Key Currency Exchange Rates for Friday, 3/15/24

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 4.5% in February after rising 1.8% in January. In February, the index equaled 110 (2015=100) compared with 115.2 in January. “February’s drop was exacerbated, perhaps completely caused, by the severe winter weather that impacted much of the country during the month,” said ATA Chief Economist Bob Costello. “Many other economic indicators were also soft in February due to the bad storms, but I continue to expect a nice climb up for the economy and truck freight as economic stimulus checks are spent and more people are vaccinated.” January’s gain was revised up slightly to 1.8% from our February 23 press release. Compared with February 2020, the SA index fell 5.9%, which was preceded by a 1.6% year-over-year decline in January. In 2020, the index was 4% below the 2019 average.

Taki Darakos, PITT OHIO’s fleet manager who oversees the acquisition and maintenance of 1,550 company-owned tractors and box trucks, testified before Congress on the technological, operational, and financial challenges fleets face as federal and state regulations mandate the adoption of battery-electric trucks. “After meticulous evaluation and planning with our truck manufacturer, we put into service our first battery-electric trucks,” Darakos said. “Although battery-electric trucks show promise in certain applications, they are not ready for broad deployment due to technology limitations.” PITT OHIO is a freight transportation provider that operates in 14 states out of 25 terminals and employs more than 3,500 people. As the Vice President of Vehicle Maintenance and Fleet Service at PITT OHIO, Darakos shared his extensive, real-world experience with the House Subcommittee on Highways and Transit.

The trucking industry applauded the Senate’s passage of the Diesel Emissions Reduction Act (DERA) of 2023, which would reauthorize the DERA program through fiscal year 2029 at $100 million annually. The bill will now be considered by the House of Representatives. DERA provides federal grants and rebates to help finance the voluntary replacement or retrofits of heavy-duty diesel vehicles and engines. By helping to upgrade tens of thousands of vehicles over nearly two decades, DERA is responsible for saving more than 520 million gallons of fuel. Replacing older vehicles is critical to protecting the environment because advancements in clean diesel engine technology have resulted in substantially lower emissions. In fact, it would take 60 of today’s trucks to emit what just one truck did in 1988. A newly manufactured truck produces half the CO2 emissions of one manufactured in 2010.