Morgan Stanley refrigerated index shows very tight capacity   

Morgan Stanley's refrigerated truckload freight index shows very tight capacity for this time of year. The index dropped a little in late January and early February, rose rapidly through February and then flattened out again in March. The index is not far below the peak level of Q2 2010 when capacity was extremely tight. Refrigerated capacity is very tight relative all of the reference years for Q1. The pricing environment in this segment clearly favors the carriers at this point. The index measures incremental demand for refrigerated truckload services compared to incremental supply. The higher the index the tighter is capacity relative to demand when compared to a prior period.

Graph reproduced with permission from Morgan Stanley. For more information contact: Adam Longson at Adam.Longson@morganstanley.com or Bill Green at William.Greene@morganstanley.com