Spot Market Sees Slower Growth in Week 15

Spot Market Shows Mixed Trends as Flatbed Drives Gains

The Spot Market continued its upward trend for the 13th straight week. However, the latest increase appears to be losing momentum. Data for the week ending April 17 (week 15) shows that overall broker-posted rates rose slightly, driven mainly by strong flatbed performance. At the same time, dry van rates showed little movement, and reefer rates declined for the second week in a row.

Despite these mixed weekly changes, all major equipment types remain significantly higher compared to the same period in 2025. This suggests that the broader trucking market is still operating at elevated levels, even as short-term signals point to stabilization.

Load Activity Declines After Recent Gains

Total Spot Market load activity reached 213.2, falling 4.2% week over week after a modest increase the previous week. Load postings declined across all three main equipment types, signaling a slight cooling in demand.

However, the year-over-year comparison remains strong. Overall load volumes were about 55% higher than the same week in 2025, with dry van and flatbed segments showing especially strong growth.

Truck postings increased 3% during the week. As a result, the Market Demand Index dropped to its lowest level in five weeks. This follows a recent peak that marked the highest level since February 2022, indicating that capacity is beginning to catch up with demand.

Spot Market Rates Remain Elevated Despite Slower Growth

Total broker-posted Spot Market rates increased to $3.23 per mile, rising by 6 cents compared to the previous week. This marks the smallest weekly gain in six weeks, suggesting that rate growth may be slowing.

Even so, current rates remain strong. All-in rates are close to 27% higher than the same week last year. When excluding estimated fuel surcharges, rates are still up nearly 18% year over year.

Fuel costs continue to play a major role. Since early March, carriers’ fuel expenses have increased by about 29 cents per mile, assuming an average of 6 miles per gallon. During the same period, dry van rates have risen by a similar amount, meaning carriers are mostly keeping up with fuel costs rather than gaining additional margin.

Refrigerated rates have slightly outpaced fuel cost increases, while flatbed rates have significantly exceeded them, highlighting stronger profitability potential in that segment.

Dry Van Rates Show Signs of Leveling Off

Dry van Spot Market rates remained mostly unchanged, increasing by only a fraction of a cent after declining the previous week. This minimal movement points to a stabilization trend in the dry van segment.

On a yearly basis, however, dry van rates are still up sharply. All-in rates are approximately 39% higher than last year, while rates excluding fuel surcharges have increased by more than 29%.

Load volume for dry van shipments declined by 4% following a larger drop the previous week. Even with these decreases, volumes remain about 45% higher than the same period in 2025.

Regionally, rate increases in the Northeast and Southeast were offset by declines in the Midwest and Mountain Central regions. Load volumes fell across all regions, although the Southeast saw a smaller decrease compared to others.

Reefer Spot Market Weakens for the Second Week

Refrigerated Spot Market rates fell by 4.7 cents per mile, continuing a downward trend after an 8-cent drop the previous week. This marks the second consecutive weekly decline in reefer rates.

Despite the recent drop, refrigerated rates remain elevated compared to last year. All-in rates are about 35.5% higher year over year, while rates excluding surcharges are up nearly 27%.

Load volumes in the refrigerated segment declined by 10.7% after a 14% drop the previous week. Unlike other segments, reefer volumes are now slightly below last year’s levels, down about 11%.

This marks the first negative year-over-year comparison in eight weeks. However, the comparison is influenced by seasonal factors, as the same week last year coincided with the period leading into Easter, which typically boosts food-related freight demand.

Regionally, refrigerated volumes increased in the Southeast but declined in all other areas, with the largest drops seen on the West Coast and in the South Central region.

Flatbed Spot Market Continues to Outperform

Flatbed Spot Market rates rose by 8 cents per mile, matching the increase seen the previous week. This segment continues to lead the market, with rates reaching their highest levels since June 2022.

Year-over-year, flatbed rates are more than 24% higher, while rates excluding fuel surcharges have increased by over 15%. The steady improvement in these comparisons reflects ongoing strength in flatbed demand.

Flatbed load volumes declined slightly by 3.8% after rising the previous week. Even with this dip, volumes remain significantly elevated, up more than 73% compared to the same week in 2025. This marks the strongest year-over-year comparison in 12 weeks.

Regionally, flatbed rates increased in most areas, with the exception of a small decline on the West Coast. Load volumes rose in the Northeast and Mountain Central regions but decreased elsewhere.

Spot Market Outlook Shows Stabilization With Strong Fundamentals

The latest data suggests that the Spot Market may be entering a period of stabilization after several weeks of steady growth. While total rates continue to rise, the pace of increase has slowed, and load volumes have declined across all equipment types.

Even so, the broader picture remains strong. Rates are still well above last year’s levels, and demand continues to outpace historical averages, particularly in the flatbed segment.

As fuel costs remain elevated, carriers in the dry van and refrigerated segments are largely maintaining cost recovery, while flatbed operators appear to be benefiting from stronger margins. The coming weeks will likely show whether this stabilization trend continues or if market momentum picks up again.