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Truckers Hit With 40% Toll Hike In Illinois And It Gets Worse

Posted on Feb 1, 2015 in Finance, Interstate

    Any truckers living or driving in Illinois are in for a nasty New Year’s surprise as the Illinois Tollway tolls skyrocketed by 40% on January 1st. The bad news doesn’t stop there however. In addition to the 40% hike this year, truckers will see two more 10% toll increases over the next two years. Then, in 2018, automatic tolls hikes will be indexed to inflation. While there’s no toll hike for regular passenger cars this time around, the truck-only fare increases are coming three years after a similar toll hike for four-wheelers. The increase in tolls is part of an effort to pay for the largest rebuilding and expansion program in the history of the highway system. The $12 billion Move Illinois program is aiming to expand tollways, interstates, and other high-volume roads in Illinois over the...

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Capacity Creeping Up, Rates Down

Posted on Feb 1, 2015 in Finance

  Truck capacity has opened up on the spot market, leading to decreased freight rates, according to DAT Solutions. Rates for flatbed, refrigerated and van loads all decreased in the week ending Jan. 24, 2015. Flatbed rates fell 1.8 percent to an average $2.21 per mile. DAT attributes the drop, which was the highest of the three load types, to declines in the line haul segment, as well as lower fuel surcharges. Flatbeds still have the highest load to truck ratio at 10:1. Van rates dropped to an average $1.96 per mile, a 1 percent decrease from the previous week. At 2.2:1, the load to truck ratio for vans is at its lowest level in more than a year. Reefer rates fell the least with a decline of 0.9% to an average $2.27 per mile. The load to truck...

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Super Service retains more drivers with predictive modeling

Posted on Jan 18, 2015 in Career, Finance

  Omnitracs Analytics, a business unit of Omnitracs formerly known as FleetRisk Advisors, announced that Super Service, a 950-truck privately held dry-van carrier delivering consumer products, beverages and paper, deployed Omnitracs Analytics’ Driver Retention Model across its entire fleet. During the first six months, Super Service reduced its turnover rate of the highest-risk 10 percent of drivers from 203 percent to 66 percent, retaining an average of 20 drivers per month and saving more than $60,000. “Prior to deploying the Omnitracs Analytics’ predictive analytics platform, our approach to driver retention was reactive,” said Vaughn Yow, vice president of operations at Super Service. “Omnitracs Analytics has been instrumental in helping us improve driver retention by identifying the ‘at-risk’ drivers who were most likely to quit, and then addressing their concerns based on the model’s predictions.” Yow went on to say...

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Diesel projected to average $2.85 in 2015 nearly $1 lower than 2014

Posted on Jan 18, 2015 in Finance

The recent nosedive of diesel prices may be the new normal — or at least a temporary normal — according to the latest projection from the Department of Energy. In its January edition of the Short Term Energy Outlook, the DOE’s Energy Information Administration forecasts the price of diesel to average $2.85 this year, which would be a 98-cent drop from 2014’s average of $3.83. The projection is based on the expectation that crude oil prices will remain low, $58 a barrel in 2015, the DOE predicts. The same report forecasts the price of diesel to rise to an average of $3.25 a gallon in 2016. Gasoline, meanwhile, is projected to average $2.33 in 2015 and $2.72 in 2016. Read...

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Feeling fuelish: Dont abandon fuel economy efforts just because diesels down

Posted on Jan 18, 2015 in Finance

  The convenience store (actual gas stations don’t really exist anymore) up the street from my house is selling regular unleaded gasoline for $1.87 a gallon. This is the lowest price for gas I’ve personally encountered yet. And it’s a good feeling to actually fill my pickup all the way and drive around with the gas needle resting on “Full” for a change. In its January edition of the Short Term Energy Outlook, the DOE’s Energy Information Administration forecasts the price of diesel to average $2.85 this year, … If this sudden fuel price drop teaches us anything, it is to underscore the extreme volatility and unpredictable nature of global energy markets today. Crude oil is a commodity traded on global markets much the same way pork bellies or cotton are. So, naturally, its price fluctuates according to supply...

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Spot Market Freight Rates Hardly Improve Over Previous Week

Posted on Oct 15, 2014 in Finance

  Rates on the spot freight market gained little ground if any, according to the latest weekly roundup of activity from the freight matching service provider DAT Solutions. An increase in overall spot market truck capacity of 3.6% from Oct. 5 through Oct. 11 over the previous seven days, along with a 5% decline in the number of total spot market loads available, pulled the average flatbed rate down 0.8% to $2.40 per mile. Van rates were unchanged at $2.03 per mile, where its been three out of the past four weeks, while reefers gained 0.4%, despite a slip in the fuel surcharge, registering $2.29 per mile. Not surprisingly this was reflected in lower load-to-truck ratios with reefers giving up 12% for 8.7 loads for every truck during the period, as reefer truck capacity gained 3.4% while reefer freight...

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