Total spot volume declined for the second straight week during the week ended March 12 (week 10), but flatbed postings in the Truckstop.com system edged higher to their third straight record. Dry van and refrigerated volume fell again, reflecting a further stabilization after disruptions resulting from February’s extreme winter weather. Truck postings also declined but not by as much as loads, so the ratio of loads to trucks eased slightly. Spot rates excluding fuel eased by about 1 cent.
Although weather-related disruptions should be mostly behind the freight markets for a few months, another potential disrupter is on the way as $1.9 trillion in more stimulus is about to hit the economy. The likely increase in consumer spending comes as retail inventories are already the leanest on record, so the pressure to move goods will be strong for weeks or months to come.
Total load volume decreased 3.6% week over week. Volume was about 89% higher than the same 2020 week and about 167% above the five-year (2015-2019) average for the week. Truck postings declined 2.4%, and the Market Demand Index – the ratio of loads to trucks in the Truckstop.com system – eased for the third straight week. MDI remains extraordinarily high by historical standards, however.
Dry van load postings fell 15% week over week. Despite sharp drops in the past two weeks, dry van volume remains more than double the volume in the same 2020 week even though that week’s volume had risen sharply due to the early stages of pandemic restocking. Compared to the five-year average, dry van volume was up 165%. Dry van truck postings decreased 3.9%, and the dry van MDI fell to its lowest level in four weeks.
Refrigerated load volume fell more than 12%. Refrigerated load postings were about 93% higher than the same 2020 week and about 166% higher than the five-year average. Refrigerated volumes were already rising due to the pandemic in week 10 last year, but week 11 was the big surge for refrigerated due to grocery restocking. Refrigerated truck postings were up 3.4%, and, like dry van, the refrigerated MDI fell to its lowest level in four weeks.
Flatbed load postings increased 5.3% for the segment’s third straight weekly record. Flatbed volume was about 88% higher than the same week last year and 174% higher than the five-year average. Week 10 had been the peak of the pre-pandemic surge in flatbed last year, so comparisons with 2020 volume are about to get much stronger. Truck postings were down 3.5%, so the flatbed MDI rose to a new record.
The broker-posted rate per mile excluding fuel surcharges eased about 1 cent. Rates were about 32% above the same 2020 week. Dry van rates fell about 8 cents but were up about 50% year over year. Refrigerated rates fell about 7 cents but are up about 46% over the same 2020 week. Flatbed rates were up about 3 cents and are about 27% higher than the same week last year.