According to FTR in the week ending November 8, 2024 (Week 45), the spot market for van equipment experienced notable shifts. Dry van spot rates declined significantly, marking the steepest drop for this period since at least 2008. Conversely, refrigerated spot rates surged, recording their most substantial increase in five years for this week. Flatbed spot rates also decreased, aligning with typical seasonal patterns.

Overall Load Activity and Market Demand

Total load postings decreased by 1.7%, following a similar trend from the previous week. Despite this decline, load postings were 17% higher than the same week in 2023 but remained approximately 20% below the five-year average. Truck postings rose by 2.3%, leading to a six-week low in the Market Demand Index (MDI), which measures the ratio of load postings to truck postings.

Broker-Posted Rates Overview

The average broker-posted rate fell by over 3 cents, the largest drop in 11 weeks. While rates were slightly above those from the same week in 2023, they were 6.5% below the five-year average. Excluding fuel surcharges, spot rates were more than 9% higher year-over-year across all equipment types. Historically, Week 46 sees rate increases across the board, though last year saw a decline due to dry van rates.

Dry Van Spot Rates

Dry van spot rates decreased by 4.4 cents after a nearly 3-cent rise the previous week. Traditionally, this week has seen rate increases, but this trend shifted in 2020. Current rates were about 1% higher than the same week in 2023 but nearly 11% below the five-year average. Excluding fuel surcharges, rates were almost 12% higher year-over-year. Dry van load volumes increased by 1.7%, remaining flat compared to the previous year but about 33% below the five-year average.

Refrigerated Spot Rates

Refrigerated spot rates rose by 4.6 cents, following a 5.5-cent increase the prior week. This marks the first consecutive weekly rise since August. Rates were nearly 2% higher than the same week in 2023 but about 7% below the five-year average. Excluding fuel surcharges, rates saw a year-over-year increase of nearly 10%. Refrigerated load volumes grew by 5.6%, though they were down 2.5% from the same week in 2023 and approximately 33% below the five-year average.

Flatbed Spot Rates

Flatbed spot rates declined by 4 cents after a nearly 3-cent drop the previous week, consistent with typical seasonal declines for this period. Rates were comparable to the same week in 2023 but about 5% below the five-year average. Excluding fuel surcharges, rates increased by 8% year-over-year. Flatbed load volumes decreased by 5.5%, yet were about 40% higher than the same week last year, though still close to 12% below the five-year average.

Implications for the Trucking Industry

These fluctuations in spot market rates and load volumes reflect the dynamic nature of the trucking industry. Understanding these trends is crucial for stakeholders to navigate the market effectively. Monitoring these patterns can aid in strategic planning and operational adjustments to align with market conditions.