Van spot rates rise but lose ground versus 2023

Broker-posted spot rates in the Truckstop system for dry van and refrigerated van equipment both rose for the first time in four weeks in keeping with seasonal expectations during the week ended August 2 (week 31), but rates weakened relative to the same 2023 week. Dry van spot rates remained positive y/y but only by a tiny margin. Refrigerated spot rates were negative y/y for the first time since late June. Flatbed spot rates fell for the seventh straight week and deteriorated slightly y/y.

Total load activity decreased 6.4%. Total volume was 0.3% below the same 2023 week – the first negative y/y comparison in four weeks – and about 28% below the five-year average for the week. Total truck postings decreased 6.4%, and the Market Demand Index – the ratio of load postings to truck postings in the system – was essentially unchanged from the previous week.

The total broker-posted rate decreased 1.5 cents after easing by slightly less in the previous week. Total rates were 0.7% below the same 2023 week – the first negative comparison in four weeks – and 7.5% below the five-year average for the week. Total market rates fall more often than not during week 31, but the weakness typically is from flatbed rates, which usually fall during the week while rates for van equipment usually rise. The current week (week 32) has proven to be reliably weak over the years, especially for dry van and flatbed, although refrigerated has not performed much better.

Dry van spot rates increased 1.6 cents, reversing the prior week’s decline. Rates generally increase week over week during week 31, falling only three times since 2008. Dry van rates were up just 0.2% y/y but kept alive a five-week streak of positive y/y comparisons. Rates were down 11.5% versus the five-year average. Dry van loads decreased 2.2%. Volume was more than 11% below the same 2023 week and more than 31% below the five-year average for the week.

Refrigerated spot rates increased 4 cents after decreasing nearly 3 cents during the previous week. Rates have not declined week over week during week 31 since 2013. Refrigerated rates were a little more than 1% below the same 2023 week and more than 9% below the five-year average. Refrigerated loads rose 5.1%. Volume was nearly 15% below the same 2023 week and nearly 30% below the five-year average for the week. 

Flatbed spot rates declined 2.4 cents after decreasing nearly 2 cents in the prior week. Rates, which have risen only once (in 2020) during week 31 over the past seven years, were nearly 1% below the same 2023 week and almost 7% below the five-year average. Flatbed loads fell 12.7%. Volume was 17% above the same week last year but almost 30% below the five-year average for the week.

Leveraging robust Truckstop data with the expert analysis of FTR Transportation Intelligence, Truckstop and FTR partner to bring you timely and relevant transportation market forecasts and analyses to help you run your business.