By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
9
Notification Show More
News
Why SCHD Deserves The Benefit Of The Doubt (NYSEARCA:SCHD)
14 minutes ago
News
Japan business accuses Tokyo of ‘mistake’ in US trade talks strategy
18 minutes ago
News
Iran’s foreign minister: Israel’s war sabotaged diplomacy. The US can revive it
1 hour ago
News
Wall Street turns more bullish on US stocks despite Donald Trump’s tariff threats
2 hours ago
News
Save the Children suspends BCG partnership over Gaza work
3 hours ago
News
Donald Trump says US will send Ukraine more arms
4 hours ago
News
Germany warns EU ready to retaliate unless US reaches ‘fair’ trade deal
5 hours ago
News
US contractors cut off by Doge given lifeline by private credit
6 hours ago
News
Private equity abandons early recruiting after Jamie Dimon fightback
7 hours ago
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Investing > I-95 collapse could impact retailers’ holiday season plans and freight rates, experts warn
Investing

I-95 collapse could impact retailers’ holiday season plans and freight rates, experts warn

News Room
Last updated: 2023/06/16 at 1:40 PM
By News Room
Share
4 Min Read
SHARE

The disruption caused by the I-95 section collapse in Philadelphia could have widespread implications, say logistics experts.

Several lanes of I-95, a key highway that stretches from Miami to Maine, collapsed Sunday after a tanker truck caught fire underneath the overpass. A body was recovered from the wreckage on Monday.

The collapse has resulted in the closure of a stretch of the highway, which carries on average 160,000 vehicles per day, around 8% of which are trucks.

Anthony Thrasher, senior director of product management at retail supply chain software company SPS Commerce, told MarketWatch that disruptions could impact major retailers at an important time of the year. “We’re starting to get into the busy season, with retailers starting to make purchases for the holiday season,” he said. “June/July, it starts really heating up, they are making their big wholesale purchases for the holiday season.”

Matt Anderson, vice president of the Logistics as a Service department at supply-chain specialist e2open, told MarketWatch that the I-95 collapse could have widespread implications for the transportation industry. These include a cost impact due to “out-of-route” miles and additional fuel costs, as well as shipping and delivery disruptions as itineraries are impacted.

Related: After Philadelphia I-95 collapse, Buttigieg weighs supply chain, economic impact: ‘That is a lot of America’s GDP moving along that road’

“Shorter-haul movements may be impacted more as room for error is much less,” Anderson added, also pointing to potential “drayage” impact due to the disaster’s proximity to the Port of Philadelphia. Drayage refers to freight movements to and from an ocean port, which are typically short-haul journeys.

The I-95 collapse may affect some travel to and from Port of Philadelphia terminals, specifically its Tioga Marine Terminal, PhilaPort tweeted Monday. “At this time, detours appear to be working effectively,” it added.

Detour routes are in place following the I-95 section collapse, according to the Pennsylvania Department of Transportation.

On-time delivery performance could also be impacted as a result of shipping locations becoming backed up with late arrivals and possible delays due to route changes, according to Anderson. “If early reports lead to significant disruptions, this could lead to upward pressure on freight rates and/or tender acceptance issues if drivers avoid the area,” he told MarketWatch. A tender is an offering of a freight movement to a carrier. Tender acceptance is the process where the carrier agrees to haul the freight for a specified price.

Related: I-95 collapse may snarl traffic for months. But a media legend was born.

Speaking during a press conference at the collapse site Monday, Transportation Secretary Pete Buttigieg acknowledged that the disaster could push prices for goods up. “It’s one of many, many factors that can affect the cost of shipping, but, here on the East Coast, there’s no question that the effect will be upward pressure until it can be completely resolved,” he said.

Buttigieg said officials are looking for help from Alphabet Inc.’s 
GOOGL,
-0.38%

GOOG,
-0.40%
Google and Israeli-based mapping and navigations group Waze Inc., which Google acquired in 2013. “There’s going to be a lot of work, analysis and support going into making sure that we make the most of alternative routes,” he said. “We’re even making contact with Google and Waze to try to optimize any kind of software information that is reaching drivers, whether it’s commuters, travelers or truckers.”

Read the full article here

News Room June 16, 2023 June 16, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Why SCHD Deserves The Benefit Of The Doubt (NYSEARCA:SCHD)

This article was written byFollowA financial researcher and avid investor with a…

Japan business accuses Tokyo of ‘mistake’ in US trade talks strategy

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Iran’s foreign minister: Israel’s war sabotaged diplomacy. The US can revive it

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Wall Street turns more bullish on US stocks despite Donald Trump’s tariff threats

Stay informed with free updatesSimply sign up to the US equities myFT…

Save the Children suspends BCG partnership over Gaza work

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

- Advertisement -
Ad imageAd image

You Might Also Like

Investing

Why Home Builders Are Bouncing Today—and Why Their Stocks Are Good Buys

By News Room
Investing

This Beaten-Down Industrial Stock Wants to Call America Home. Why It’s Time to Buy.

By News Room
Investing

These 8 Dividend Aristocrats Can Protect Your Portfolio in a Downturn

By News Room
Investing

Some Lenders Benefit From SBA’s Troubled Loan Program

By News Room
Investing

Social Security Is in Turmoil. Should You Lock In Benefits Now?

By News Room
Investing

Hims & Hers Stock Is Due for a Crash Diet. The GLP-1 Surge Is Fading Fast.

By News Room
Investing

Opinion: The stock-market selloff isn’t over yet. Here are 4 reasons why.

By News Room
Investing

With Trump’s tariffs paused, ‘Big Three’ automakers may race to build inventories

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?