Spot rates and volumes closed July on firmer footing
After declining seasonally throughout July, last week’s national average spot rates were virtually unchanged compared to the previous week (July 27 to August 2). The total number of loads on the DAT One marketplace increased by 5% week over week, while the number of trucks fell by 11%.
Broker-to-carrier 7-day average spot rates:
— Dry van: $2.02 per mile, unchanged week over week
— Refrigerated: $2.33 per mile, unchanged
— Flatbed: $2.43 per mile, unchanged
Dry van
▲ Van loads: 1.01 million, up 4% week over week
▼ Van equipment: 146,732, down 11%
— Linehaul rate: $1.65 excluding fuel, unchanged
Reefer
▲ Reefer loads: 499,143, up 12% week over week
▼ Reefer equipment: 41,757, down 10%
— Linehaul rate: $1.96 excluding fuel, unchanged
Flatbed
— Flatbed loads: 693,872, virtually unchanged week over week
▼ Flatbed equipment: 27,943, down 12%
— Linehaul rate: $2.06 net fuel, unchanged
Market notes from Dean Croke, DAT iQ industry analyst:
Dry van linehaul spot rates averaged $1.65 per mile, 2 cents more than the same week in 2023. The average rate for DAT’s top 50 van lanes by load volume fell by another penny to $1.99 per mile, 34 cents higher than the national 7-day rolling average.
At $1.96 per mile, the national average reefer rate was flat for the second straight week and identical to Week 31 for the last two years. Produce from Mexico drives significant truckload volumes in North America during the first half of each year, accounting for over one-third of total produce volume. Due in part to tariff uncertainties, produce volumes are 5% lower year-to-date compared to the first half of 2024.
Flatbed haulers serving the Texas oilpatch face a potential rebalancing between oil and gas. Baker Hughes reported that the Permian Basin rig count dropped to 259 last week, the lowest since September 2021. Idle frac equipment is weighing on operators; firms are scaling back to avoid unprofitable activity. Natural gas drilling is outpacing oil in both rig and operational emphasis.
The Kenworth truck assembly plant in Chillicothe, Ohio, recently held the fifth annual Kenworth Truck Parade in the heart of downtown Chillicothe.
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