Latest Spot Market Results: Vans Up, Loads Down in Week 44

Spot Market Rates Rise for Vans Ahead of Holiday Shipping Rush

The spot market showed modest movement during the week ending November 7 (week 44), with total broker-posted rates nearly flat. However, both dry van and refrigerated spot rates climbed as the freight market entered the seasonal push before Thanksgiving and Black Friday.

The data, analyzed by FTR Transportation Intelligence, shows that while rates rose slightly, overall load activity declined. This reflects a cool but expected seasonal pattern in the U.S. spot market heading into the holidays.

Dry Van Spot Rates Up for the First Time in Three Weeks

Dry van spot market rates increased just under 2 cents per mile after falling slightly the week before. This marks the first weekly gain in three weeks as shippers began moving more retail freight ahead of the holiday season.

Compared to the same week in 2024, van rates were about 3% lower and nearly 14% below the five-year average for the week. Load volume dropped 2.9%, though it was 2% higher than last year. Still, volumes were roughly 36% below the five-year average.

While the rise is modest, it aligns with the normal pre-Thanksgiving surge when short-term van demand increases for consumer goods and retail distribution.

Refrigerated Rates Strengthen Sharply

Refrigerated spot market rates climbed 5 cents per mile – the largest increase in 10 weeks – after a 2-cent drop the week before. Rates were nearly 2% higher than the same week in 2024, although still about 8% below the five-year average.

Reefer load volume increased 1.6%, showing steady demand for temperature-controlled freight tied to grocery, produce, and holiday food shipments. Even with stronger rates, reefer volume remained about 18% lower year over year and 46% below the five-year average.

Historically, refrigerated freight performs best during November and early December as food distribution peaks before the winter holidays.

Flatbed Spot Market Rates Edge Lower

Flatbed rates in the spot market slipped 0.4 cents after a slightly larger drop the previous week. Despite the decline, rates were 1% higher than the same week last year but still 6% below the five-year average.

Flatbed load activity fell sharply – down 13.2% – marking the largest drop since the July 4 holiday week. Volumes were 5% higher than last year but nearly 14% below the five-year average.

This week’s pullback fits typical fall patterns as construction and industrial projects taper off and weather impacts open-deck freight movement.

Total Spot Market Activity Slows

Across all equipment types, total spot market load postings fell 8.2% after a small 1% increase the previous week. Load activity was almost unchanged (– 0.1%) compared to the same 2024 week but remains about 25% below the five-year average.

Truck postings dropped 5.5%, pushing the Market Demand Index (MDI) – the ratio of loads to trucks – to its lowest point in 11 weeks. The overall spot market rate ticked up only 0.2 cents after falling about 2 cents a week earlier.

Rates were basically flat compared to last year (– 0.1%) and roughly 8% below the five-year average for early November.

Outlook: Seasonal Peaks, But No Major Rally

FTR’s outlook suggests that spot market rates are following their usual seasonal trends. Historically, week 45 often brings stronger refrigerated activity and declining flatbed rates. Dry van rates can vary, but tend to soften slightly after early November before picking up again closer to Thanksgiving.

Even though spot market rates remain below long-term averages, this week’s improvement shows that seasonal shipping is giving truckload carriers a temporary lift heading into the holiday period.

Key Takeaway for Drivers and Carriers

• Dry van rates: Up for the first time in three weeks, signaling early holiday freight momentum.

• Refrigerated rates: Strongest gain in 10 weeks as food shipments rise.

• Flatbed rates: Down slightly, following normal seasonal patterns.

• Market Demand Index: Lowest in 11 weeks as load postings fell faster than truck postings.

The spot market remains soft compared to past years, but is reacting predictably to seasonal freight shifts. For carriers and owner-operators, staying flexible and targeting high-demand lanes could help offset weaker overall volumes through the end of 2025.

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