BEAVERTON, Ore. — After gaining momentum throughout the year, last month’s spot truckload freight volumes retreated to their lowest point since January, according to DAT Freight & Analytics, which operates the DAT One freight marketplace and DAT iQ data analytics service.
According to a DAT press release, the DAT Truckload Volume Index (TVI) declined for all three equipment categories compared to October:
- Van TVI: 246, down 18%
- Refrigerated TVI: 204, down 11%
- Flatbed TVI: 242, down 23%
The release noted that the TVI was higher year over year only for reefer freight, up 7% compared to November 2023. The van and flatbed TVI were down 1% and 5%, respectively.
“Shippers moved so much freight into the U.S. earlier this year, ahead of potential tariffs and port strikes, that we didn’t see the volumes we might expect in November,” said Ken Adamo, DAT chief of analytics. “The exception was reefer freight. The late Thanksgiving gave grocers a few extra shipping days for fresh and frozen goods.”
Spot reefer rate strengthened ahead of the holiday
The national average spot rate for reefer freight increased 6 cents to $2.45 a mile, the most since January. The van rate was unchanged at $2.02, and the flatbed rate fell 5 cents to $2.37.
The van linehaul rate averaged $1.64 a mile, up 1 cent compared to October. The reefer rate was $2.04, up 7 cents, and the flatbed rate slipped 3 cents to $1.93. Rates are about 5% higher year over year.
National average contract rates changed little last month:
- Contract van rate: $2.40 per mile, down 1 cents but 11 cents lower year over year
- Contract reefer rate: $2.74 a mile, unchanged and down 18 cents year over year
- Contract flatbed rate: $3.03 a mile, down 1 cent and 11 cents lower than last year
According to the release, at 0.3%, the DAT iQ New Rate Differential (NRD) for van freight was above zero for the third month in a row for the first time since Spring 2022. The NRD measures changes in the contract market by comparing rates entering the market to those exiting; a positive NRD signals a tightening market and higher rates for shippers.
“The NRD suggests that truckload pricing for contract freight is moving higher,” Adamo said. “We don’t expect bold changes quickly, but all indications point to steady rate growth into the first half of 2025.”
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.
