Sunday, February 16, 2020 8:53:36 AM
A new capacity crunch is coming to the industry very soon, and that is a very good thing for rates and an industry that is struggling with an overcapacity situation. That is one of the takeaways from a conversation on Thursday with Joey Hogan, president and COO of Covenant Transport (NYSE: CVTI), at the ACT Research Seminar 62 conference in Columbus, Indiana.
Hogan was joined by Kevin Burch, president of Jet Express, as the duo discussed a range of topics from the economy to safety with Tim DeNoyer, vice president and senior analyst at ACT Research.
“From a capacity standpoint, I can paint a picture that it’s going to get really bad in April, the middle of May,” Hogan said. To illustrate, he pointed to the timing of the coronavirus that shut down factories in China right after Chinese New Year had already shuttered facilities. The shutdowns have slowed goods movement from that country.
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