Bridge Logistics Quarterly Updates:
We’re thrilled to share our latest achievements and updates as we conclude another successful quarter. At Bridge Logistics, our quarter 2 2024 updates highlight significant accomplishments, including new hires and internal moves that strengthen our operations and sales teams. We delve into market trends, focusing on how manufacturing impacts truckload demand, and share our ongoing efforts to prevent cargo theft with enhanced security measures. Recognized as one of Cincinnati’s Best Places to Work, we continue to prioritize employee wellness with innovative initiatives. Join our dedicated team and explore exciting carrier partnerships today. Thank you for joining us on this journey—read on to learn more!
Market Trends
Manufacturing plays a significant role in the truckload market. According to the American Trucking Association (ATA), trucks move roughly 73% of the nation’s freight by weight. In 2022, trucks transported 11.46 billion tons of freight, generating over $940 billion in revenue. The US Department of Transportation found that truck transportation in manufacturing alone totaled $316 billion, with for-hire truck transportation comprising $120 billion of that total. No other industry comes close to these figures, highlighting the critical role manufacturing plays in truck transportation.
Other industries that impact the truckload market include imports and exports, retail, infrastructure, and housing. According to the BTS’s “Weight of Shipments by Transportation Mode,” 13.1 billion tons of freight were moved by truck last year, with less than 10% being trade-related. This indicates that while imports and exports are vital, they have a less immediate impact on truckload demand compared to manufacturing. Imports, such as motor vehicle parts, machinery, and food ingredients, are essential for producing finished goods. Our top trade partners in 2023 were Mexico (16%), China (15%), and Canada (14%).
BTS’s “Weight of Shipments by Transportation Mode”
TradeEconomics.com
The retail industry also significantly influences TL demand. According to the National Retail Federation, retail is the nation’s largest private-sector employer, contributing $5.3 trillion to GDP annually. Large retailers often use private fleets, which can minimize their direct impact on the for-hire truck transportation market. For example, Walmart’s private fleet consists of 9,000 trucks, 80,000 trailers, and over 11,000 drivers, collectively covering over 1.1 billion miles per year.
Infrastructure has seen a boost from the Infrastructure Investment and Jobs Act, allocating $1.2 trillion in spending until 2027. This funding supports the construction and improvement of bridges, ports, roads, and other transportation systems, requiring significant manufactured goods. These projects depend heavily on the truckload market to transport materials like machinery, chemicals, metal, and lumber.
Housing demands also affect truckload demand. Building materials and home appliances are crucial during favorable weather seasons. However, the housing market has seen a decline in starts since early 2022 due to rising mortgage rates, impacting the demand for these goods.
FRED
The health of manufacturing can be gauged through the Institute for Supply Management’s Purchasing Managers Index, which considers demand, output, and inputs. As of July, the index indicated a marginal contraction in new orders and export orders, a stronger contraction in the backlog of orders, and neutral levels for customer inventories. The index indicates that anything above 42.5 represents overall economic expansion, while anything below indicates contraction. June’s index was 48.5, slightly down from May, suggesting a challenging environment for manufacturing and its impact on truckload demand.
ISM.PMI
Manufacturing significantly influences truckload demand, with its health and expansion being key indicators of market trends. Until we see substantial growth in manufacturing, particularly in demand, the current bear market trends in TL demand are likely to persist.
Company Updates
New Hires
Bridge Logistics is growing! In Q2, we welcomed 11 new hires to our team. Chris Hostetter, Azelliah Jones, and Matthew Bearden joined our operations department. Our sales team expanded with the addition of D’lesjah Jones, Tristan Walz, Abby Withers, Wes Rhodus, Israel Tshabola, and Jaden Nicley. We also brought in two Logistics Advisor Co-Ops: Emmett Galla and Tyler Spurlock. Bridge is thrilled to have these talented individuals here and look forward to seeing them thrive. We cannot wait for them to help enhance our operations and drive innovation. Their contributions will ensure that we deliver exceptional service to our customers and carriers.
