BLOOMINGTON, Ind. — Data from Truckstop and FTR Transportation show a market that acted as it usually does during late December.
With a large drop in truck capacity heading into the Christmas holiday, broker-posted spot rates surged in all segments, according to a news release.
The jump in refrigerated spot rates was the largest since late December 2017. Dry van rates saw their largest increase in a year while the increase in flatbed rates was the largest since May.
A sizable gain in refrigerated volume partially offset volume sharp volume declines in dry van and flatbed volume. With truck postings falling much more sharply than volume, the Market Demand Index increased to 63.3, which is the highest level since May.
Broker-posted spot rates in the Truckstop system rose during the week ending Dec. 23 as truck capacity plunged by the most since the week that included Independence Day. The overall rate increase almost matched the one experienced during the same week in 2021.
The refrigerated segment’s surge in rates was the largest since the last week of 2017. Dry van rates saw their largest gain since the same week in 2021 and flatbed rates went up by the most since May.
Total spot volume fell 9.4% and volume was about 40% below the same week last year but 11% above the five-year average for the week. Load activity was down in all regions, but refrigerated segment gains in the Southwest, South Central and Midwest regions kept total volume losses in those regions small.
Truck availability went down by 18.2%, and the Market Demand Index rose to its highest level since July.
The total broker-posted spot market rate soared just under 17 cents. Rates were about 14% below the same week in 2021 but about 9% above the five-year average for the week. However, FTR estimates that rates excluding a calculated fuel surcharge were nearly 23% below the same week last year.
Dry van spot rates rose almost 18 cents. Rates were almost 20% below the same week in 2021 and more than 1% above the five-year average for the week. Dry van rates excluding a fuel surcharge were almost 30% lower than in the same week last year. Dry van loads went down by 13.2%. Volume was almost 37% below the same 2021 week but almost 16% above the five-year average for the week.
Refrigerated spot rates surged almost 39 cents. Rates were almost 22% below the same week in 2021 but more than 5% above the five-year average for the week. Rates excluding fuel surcharges were almost 30% below the same week last year. Refrigerated loads jumped about 22% and volume was about 43% below the same week last year but about 17% above the five-year average for the week.
Flatbed spot rates increased almost 9 cents. Rates were about 7% below the same 2021 week but almost 16% above the five-year average for the week. Excluding an imputed surcharge, flatbed rates were more than 15% below the same week last year. Flatbed loads fell 17% and volume was more than 51% below the same week in 2021 and more than 9% below the five-year average for the week.
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.
