The end of the first quarter will be characterized as a freight frenzy in which volumes surged 30% and capacity quickly tightened to the tune of OTRI nearly reaching 20%. To start Q2, volumes are well below "normal levels" and capacity is extremely loose. Unfortunately, we do not feel we have found the bottom just yet. Until small businesses are operating again, freight volumes will continue to underperform. Also, staggering levels of blank sailings indicate import volumes are going to decline significantly in the coming weeks.
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