BALTIMORE — When the Key Bridge collapsed after being struck by a cargo ship in Baltimore on Tuesday, March 26, the nation watched as a vital U.S. trade gateway was instantly shut down.
The Port of Baltimore is the country’s largest for roll-on/roll-off cargo. Everything from cars, tractors, trucks and heavy equipment roll in and out of the port daily — or at least they did. Now, things at the port are silent, save for the massive operation to remove the hulking remains of the bridge so that shipping channels can reopen.
The port’s imports of farming machinery and construction equipment typically peak in March (12% of the annual volume), according to DAT Freight and Analytics.
Carriers forced to reposition equipment to other markets will take time and add cost, especially considering Baltimore is the furthest port inland on the East Coast, some 150 miles further than New York.
Baltimore is the closest port to the Quad Cities and other Midwest farm and construction machinery centers. Case New Holland Agriculture, Caterpillar, John Deere, AGCO (Fendt, Massey Ferguson), CLAAS, Komatsu and John Deere are all big customers of the Port of Baltimore.
Baltimore consistently ranks in the top 10 markets for spot flatbed freight in March, according to DAT.
“The collapse saw a 57% surge in spot flatbed loads moved from Baltimore and higher linehaul rates on critical lanes,” according to DAT. “The number of spot flatbed loads moved from Baltimore to Chicago increased by 117% compared to the previous week, and the average spot flatbed jumped 25 cents to $2.03 a mile.”
DAT officials note that Baltimore is not a major dry van truckload freight market, ranking 29 out of 135 spot markets for the week ended March 30.
“Outbound Baltimore spot rates averaged $1.33 a mile, down 2 cents, on a 12% week-over-week increase in the number of loads moved,” according to DAT.
Maryland’s state average spot rate was $1.51 a mile, DAT reports.
The number of spot van loads moved from Baltimore to Chicago fell by 18% last week, and the average linehaul rate increased by 1 cent to $1.03 a mile.
Baltimore to South Bend — the No. 2 lane — fell 6%, while the average linehaul rate increased 4 cents to $1.14 a mile.
Other movement in load posts
The number of weekly load posts on DAT One rose 2.1% to 2,034,011 for the week ended March 30.
The total number of load posts was down 2% year over year and in line with the same week in 2017.
▲ Van loads were 827,651, up 5.9% compared to the previous week and 3% higher year over year.
▼ Reefer loads were 339,393, down 2.2% week-over-week and 1% higher year over year.
▲ Flatbed loads were 866,967, up 0.3% week-over-week and 7% lower year over year.
Truck posts fell by 12%, signaling more carrier exits
The total number of trucks on the DAT One network fell by 12.4% to 307,690 for the week ended March 30.
That week’s truck posts were 30% lower year over year and down 25% compared to the same week in 2020, according to DAT.
The pre-pandemic week 13 average is 340,963 trucks posted.
▼ Van equipment was 206,998, down 13.0% and 31% lower year over year.
▼ Reefer equipment was 61,341, down 11.8% and 30% lower year over year.
▼ Flatbed equipment was 39,351, down 9.5% and 21% lower year over year.
Load-to-truck ratios rose for all three equipment types
▲ Vans were 3.9, up from 3.3 the previous week. Four-week average: 3.3.
▲ Reefers were 5.3, up from 5.0 the previous week. Four-week average: 5.0.
▲ Flatbeds were 21.3, up from 19.7 the previous week. Four-week average: 19.1.
Spot and contract rates converged last week
▲ The van rate was $1.56 net fuel, up 1 cent week over week and 2 cents higher than four weeks ago. The broker-to-carrier rate was $2.02 (fuel: 46 cents). The contract rate was $1.99 net fuel.
▼ The reefer rate was $1.83 net fuel, down 2 cents and 2 cents lower than four weeks ago. The broker-to-carrier rate was $2.34 (fuel: 51 cents). The contract rate was $2.35 net fuel.
▲ The flatbed rate was $2.01 net fuel, up 4 cents and 9 cents higher than four weeks ago. The broker-to-carrier rate was $2.57 (fuel: 56 cents). The contract rate was $2.56 net fuel.
Born in Pine Bluff, Arkansas, and raised in East Texas, John Worthen returned to his home state to attend college in 1998 and decided to make his life in The Natural State. Worthen is a 20-year veteran of the journalism industry and has covered just about every topic there is. He has a passion for writing and telling stories. He has worked as a beat reporter and bureau chief for a statewide newspaper and as managing editor of a regional newspaper in Arkansas. Additionally, Worthen has been a prolific freelance journalist for two decades, and has been published in several travel magazines and on travel websites.
