As 2022 comes to an end, TruckNews.com reached out to several trucking industry executives to ask about the biggest challenge their fleets will face in the coming year, and how they plan to address these issues.
In this installment, Eassons Transport CEO Trevor Bent offers his insights.
Q1: What is the single greatest challenge that your business will face in 2023?
Freight volume volatility will be a significant challenge in 2023. Due to the forecasted economic slowdown, volume will likely soften over the first two quarters of 2023. Given the high labor, equipment, parts, fuel, insurance, and other operating costs, carriers will be negatively affected by the overcapacity in the market. It is expected that there will a capacity fallout.
By the end of Q2 we expect to see a rise in demand, which may exceed the remaining capacity. The greatest challenge will be to retain drivers through this slowdown and ensure we have the resources in play for Q3 to meet the demand.
Q2: What are some of the steps you are you taking to address that need?
We are preparing for a large investment in driver compensation and training to keep and attract drivers to our group to be ready for the expected rebound in Q3 of 2023.