Latest Spot Rates: Flatbeds Continue Surge, Dry and Reefer Rates Down

Mixed Trends in Spot Rates as Flatbeds Surge Again

Spot Rates Shift: Flatbeds Up, Vans and Reefers Down

Spot rates continued to follow a familiar trend in 2025, with flatbed rates rising and both dry van and refrigerated (reefer) rates slipping further. For the week ending March 21 (Week 11), flatbed rates in the Truckstop system reached their highest level since June. Meanwhile, dry van rates fell to their lowest point since September, and reefer rates hit their weakest mark since June 2020.

This latest data shows flatbed spot rates have increased for six consecutive weeks, while van and reefer rates have each declined in nine of the past ten weeks. Load activity rose again across the board, and the Market Demand Index (MDI)—the ratio of load postings to truck postings—hit its highest point since June 2022.

Total Load Volume Rises as Spot Rates Diverge

Total load postings were up 3% from the previous week, building on earlier gains. Load volume was more than 15% higher than during the same week in 2024, but it still came in 22% below the five-year average. Truck postings fell slightly by 0.7%, giving the MDI another bump. Flatbed freight continues to be the leading force behind these increases, although reefer loads also helped push the index upward.

Across all trailer types, the average broker-posted spot rates rose nearly 3 cents, reaching the highest level since June 2023. On a year-over-year basis, total rates were up 2.7%, the strongest comparison since June 2022, yet still 5.5% below the five-year norm. Lower diesel prices continue to benefit carriers, shrinking the percentage of rates needed to cover fuel. When excluding fuel surcharges, rates rose 7.5% from the same week last year.

Dry Van Spot Rates Slip to New 2025 Low

Dry van spot rates dropped by less than 1 cent after a nearly 6-cent decline the week before. This marks nine rate decreases in the past ten weeks. Compared to the same week in 2024, dry van spot rates were down around 2% and remained more than 17% under the five-year average. When excluding the fuel surcharge, dry van spot rates showed a 3% year-over-year increase.

Dry van load postings decreased 2.3% for the week. Volume was 14% below the same week last year and 42% below the five-year average. This reverses the small bump seen in the previous week, when dry van loads had increased by 2.7% and were about 7% higher than the same 2024 week.

Reefer Spot Rates Fall Again Despite Load Increase

Reefer spot rates declined by almost 2 cents—nearly matching the drop from the prior week. Like dry vans, reefer rates have fallen in nine of the past ten weeks. This week’s reefer spot rates were more than 6% lower than the same time last year and 18% below the five-year average. Without fuel surcharge factored in, reefer rates were down 3.6% year-over-year.

There was a slight bright spot, as reefer load volume rose 4.3%—only the second increase in ten weeks. Still, volumes remained nearly 15% lower than in 2024 and a steep 48% under the five-year average. The prior week had seen a bigger rate decline of over 6 cents, with volume also down by 8.1% despite being marginally above 2024 levels.

Flatbed Spot Rates Hit Highest Level Since June

Flatbed spot rates continued their upward climb, rising by more than 3 cents after a 7.5-cent jump the week before. This makes six straight weeks of increases. Flatbed rates were 2.4% higher than the same 2024 week—the strongest year-over-year comparison since July 2022—but still more than 4% below the five-year average. When excluding fuel surcharges, flatbed spot rates were up about 7% year-over-year.

Flatbed load postings rose 6.8%, reaching the highest level seen since July 2022. Load volume was nearly 34% above the same week in 2024, though still 12% below the five-year average. Analysts note that while recent gains might have been assumed to come from metal imports ahead of potential tariffs, ongoing strength suggests other drivers may be at play. More data will be needed in the weeks ahead to confirm.

The prior week also saw strong growth, with flatbed rates jumping 7.5 cents and load postings up 9.6%. While rates were then still slightly down year-over-year, this week’s data shows flatbeds have broken into positive territory.

Looking Ahead: Seasonal Patterns Likely to Persist

Looking ahead to Week 12, seasonal trends suggest that spot rates for flatbed freight may continue to rise, while dry van and reefer rates are likely to keep falling. So far this year, flatbed rates have been the most consistent strength in the market, while van and reefer segments remain under pressure from soft demand and high capacity.

Despite modest increases in the total market average, rates remain well below historical benchmarks. Unless broader demand strengthens or capacity tightens, van and reefer carriers may continue to face challenges. Flatbed carriers, on the other hand, appear to be positioned for more favorable conditions if the current trend holds.

Data sourced from Truckstop.com and analyzed by FTR Transportation Intelligence.

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