Internal Moves
This quarter, we are excited to announce a total of 10 internal moves within Bridge Logistics. Jimmy Barry, Haley Hanson, Caleb Sanders, and Lynnette Morgan have transitioned to our SDR team. Braden Sargent, Jacob McEachern, and Logan Miller have advanced to our Development team, which marks the final stage of training at Bridge Logistics. On the Development team, they will begin building and advising their own book of business. Additionally, Cade McKnight, Jake Winkler, and Andrew Smith have completed their training and are now official Logistics Advisors. These internal moves highlight our commitment to employee growth and enhance our overall capability and readiness to meet our customers’ needs effectively.
Wellness Initiatives
At Bridge Logistics, we prioritize the health and wellness of our team. This quarter, we held several company-wide wellness challenges, including “Step into Spring,” where employees logged their steps, and “June Wellness Bingo,” featuring various challenges to promote wellness throughout the month. Additionally, we introduced a snack area filled with healthy options to encourage better snack choices. Our commitment to fostering healthy habits remains strong, and we will continue to support the well-being of our team.
Best Places to Work
For the 11th time, Bridge Logistics has been selected as a finalist for the Cincinnati Business Courier’s Best Places to Work. This nomination is a testament to our incredible team and the supportive culture we cultivate. We believe our people are our greatest asset, and this recognition underscores the positive, environment we strive to maintain. If you’re interested in joining one of Cincinnati’s Best Places to Work, apply today!
Compliance Tips
In today’s transportation world, one of the most significant challenges is cargo theft, which has surged to nearly $700 million in stolen cargo value since the COVID-19 pandemic. At Bridge Logistics, we’ve recognized this growing threat and have made substantial changes to our standard operating procedures (SOPs) to enhance how we vet our carriers. These rigorous SOPs are crucial in preventing thieves and bad actors from infiltrating our system, ensuring the security of our customers’ valuable goods.
The statistics are alarming, with CargoNet reporting 925 incidents of cargo theft in the first quarter of this year alone, representing 61% of all thefts in Q1. In response, Bridge Logistics is continually investing in new technologies to stay ahead of potential threats. Our commitment to security is unwavering, and we are dedicated to providing safe and reliable services, giving our customers peace of mind knowing their cargo is well-protected.
Verisk “CargoNet’s Q1 2024 Supply Chain Risk Trends”
Employee Spotlight: Nick Ottino
How did you start your career?
“I started my career in logistics about 16 years ago at DHL. I’ve always had an interest in trucks, planes, and boats growing up, as many of my family members were involved in the trucking or supply chain industry in some way.”
What brought you to Bridge?
“I had never heard of Bridge Logistics until I created my LinkedIn, and a recruiter reached out. After interviewing with Jim, Paul and Chris virtually, I was intrigued by how my background in operations could transition into a sales role. The culture, direction, and long-term opportunities at Bridge made me eager to join the team.”
What do you enjoy most about your job?
“Working with a variety of customers across different industries is what I enjoy most. Building relationships and learning about their industries keeps my job interesting and fulfilling. The culture at Bridge, the daily learning opportunities, and the supportive teams are also significant highlights.”
What are your professional goals for the next few years?
“I aim to continue bringing on new customers, breaking team records, and growing together with my team, particularly with Matt. I’ve set and achieved several professional goals, and I’m excited to set new ones that Matt and I discuss.”
What’s one piece of advice you would give to a new Logistics Advisor?
“Come in humble and hungry with a mindset of wanting to succeed. There’s so much to learn about this industry, and with all the training you receive from day one, you’ll have the skills needed to be successful by the time you get your own book of business.”
What do you like to do in your free time?
“I love spending time with my two daughters and fiancée, hanging out with friends and family, and just enjoying life.”
Do you have any hobbies or special interests?
“I enjoy boating, fishing, camping, and traveling during the nice times of the year. I also play PC games and enjoy DIY projects around the house.”
Bridge the Gap
At Bridge Logistics, we thrive on the strong relationships we build with our carriers. We constantly seek reliable and dedicated carriers committed to excellence in the logistics industry.
Partner with us to experience a collaborative and supportive environment that values your contribution. We offer competitive rates, timely payments, and a steady stream of opportunities to keep your trucks moving. Our advanced technology and experienced team ensure smooth operations and clear communication, allowing you to focus on delivering top-notch service.
Ready to elevate your business? Join Bridge Logistics’ trusted carriers and start building lasting relationships that drive success.
Join us today and let’s move forward together!