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Good morning!

Welcome back to The Highway Hustle, your go-to newsletter for the scoop on trucking, complete with a twist of humor and a full tank of diesel wisdom.

Today's edition is revving with some must-read stories:

🚢 Red Sea Ruckus & The Road: Dive into how the turmoil in the Red Sea is sending shockwaves all the way to our highways. It's not just about ships and missiles; this is a story of how global events are reshaping our daily trucking routes and wallets.

⚖️ Regulation 2024 - What's on the Horizon: Brace yourselves as we navigate through the upcoming regulatory changes. Think of it as a road trip through the bureaucratic maze – with more unexpected turns than a mountain backroad.

So, grab your coffee, and let's roll out with today's load of trucking treasures.

🚚💬 P.S. Your voice matters! Got a story or a tip that's burning a hole in your CB radio? Share it with us, and let’s ride this journey together!

⛽ Joe’s Fuel Corner

• Avg. Gas Price: $3.12

• Avg. Deisel Price: $4.01

• Priciest Gas State: California ($4.65)

• Cheapest Gas State:  Mississippi ($2.66)

Wondering why gas is going up? Check out our first story. 🚚💨

Red Sea Ruckus & The Road

The Red Sea's about as crowded as a Midwest county fair, with 30% of the world’s containers and 12% of its oil shimmying through that sea snake. 

But hold your horses because there's trouble in paradise – and by trouble, we mean missiles. The Houthi rebels in Yemen are raisin' hell and firing at ships in a showing of solidarity with the Palestinian people. 

Now, this isn’t just about them making waves– it's hitting Europe, Asia, and the United States where it hurts– the wallet.

Insurance costs soaring like an eagle in a tornado means shipping costs are following suit. To steer clear of danger, ships are taking the scenic route around Africa, stretching trips by a whopping 20%. 

Less speed and more time means they’re hauling 25% less goods.

What does a Middle Eastern port conflict have to do with our truckin’ Road Warrior community? 

What trips up in the high seas trickles down to our asphalt adventures. 

Here’s the skinny on the Red Sea ruckus:

Ocean freight costs from Asia to Europe are shooting up, which primarily affects trade between Europe and China. China, in particular, will experience a significant trade hit as they’re one of the main exporters of goods to Europe through this region.

The region is also a conduit for about 12% of global oil and 8% of liquefied natural gas, which will reflect itself in higher fuel prices here in the States and Canada.

Historically, this region has been a pivotal maritime choke point, dating back to the era of Caesar Augustus and even earlier, when the ancient Egyptians built a canal connecting the Nile River.

The US of A is stepping in with "Operation Prosperity Guardian" to calm the waters, but that’s about as smooth as a gravel road right now.

So, what does it mean for you?

For the trucking industry, these global shifts underscore how interconnected maritime and land-based logistics are. The increased costs and extended delivery times for goods arriving from Asia to Europe may ripple through to domestic trucking operations, affecting everything from fuel prices to the availability of imported goods.

However, while the trip around Africa adds a hefty 20% increase in time from Asia to Europe, it only adds about 8% of the trip increase time to the U.S. East Coast, which is inconvenient but not debilitating. 

The disruptions in the Red Sea throw a curveball amidst market speculations of potential rate cuts next year. Some retail was already experiencing a deflationary period, much of which was attributed much of this to lower ocean freight costs. However, the recent 3X increase in these costs raises questions about lasting impacts on market dynamics and inflation.

Ocean freight is known for its inelastic nature and is less responsive to price changes. Price hikes? Meh, it doesn't really care. Most ocean freight businesses just roll with it, absorbing the higher costs like it's no biggie, with no reduction in shipping volumes. The exception lies in businesses operating on razor-thin margins. 

The rerouting of shipments via Africa disproportionately affects Europe, given its reliance on the quickest route for Asian imports. European markets might witness a more pronounced uptick in inflation than their American counterparts.

For the trucking industry, this means vigilance in planning and budgeting, as these increased costs could trickle down, affecting various aspects of operations. Those end-of-year numbers we’re crunching might need a fresh look. 

We're talking about potential increases in operational costs, maybe even having to adjust our rates to keep up.

Diversifying the types of goods we haul could be a smart play. If one sector gets hit hard by these changes, we don't want all our eggs in that basket, right? 

And, of course, let's not forget the power of communication. Keeping our clients in the loop about potential delays or cost adjustments is key to keeping those relationships solid.

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Simply open the app, claim the offer near you, and fill up as usual– you can even use your regular points-reward cards on top to stack up more points.

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Highway Hustle readers can get $15¢ off per gallon at their next fill-up with Upside!

Or, if you’re thinking of ditching gas altogether, make sure you read up on the most promising developments in the electrical vehicle industry, written by our friends over at the EV Universe.

What’s the Regulation Forecast for 2024?

Cloudy with a chance of meatballs.

And by meatballs, we mean the good, the bad, and the downright challenging parts of trucking regulation. 

We're in this together, so buckle up for a ride through some gritty truths of trucking we believe will be hot topics for all of 2024.

💻 Electronic Logging Devices (ELDs): The Double-Edged Sword

Remember when ELDs rolled out? Yeah, 2017 feels like ages ago. The goal was to keep the roads safer, but let's be real – it's been a bumpy ride. 

Picture this: you're wide awake but gotta sleep because your ELD says so. Drive when you're supposed to be snoozing? Not cool, but what choice do you have? Mess with the logbook, and you're flirting with a bad CSA score and maybe even an audit. Miss a delivery slot, and boom – fines and lost workdays. It's like being stuck between a rock and a hard place.

 The impact of ELDs on road safety, in terms of reducing accidents, is somewhat mixed (as is our opinion).

While they have definitely helped in reducing HOS violations, the direct correlation with a decrease in accidents is less clear. Some studies and reports suggest a decrease in crashes, while others indicate little to no change in crash rates.

What do you think? Let us know. 

⏰ Loading Delays: The Time Crunch

Then there's the endless wait at loading docks. 

Ever felt like time just disappears while you're loading or unloading? Brokers rarely cover this time, and you're left to hustle to your next stop. 

This isn't just about being late; it's about the temptation to speed or drive tired because the clock's ticking. 

Not ideal, right?

🚛 Truck Parking: The Elusive Rest Stop

Now, about truck parking – or the lack thereof. It's like a game of musical chairs, but with big rigs and fewer spots to park. 

The New York Times says there's one parking space for every 11 truck drivers. That's an hour a day just hunting for a spot, which could mean a 12% pay cut over a year.

 Ever had to park in a sketchy spot because there's nowhere else? Yeah, me too.

🫠Freight Guard Reports: The Reputation Game

And don't get me started on Freight Guard reports. It's like the Wild West out there – anyone can say anything, and you're left holding the bag. 

Trying to clear your name? Good luck without a lawyer or some serious sweet-talking skills.

🎞️The Big Picture: Overregulation vs. Underregulation

So, what's the deal? We're juggling ELDs, parking nightmares, and reputation roulette, all while trying to make a living. 

Truckers feel like they’re always getting the short end of the stick, doesn't it?

Here's the kicker: there's this imbalance in the industry. Carriers, drivers, and owner-operators – all are feeling the squeeze of overregulation. Meanwhile, other parts of the logistics chain are just cruising. 

So, yeah, this might be more of a vent than a lesson, but sometimes you gotta let off some steam. At the end of the day, we're carrying more than just cargo – we're shouldering a whole lot of responsibility, often for things way beyond our control.

Here's to staying strong, staying safe, and keeping those wheels rolling. We've got this, truckers.

🎇 See you all in 2024!

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