Van spot rates rise sharply ahead of Labor Day

Broker-posted van spot rates in the Truckstop system have underperformed seasonal expectations recently, but they rose sharply during the week ended August 30 (week 35) as they usually do during the week before Labor Day. Refrigerated van rates surged by the most in a week 35 since at least 2008. Dry van rates were not as strong historically but rose by the most since International Roadcheck week in May. Flatbed rates, however, were down for an 11th straight week to their lowest level since July 2020.

 

Total loads_090324

Total load activity increased 6% for the first week-over-week gain in five weeks. Load postings were 7.6% below the same 2023 week and about 35% below the five-year average for the week. Total truck postings fell 9.6%, and the Market Demand Index – the ratio of load postings to truck postings in the system – rose to its highest level in four weeks.

 

 

 

 


Total rates_090324

The total broker-posted rate increased for the first time in eight weeks, rising just over 1 cent as the strength of refrigerated and dry van spot rates slightly offset the decline in flatbed rates. Rates were slightly weaker y/y than they were in week 34, however. Total rates were more than 3% below the same 2023 and nearly 11% below the five-year average. The current week (week 36) is neither reliably strong nor reliably weak, although dry van spot rates usually decline week over week.

 

 

 

 

Dry van rates_090324

 

Dry van spot rates rose 6.5 cents after falling in six of the prior seven weeks. Dry van rates are reliably stronger versus the previous week during week 35. Rates were about 4% below the same 2023 week – marginally stronger than in week 34 – and about 15% below the five-year average for the week. Dry van loads increased 7.8%. Volume was more than 20% below the same 2023 week and about 41% below the five-year average.

 

 

 

Refrigerated rates_090324

 

Refrigerated spot rates jumped 13 cents for the largest increase since early May. As noted earlier, refrigerated rates have never risen by more in a week 35 since at least 2008, although the increase in 2020 was only marginally smaller. Rates were 1.7% below the same week last year and more than 9% below the five-year average. Refrigerated loads increased 5.2%. Volume was about 13% below the same 2023 week and more than 37% below the five-year average for the week.

 

 

 

Flatbed rates_090324

 

Flatbed spot rates declined nearly 3 cents after falling 5 cents in the previous week. Week 35 has been mixed for flatbed over the years, but rates were up week over week in 2020 through 2023. Rates were about 3% below the same 2023 week – the weakest y/y comparison in 12 weeks – and about 10% below the five-year average for the week. Flatbed loads increased 6.5%. Volume was 4.5% above the same week last year but almost 35% below the five-year average.

 

 
 
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