BLOOMINGTON, Ind. — The spot market continues to unwind the capacity-driven rate surge of the final two weeks of 2022, according to data from Truckstop and FTR Transportation Intelligence for the week ended Jan. 13.
The increase in truck postings was the largest since the first week of 2022.
The Market Demand Index fell to 69.0, which is its lowest level in four weeks.
Broker-posted refrigerated rates in the Truckstop system fell by the most in a single week in more than eight years while dry van rates dropped by the most since April. Spot rates in both segments remain above those prior to the holidays. Load activity also was down in both segments. Flatbed saw gains in both rates and volume.
Load activity changed little overall as stronger flatbed volume offset weaker loads in dry van and refrigerated. Volume was up in the Southeast and South-Central regions but down elsewhere.
The surge in dry van and refrigerated spot rates during the final two weeks of 2022 continued to unwind in the second week of 2023.
Total spot volume barely changed at a 0.3% increase as stronger flatbed loads offset declines in dry van and refrigerated. Volume was nearly 55% below the same week in 2022 and nearly 11% below the five-year average for the week.
Load activity was up in the Southeast and South Central but down in all other regions.
Truck availability jumped by 29.8% for the largest increase since the first week of 2022. The Market Demand Index — the ratio of loads to trucks — fell to its lowest level in four weeks.
Broker-posted refrigerated rates in the Truckstop system fell by the most in a single week in more than eight years while dry van rates dropped by the most since April. Spot rates in both segments remain above those prior to the holidays. Flatbed rates increased after two down weeks.
Refrigerated spot rates plunged nearly 28 cents after falling nearly 19 cents in the previous week. The decrease was the largest since July 2014. Even so, refrigerated rates were still a little higher than they were for most of the fall before Thanksgiving.
Rates were nearly 28% below the same 2022 week but 2% above the five-year average for the week.
Excluding fuel surcharges, rates were about 36% below the same 2022 week. Refrigerated loads fell 18.9%. Volume was nearly 57% below the same 2022 week and nearly 7% below the five-year average for the week.
Dry van spot rates fell about 11 cents after declining nearly 5 cents in the prior week. Rates were still about 8 cents higher than during the week before Christmas. Dry van rates were about 25% below the same week in 2022 and 0.6% above the five-year average for the week. Excluding a fuel surcharge, rates were 35% lower than in the same week in 2022.
Dry van loads declined 6.1% after rising 30% in the prior week. Volume was more than 53% below the same 2022 week and essentially equal to the five-year average for the week.
Flatbed spot rates increased nearly 3 cents. Rates were 13% below the same 2022 week but 10% above the five-year average for the week. Excluding an imputed surcharge, flatbed rates were about 21% below the same week in 2022. Flatbed loads rose 17.7% to the highest level since early October. Volume was almost 60% below the same 2022 week and about 26% below the five-year average for the week.
The total broker-posted spot market rate fell more than 6 cents. Rates were almost 19% below the same 2022 week but 6% above the five-year average for the week. FTR estimates that rates excluding a calculated fuel surcharge were more than 27% below the same 2022 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.
