Van rates continue to rise in the latest week

Broker-posted spot rates in the Truckstop system during the week ended January 3 (week 53 of 2024) eased slightly overall as a significant drop in flatbed spot rates offset gains in refrigerated and dry van rates. Rising van rates are typical for the final week of the year, although the timing of New Year’s Day made last week’s profile unusual. The first week of the year normally sees spot rates declining from the holiday-period spike, but widespread severe winter weather this week could be disruptive.

Note: On occasion, most days in a week that ends in the new year fall during the prior year. When that happens, the data is treated as a 53rd week of the year. Therefore, comparisons to prior-year data are not clean because the final week of a year and the first week of the new year usually are quite different in terms of rates and volume. The discussion and graphics in this analysis compare the latest week’s data to the first week of 2024.

Total load activity rose 47.3% after plunging more than 57% during the week that included Christmas. Volume was more than 22% above that in the first week of 2024. Total truck postings increased 3.2% after falling 32% in the previous week. The Market Demand Index – the ratio of load postings to truck postings in the system – recovered to nearly the level posted two weeks earlier.

The total broker-posted spot rate declined seven-tenths of a cent after rising 7 cents in the previous week. Rates were 1.6% higher than in the first week of 2024. Normally, both the first and second weeks of a new year see falling spot rates for dry van and refrigerated equipment, but the major weather event occurring this week could result in big freight disruptions that put upward pressure on rates. The same dynamic occurred during week 3 in 2024. 

Dry van spot rates increased 2 cents to their highest level since early January 2023. Rates were more than 2% higher than during the first week of 2024. Dry van loads rose 36.8% following Christmas week. Volume was 23% below the first week of 2024.

Refrigerated spot rates rose 10.6 cents to their highest level since the final week of 2023. Rates, which have risen 37 cents in the past three weeks, were 2.5% higher than in the first week of 2024. Refrigerated loads rose 28% after the week that included Christmas. Volume was 0.4% above the first week of 2024. 

Flatbed spot rates fell nearly 3 cents for their largest decrease in seven weeks. Flatbed rates were marginally lower than levels recorded a few times in 2024 and, thus, were at their lowest level since July 2020. Rates were nearly 2% below the first week of 2024. Flatbed loads rebounded 78.7% after plunging more than 67% during Christmas week. Volume was more than 30% below the first week of 2024.

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