The availability of truckload freight on the spot market fell 10% while the number of trucks posted increased 7% during the week ending Oct. 14, according to DAT Solutions, which narrowed load-to-truck ratios.
Though that increase in truck capacity helped push dry van and refrigerated freight rates slightly lower compared to the previous week, flatbed rates increased to a two-year high, noted DAT:
- Dry Van: 5.4 available loads per truck, down 17%. Spot rates down two cents to $2.07 per mile.
- Flatbed: 40.9 loads per truck, down 12%. Spot rates up two cents to $2.33 per mile.
- Refrigerated: 10.1 loads per truck, down 19%. Spot rates down a penny to $2.36 per mile.
Spot flatbed load posts declined 7% and truck posts increased 6% as rebuilding efforts in Florida and the Gulf Coast continues to increase demand for flatbed capacity, DAT said.
Yet spot dry van load posts declined 11% and truck posts increased 7%, resulting in “moderation” for dry van spot rates, the company noted. Yet it emphasized that this spot rate decline “may be short-lived” as freight volumes are starting to surge in California and other Western states.
Los Angeles was the top market for dry van freight for the week ending Oct. 14, where the average rate jumped 4 cents to $2.41 per mile. However, dry van spot rates softened in other major U.S. cities, in some places significantly:
- Columbus OH: $2.62 per mile, down 14 cents
- Buffalo NY: $2.56 per mile, down 13 cents
- Dallas TX: $1.78 per mile, down 1 cent
- Houston TX: $1.75 per mile, unchanged
- Atlanta GA: $2.23 per mile, down 6 cents
In the refrigerated spot market, load posts declined 13% and truck posts increased 7% from the previous week, DAT pointed out
Florida reefer volumes recovered last week but outbound rates were so low they actually contributed to a drop in the national average reefer rate, the firm said.