Spot volume moves modestly higher in all segments

For the first time in a month, each of the three key segments – dry van, refrigerated, and flatbed – saw week-over-week gains in spot load postings during the week ended August 20 (week 33). Total load volume in the Truckstop.com system rose 3.2%. Volume was about 41% above the same 2020 week and about 172% above the five-year average (2015-2019). Total spot rates continued their slide since setting an all-time high in late May, but lower flatbed rates offset gains in dry van and refrigerated. 

Except for a big jump in week 29, the spot market overall has seen either decreases or small gains since June, but the market is still at least keeping pace with seasonal expectations. Moreover, the principal reason for easing volume has been flatbed. Dry van volume has been holding mostly flat, and refrigerated volume has been generally rising, especially in the past couple of weeks. Even flatbed’s declines have largely matched seasonal expectations. Nothing in the latest data suggests that the pandemic’s recent resurgence is hurting freight volume.

Total truck postings declined 2.4%, and the Market Demand Index – the ratio of loads to trucks in the Truckstop.com system – increased to its highest level since late July. However, the MDI varies greatly by segment. The dry van MDI has held in a fairly tight range since a jump in mid-May related to International Roadcheck, but the refrigerated MDI has surged recently while the flatbed MDI is mostly settling.

Dry van load postings edged up 1.9% after a 4.0% gain during the prior week. The segment continues in a mostly flat environment since mid-May aside from holiday related distortions. Dry van volume was about 31% above the same 2020 week and 176% higher than the five-year average for the week. Dry van truck postings fell 7.0%, and the dry van MDI increased to its highest level in four weeks.

Refrigerated load postings increased 4.9% after rising 8.0% during the prior week. Volume in the latest week was the highest since the spike in early May related to International Roadcheck. Refrigerated volume was about 81% higher than the same 2020 week and triple the five-year average volume. Refrigerated truck postings were basically flat, and the refrigerated MDI rose to its second-highest level ever.

Flatbed load postings increased 3.5% after falling 5.8% during the prior week. Flatbed spot volume was about 47% below its all-time high in mid-May, but volume was about 41% higher than the same week last year and about 177% higher than the five-year average. Flatbed truck postings decreased 2.4%, and the flatbed MDI recovered to close to its level two weeks ago.

The broker-posted rate per mile excluding fuel surcharges declined by less than a penny and was about 20% above the same 2020 week. Rates have been down in nine of the last 12 weeks, and the gain in one of those weeks was just a tenth of a cent. Dry van rates increased nearly 3 cents and were about 13% higher than the same 2020 week. Refrigerated rates rose about 5 cents and were about 26% higher than the same 2020 week. Flatbed rates fell about 4 cents but were about 22% higher than the same week last year.

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