BLOOMINGTON, Ind. — During the week ended May 17, week-over-week gains for dry van and refrigerated broker-posted spot rates were the smallest since 2020, while van rates saw their weakest posting since 2017.
And for flatbeds? Spot rates there were sluggish as well, according to Truckstop’s latest report.
“Broker-posted spot rates in the Truckstop system increased during the week ended May 17 (week 20), but the gains in each of the three main equipment types were smaller than typical for a week that includes the International Roadcheck inspection event,” a Truckstop news release states. “International Roadcheck, which this year was held May 14-16, disrupts the spot market because the additional roadside inspection activity during the annual event sponsored by the Commercial Vehicle Safety Alliance (CVSA) results in many drivers taking time off to avoid the hassle and scrutiny.”
Timing complicates an analysis of Roadcheck’s effect on the market over time a bit, Truckstop notes.
“Before 2020, Roadcheck always occurred during the first week of June,” the news release states. “CVSA had planned to move Roadcheck to May in 2020, but lockdowns postponed the event until after Labor Day. The 2021 Roadcheck was in early May, and the event has been in mid-May since 2022.”
Total load activity increased 11.6% during the week.
Total volume was 5.5% below the same 2023 week and more than 24% below the five-year average for the week. The Roadcheck week volume increase was not as strong as it was last year, but it was comparable to the load activity gains in 2021 and 2022. Total truck postings declined 3%, and the Market Demand Index (MDI) — the ratio of load postings to truck postings in the system — rose to its highest level since the beginning of 2023. The jumps in the MDI were especially pronounced in dry van and refrigerated, which saw larger load posting increases and larger truck posting decreases than did flatbed.
Total rates
The total broker-posted rate increased just under 3 cents for the smallest gain in a Roadcheck week in at least a decade except for 2020 when rates were basically flat week-over-week. Rates were more than 5% below the same 2023 week and more than 6% below the five-year average for the week. Although the three principal equipment types saw weaker rate gains than usual for a Roadcheck week, specialized saw its largest increase for a Roadcheck week since 2014. However, specialized represents a very small portion of the market.
Dry van rates
Dry van spot rates rose 7.5 cents for the largest increase since the final week of 2023 but far smaller than the jump of more than 16 cents during Roadcheck week last year. Rates were nearly 3% below the same 2023 week and 8% below the five-year average. Dry van loads rose 20.6% from the previous week for the largest gain since the first week this year. Volume was more than 6% below the same 2023 week and about 19% below the five-year average for the week.
Refrigerated rates
Refrigerated spot rates rose just under 13 cents for the second largest week-over-week gain this year. The Roadcheck week spot rate increase last year was 29 cents. Rates were 2% below the same 2023 week and nearly 3% below the five-year average for the week. Refrigerated loads rose 24.2% for the largest increase since the week after Thanksgiving last year. Volume was nearly 13% below the same 2023 week and almost 25% below the five-year average for the week.
Flatbed rates
Flatbed spot rates increased just under 2 cents for the smallest Roadcheck week gain since 2016 except for 2020 when rates were basically flat week-over-week. Last year’s Roadcheck week increase was 4 cents. Rates were almost 6% below the same 2023 week and more than 6% below the five-year average for the week. Flatbed loads increased 5.3% for the largest increase since mid-March. Volume was 3% below the same week last year and about 30% below the five-year average for the week.
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.
