DAT: Truckload volumes, rates slipped in April amid freight-market uncertainty

Spot truckload freight volumes declined in April, a sign that tariff-related stockpiling, a slowdown in manufacturing, and general seasonality contributed to reduced demand for trucking services, said DAT Freight & Analytics, which operates the DAT One freight marketplace and DAT iQ data analytics service.

The DAT Truckload Volume Index (TVI) declined slightly for van and reefer freight:

• Van TVI: 287, down 0.3% month over month
• Refrigerated (“reefer”) TVI: 222, down 3.1%
• Flatbed TVI: 332, up 2.5%

Year-over-year comparisons were positive, with the Van TVI up 1%, Reefer TVI up 4%, and Flatbed TVI up 5% compared to April 2024.

“The market feels frozen,” said Ken Adamo, Chief of Analytics at DAT Freight & Analytics. “April brought the usual seasonal opportunities in produce and construction materials. But broader economic factors—including uncertainty over tariffs and the pull-forward of inventory this year—put a damper on growth in overall freight volumes, especially compared to previous years.”

There was little movement in national average spot van and reefer truckload rates, which is typical between March and April. The flatbed rate increased for the fifth straight month.

• Spot Van: $1.96 per mile, down 3 cents from March
• Spot Reefer: $2.27 per mile, unchanged
• Spot Flatbed: $2.57 per mile, up 4 cents

The van linehaul rate averaged $1.57 per mile, down 3 cents month over month; the reefer rate was unchanged at $1.85; and the flatbed rate was $2.11, up 5 cents. Linehaul rates exclude an average fuel surcharge amount, which was 39 cents, 42 cents, and 46 cents for vans, reefers, and flatbeds, respectively.

Contract truckload rates edged higher compared to March but lagged behind April 2024 averages:

• Contract Van: $2.40 per mile, unchanged month over month and 6 cents lower year over year
• Contract Reefer: $2.74 per mile, up 2 cents and 8 cents lower year over year
• Contract Flatbed: $3.08 per mile, up 4 cents and 5 cents lower year over year

The spread between contract and spot rates increased for the fourth straight month, at 44 cents for vans, 47 cents for reefers, and 51 cents for flatbeds. When spot rates fall relative to contract pricing, it can signal a soft or oversupplied market where carriers have to accept lower rates to keep moving.

“Carriers were hoping April rates would be a springboard into a stronger Q2,” Adamo said. “Instead, the optimistic case is that they’ve reached a pricing floor heading into the traditional summer peak shipping season in May and June. How ‘traditional’ the season looks has yet to be determined.”