Refrigerated spot rates took an unexpected downturn last week.
A release issued showing data from Truckstop and FTR Transportation Intelligence for the week ended June 28 show broker-posted spot rates for van equipment – especially refrigerated – underperforming seasonal expectations.
Refrigerated spot rates declined slightly in a week that typically sees one of the largest increases of the year, rising more than 12 cents on average from 2014 through 2023, according to the release.
The week-over-week increase in dry van spot rates was also weaker than usual, but refrigerated rates have not decreased during that week of the year since 2012.
“On the other hand, the Independence Day holiday falls late in the current week, so it is possible that spot rates will hold up better than usual,” the release stated. “The average decrease in refrigerated rates during the current week of the year is nearly 15 cents. Also, refrigerated rates outperformed expectations during the week ending June 21, so refrigerated rates might end up on par with or stronger than last year. Flatbed rates declined in the latest week but were only about 1% below the same 2023 week, which is the strongest y/y comparison since July 2022, when rates were positive year after year.”
Although spot rates for van equipment have been lackluster at best, according to the release, another metric indicates a tighter market. The total Market Demand Index of 80.1 was the highest in three weeks. However, the MDI for dry van equipment was the strongest since January 2023, while the refrigerated MDI was also the strongest since January 2023, except for the third week of this year due to the weather disruption.
Bruce Guthrie is an award-winning journalist who has lived in three states including Arkansas, Missouri and Georgia. During his nearly 20-year career, Bruce has served as managing editor and sports editor for numerous publications. He and his wife, Dana, who is also a journalist, are based in Carrollton, Georgia.
