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Supply Chain Report

THE LATEST JARRETT SUPPLY CHAIN REPORT FOR NOVEMBER 2025

MARKET

  • The Cass Freight Index, which measures overall North American freight volumes and expenditures, reported shipment counts fell 4.3% month over month (m/m) in October and are down 7.8% year over year (y/y). Freight expenditures fell 3.9% m/m, and were down 0.2% y/y. (CassInformationSystems November 2025)
  • The Logistics Managers’ Index returned a 54.5 reading for transportation capacity in October, 70 basis points lower than September’s reading and the slowest capacity growth rate in the past three months. (FreightWaves November 2025)
  • Harbinger Motors raised $160 million and secured an order from transportation giant FedEx as the company ramps up production of its medium-duty electric vehicles. (WSJ November 2025)
  • The Port of Long Beach is moving containerized cargo ahead of the record-setting pace achieved in 2024 despite weaker demand that saw October volumes drop by nearly 20% from a year ago. (FreightWaves November 2025)
  • The average price of diesel fuel in the U.S. rose for the third consecutive week to $3.837/gallon on Nov. 10. It is up nearly 9% y/y. (US EIA November 2025)

LESS-THAN-TRUCKLOAD (LTL)

  • U.S. LTL providers are pursuing individualized paths in an anemic freight market, with shipment volumes rising but still lower than a year ago. Three of the largest LTL carriers reported gains in average revenue per hundredweight for the third quarter, a sign that their pricing is not falling despite a weak market. (JOC October 2025)
  • Knight-Swift is combining LTL subsidiaries to form one carrier under the ACT brand. (JOC October 2025)
  • The LTL land rush in the U.S. is nearing its end as bankrupt Yellow runs out of terminals to sell and potential buyers run out of freight to fill them. (JOC November 2025)

TRUCKLOAD (TL)

  • The Cass Truckload linehaul index, which tracks rates without fuel and accessorial surcharges, posted a 3% y/y increase in October. Some of the recent increase may be temporary, driven by pre-tariff activity. Truckload spot rate trends have softened in early November. (CassInformationSystems November 2025)
  • Large U.S. truckload carriers are cutting into their fleets again, attempting to reduce capacity to match low levels of demand and to fatten thinning profit margins. (JOC November 2025)
  • An emerging supply-demand imbalance in refrigerated trucking is pushing more freight to the spot market and increasing upward pressure on short-term rates as the peak trucking season begins. (JOC October 2025)
  • U.S. truckload rates increased slightly in October when compared to September. Dry van spot rates rose 1% m/m and were flat y/y. Flatbed spot rates rose 1.6% m/m, and were up 1.2% y/y. The number of spot loads posted in October decreased slightly by 0.8% m/m, but are up just over 14% y/y. (DAT Freight & Analytics November 2025)

PARCEL

  • UPS cut 48,000 jobs in management and operations, causing shares to jump. (WSJ October 2025)
  • The FAA issued an order temporarily grounding all MD-11 freighter aircraft for inspection, in the wake of the recent crash of a UPS jet in Louisville, Kentucky. (FreightWaves November 2025)
  • Canada Post employees represented by the Canadian Union of Postal Workers are deploying rotating strikes as the holiday delivery rush approaches, a move that could spark another disruptive peak season for unprepared shippers. (SupplyChainDive November 2025)

INTERNATIONAL

  • Despite heightened market challenges from global trade tensions and macroeconomic uncertainty, Maersk’s main shipping business posted a 7% increase in third-quarter freight volumes. (WSJ November 2025)
  • Egypt’s Suez Canal Authority met with major global shipping lines to encourage the return of vessels to the Suez Canal, which has experienced significant revenue declines due to Red Sea attacks. (FreightWaves November 2025)
  • Taiwan’s Evergreen Marine confirmed an order for fourteen 14,000-TEU liquefied natural gas-fueled ships that could cost almost $3 billion, with vessels split between South Korea’s Samsung Heavy Industries and China’s Guangzhou Shipyard International. (JOC November 2025)
  • The Drewry WCI Composite index, which measures the bi-weekly ocean freight rate movements of 40-ft. containers in seven major maritime lanes, was $1,859 per 40-ft. container on Nov. 13. It is down 45% y/y. (Drewry November 2025)