BLOOMINGTON, Ind. — The early summer peak season in the spot market was not especially strong, but it appears to be over, according to the latest report from Truckstop and FTR Transportation Intelligence.
Dry van spot rates fell about 8 cents during the week ended July 14 after declining more than 3 cents during the prior week, according to the latest data from Truckstop and FTR Transportation Intelligence.
Broker-posted spot rates continued to fall during the week ended July 14 (week 28) as rates for dry van equipment fell by the most since the third week of the year. Refrigerated spot rates did not approach the drop seen in the prior week but they otherwise fell by the most since late May.
After ending a five-week slide in the previous week, flatbed spot rates resumed their downward trend.
Loads available
Total load activity rebounded nearly 34% after the plunge during the Independence Day holiday week, but volume did not match that during the week before the holiday. Volume was almost 43% below the same week last year and nearly 24% below the five-year average. As expected, loads rose sharply in all regions. Truck postings jumped more than 31%, and the Market Demand Index – the ratio of loads to trucks – rose above the prior week but otherwise was at its lowest level since Thanksgiving week last year.
Total rates
The total broker-posted rate declined more than 4 cents for the seventh straight weekly decrease. The total market rate was more than 22% below the same 2022 week and nearly 7% below the five-year average. Until June, rates had held close to the five-year average, but declining flatbed rates and mostly lackluster van segment rates have resulted in declines. The total market rate in the latest week was the lowest since August 2020.
Dry van
Dry van spot rates fell about 8 cents after declining more than 3 cents during the prior week. Rates, which were at their lowest level since the week before May’s International Roadcheck event, were about 21% below the same 2022 week and about 11% below the five-year average. Dry van loads rose about 25% after falling 31% during the holiday week. Volume was almost 39% below the same week last year and 16% below the five-year average for the week.
Reefer
Refrigerated spot rates declined about 5 cents after falling nearly 17 cents during the July 4 holiday week. As was the case with dry van equipment, refrigerated rates were at their lowest level since the week before International Roadcheck. Rates were about 15% below the same 2022 week and 9% below the five-year average for the week. Refrigerated loads increased about 17% after falling more than 33% during the holiday week. Volume was nearly 35% below the same week last year and about 15% below the five-year average for the week.
Flatbed
Flatbed spot rates decreased 4.6 cents after rising 2.5-cents during the previous week. Rates were at their lowest level since January 2021 and were nearly 26% below the same 2022 week and more than 5% below the five-year average. Flatbed loads jumped nearly 46% after falling nearly 32% during the July 4 holiday week. Aside from the July 4 holiday week, load activity was the weakest since Thanksgiving week last year. Volume was nearly 51% below the same week last year and 36% 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.
