BEAVERTON, Ore. — Spot truckload freight volumes settled lower in February, driven by a mix of seasonal slowing, winter weather and shipper concerns about tariffs and economic volatility.
According to DAT Freight & Analytics, which operates the DAT One freight marketplace and DAT iQ data analytics service, February typically has lower volumes compared to January due to fewer business days. However, year-over-year comparisons were positive, with the Van TVI up 5%, Reefer TVI increasing 9%, and Flatbed TVI rising 2.7% versus February 2024.
The DAT Truckload Volume Index
- Van TVI: 258, down 8.5% compared to January
- Reefer TVI: 212, down 11.3%
- Flatbed TVI: 263, up 0.4%
“Freight shippers and brokers were eager to put February behind them, despite favorable spot rates for van and reefer freight,” said Ken Adamo, DAT chief of analytics. “However, uncertainty about the economy and the artificial acceleration of freight movements ahead of tariff deadlines may lead to a flattened peak shipping season in spring and early summer.”
Spot Rates Dropped After January Gains
Average spot market rates for van and reefer loads declined to pre-holiday-season levels:
- Van: $2.04 per mile, down 11 cents from January
- Reefer: $2.36 per mile, down 18 cents
- Flatbed: $2.45 per mile, up 1 cent
Linehaul rates, which exclude an amount equal to an average fuel surcharge, followed similar patterns. The van linehaul rate averaged $1.64 per mile (down 11 cents), the reefer rate was $1.92 (down 19 cents), and the flatbed rate was $1.97 (up 1 cent).
Spot flatbed rates moved higher, particularly for freight such as construction materials, machinery, steel, and oversized cargo. In some cases, the threat of higher tariffs prompted shippers to move these commodities ahead of a change in policy.
Contract Pricing Remained Steady
While spot rates declined in February, contract freight rates were relatively stable:
- Contract Van: $2.43 per mile, down 1 cent month over month and 7 cents lower than February 2024
- Contract Reefer: $2.75 per mile, unchanged from January and 14 cents lower year over year
- Contract Flatbed: $3.05 per mile, down 2 cents month over month and 7 cents lower year over year.
Spread Between Spot and Contract Rates Jumped for Vans, Reefers
The difference between contract and spot rates for vans and reefers widened substantially in February, marking the first expansion since September 2024:
- Van: 39 cents per mile, up 10 cents compared to January
- Reefer: 39 cents, up 18 cents
- Flatbed: 60 cents, down 3 cent
An increasing gap between spot and contract rates indicates a shift in pricing power toward shippers and brokers.
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.
