Total trailer and dry van orders released by A.C.T. were down in January, inline with Bear Stearns’ expectations.
Total trailer orders were 23,585, (vs. Bear Stearns’ 22,000-24,000 forecast), down 30% year-over-year (vs. down 23% year-over-year in December). Dry van orders were 13,915 (vs. 13,168 in December), down 37% year-over-year (vs. down 13% year-over-year in December). Flatbed orders were 2,260 (vs. 2,200 in December), down 34% year-over-year (vs. down 30% year-over-year in December).
Dry van build were 10,150 in January, down 11% year-over-year (vs. up 9% year-over-year in December).
Total trailer cancellation rates were 8.1% in January, deteriorating 580bp year-over-year (vs. deterioration of 170bp year-over-year in December). Dry van cancellations were 5.8% in January, deteriorating 460bp year-over-year (vs. deterioration of 130bp year-over-year December). Since May 2005, cancellations remain at historically low-end levels yielding a firm backlog.
Dry van inventories were 8,802 in January (vs. 6,070 in December), up 45% Q/Q (vs. down 26% Q/Q in December). Total trailer backlog-to-build ratios deteriorated 5% year-over-year in January to 6.3x (vs. down 10% year-over-year in December). Dry van backlog-to-build ratios improved 5% year-over-year in January to 6.2x (vs. down 5% year-over-year in December).