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Axle Monthly Update: July 2024

July 5, 2024

Weather sure got hotter, will the market?


Hurricane Beryl takes aim on the Caribbean and the Gulf

Hurricane warnings are in place across Jamaica, the Cayman Islands, and parts of Haiti as Hurricane Beryl makes its way across the Caribbean. Beryl is the first hurricane to develop into a Category 5 storm this into the season, and it did so quickly. The storm moved from a tropical depression to a major hurricane in just 42 hours, the first storm to do so before September.

The National Oceanic and Atmospheric Administration predicted a well above average hurricane season, with between 17 and 25 named storms. Hurricanes have the potential to cause significant disruption in the freight market. While we are entering the season with abundant supply which will help limit shipper impacts, make sure to speak with your Logistics Consultant about how storms could impact your supply chain specifically.


Slightly stronger forecasts in truckload rates combined with a sustained drop in diesel prices resulted in much more favorable conditions for carriers. Diesel prices fell to a national average of $3.658 on 6/10/24 (the lowest since 01/10/2022) before slightly climbing moving into the July 4th holiday week. As mentioned previously, it appears that normal seasonality has returned to the market. Shipper favorable conditions are likely to continue through the Labor Day holiday, before another round of seasonal tightening takes hold.

Speak to your Axle Logistics Consultant to understand how the market is impacting your specific industry and business!

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If you have questions about current market conditions or would like more information, connect with our team today!