Van spot rates post their largest gains of the year

Broker-posted spot rates in the Truckstop system rose for all equipment types for a second straight week during the week ended April 4 (week 13), and the gains were particularly notable for the van segments. The spot rate increases for both dry van and refrigerated were their largest of the year so far, and both saw back-to-back weekly increases for the first time since the start of the year. Flatbed spot rates rose for an eighth straight week and were at their highest level since June 2023.

The sources of the recent strength in dry van and refrigerated and the ongoing strength in flatbed are unclear. We have suspected based on the geography and timing of the flatbed growth in volume that it could be tied to imports of equipment and metals in order to avoid impending tariffs. Dry van and refrigerated had not really seen any firming until a couple of weeks ago. However, it’s possible that this activity, too, could be linked to a pull-forward due to expectations, which proved to be correct, that broad-based import tariffs would be imposed in early April.

Total load activity increased 4.6% in week 13 to the strongest level since July 2022. In a rare occurrence, both dry van and refrigerated outpaced flatbed in week-over-week volume growth. Total volume was close to 34% higher than in the same 2024 week and less than 3% below the five-year average for the week. Total truck postings ticked up 0.5%, and the Market Demand Index – the ratio of load postings to truck postings in the system – rose to its strongest level since May 2022.

The total market broker-posted spot rate increased more than 3 cents to its highest level since June 2023. Total rates were up 4.7% y/y – matching the prior week for the strongest prior-year comparison since May 2022 – but were nearly 3% below the five-year average for the week. Rates excluding a calculated fuel surcharge – an adjustment that isolates the portion of all-in rates not needed to recoup fuel costs – were up about 10% y/y. During the current week (week 14) of the year, dry van and refrigerated spot rates nearly always fall while flatbed rate moves have been inconsistent.

Dry van spot rates rose more than 5 cents for only the fourth increase for the year to date. Rates, which were at their highest level since week 7, were 1.2% above the same 2024 week but more than 12% below the five-year average for the week. Excluding a calculated fuel surcharge, dry van rates were up nearly 7% y/y. Dry van loads increased 7.7%. Volume was more than 7% above the same 2024 week but more than 26% below the five-year average. 

Refrigerated spot rose 8.5 cents, and rates, like dry van, increased for only the fourth time this year. Rates, which were the strongest since week 7, were 2.5% below the same 2024 week and nearly 12% below the five-year average for the week. Excluding a calculated fuel surcharge, refrigerated rates were up 1% y/y. Refrigerated loads rose 12.7%. Volume was 12% above the same 2024 week but more than 27% below the five-year average.

Flatbed spot rates increased more than 3 cents. Rates were more than 4% higher than in the same 2024 week but were still close to 3% below the five-year average for the week. Rates excluding a calculated fuel surcharge were up about 9% y/y. Flatbed loads increased 3.8%. Volume was more than 48% above the same 2024 week and nearly 9% above the five-year average. Aside from some distortions related to holiday timing, load volume had not exceeded the five-year average in several years.

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