North America Trucking: Private trucker panel takeaways highlight improving supply/demand

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North America Trucking: Private trucker panel takeaways highlight improving supply/demand

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30 Jun 2026 05:00:00 ET │ 12 pages

North America Trucking

Private trucker panel takeaways highlight improving supply/demand

CITI'S TAKE

Ariel Rosa AC

Last week we hosted a discussion on the state of the trucking industry with +1-212-816-5874

executives from two private carriers – Harman Cheema, CEO of Cheema ari.rosa@citi.com

Freightlines (500 trucks out of West Coast), and Ben Schill, Chief Corp.

Development Officer of Paper Transport (850 trucks out of Midwest). In Ben Mohr

contrast with the cautious tone conveyed at our previous trucker panel in +1-212-816-2110

Dec., Messrs. Cheema and Schill expressed confidence in improving ben.mohr@citi.com

conditions given “permanent and structural changes in capacity”. Both

executives observed strength in rates exceeding expectations year-to- Adrian Baran

date, but noted still-modest demand, with hopes for a gradual build. The +1-212-816-2920

“recredentialing” of drivers has lifted barriers to entry, with carriers realizing adrian.baran@citi.com

a premium for higher-quality drivers that should continue to lift the rate

floor. Both executives noted a focus on discipline and restoring profitability,

while expressing concern over driver hiring, driver wage hikes partially

offsetting margin gains, return of capacity, and continued nuclear verdicts.

1) Strength in rates at unexpected pace, with more upside for rate and volumes

expected to come — Mr. Schill expressed surprise at how quickly the rate inflection

has transpired, having been skeptical at the start of the year on early signs of

capacity exits. He noted this is the first inflection of this magnitude in his nearly-