Refrigerated capacity remains extremely tight   

Morgan Stanley's refrigerated truckload freight index shows very tight capacity. The index was up and down through Q2 and early Q3, but is now at a very high level not only for 2011, but for for the series. Refrigerated capacity is very tight relative to all of the reference years. 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 Greene at William.Greene@morganstanley.com