Capping an 18-month streak of rising spot market load volume and rates, DAT Solutions said its load board data indicated that the national average spot rate for dry van freight hit $2.07 per mile in November – five cents above October’s rates and the highest monthly average since December 2014.
The company added that the average spot rate for refrigerated service gained 11 cents to $2.43 per mile, which is the highest monthly average since June 2014
DAT added that the availability of TL freight in November ended up 39% higher compared to the same period last year, while overall load volume dropped 13% month-over-month, though the company stressed that is a “typical seasonal decline.”
The number of available van loads dipped 5% while refrigerated or “reefer” loads increased 4% compared to October.
“Demand for spot truckload services has been at an all-time high since August, and November continues that trend again, despite seasonal declines,” noted Mark Montague, DAT industry analyst, in a statement.
“Increased freight activity, higher fuel prices, and uncertainty surrounding the electronic logging device (ELD) mandate all contribute to this pressure on rates, which are expected to remain elevated through the end of the year and beyond,” he added.
Meanwhile, the number of available flatbed loads declined 26% month-over-month in November, in line with seasonal expectations. The national average spot rate for flatbed service also dropped, falling three cents on the spot market to $2.30 per mile.