Van spot rates pull back as flatbed rates keep rising

Broker-posted spot rates for dry van and refrigerated equipment in the Truckstop system saw identical decreases during the week ended April 11 (week 14) after both had posted back-to-back gains for the first time since the beginning of the year. The decreases were fully in keeping with seasonal expectations, however, as van rates always fall in week 14. Meanwhile, flatbed spot rates rose for a ninth straight week – a streak not matched in the past three years – to their highest level since May 2023.

Total load activity fell 15% – the first decrease in 11 weeks – as volume decreased for all equipment types. Total volume was about 17% higher than in the same 2024 week but close to 13% below the five-year average for the week. Total truck postings increased 1.8%, and the Market Demand Index – the ratio of load postings to truck postings in the system – fell to its lowest level in five weeks.

The total market broker-posted spot rate ticked up less than 1 cent to its highest level since June 2023 fully on the strength of flatbed rates. Total rates were up 5.4% y/y – the strongest prior-year comparison since April 2022 – but were more than 1% 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 10% y/y. During the current week (week 15) of the year, dry van and refrigerated spot rates nearly always fall, although because this week leads into Easter, upside outliers are not out of the question.

Dry van spot rates fell 6.6 cents for the largest decrease in 10 weeks. Rates were just 0.3% below the same 2024 week and more than 12% below the five-year average for the week. Excluding a calculated fuel surcharge, dry van rates were up 4% y/y. Dry van loads fell 16.3%. Volume was 7% below the same 2024 week and nearly 33% below the five-year average. 

Refrigerated spot fell 6.6 cents for the largest decrease in eight weeks. Rates were more than 2% below the same 2024 week and close to 12% below the five-year average for the week. Excluding a calculated fuel surcharge, refrigerated rates were up 0.5% y/y. Refrigerated loads decreased 12.2%. Volume was about 9% above the same 2024 week but close to 32% below the five-year average.

Flatbed spot rates increased 2.5 cents. Rates were 5.6% higher than in the same 2024 week but were 1% below the five-year average for the week. Rates excluding a calculated fuel surcharge were up 10% y/y. Flatbed loads dropped 15.3% for the first decrease in 11 weeks. Volume was more than 27% above the same 2024 week but more than 4% below the five-year average. The sharp decrease in flatbed volume might suggest that recent strength was substantially linked to a tariff-related pull-forward of import activity, but one week’s performance is insufficient evidence to draw that conclusion.

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