BLOOMINGTON, Ind. — As was the case in the previous week, total broker-posted spot rates in the Truckstop system rose during the week ended Feb. 23 (week 8) because higher flatbed rates more than offset lower dry van and refrigerated rates.
Spot rates for van equipment have declined for five straight weeks while flatbed rates have risen in all but two weeks this year. Flatbed rates are tracking close to their five-year average while van rates are still seeing greater divergence to the downside.
Total loads
Total load activity eased 2.1% after rising about 6% in the previous week. Total volume was only about 0.5% below the same 2023 week but nearly 40% below the five-year average. Truck postings increased 1.5%, and the total Market Demand Index — the ratio of loads to trucks — declined. However, the MDI for flatbed equipment was the highest since May.
Total rates
The total broker-posted rate increased nearly 2 cents after rising nearly 4 cents in the prior week. Rates were about 5% below the same 2023 week and almost 5% below the five-year average. The increase in flatbed rates bolstered total market rates because flatbed rates are higher than van rates, and flatbed volume was more resilient than dry van and refrigerated loads. Comparisons of dry van and refrigerated rates to the five-year average are still skewed by the extraordinary market strength in both 2021 and early 2022.
Dry van rates
Dry van spot rates fell about 5 cents after easing during the previous week. Rates were nearly 7% below the same week last year and almost 15% below the five-year average. Dry van rates were the lowest since May of last year. If rates fall 7 cents more, they will be lowest since June 2020. Dry van loads decreased 4.3%. Volume was 14% below the same 2023 week and almost 49% below the five-year average for the week.
Refrigerated rates
Refrigerated spot rates declined about 2 cents after falling 4.5 cents during the prior week. Rates were about 5% below the same 2023 week and about 12% below the five-year average. Refrigerated rates were lowest since the week before Christmas, but if they fall 8 cents more, they will be lowest since May 2020. Refrigerated loads decreased 5.8%. As was the case with dry van, volume was 14% below the same week last year. Load postings were about 48% below the five-year average.
Flatbed rates
Flatbed spot rates increased more than 3 cents after rising more than 5 cents in the previous week. Rates, which were at their highest level since July, were 6.5% below the same week last year and more than 2% below the five-year average. Flatbed loads eased 1.5%. Volume was more than 12% above the same 2023 week but more than 28% 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.
