In response to the surge in demand over the past few years during the pandemic, we added almost 40,000 new chassis to our fleet — an increase of nearly 20%. Purchasing all this equipment was critical to meeting our customers’ needs and improving network fluidity. In 2023, as the supply chain normalized and intermodal volumes declined, we slowed our fleet growth and pivoted our fleet improvement focus to repairing and upgrading existing chassis. This sort of work wasn’t possible throughout the pandemic surge when our fleet utilization rates were as high as 95% and much of our equipment was on the street for extended periods.
So, as we look ahead to 2024, we will maintain our laser focus on improving the overall quality of our fleet and delivering a great trucker experience. We expect to add fewer new chassis to our fleet, while increasing our investment in chassis upgrades. This includes refurbishing nearly 10,000 older chassis to like-new condition. We also expect to complete the conversion of our entire fleet to radial tires and will be the first chassis provider to do so.
Our fleet strategy depends upon there being enough qualified mechanics to do the work, and we are aligned with our suppliers to recruit and retain more of this skilled labor. This includes exploring partnerships with trade schools and other intermodal stakeholders to draw new mechanics into the industry. While cognizant of the difficulties we face in today’s marketplace, we are optimistic about the future and what lies ahead.