Spot market rates, demand for trucks continue to soften

The total number of loads on the DAT MembersEdge load board network fell 7.9% last week, continuing a pattern of weaker posting activity. Van, reefer and flatbed load posts are down 17.9% since the first week of March.

Van load posts on the network fell 11.6% last week compared to the previous week while the number of reefer loads tumbled 14.1% for the same period and was 28% lower year over year. The flatbed load count declined 5% last week but was 12% higher compared to the same week in 2021.

The number of trucks on the network increased 1% compared to the previous week. There were more trucks on the network than at any point since the week of Dec. 13, 2021, and 51% more trucks posted compared to same week in 2018.

Load-to-truck ratios slipped for all three equipment types. The national average van load-to-truck ratio was 3.9, down from 4.4 load posts per truck the previous week. The reefer ratio was 6.9, down from 8.1, while the flatbed ratio was 85.6, down from 89.3.

Spot van and reefer rates were lower as a national average despite higher fuel surcharges:

• Van freight averaged $2.96 a mile last week, down 4 cents from the week before.
• Reefers averaged $3.27 a mile, down 5 cents from the previous week.
• The flatbed rate was $3.28 a mile, up 3 cents from the previous week.

Broker-to-carrier spot rates are “all-in” rates and include a calculated fuel surcharge. Removing fuel, line-haul van and reefer rates were lower as well while the flatbed rate increased:

• Van – $2.37 per mile, down 4 cents
• Reefer – $2.68 per mile, down 4 cents
• Flatbed – $2.69 per mile, up 2 cents

DAT broker-to-carrier rate data is compiled from DAT RateView. All pricing figures are based on actual transactions for loads moved as opposed to the “asking price” posted by the broker on the load board.

Based on EIA data released on Monday, March 28, the average fuel surcharge for spot van freight is 66 cents a mile this week, up from 45 cents at the start of March. The average reefer fuel surcharge is 72 cents a mile; the flatbed surcharge is 79 cents. Differences in fuel economy account for the variation among equipment types.

This analysis comes from Dean Croke, DAT’s principal freight analyst. He can be heard discussing the market on Land Line Now.

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For the latest spot market load availability and rate information, visit the load board or tune in to Land Line Now. You can get all of the latest rate information at DAT.com per industry-trends per Trendlines, comment on the DAT Freight Talk blog, or join us on Facebook. On Twitter you can tweet your questions to us @LoadBoards and have your questions answered by DAT industry analyst Mark Montague. LL

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