Refrigerated capacity continues to tighten   

Morgan Stanley's refrigerated freight index indicates capacity is getting much tighter, not quite at the level of last year at this time, but tighter than in other years. The index declined dramatically at the end of 2011, but refrigerated capacity is now getting tighter again. The pricing environment in this segment favors the carriers. 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