Data from Truckstop and FTR Transportation Intelligence for the week ending Nov. 8 showed a market that still shows at most seasonal strength.
“Spot rates for dry van and refrigerated equipment moved by nearly the same degree in the latest week but in opposite directions,” FTR said. “Broker-posted spot rates for dry van equipment in the Truckstop system fell by the most in a comparable week since at least 2008 during the week ended November 8 (week 45) while refrigerated spot rates saw their largest gain in a comparable week in five years. Flatbed spot rates fell by the most in 11 weeks but continued to move according to seasonal expectations.”
According to a press release, broker-posted spot rates in the Truckstop system for van equipment moved by nearly the same degree in the latest week but in the opposite directions. Dry van spot rates fell by the most in a comparable week since at least 2008, while refrigerated spot rates saw their largest gain in a comparable week in five years. Flatbed spot rates fell by the most in 11 weeks but continued to move according to seasonal expectations. The current week (the week ending November 15) usually sees across-the-board spot rate increases, although the total market rate fell last year due to dry van.
Total Spotload Availability
Total load activity declined 1.7% after easing by a slightly smaller extent in the previous week. Load postings were 17% higher than the same 2023 week but about 20% below the five-year average. Total truck postings increased 2.3%, and the Market Demand Index – the ratio of load postings to truck postings in the system – declined to its lowest level in six weeks.
Total Spot Rates
The total broker-posted rate decreased more than 3 cents for the largest decline in 11 weeks. Rates were less than 1% above the same 2023 week but 6.5% below the five-year average. Spot rates excluding a calculated fuel surcharge were more than 9% higher than the same 2023 week and were higher y/y for all equipment types. The current week (week 46) usually sees across-the-board rate increases, although rates fell last year due to dry van.
Dry Van Spot Rates
Dry van spot rates fell 4.4 cents after rising nearly 3 cents in the prior week. Historically, that week of the year always saw rate increases, but that trend ended starting in 2020. Rates were about 1% above the same 2023 week but almost 11% below the five-year average for the week. Excluding an imputed fuel surcharge, rates were nearly 12% higher than during the same 2023 week. Dry van loads increased 1.7%. Volume was basically flat y/y but was about 33% below the five-year average for the week.
Refrigerated Spot Rates
Refrigerated spot rates rose 4.6 cents after rising 5.5 cents in the prior week. Rates, which had not risen in consecutive weeks since August, were nearly 2% above the same 2023 week but nearly 7% below the five-year average. Rates excluding an imputed fuel surcharge were up nearly 10% y/y. Refrigerated loads rose 5.6%. Volume was down 2.5% from the same 2023 week and was about 33% below the five-year average for the week.
Flatbed Spot Rates
Flatbed spot rates fell 4 cents after decreasing nearly 3 cents during the previous week. Rates, which almost always decline week over week during that week of the year, were essentially flat with the same 2023 week about 5% below the five-year average for the week. Rates excluding an imputed fuel surcharge were up 8% y/y. Flatbed loads decreased 5.5%. Volume was about 40% above the same week last year but close to 12% below the five-year average.
Dana Guthrie is an award-winning journalist who has been featured in multiple newspapers, books and magazines across the globe. She is currently based in the Atlanta, Georgia, area.
