Spot Rates Hit Highs and Remain Steady as Winter Sinks In

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All equipment types experienced an increase in spot rates, with both dry van and refrigerated rates deviating from their usual January patterns.

Refrigerated spot rates saw the most significant upswing, while dry van rates managed to offset losses observed in the initial weeks of the year. Flatbed rates continued their positive momentum from the prior week.

Total load activity witnessed a 3.9% rise after a notable 22% surge in the previous week. Compared to the same week in 2003, total volume increased by 4.3%, marking the first positive year-over-year change since March 2022. Despite the increase, load postings remained approximately 21% below the five-year average. Truck postings showed minimal movement, with a marginal increase of just 0.2%. The total Market Demand Index, indicating the ratio of loads to trucks, reached its highest level since the International Roadcheck inspection event in May.

The overall broker-posted rate experienced a significant increase of 7 cents, the largest since May, except for the final week of 2023. Despite being 2.5% below the same 2023 week, rates were only 0.3% below the five-year average. This year-over-year deficit was the smallest since July 2022.

Dry van spot rates rose by 6.6 cents, slightly exceeding the total decrease observed over the previous two weeks. These rates, the highest since early January 2023, were 0.3% higher than the same 2023 week and approximately 2% below the five-year average. Dry van loads increased by 8.3%, with volume about 10% above the same 2023 week but roughly 12% below the five-year average.

Refrigerated spot rates experienced a notable increase of more than 12 cents, recovering from a nearly 10-cent decrease in the prior week. Rates were nearly 7% above the same 2023 week and more than 4% above the five-year average. Refrigerated loads rose by 17.6%, with volume more than 39% above the same 2023 week and more than 1% above the five-year average.

Flatbed spot rates rose by nearly 6 cents after a gain of close to 7 cents in the previous week. These rates, at their highest level since early August, were nearly 6% below the same 2023 week and less than 1% below the five-year average. Flatbed loads eased by more than 1%, with volume more than 7% below the same 2023 week and more than 36% below the five-year average.

 

 

Source: The Trucker