BLOOMINGTON, Ind. — Total broker-posted spot rates in the Truckstop system eased less than a penny during the week ended March 1 (week 9), but refrigerated spot rates sank to their lowest level since April of last year.
After declining for five straight weeks, dry van spot rates increased slightly. Flatbed rates eased slightly for only the third week-over-week decrease this year. Total volume growth, which was led by flatbed, was the strongest since early January when load activity was recovering from the holidays.
Total loads
Total load activity increased 7.2% after declining about 2% during the prior week. Total volume was nearly 9% below the same 2023 week and 36% below the five-year average. Truck postings eased 1.0%, and the total Market Demand Index (MDI) — the ratio of loads to trucks — was the highest in five weeks. The total market MDI’s strength was focused within flatbed, which posted the strongest MDI since July 2022 except for an outlier in May of last year due to the International Roadcheck inspection event.
Total rates
The total broker-posted rate dipped seven-tenths of a cent after increasing nearly 2 cents in the previous week. Rates were about 7.5% below the same 2023 week and 6% below the five-year average. Total rates are fairly stable in 2024 so far as gains in flatbed during most weeks have offset declines in rates for van equipment.
Dry van rates
Dry van spot rates increased half a cent after decreasing about 5 cents during the previous week. Rates were about 8% below the same week last year and almost 15% below the five-year average. Aside from the prior week, dry van rates were the lowest since the week before Thanksgiving. Dry van loads increased 6.9%. Volume was about 13% below the same week last year and about 41% below the five-year average for the week.
Refrigerated rates
Refrigerated spot rates fell nearly 5 cents after decreasing about 2 cents during the prior week. Rates, which have fallen for six straight weeks, were 8.5% below the same 2023 week and about 13.5% below the five-year average. Refrigerated rates are the lowest since May 2020 except for a couple of weeks in April 2023. Refrigerated loads ticked up 1%. Volume was nearly 21% below the same week last year and about 47% below the five-year average.
Flatbed rates
Flatbed spot rates declined by half a cent after rising more than 3 cents in the previous week. Rates were more than 8% below the same week last year and almost 4% below the five-year average. Flatbed loads rose 8.6%. After two weeks above comparable 2023 levels, flatbed volume was down about 4% year-over-year. Load postings were nearly 35% 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.
