DAT: Rates slipped amid weaker demand for trucks

Spot rates slipped last week amid slightly weaker demand for trucks

The number of posted loads on DAT One fell to just below 2.2 million from May 4-10, a 1.3% decrease compared to the previous week. Truck posts fell to 249,820, a 5.5% week-over-week drop. Truck posts on DAT One are 41% lower than the same period last year and the lowest Week 19 total in at least eight years. The number of loads posted was up 10% year over year.

Dry Vans

• Van loads: 841,932, down 1.0% week over week
• Van equipment: 174,033, down 5.5%
• Linehaul rate: $1.60 net fuel, down 2 cents

Reefers

• Reefer loads: 444,573, up 7.0% week over week
• Reefer equipment: 45,702, down 6.8%
• Linehaul rate: $1.91 net fuel, down 1 cent

Flatbeds

• Flatbed loads: 912,081, down 5.2% week over week
• Flatbed equipment: 30,085, down 3.4%
• Linehaul rate: $2.15 net fuel, down 1 cent

Market Notes from Dean Croke, DAT iQ industry analyst:

Dry van linehaul rates decreased by almost 2 cents to a national average of $1.60 a mile on 1% lower volume of loads moved. At $1.60 a mile, the average linehaul rate remained 3 cents higher than last year.

On DAT’s Top 50 van lanes ranked by the volume of loads moved, carriers were paid an average of $1.89 a mile, down 1 cent week over week and 29 cents higher than the national average. In our Midwest Region bellwether states, which accounted for 45% of loads moved nationally last week and have the highest correlation to the national average, outbound spot rates were down 2 cents on a 1% lower volume of outbound loads moved. Carriers were paid an average of $1.72 a mile, 12 cents higher than the national average.

After dropping the week prior, reefer load post volumes bounced back as Mother’s Day and early produce volumes boosted demand, especially in Florida, where the USDA reported a shortage of trucks for the third week. Peak floral shipments drove Miami outbound spot rates up 54 cents to their highest point in three years, $2.43 a mile last week.

It’s International Roadcheck week. From May 13-15, commercial vehicle and driver inspectors will conduct their annual enforcement event. It’s not unusual to see capacity tighten this week with truckers wanting to avoid enforcement exposure and inspection-related delays.