Total spot load postings in the Truckstop.com system increased 0.6% during the week ended November 20 (week 46) as small gains in dry van and refrigerated volume offset a small decline in flatbed loads. Total load volume remains extraordinarily strong at about 93% higher than the same week last year. Truck postings rose 1.1%, resulting in a slight easing of the still-high ratio of loads to trucks in the system. Rates excluding fuel were up nearly 3 cents to the highest level since mid-2018.
The Market Demand Index (MDI) – the ratio of load postings to truck postings in the system – remains extraordinarily high, although it did ease to the lowest level in five weeks as the small gain in truck postings outpaced the even smaller gain in load volume. Although the U.S. has seen a sharp increase in the number of new for-hire trucking operations authorized in the past several months, we have not yet seen this capacity show up in the form of truck postings in the spot market. In the near term, we would expect to see extreme imbalance continue.
Dry van loads were up 1.8% week over week. Dry van volume was nearly 96% higher than the same 2019 week, but that’s the weakest year-over-year comparison in 10 weeks. Volume was still more than double the five-year average, although the comparison was weakest in seven weeks. Dry van truck postings declined 2.4%, so the dry van MDI ticked a bit higher.
Refrigerated loads also increased 1.8% to set a third straight weekly record. Week 46 also brought the fourth straight week-over-week volume gain, which had not happened since early June. Despite setting a record, refrigerated volume growth didn’t match seasonal expectations, and the year-over-year comparison was the weakest in nine weeks at 47% higher. Truck postings jumped 12.1% – the biggest increase in more than six months – sending the refrigerated MDI lower after three straight records.
Flatbed loads eased 1.6% week over week. Despite the slightly weaker volume, the year-over-year comparison was stronger at 123% as flatbed volume this time last year was fading. Seasonal expectations are fairly weak for the rest of the year, so prior-year comparisons should remain very strong. Flatbed truck postings eased 1.0%, and the flatbed MDI fell to its lowest level in 15 weeks.
The broker-posted rate per mile excluding fuel surcharges increased nearly 3 cents to the highest level since July 2018. Rates were about 33% above the same week last year and about 26% above the five-year average. Dry van and refrigerated rates also were the highest since July 2018. Dry van rates, which were up about 3 cents, were nearly 48% above the same 2019 week and about 35% higher than the five-year average. Refrigerated rates, which rose nearly 4 cents, were about 39% higher than the same week last year and 29% above than the five-year average. Flatbed rates were up nearly 2 cents and were nearly 30% above the same 2019 week and 25% higher than the five-year average.
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