TANK truck carriers were among the beneficiaries of a 2018 economy that performed well above trend. More than 80% of the fleets participating in the 2018 Bulk Transporter Gross Revenue Report posted higher revenues.
It was an economy that was clicking on all cylinders in 2018, according to Bob Costello, American Trucking Associations chief economist and senior vice-president of international trade policy and cross border operations.
The US economy grew by almost 3% in 2018, with the second and third quarters being especially strong. During the year, the tank truck industry over all saw revenues increase by roughly 10%.
According to Costello, tank truck carriers were kept busy by factory output that grew by 2.7%, light vehicle sales remained at a high level, chemical production rose 4%, paint production was up 5.2%, plastics were up 1.1%, cement production rose 0.1%, industrial minerals (clay, lime, and gypsum) were up 6.3%, and food production rose 2.8%. US crude oil production climbed to around 12,000 barrels per day.
The Top 10 carriers for 2017 were Kenan Advantage Group, Foodliner/Quest Liner, Dupré Logistics LLC; Groendyke Transport Inc, Ruan Transportation Management Systems, Eagle Transport Corp, Martin Transport Inc, United Petroleum Transports, Tankstar USA, and Coastal Transport Co Inc.
Combined Top 10 revenues were $3.3 billion, up from $2.9 billion in 2017. Top 10 revenues accounted for 85.6% of the total in this report, a slight increase over the previous year.
Average revenue for all of the reporting carriers in 2018 was $148,675,415. The median carrier on the list, the one with an equal number of carriers above and below it, had revenues of $58 million.
Many of the participants in the 2018 report provided data used to calculate tractor revenues. These numbers give an indication of productivity.
The average tractor revenue for 2018 was $240,583. Nine of the Top 10 reported average tractor revenue of $256,401. A petroleum hauler claimed the highest tractor revenue at $461,164, and a chemical hauler posted the lowest tractor revenue at $66,575.
Many figures used here are from pre-audited reports and may include nonbulk revenues or revenues from subsidiary tank truck carriers. In all cases, the numbers were supplied directly to Bulk Transporter. The staff greatly appreciates the cooperation of all who helped in the preparation of this report.