BLOOMINGTON, Ind. — There was nothing out of the ordinary in the spot freight market in the final days of 2022.
It mostly moved according to expectations for the week between Christmas and New Year’s Day, according to new data from Truckstop and FTR Transportation Intelligence.
Total spot volume increased 1.7%, nearly 46% below the same week in 2021 but about 2% above the five-year average for the week, a news release stated.
Load activity was down week-over-week in the Southeast and Midwest but up in all other regions.
Truck availability fell by 21.3%, and the Market Demand Index — the ratio of loads to trucks — rose to its highest level since July.
The total broker-posted spot market rate increased almost 9 cents.
Rates were about 16% below the same week in 2021 but nearly 10% above the five-year average for the week. However, FTR estimates that rates excluding a calculated fuel surcharge were about 24% below the same 2021 week. The total market rate of $2.71 a mile was the highest since August.
Based on historical patterns, rates likely will give back at least some of these capacity-driven gains in January, the news release noted.
Overall broker-posted spot rates increased during the week as gains in refrigerated and dry van offset a decline in flatbed.
Dry van spot rates increased 6.5 cents. Rates were almost 22% below the same week in 2021 and more than 2% above the five-year average for the week. Dry van rates excluding a fuel surcharge were almost 31% lower than in the same week last year. Dry van loads increased 4.5%. Volume was about 42% below the same 2021 week but almost 6% above the five-year average for the week.
Refrigerated spot rates jumped nearly 29 cents after the prior week’s surge of almost 39 cents. Rates, which were at their highest level since February, were almost 21% below the same week in 2021 but nearly 10% above the five-year average for the week. Rates excluding fuel surcharges were more than 27% below the same 2021 week. Refrigerated loads surged 29.7% after jumping about 22% in the previous week. Volume was about 44% below the same 2021 week but about 20% above the five-year average for the week.
Flatbed spot rates declined 3 cents after rising nearly 9 cents in the prior week. Rates were more than 8% below the same week in 2021 but about 14% above the five-year average for the week. Excluding an imputed surcharge, flatbed rates were about 16% below the same 2021 week. Flatbed loads fell 13.3%. Volume was more than 56% below the same 2021 week and nearly 23% below the five-year average for the week.
The increase in refrigerated spot rates did not match the prior week but otherwise was the largest since late Dec. 2021. The dry van spot rate gain was solid but much smaller than the prior week’s increase.
The total market broker-posted rate was the highest since August. Based on historical patterns, rates in the coming weeks likely will give back much of their capacity-driven gains during the December holidays.
Total spot load activity ticked up slightly. Load postings were down week-over-week in the Southeast and Midwest but up in all other regions.
Truck postings saw their sharpest drop since July 4, resulting in an increase in the Market Demand Index to 81.8, which is the highest level since July.
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.
