BLOOMINGTON, Ind. — For the first time since mid-January, broker-posted spot rates in the Truckstop system rose for all equipment types during the week ended March 15 (week 11). The largest gain was in spot rates for refrigerated equipment, which rose in consecutive weeks for the first time in 2024.
Although dry van rates have risen in two of the past three weeks, the two increases combined were only half of the single decrease. Flatbed rates have risen in four of the past five weeks and in all but three weeks this year.
Total loads
Total load activity rose 4.4% after increasing 1.6% during the prior week. Total volume was up 1.5% from the same 2023 week but was 31% below the five-year average. Load postings had not been above prior-year levels since week 4. Truck postings increased 4.5%, and the total Market Demand Index (MDI) — the ratio of loads to trucks — eased marginally. MDI for dry van and refrigerated declined slightly while the flatbed MDI rose to the highest level since July 2022.
Total rates
The total broker-posted rate increased 1.7 cents after ticking up two-tenths in the previous week. Rates were about 5% below the same 2023 week and more than 6% below the five-year average for the week. The total market rate has increased in four of the past five weeks despite weakness in either dry van or refrigerated rates — or both — during each of those weeks.
Dry van rates
Dry van spot rates increased just under 1 cent after falling nearly 3 cents during the previous week. Rates were nearly 7% below the same week last year and almost 15% below the five-year average for the week. Dry van rates are less than 6 cents higher than they were in June 2020 in the early stages of recovery from the pandemic collapse. Dry van loads increased 5.2%. Volume was just over 1% above the same 2023 week but was 31% below the five-year average for the week.
Refrigerated rates
Refrigerated spot rates increased about 4 cents after rising 2.5 cents during the prior week. Rates were more than 4% below the same 2023 week and about 12% below the five-year average for the week. Rates for refrigerated equipment might be seeing some pre-Easter strength. Easter this year falls on the earliest date since 2016. Refrigerated loads rose 7.4%. Volume was about 3% below the same 2023 week and nearly 39% below the five-year average for the week.
Flatbed rates
Flatbed spot rates increased 1.7 cents after edging up half a cent in the previous week. Rates were about 5% below the same week last year and 4.5% below the five-year average for the week. Flatbed rates, which were the highest since July of last year, were about 22 cents higher than current refrigerated rates and about 56 cents above current dry van rates. Flatbed loads rose 3.8%. Volume was 2.7% above the same week last year but was more than 33% 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.
