WEST LONG BRANCH, N.J., Sept. 29, 2021 (GLOBE NEWSWIRE) -- BookYourCargo (BYC) today launched the first BYC Drayage Spot Market Index to enhance visibility and improve forecast capabilities for shippers, forwarders, and carriers impacted by the limiting effects of worldwide disruptions, including the COVID-19 pandemic hindering drayage operations. The index tracks data and metrics from BYC customers and partners in real time to produce monthly rates dating back to 2016. These rates can be evaluated to accurately predict average load costs and potential delays in the coming months for drayage transportation across various North American regions.
BYC September Recap
- The September 2021 national drayage spot rate was 6% more than the previous month
- Examining the market at a wider scale, September’s 2021 national drayage spot rate was 32% more than the national rate in September 2020
- The most congested ports of September 2021 based on vessels at anchorage were Los Angeles, Long Beach and Savannah
BYC’s Forecast for October
- The Northeast region rates are predicted to rise 10% and more above existing levels with low capacity and carrier availability is 3 weeks out
- The Midwest region rates are predicted to rise 15% and more above existing levels with low capacity and carrier availability is 4 weeks out
- The West region rates are predicted to rise 10% and more above existing levels with low capacity and carrier availability is 2 weeks out
Visit https://bookyourcargo.com/drayage-index for a complete comprehensive outlook along with BYC’s most recent drayage forecasts.
“The recent tropical storms in the U.S., labor strikes in Europe and port closures throughout Shanghai and Vietnam continue to negatively impact drayage operations and inflate market rates,” said Nimesh Modi, Chief Executive Officer, BYC. “We designed the BYC Drayage Spot Market Index to forecast capacity and market trends for elevated industry insight in order to better navigate these ongoing disruptions.”
About the Drayage Spot Market Index
The Drayage Spot Market Index functions as an interactive tool that analyzes and compares essential rate data to better plan your future loads. By leveraging past and current market insights, rates are most accurately depicted for heightened visibility.
“Our current forecast predicts that drayage rates will continue to rise into this winter. This means that booking sooner will give your loads more time to get to you and costs will be cheaper if you book sooner, rather than later,” continued Modi.
BYC’s cloud-based Digital Drayage Platform is architected on the latest tech stack featuring AI robotics and machine learning engines. The platform provides seamless integration of API/EDIs with existing third-party software platforms, ensuring a smooth transition of information. The platform can also be accessed by mobile devices through an app, where both customers and vendors can easily search and compare rates by location, move type and driver availability, and book loads directly. Upon booking, users are given a request number that can be used to view shipment details and track order status in real-time. The app is available on both the Google Play Store and Apple App Store.
For more information on BYC and to check out the Digital Drayage Platform, visit www.bookyourcargo.com.