Total truck spot volumes in the Truckstop.com system rose nearly 27% during the week ended June 5 (week 22) from the prior week. Volume increases ranged from 19% for refrigerated to more than 31% for flatbed. Week-over-week gains benefitted from the calendar as week 21 included the Memorial Day holiday.
Total load availability was more than 10% higher than the five-year average for week 22 and more than 21% higher than the same week last year. As with the week-over-week comparisons, prior-year comparisons are skewed favorably because in recent years Memorial Day was during week 22. Those comparisons will become tougher for several weeks beginning in week 23, however, as June is the peak month for the spot market and holiday-related skewing disappears. Still, index levels in all segments were solid, indicating continued recovery in freight as the U.S. economy emerges from lockdowns over the coronavirus (COVID-19) pandemic.
Dry van spot volumes were up nearly 21% over the previous week. Load postings are about 7% above the five-week average for week 22 and up about 18% over the same week last year. Volumes were up in all regions week over week, but the strongest increase was 44% in the South Central region. Dry van volumes were higher in week 22 than they have been all year except for the first week of the year and the three weeks of grocery restocking in March. Dry van truck availability was slightly lower in week 22, and the dry van Market Demand Index – the ratio of loads to trucks in the Truckstop.com system – jumped to above the 2018 level for the first time since the restocking push.
Refrigerated volumes rose 19% in week 22 after a drop of more than 13% in week 21. Volumes are about 11% above both the five-year average and the same 2019 week. Loads were up week over week in all regions, although growth in the Southeast was especially strong at more than 45%. Load volumes in week 22 were close to the volumes posted in February. Truck availability dropped to its lowest level of the year, sending the MDI to well above 2018 levels for the week.
Flatbed posted the strongest week-over-week growth at more than 31% after a slight dip in the prior week. Volumes are about 11% higher than the five-year average for the week and almost 32% higher than in week 22 last year. Load growth was strong week over week in all regions with increases of more than 30% in the Southeast, South Central, and West Coast regions and growth just slightly lower at about 29% in the Mountain Central region. Flatbed volumes have yet to match those in February and early March, but they are as strong or stronger than volumes recorded prior to the February surge. Truck availability rebounded from a drop during the holiday week, but load volume strength still sent the flatbed MDI above the five-year average for the week.
Spot rates were higher in week 22, though not by much. The broker-posted rate per mile excluding fuel surcharge was up 2.5 cents. Rates are about 34 cents below the five-year average and about 7 cents below the same 2019 week. While loads were more than 21% higher in week 22 than a year ago, rates were nearly 4% below the same 2019 week.
Dry van rates rose about 5.5 cents and are about 24 cents below the five-year average and about a penny below last year’s rate. Refrigerated rates were up nearly 2 cents and are nearly 10 cents above last year’s rate, although reefer rates are still about 17 cents below the five-year average. Flatbed rates also increased just under 2 cents. Flatbed rates are about 27 cents below the five-year average and about 12 cents below last year.