2021 was a strange and unusual year in the tanker market. Can we expect the same issues to follow us in 2022, or will things change? This article covers all of the food-grade tanker industry trends currently occurring and shows you what’s to come. Our report includes a look at supply and demand and looks at the effect of oil prices on freight rates.
Market Report of Tank and Refrigeration Trucking Industry
In 2020, there was a 9.7% revenue decline reported. By the end of 2021, the industry expected to recover 12.2%, but that was before fuel shortages and inflation demands. Additionally, there was a huge hiccup with the supply chain. While most of the impacts might have already been felt, we must be aware of things coming down the pipeline. We are still dealing with fuel shortages for tanker fleets across the country. Additionally, fuel prices continue to rise, which will be seen long-term. On top of this, there has been a massive trucker shortage. As there is a higher tanker demand, products fail to get to their destination on time. Shipping companies are feeling the effect of higher prices and fewer workers, and it is starting to eat into profits and causing some businesses to crumble.
Keeping Up With Supply & Demand Growth
When lockdowns ended, demand grew substantially. The issue was that the market wasn’t ready to supply all of these demands. The supply chain is still in disarray, and it can’t offer what everyone needs right now. That’s why it’s more important than ever to partner with a company with liquid product tankers and drivers to keep up with demands. Not every trucking company is the same during these hard times, and many companies are letting customers and employees down during this consumer crisis. In the end, the winners will shine, but nobody wants to deal with the growing pains that happen in the process.
Offering Our Truckers More
At Morristown Express, we know how hard this time has been on our team and customers. That’s why we continue to go above and beyond to exceed expectations. We recently increased our drivers’ pay. With all of the perks included, the average income comes out to about $80,000 a year, far more than what other companies are offering. Additionally, we are currently offering up to $10,000 in new hire bonuses for qualified drivers. It’s our job to make your new career as appealing as possible because we want you to enjoy the change.
We want to contribute to turning around the industry trends, and you can help us. The nation needs your expertise and commitment. At Morristown Express, you are compensated handsomely for your time and efforts. Please apply online today to become a part of our team.