As 2023 winds down we surveyed several Canadian fleet executives to find out what they feel 2024 has in store. We continue the series with Peter Jenkins, general manager of Transpro Freight Systems.
What is your outlook for freight and business conditions in the Canadian transportation sector in 2024?
The most likely path to a healthy freight market in 2024 is going to include capacity exiting the market. Exactly when this happens depends on the pain tolerance and bank account balances of those hurting the worst.
What will be the keys to succeeding in that environment in the year ahead?
“The market can remain irrational longer than you can remain solvent” – Keynes
If we sit and wait for better times, that could result in failure. To ensure success, we must adjust to life in the current market. We have used this downturn to refine our processes for efficiency and to ensure quality. We must be fanatical about costs and only do what is profitable.
When the market does improve, we’ll be a better company that is prepared to take advantage of every opportunity.
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