News
Shortage of vehicles and inflation on fuels
Published on 2022-09-20
Spotlight on the crisis of truck drivers which is turning into a shortage of vehicles, and on the soaring prices of diesel. These events obviously have consequences for various sectors, including the bulk sector. After struggling for years to hire enough drivers, trucking companies in the United States and Europe are now facing a shortage of trucks. Originally caused by covid-related restrictions and shortages of semiconductors, this crisis is exacerbated by the war in Ukraine and the blockages of the “zero covid” policy in China. As a result, prices for new trucks have increased and used trucks in the United States are up 40% over 2020 prices, according to a report by Refinitiv. The unavailability of new vehicles has made 1- or 2-year-old trucks as expensive as new, industry insiders say. However, with the skyrocketing prices of oil, gas and other essential raw materials, the demand for goods to be transported by road has diminished and, as a result, the shortage of truck drivers has eased. The question is for how long: the road transport sector's endemic problem of retaining and replacing an aging workforce has not been solved. On the other hand, trucking companies are facing soaring diesel prices to record highs which threatens the very existence of many small businesses. In addition, soaring prices are fueling inflation (more than 8% in the US and 9% in the UK, for example) and also threatening important sectors of the economy that depend on diesel as their primary fuel. , such as agriculture and construction. Finally, the longer the war in Ukraine drags on, the more the effects will be felt on the trucking, logistics and distribution industries.
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