpress, a subsidiary of U.S. Xpress Enterprises, Inc.
(NYSE: USX), the nation’s fifth largest asset-based truckload
carrier by revenue, has released a COVID-19 Impact Forecast,
analyzing the current and future state of freight in America.
“Even in the calmest of times, trucking can be complex and
unpredictable,” said U.S. Xpress President and CEO Eric Fuller. “We
developed this whitepaper to provide our outlook on the truckload
market and serve as a resource for shippers as they navigate
through the pandemic.”
Using forecasts and data from Wall Street firms, transportation
analysts and government authorities, the company believes the
trucking industry will experience unprecedented weak demand in the
second quarter which will give way to an uncertain future. Multiple
scenarios are likely with the company believing that a recovery
period will at some point include heightened demand coupled with
supply levels decimated by weak demand in the second quarter.
“Due to weakened supply and expected carrier bankruptcies, we
could see a historic removal of capacity from the market,”
explained Fuller. “In a full recovery, that translates into
historically high spot rates, but more importantly for shippers, it
means their freight - depending on how steep the rate of recovery
is - may have to be deprioritized and sit on docks because there
isn’t enough capacity to handle all the demand.”
More insights on a post-pandemic economy and trucking industry
are available in the COVID-19 Impact Forecast on the U.S. Xpress
blog.
About U.S. Xpress:
Founded in 1985, U.S. Xpress, Inc., is a subsidiary of U.S.
Xpress Enterprises, Inc., the nation’s fifth largest asset-based
truckload carrier by revenue, providing services primarily
throughout the United States. We offer customers a broad portfolio
of services using our own truckload fleet and third-party carriers
through our non-asset-based truck brokerage network. Our modern
fleet of tractors is backed up by a team of committed professionals
whose focus lies squarely on meeting the needs of our customers and
our drivers.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200507006093/en/
Mary Danielson, APR U.S. Xpress (423) 802-3616
mdanielson@usxpress.com
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