NEW PLYMOUTH, Idaho — Data from Truckstop and FTR Transportation Intelligence for the week ending Nov. 18 show a spot market that is experiencing pre-Thanksgiving strength in rates after lagging seasonal expectations, especially in the dry van segment.
Total market broker-posted rates saw their largest weekly increase since the International Roadcheck roadside inspection event in May, according to a news release.
Refrigerated spot rates rose by the most since the week preceding Labor Day.
“With truck capacity dropping sharply, the week including Thanksgiving usually marks the peak of van segment rates between the end of June and the two weeks that include Christmas and New Year’s Day,” the news release stated. “The refrigerated segment appears likely to follow through on that pattern, but dry van rates are not likely to achieve the sharp jump this week necessary to match the five-year average.”
Although the week was strong for rates, the same cannot be applied to volume.
Spot load activity eased 0.4% after the prior week’s 5.6% drop. Volume was almost 46% below the same week in 2021 and nearly 7% below the five-year average.
Load activity was mixed, with the Midwest recording the strongest gain and the West Coast seeing the largest decrease. Truck availability declined 0.8%. The Market Demand Index — the ratio of loads to trucks — edged slightly higher.
The total broker-posted rate increased just over 4 cents for the first gain in five weeks. The gain was the largest since the week following the International Roadcheck event.
Rates were about 13% below the same week in 2021 but nearly 9% above the five-year average for the week. However, FTR estimates that rates excluding a calculated fuel surcharge were more than 26% below the same week last year.
Dry van spot rates rose more than 6 cents for only the second increase in six weeks. Rates were more than 23% below the same week in 2021 and about 4% below the five-year average for the week.
FTR estimates that dry van rates excluding a fuel surcharge were more than 39% lower than in the same week last year. Dry van loads ticked up 1.6%. Volume was nearly 45% below the same 2021 week and more than 8% below the five-year average for the week.
Refrigerated spot rates jumped 10.5 cents. Rates were 21% below the same week in 2021 but about 4% above the five-year average for the week. Rates excluding fuel surcharges were 33% below the same week last year.
Refrigerated loads increased 2% after rising 13% in the previous week. Volume was about 45% below the same week last year and nearly 5% below the five-year average.
Flatbed spot rates increased just under 4 cents for the first week-over-week gain in five weeks. Rates were nearly 6% below the same week in 2021 but nearly 17% above the five-year average for the week. However, excluding an imputed surcharge, flatbed rates were about 18% below the same week last year.
Flatbed loads declined 1.3% after the sharp 14.9% drop in the prior week. Volume was about 54% below the same 2021 week and about 18% below the five-year average for the 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.