BEAVERTON, Ore. — The market for spot truckload freight cooled slightly last week, with fewer loads posted for all three equipment types compared to the previous week, according to DAT.
October imports dipped but still broke records
“Containerized import volumes were down 5% month over month in October but were almost 8% higher than in October 2023,” said Dean Croke, DAT iQ industry analyst. “Indeed, the total TEU (twenty-foot equivalent) volume was just 0.02% (6,252 TEU) lower than in October 2020, the height of e-commerce retail shopping during the pandemic.”
According to Croke, the number of loads available on the DAT One network fell to 1.65 million, down 9% week over week and about 1% lower year over year. The number of available trucks posted on the network rose 0.6% to 325,414, about 21% lower compared to Week 46 last year. The combination of lower spot rates, fewer load posts, and a higher number of loads moved suggests better routing-guide compliance on primary tenders and lower rejection rates last week.The Port of Long Beach beat out New York for second place behind the Port of Los Angeles for the highest number of TEU in October. Imports have helped boost outbound truckload volumes by 7% year over year in Los Angeles and 5% year over year in nearby Ontario. The Ports of New York and New Jersey, where volumes were flat month over month and 4% lower than last year, are usually the No. 2 port complex in the nation.
Reefer spot rates increased last week
“With fresh and frozen food moving ahead of Thanksgiving, reefer spot rates increased again last week,” Croke said. “Linehaul rates (which exclude fuel) were up almost a penny per mile week over week; at a national average of $2.04 a mile, that’s 6 cents higher than last year. The average reefer spot rate is around 5 cents higher than the three-month trailing average.”
Croke also noted that according to the USDA, truckloads of produce in California were around 9% behind last year at the start of November, accounting for 20% of the year-to-date (YTD) truckload volume. Major crops include lettuce (21% of YTD volume), strawberries (15%), and grapes (10%). The USDA reported a 13% lower volume of produce last week nationally, impacting spot market load posts, which were almost 6% lower nationally.
▼ Van loads: 765,986, down 8.8% week over week
▼ Van equipment: 213,300, down 0.1%
▼ Linehaul rate: $1.66 net fuel, down 1 cent
▼ Load-to-truck ratio: 3.6, down from 3.9
Reefers
▼ Reefer loads: 386,195, down 5.7% week over week
▲ Reefer equipment: 66,542, up 3.4%
▲ Linehaul rate: $2.04 net fuel, up 1 cent
▼ Load-to-truck ratio: 5.8, down from 6.4
Flatbeds
▼ Flatbed loads: 569,028, down 5.9% week over week
▲ Flatbed equipment: 45,572, up 0.2%
▼ Linehaul rate: $1.96 net fuel, down 3 cents
▼ Load-to-truck ratio: 11.0, down from 12.6
Dana Guthrie is an award-winning journalist who has been featured in multiple newspapers, books and magazines across the globe. She is currently based in the Atlanta, Georgia, area.
